Expected news in July

1. Geelong plant fully commissioning

2. Update on US expansion (funding, site selection...etc)

3. Silica drilling results

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ALUMINIUM PROGRESS REPORT
ASX Release – 25 March 2011

US Expansion Update
MHM’s expansion into the United States is progressing well and activities to date are extremely positive. MHM and Smelter Service Corporation (SSC) have entered a contract concerning the testing program of SSC’s 350,000 tonne salt cake mono-fill. This testing program is designed to determine the recoverable portion of salt slag, together with grades of aluminium, salt and aluminium oxide. The program has commenced, and MHM has dug a series of trenches across the landfill with works ongoing. It is too early to make conclusions as to the economics of landfill recovery, though much aluminium and salt has been sourced at the site. The recovered samples will be sent for testing.

The relationship with SSC is continuing to strengthen, and MHM is confident that both companies share the common goal of a closed-loop secondary aluminium industry that incorporates salt cake recycling.

CEO Frank Rogers has just returned from a two-week visit to the United States, where a series of meetings were held with a number of potential salt cake suppliers. Discussions are ongoing. MHM is also drawing close to making the determination of a suitable site for construction of the first plant, and has engaged engineering and environmental permitting consultants. MHM has also engaged with senior government officials to discuss support for the project, together with discussions with experts concerning grants, concessions and available low interest financing incentives for the business.

MHM remains committed to commencing construction of the first US salt cake recycling facility by mid-2011, and sees no reason why this would not be achievable.

Link

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MHM Joint Feasibility Study with American Aluminium Company & $12M Capital Raising
ASX Release – 20 October 2010

• Contract with American aluminium company Smelter Service Corporation (SSC) to conduct joint feasibility study for salt slag processing

• SSC produces 90,000 tonnes of salt slag per annum, owns a 350,000 tonne single purpose salt slag landfill which may be suitable for reprocessing

• Alreco (MHM’s subsidiary) and SSC to discuss potential joint venture for the SSC salt slag reprocessing and landfill reclamation project

• Alreco and SSC to discuss potential partnership throughout the United States where over 1,000,000 tonnes of salt slag is produced each year

• Agreement with SSC is in addition to ongoing discussions with Alcoa USA and expected that outcomes with both parties would be complementary

• Feasibility study scheduled to conclude by 30 June 2011

• MHM to raise $12,000,000 through private placement of 12,000,000 new fully paid ordinary shares at $1.00 per share to help fund the feasibility study, rapid expansion into the US market and for working capital

Link