Marula Mining Share Chat (MARU.PL)

Has offtake been signed nice rise

Snipets from last weeks zoom call,

To summarise:-

* Offtake not yet signed. European company based in Switzerland. Got a meeting on Monday and if no positive outcome will look to take an OT forward with another party. Lots of interest. 2 in particular and 1 is keen to invest to produce a carbonate product. OT’s generally specify a 5% minimum product and the price can be higher for better grades;

* A different project is under review for potential production in Q1;

* Kinusi scheduled to start producing in Q2. They are looking into options for copper cathode in the future to maximise revenues and not let too much value go early on;

* There was 36k tonnes of stockpile at Blesberg last year and that’s increased by around 40%. The Tomra should arrive early March and should not take too much commissioning - operational second half of March hopefully;

* Korridor is really good but they have 3 other lithium projects under review - 1 of which is adjoining Blesberg!!

* Copper OT’s are already in discussion;

* Listings will go in the previously suggested order:-

- NSE approx w/c 11/3 - Fader Investment Bank to confirm when submitted the listing document and NSE to confirm it is acceptable - then good to go;

- JSE quickly after that as the NSE is the gateway into the JSE;

- LSE hopefully in Q1 as well but following the other two and we need to meet the £30m requirement.

* The Tomra takes 5 x the material of Rados and they are looking to use in series together. Tomra first to remove the other minerals and then leave a cleaner spodumene for the Rados to process;

* Newsflow: no need for any concern - Jason has been in 3 days of negotiations but RNS’s are being worked on and May have announcements end of this week and through next week;

* Q is very happy with progress. He is busy finalising his billion dollar fund in the Middle East and US but is keen to accelerate development into alternative metals and minerals;

* Blesberg - assay 1 is due 1st or 2nd week in March ish. Assay 2 poss end of March;

* Dividends are important to Jason as a major shareholder and it is not just a box-ticking exercise for the NSE. They have full intention to pay divis when cash flows allow;

* Deals - in South Africa and Southern Africa - relating to copper and lithium. RNS’s soon!!

* Once production and revenues start, they will be looking to move away from share based acquisition payments to cash based payments;

* Blesberg - down the line we could look to move into battery manufacturing to maximise revenues and Eastern Africa is positioned well to be a battery hub!!

* CPR’s are complete for:-

- Blesberg

- Nkombwa Hill

- Kinusi

Graphite CPR’s are being completed asap. All of the CPR’s are needed for the LSE listing

* $406 AISC - so we are very comfortable at these current lithium prices

* Value of bi-products from Blesberg will exceed the operating costs of the mine 🤑

* Any new lithium mines brought on stream in that S.Africa/Blesberg area would be fed into the Blesberg machinery;

* Graphite - could look to do a quick DSO product to get revenue or they may try and get a higher value product to take advantage of the jumbo flake prices. Balance of quick to production Vs not giving away too much value too quickly

* Zimbabwe & S.Africa really good for copper and lithium projects. Tanzania & Kenya great for critical minerals.

* Nickel - very few nickel sulphide projects around. Tanzania is a possibility.

* Manganese - looking at a project in Kenya

* Aspiration to have cash generating assets in both S.Africa and E.Africa so they can operate each area independently * Important to consolidate Marula’s position and they want to increase their positions in S.Africa & Zimbabwe as they have a very good S.African team.

Latest interview from last week with Jason Brewer

https://youtu.be/Po8YcqfaN2Q?si=3r4w2JTZzbSytBhy

Separately, here's some nice info on the value of tantalite.

https://www.tancominerals.com/tantalita

40% Ore is worth around $35k/t

The lithium resource adjacent to Blesberg is Spodumene Kop, aptly named for the reason that there are pegmatites in the area. Google Spodumene Kop and you will find out a lot about the immediate areas of pegmatites from some of your results.

Https://www.aquis.eu/stock-exchange/announcements/4495283

New manganese mine 60% interest. Worth around $400k/month profit to Marula starting early Q2

The point is Q has put his money where his mouth is. He isn’t going to wait for ever before the drill arives. If you can’t wait the short time in mining times with Marula,there are plenty of other companies where you can grow old gracefully.

Cool, so Q knows what he is doing and only talks truths.

So his statement stands, fair value would be seen by the end of January.

So if we are at fair value how does Andii feel that he bought on Jason’s ramps last year at 15pps.

He ramped you up to double fair value, that must smart a bit. Andii do you not want answers from Jason that he was lying about what everything is worth.

No don’t want to question the great man because he engages with shareholders and if we question him he might stop.

He tells you lies, untruths, misinformation. Complete rubbish. It’s not worth hearing. What would be worth hearing is his explanations for his lies and failures.

I linked two videos at 17:18 yesterday. One is a personal video from Jason where he head on adresses the delays with listings and offtake and gives good valid reasons which I believe.

The other is an interview and addresses the delay with the offtake which again I believe, and tells me that things never go to plan in mining.

There was an article shared on telegram recently with average timeliness to get a mine online. Lithium was 12 years. Now I know this was being explored years ago but it was mothballed for a long time so realistically I'm starting the clock summer 2022 which puts the localised timeline at 2 years for Blesburg. Which is incredible.

I'm actually not annoyed at paying 14p or whatever I paid at the top as I have then alps bought at 8p which has brpight my average down meanwhile Koridpr and Larisoro have been added which has added considerably to the fundamental value of the company.

Let me quote again

"Budgets have been applied to increase mining and processing to 20 000t ROM per month which can easily scale as we progress to Phase 2:

"Additional exploration budgets may be applied once the application for prospecting surrounding areas are granted. Infrastructure | Potential to extend product mix to include Coltan and further process Niobium and Tantalite which have the potential to improve value of this project into the billions."

Larisoro alone could be (should be) worth £100m to the market cap short term based on 2025 prospective revenue

On form today whofarted take your drivel elsewhere.Q has put up a lot of money here I think it beats your hundred quid.Mineing is a slow game maybearula had a bit of bullying about it but wait for end of quarter and the buying season on markets comes back value should at some point be priced in.

Larisoro, processing equipment to be delivered to take production to 20kt per month.

From Jason this morning

"Site visit completed at the weekend at the Larisoro Manganese Mine with inspection of the main open pit and extended pits.

XRF sampling consistent with historical assays with results at Site 5 of up to 48% Mn and at the main stockpile averaging 43%."

https://x.com/JB_MiningAfrica/status/1802937587406905824?t=evMvGKj5ZYDu6FaDJpoB1A&s=19

What is 43% manganese material worth in profits to Marula in 2025? (Based on 70% ownership)

240kt x $5.5/DMTU x 70% = $39.73m revenue minus $13m costs = $26.7m profit

https://x.com/Chuggley1/status/1796587978795647298?t=gdki7QrtsJ_hLW8Dnul3ag&s=19

$26.7m profit in 2025 at todays manganese prices without including any byproducts which we estimate to include Niobium and Tantalite

– Nb2o5

43,7%

– Tazo5

35,9%

Would love to be on the doorstep when the politicians come around canvassing HH.

Andii

That’s just more jam from coco, we want revenue that has been promised. All his interviews are the same in a ramptastic kind of way.

He said nearly 2 months ago that the 2nd sorter was being dismantled and was looking to be shipped to site. He said last week the same kind of thing. Did he lie nearly 2 months ago or did he lie last week.

Poovone the only one keeps talking drivel in Mr head honcho that lies when it’s easier to tell the truth.

Seriously you have invested good money you should question the cowboy that’s in charge of it.

Ah yeah, the Tomra

The Tomra which we are getting second hand for a much reduced price of $750k. Bearing in mind Marula made zero revenue in 2023 l, I'm always amazed how much they are achieving.

The Tomra which was originally being operated at a coal mine under a third party JV, but where we are told there were issues which has delayed delivery.

This is also holding up a tranche of money from QGC so getting the Tomra operational is I'm sure high on the priority list. Maybe we should do a placing to speed up the process?

So the Tomra is 2 months overdue but it only costs $750k. If it runs for 5 months at full speed processing 4000t/month of lithium, forgetting byproducts, it can earn $500x4000x5 = $10m profit

That's a really impressive return on investment. Worth a few months delay? Absolutely it is.

Your like a spin doctor of the cynical point of view.

You must of misread my message. I didn’t mention any of what you’re arguing. Jason said 2 months ago it was getting dismantled ready to be shipped to site last week he said the same again. Which was was true, nothing about a 2 month delay why say what he said 2 months ago. It was obviously a lie but there was no reason for it.

If we want to discuss the Tomra delay wasn’t we promised that it would be on site working before Xmas. Was that another rampy lie.

He can’t help himself

I give up.When you are in business timelines stretch stop taking a juvenile outlook on equipment purchase.If you have 3rd party delays pain in ass but that's part of doing business.

Juvenile outlook hahaha

If it was one missed timeline 2-3 or even 10 then fair enough. He hasn’t hit one. Not one single target/timeline. Then he comes out blames anyone he can instead of taking responsibility then spreads more jam and the deluded lap it up.

I would say to you maybe stop the naive outlook on trading and investing.

Name me one time he has got something on target, he never has but he talks a good game I will give him that.

Restarting operations at Larisoro? Original timeline was Q2 and they have already done so with revenue announcement expected soon.

Installing Tomra? Think this was done over a weekend in early January. Unfortunately there was no offtake in place to take advantage of a working plant.

Aquasitions of the suite of licences? Not sure if timelines were ever given but progress there has been excellent.

Rados sorry*,.not Tomra

So if rados has been working since January we must have thousands of tonnes of material stockpiled ready to ship. Then a OT was signed in March to start in May and then ……….

Looks like a failure somewhere or it could be Sandra’s fault. She is the tea lady but we will blame her anyway.

Thousands of tonnes stockpiled? Based on 3000T a month the cost per ton is $276. At day 500t a month that would be nearer $500/t (economies of scale)

So 2000T stockpiled would have cost 500 x 2000 = $1m

Larisoro.has probably cost $1.5m

Where is this magic money tree which supports your thesis that Blesberg has thousands of tonnes processed ready to sell? I'm estimating it's under 500T

Andii you try to sound intelligent and knowledgeable but unfortunately you just regurgitate what jam Jason has spread and as we know most that comes out of his mouth is lies.

The rados sorter has been operating since last year we haven’t sold any material because Jason is well out of his depth and can not sort it out (hopefully at some point Q realises Jason isn’t up to the job and steps in). I hope we are stockpiling lots of material in the last 6+ months. If not then how will we fulfil out OT agreement and supply what the contract states.

I mean we have already messed it up by not being able to start in May.

I see on the TG a lot are getting frustrated, even Chuggs wants answers. But show any sign of frustration or even try to question the problems with Jason you get told to sell up if you don’t like it.

You should all question Jason, it’s your hard earned money invested in a company that he runs and he is a proven liar.

Do you not look and think why did he bring Q on board. It’s because he hasn’t got a clue what he is doing. Like a rabbit in some head lights.