MRQ - MRG Metals

ASX ANNOUNCEMENT
21 July 2022

MARAO DELIVERS HIGH LABORATORY GRADES FROM AIRCORE DRILLING –
MAGONDE ESTABLISHED AS VERY HIGH GRADE TARGET

Key Highlights

• Aircore drilling of 3 Heavy Mineral Sands (HMS) Targets at Marao (6842L) delivered high grade analytical results (refer Table 1):
o 22MUAC003 Magonde 0 – 27.0m 27.0m @ 6.04 % THM,
Including 16.5 – 25.5m 9.0m @ 9.93 % THM, (highest individual 1.5m interval grade of 13.49% THM);
o 22MUAC008 Mandende 0 – 42.0m 45.0m @ 3.65 % THM,
Including 33.0 – 40.5m 7.5m @ 7.12 % THM, (highest individual 1.5m interval grade of 10.63% THM);
o 22MUAC001 Magonde 0 – 37.5m 37.5m @ 3.04 % THM;
o 22MUAC006 Maduacua 0 – 45.0m 45.0m @ 3.37 % THM; and
o 22MUAC007 Maduacua 0 – 28.5m 28.5m @ 3.07 % THM.

• Magonde has already delivered significant mineral assemblage results of 50.05% Valuable Heavy Mineral (VHM) content (Ilmenite, Altered Ilmenite, Rutile and Zircon) by Scanning Electron Microscopy (SEM, refer ASX Announcement 27 April 2021).

• Significant outcomes of this target testing include:
o HMS grades of >3 % THM results were delivered from aircore holes in all 3 targets (Figures 2 and 3), confirming again the effectiveness of MRG’s auger drilling exploration technique;
o Magonde is now established as a very high grade (>6 % THM) target from results of 22MUAC003 (Figure 4);
o Decent grades of >3 % THM mineralisation confirmed from surface up to 45m depth;
o Very high grades of >10 % THM over 1.5m intersections confirmed in the Magonde and Mandende targets.

• Mineral assemblage investigation is currently underway for 14 composite samples taken from representative lithologies of the 3 targets.

• Marao has the potential to deliver HMS Mineral Resources of equivalent THM grade and higher VHM % than Koko Massava, Nhacutse and Poiombo deposits.

ASX ANNOUNCEMENT
23 August 2022

ENGINEERING SCOPING STUDY COMPLETED - PRELIMINARY ECONOMIC ASSESSMENT NEARING COMPLETION

Key Highlights

• IHC Mining was appointed by MRG to conduct an Engineering Scoping Study and Preliminary Economic Assessment (PEA) for the Corridor Sands Project, specifically the Koko Massava, Nhacutse and Poiombo deposits.

• The Engineering Scoping Study phase is complete and demonstrates an exceptionally favourable operating cost structure, due to the following project characteristics:
o Pit Optimisation shows that all of the resource will be processed with Nil Strip;
o Strongly homogeneous resource showing favourable heavy mineral sands (HMS) grain size and easy clay fines removal characteristics which will reduce cost;
o Simple HMS processing with low level of impurities in the sand throughput;
o Proximity to port, road and infrastructure;
o Access to human resources; and
o Use of slurry pumping.
• MRG plans to mine and process ROM material by establishing Mining Unit Plants (MUP) and a Wet Concentrator Plant (WCP) initially capable of processing 20.1mtpa.

(Best to read the rest yourself if interested)

I'm expecting some of the late 2019 interest to return, soon enough.

I'm considering this one again. Looking like an interesting outlook for the year. ?

Small MC, not too many shares on issue.
How's cash on hand I wonder... must look further.

ASX ANNOUNCEMENT
9 January 2023

EXCELLENT NEW DISCOVERIES DEMONSTRATE POTENTIAL TO
SIGNIFICANTLY UPGRADE EXISTING PEA AT CORRIDOR HMS PROJECT

Key Highlights
• MRG’s Preliminary Economic Assessment (PEA) (refer ASX Announcement 3 November 2022), which delivered an NPV of A$417 million, has already been eclipsed by excellent aircore drilling results in the past two months.

• New discoveries with significantly better mineral assemblage at similar grade compared to the existing PEA material (45% VHM) have been identified at Azaria (72.4% VHM), Malambane (61.6% VHM), Cihari (58.1% VHM), Viaria (63.5% VHM)
and Zulene (62.6% VHM) targets (refer Figures 2, 3 and 4; Table 1).

• This breakthrough has come about because of MRG’s strong technical approach and determination to understand the geological (economic) significance of the red sand and white sand lithological boundary.

• An exciting work program in 2023 is planned (refer Table 2), including:
o Metallurgical study
▪ Azaria and Malambane drillhole material; and
▪ Non magnetic (zircon) upgrade testwork on existing PEA material.

o Infill / Extension aircore drilling of Azaria and Malambane for MRE and pit
optimisation purposes.

o Update the PEA.

o Commence exploration at MRG’s REE + U projects immediately upon grant
of their Exploration Licences.

o Timing of Infill / Extension aircore drilling of Cihari, Viaria, Zulene and
Magonde target at Marao project will be dependent on the funds raised in
the current rights issue.

That second last dot point above was something I wasn't aware of or didn't remember.
They are mid process of raising funds ($~1mill) through an entitlement offer at $0.004 I believe.

I guess if the SP has been bouncing off 0.1c for a while, any news is good news. Now to see if it gets legs.

.
has entered into a Binding Joint Venture Agreement with Sinowin Lithium (HK) Co., Ltd and SINOWIN Lithium Coba（ShenZhen) Ltd to develop its Mozambique Corridor Sands projects and its other Mozambique Heavy Mineral Sands projects.

Highlights:
MRG is to be free carried, including all capital expenditure and operating expenditure, through to 440,000 tonnes of annual concentrate production. MRG shall retain equity of 30% of the JV Company(s) through mine start-up at 110,000 tonnes of annual concentrate production, reducing during production expansion to a floor equity of 20% when the JV production has grown to 440,000 tonnes of annual concentrate.

MRG and SLC had earlier entered into a Non-Binding Memorandum of Understanding on 06 March 2024. SLC sent geological, construction and design teams to Mozambique in April 2024 to carry out Due Diligence and commence design work.

The Due Diligence was successfully completed in early May 2024. The parties worked together in good faith to finalise the formal Joint Venture Agreement, including the JV Company(s) structure, on terms
consistent with the Non-Binding MOU.

SLC will provide an initial US$80,000, representing two months payment for MRG’s part in progressing JV operations, while the formal processes of setting up the JV Company/s are completed. This initial payment comprises USD$15,000 per month to the MRG Board, together with an estimated USD$25,000 per month to cover in-country costs in Mozambique, the use of funds to assist with grant of the Mining Licence Applications and development of the Project.

Upon setting up the JV Company/s, SLC will provide an immediate initial investment of USD$3 million and once spent, an additional USD$3 million to progress mine approvals, design and project economic analysis into construction phase.