Mineral Commodities Ltd (ASX: MRC) ('the Company' or 'MRC') is pleased to report its annual Mineral Resource and Ore Reserve Estimates as at 31 December 2022 pursuant to ASX Listing Rule 5.20 and 5.21.
Summary of total Resource and Reserve estimates are set out below and full details of the Resource/Reserve estimates including JORC Code Table 1, can be found in the attached Annual Report. Interim Chief Executive Officer Adam Bick commented: 'The 2022 Annual Mineral Resource and Ore Reserve Statement of the Company indicates an excellent portfolio of world-class Mineral Sands and Graphite deposits supporting our growth strategy. Furthermore, the recently announced Updated Ore Reserve for the Tormin Inland Strand, both within and outside the Expanded Mining Right, will underpin the long term profitability of Tormin and significantly enhances the asset value of our Heavy Minerals division.
Group Mineral Resources
As at 31 December 2022, Group Mineral Resources included: 562 million tonnes at 6.6% THM including 37 million tonnes of in situ heavy mineral across its Tormin Mineral Sands Operation and Xolobeni Mineral Sands Project. 9.78 million tonnes at 14.3% TGC and contained 1.39 million tonnes of graphite across its Munglinup Graphite Project and Skaland Graphite Operation. There has been no material movement of heavy mineral resources compared with the estimate at the same time last year. Graphite resources have decreased by 0.01 million tonnes compared with the estimate at the same time last year due to depletion at the Skaland Graphite Operation. Mineral Resources are reported inclusive of Ore Reserves.
About Mineral Commodities Ltd
Mineral Commodities Ltd is a global mining and development company with a primary focus on the production of high-grade Mineral Sands and Natural Flake Graphite from operations in South Africa and Norway. The Company is a leading producer of zircon, rutile, garnet, magnetite, and ilmenite concentrates through its Tormin Mineral Sands Operation, located on the Western Cape of South Africa. The Company owns and operates the Skaland Graphite Operation in Norway, the world's highest-grade operating flake graphite mine and is the only producer in Europe. The planned development of the Munglinup Graphite Project, located in Western Australia, For further information, please contact: INVESTORS & MEDIA CORPORATE Adam Bick Katherine Garvey Interim Chief Executive Officer Company Secretary T: +61 8 8 6373 8900 T: +61 8 6373 8900 investor@mncom.com.au investor@mncom.com.au ABN 39 008 478 653 info@mncom.com.au Page 5 www.mncom.com.au ASX: MRC ASX: MRC 28 April 2023 builds on the Skaland acquisition and is a further step toward an integrated, downstream value-adding strategy which aims to capitalise on the fast-growing demand for sustainably manufactured lithium-ion batteries. In April 2022, the Company released its Five-Year Strategic Plan 2022-20264 to delineate and implement its aspiration to become a leading vertically integrated diversified producer of graphitic anode materials and value added mineral products with a commitment to operate with a focus on the Environment, Sustainability and Governance.
Cautionary Statement
This announcement contains forward-looking statements. Any forward-looking statements reflect management's current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. It should be noted that various factors may cause actual results or expectations to differ materially from the results expressed or implied in the forward-looking statements. These forward-looking statements are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are beyond MRC's control. This may cause actual results and developments to differ materially from those expressed or implied. These risks include but are not limited to, economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of approvals, regulatory risks, operational risks, reliance on key personnel, Ore Reserve and Mineral Resource estimates, native title, foreign currency fluctuations, exploration risks, mining development, construction, and commissioning risk. Forward-looking statements in this announcement apply only at the date of issue and are subject to any continuing obligations under applicable law or regulations, MRC does not undertake to publicly update or revise any of the forward-looking statements in this announcement or to advise of any change in events, conditions, or circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this announcement
Mineral Resource and Ore Reserve Governance
Mineral Resources and where applicable, Ore Reserves, are estimated by suitably qualified persons in accordance with the JORC Code and the ASX Listing Rules, using industry standard techniques. Mineral Resource estimates and supporting documentation are reviewed by external Competent Persons. Any amendments to the Mineral Resources and Ore Reserves Statement to be included in the Annual Report are reviewed by suitably qualified Competent Persons.
Competent Person's Statement
The Annual Mineral Resources and Ore Reserve Statement and Explanatory Notes have been compiled by Mr. Daniel Hastings, who is a member of the Australian Institute of Mining and Metallurgy ('AusIMM') and the Australian Institute of Geoscientists ('AIG'). Mr. Hastings is a full-time employee of Quantified Strategies Pty Ltd. He has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person in accordance with the JORC Code (2012). Mr. Hastings consents to inclusion in the report of the matters based on this information in the form and context in which it appears. This Competent Person listing includes details of professional memberships, professional roles, and the reporting activities for which each person is accepting responsibility for the accuracy and veracity of MRC's estimates. Individual Competent Persons Statements can be found in the various appropriate ASX releases concerning each Mineral Resource and Ore Reserve.
MINERAL COMMODITIES LTD 
