MERCATOR MINERALS (MLKKF US $4.90, Rating Cut to Underweight and price target to $3.00) CLOSER ANALYSIS OF HEDGE LOSS ESTIMATES $103 MM FOURTH-QUARTER CHARGE TO $4.45 COPPER, $41 MM CURRENT DERVIATIVE LIABILITY AS 25% DUE AND MODEL $100 MM NEW EQUITY 1/18/2011

MERCATOR MINERALS (MLKKF US $4.90, Rating Cut to Underweight and price
target to $3.00) CLOSER ANALYSIS OF HEDGE LOSS ESTIMATES $103 MM
FOURTH-QUARTER CHARGE TO $4.45 COPPER, $41 MM CURRENT
DERVIATIVE LIABILITY AS 25% DUE AND MODEL $100 MM NEW EQUITY 1/18/2011