Member Info for Andii

Can anyone describe the share buy backs that have gone on in the past? Were those shares kept in treasury or removed from the market?

Too busy with other projects to lose time arguing over a suspended share

"Good afternoon.

Back from some time on the coast and at Kilifi.

Always good to see the progress first hand and also to see the broader landscape there in that Kilifi Manganese Belt.

Must admit I always try and set a high benchmark as to what I want to see delivered on behalf of shareholders.

Have posted a few photos from site and videos too which reinforce the message and content of recent RNSs on activities there.

Further updates to follow given we have released news on the planned sales under the Baosteel Agency Framework Agreement."

Dcode, you missed the first part of the message from Jason

"Further corporate updates and operational updates will of course be released via RNSs and have been advised as coming and we will clearly need to address the elephant in the room and other matters.

Kinusi, SA Manganese, Blesberg and NCLT amongst others, are all key and important projects for us to deliver on our budgets and targets for 2026.

Has been good to see the new executive appointments settle in already over past weeks and months - and I truly believe the roles that Kevin, Esther and Alpheus amongst others here are undertaking will assist in all key areas of our business - shareholder engagement, corporate governance, operations and finance.

Looking forward to working with our advisors and getting news out and providing investors with the confidence in our projects and importantly in our projects team.

Thanks all."

21 months of toil, anguish and labor later

https://x.com/i/status/2044710173156004339

The size (total tonnes due) of the original trial shipments is actually not disclosed in the RNS's, so its not possible to work out the exact price per ton of 5% spodumene ore being sold to Traxys. It was likely linked to the marketnprice of spodumene meaning if the price dropped, subsequent shipments would need to be larger.

Here are the two relevant RNS's

$2.5m prepayment as part of a $5m transaction for 5% lithium spodumene

https://www.aquis.eu/stock-exchange/announcements/3799106

Cancellation of the transaction for $2.75m of shares at 14p

https://www.aquis.eu/stock-exchange/announcements/4273979

The Traxys 2022 prepayment was for a trial shipment of 2000T. That was an initial transaction which was forming part of their due diligence. There was no long term offtake agreement signed in 2022, or 2023 with Traxys.

$2.5m for 2000T of material = $1250 per ton. It probably costs $500/t to process and deliver.

Those prices were agreed end of 2022 when lithium was at its peak. By middle of 2023, lithium prices had halved.

https://www.fastmarkets.com/insights/facing-the-tightening-lithium-supply-challenge-in-2025/

Selling a DSO, direct sorted ore product only works if the comodity price is sky high, and shipping costs are nice and low, and the operation is large for economies of scale. Blesberg stockpiles, at early 2023 prices, would be worth $1250 a ton DSO, but carry out some sorting using an XRF sorter like Rados and Tomra's, you can increase the grade say 50%, you can sort out high value byproducts like tantilum, and sell the sorted lithium for $3000/t

These changes and halt to the "trial shipments to china" all happened around the same time that Quinton became involved in Marula. Quinton was going to own over 30% of the company and fund both Blesberg and Kinusi, including exploration programmes all the way to initial production.

If Marula had gone ahead with Traxys, selling only DSO product, at second half of 2023 lithium prices, they would be giving away high value tantilum, medium grade unsorted lithium for less than $1250 a ton which would be basically break even for Marula. Hence the need to think big and install a Tomra and a Rados. They almost got there by april 2024 woth just Rados working but the price of lithium was then approaching $1000/t down from over $3000/t a year before, and the price to transport ore in south africa had sky rocketed.

There was no magic wand to be able to turn a DSO operation into a processed higher value lithium spodumene operation in kess than a year on a tight budget at Blesberg. Thats the hard cold facts and calling Jaspn a failure and a compulsive lier is not going to do anyone any good when the economics of a mine fall apart due to a falling comodity price.

Did you listen to the youtube videos yet Gary? I would like you to familiarise yourself with the high risk of junior mining companies and difficulties in succeeding in Africa. Maybe then you will go into future investments in micro cap miners with your eyes wide open and we can cut out these silly childish arguments when things dont go to plan

July 2025 Traxys secures $1.8b credit facilites to persue mineral project offtakes around the workd

https://www.traxys.com/detailnew/173/traxys-s-a-r-l-usd-1-815-000-000-multicurrency-syndicated-revolving-credit-facility

Here is a nice statement on the levels of DD and responsible supply chain management with companies thet choose to work with. Quite a glowing endorsement if they chose to commit now to two of Marulas projects. 30 years of experience operating in Africa. And tungsten and tantilum is specifically mentioned. Maybe they could still be in the running for something at - maybe... Blesburg...?

https://www.traxys.com/detailnew/177/statement-on-responsible-supply-chain-management-proactive-due-diligence-measures

I much prefer to use my memory and searches of the telegram chat archives which usually bring up most things from the past and the discussions around them at the time. Shame you got yourself removed for spiteful behaviour Gary W which became unbearable. Makes one wonder if maybe your rage over Jason sometimes clouds your better judgement to the detriment of your access to good sources of information? Whether those sources be bullish and straight from the horses mouth, or historical and have come to nothing as do most agreements in mining surely evidenced by the fact that only 10% of UK exploration miners actually make investors any money. I remember the time you said a friend posted you a recording of a zoom call which I politely asked you if I could get access to so I could add it to the record and take better notes from so we could then cross check points discussed and refer back in the future but you said you lost it somehow. I have my doubts about the truth to your story there. Kind of hypocritical actually if you think about it, a lier accusing a lier of lies.

The 10% boom or bust ratio of UK miners was covered by Rick Rule, a small homework assignment i left you a few weeks ago. Did you listen and learn anything from the two 1 hour videos? Or does emotional enraged Hoof with little mining experience other than Marula know better?

Here they are again for your enlightenment

Https://youtu.be/J8acBQZSp0s?si=FQBajMrqaOS6SkR8

https://youtu.be/-gcogLuJwk8?si=rCL0eZRYorp0td4b

Have a nice weekend. And try not feed those horses too much deworming powder if you can help it. Try at first natural remedies and other ways of avoiding worms. The powder kills insect larvae that try and reproduce in the dung and is as bad for the environemnt as insecticide and ultimately reads to less birds and wildlife. Not that you probably care

Traxys were in at 14p for 5% of the company in 2023 and havent sold any and have come back for more. My average is lower than theirs so I will remain optimistic with my holding here now.

You're asking me to use Ai on a mundane task that we both know will not bring up a contract but instead bullet point previous mentions on Traxys from Marula RNS's. Youre asking me this after you have previously accused me multiple times of using Ai apparently mischievously when I thought it was obvious to the normal educated reader when i was using it so chose not to declare so. I think I will choose not today thanks, sounds like a waste of computing power something we should all take responsibility for.

Https://x.com/i/status/2041871415507329524

Traxys, the multi billion comodity company. Doing DD on the south african manganese project. The one that needs $2.5m prepayment to progress

Traxys, who also hold 5% of Marulas shares

Traxys, who have signed up to take all the copper from Kinusi.

Thats 3 projects of Marula's they have been involved in. Lithium, Copper, Manganese

Hope this isnt a ramble, but hungover. Sorry

Yet Traxys still hold their shares and came back for more. We are invested in an Aquis growth market listed mining company that buys artisinal mines for new shares in Africa without JORC's and feasability studies don't forget! But we are at the start of a commodities boom cycle. You're never going to get it right first time every time with those odds.. But can the cards fall in our favour from this point on? I say yes. Once the profits start hitting the till all systems are go. Its funding that is the main issue and always has been. A grant or an asset sale, anything near the £2m mark and either Kinusi or Kilifi could have been operating 6 months ago but we have been in a funding stalemate with the CEO putting his hand in his pockets to keep things going! (GMI loans) Marula were able to just get by previously with a guaranteed funder Q global, which became AUO, which became CMC which then tanked the share price due to a lack of exit liquidity..,Growing from a few projects and a small team they have limped along to the point of almost achieving production on a shoestring budget.

Suspension aside, i'm still very optimistic. What happens when we can produce, make money and get loans all at the same time?? Sky is the limit.

Its a shame every RNS is phrased as best hoped for outcome. When things don't go to plan, the Company don't seem to spend the money updating us on missed targets. Is it wrong? Yes. Is it lean and less work for the Company? Also yes. Nothing has gone to plan, the main funder ran away, ports close, lithium prices crashed and government departments were closed down for months due to in-fighting so no permits can be issued then add in a few floods and now diesel prices and shipping costs. And the political situation in Kenya vs a drop in manganese prices in 2h 2025. Those prices are now at a 22 month high.

This snippet from google's Ai results; Kenya

"2025 Protests and "Attempted Coup": In June and July 2025, massive youth-led demonstrations, primarily in Nairobi, were sparked by the death of blogger Albert Ojwang in police custody and ongoing economic grievances. The government branded these events an "attempted coup" and responded with a significant security crackdown."

Yeah, has been acknowledged by Kev W who joined Marula officially a few days ago. Around 7% of shareholders back it. 5% was needed. This was only yesterday. Waiting for the letter to be circulated so can share the contents.

Basically demands to find out status of each project, status of accounts and reason for delay.

The company have 21 days to reply. In this situation, companies usually ask for proof of shareholdings from the 7% which could be time consuming

Yes. Traxys took over 14m shares at 14p in place of undelivered lithium in 2023. They hold almost 5% of the company under "Bank of New york nominees"

Not sure about a new up front payment but Traxys gave us $2.5m prepayment for lithium in 2022 which we didnt honour and repaid by issuing shares at 14p

They obviously forgave us

https://www.aquis.eu/stock-exchange/announcements/4273979

Manganese prices in 2026 rebounding after a slump in 2025 thanks to ramp up in steel production and new battery tech

https://investingnews.com/manganese-forecast/

https://www.jupitermines.com/tshipi-manganese/tshipi/manganese-price-information

Https://www.linkedin.com/posts/mike-ralston-8016684_copper-demand-gets-all-the-headlines-but-activity-7441751787633532928-ciSR?utm_source=share&utm_medium=member_android&rcm=ACoAAAdnpg0BQG3HNowIafNhqbswJpbenvUxfds

"Most new copper projects will never be built"

"Projects with structural cost advantages, simpler metallurgy and buildable economics matter most"

When I say most junior miners fail, I mean over 99% of projects licences never make it to production. But there are a lot of licenses out there.

Again to quote Rick Rule, I believe something like 10% of explorers on the London markets make it. So pick any small cap miner listed in London at random, and you have a 90% chance of losing most of your money

Https://youtu.be/J8acBQZSp0s?si=FQBajMrqaOS6SkR8

https://youtu.be/-gcogLuJwk8?si=rCL0eZRYorp0td4b

For full disclosure, I have lost a fair bit on ONDO this past year. Was emotionally attached there and hope they recover. Got eyes on Power metalic $PNPN as proved up asset might be worth £50b+, EEE as their in-situ titanium resource is worth $1trillion+, and SVML as they are a 5 bagger if they get financed. Nice ESG credentials across the lot(for miners)

Jason can pull off a good deal and throw his own cash at projects until the cows come home but you need a lot of other things outwith the CEO's control to go right for a project to be successful. That should be obvious to anyone who has followed junior minors. Most fail.

Worth having a listen to these two podcasts with Rick Rule. He talks about junior explorers, and said if you combined them all into one company, they would lose $2billion per year on a good year and $10b or more on a bad year. And most of the multi baggers he has had over the years have come out of africa, and most of the good ones have lost him 50% or more of his money before they multi bagged. And some he lost everything on. But, he says he would much rather invest in africa than America. And, one of the keys to success is having local stake holders on side. And that is something Jason works at tirelessly is getting the locals on board (charity work), building an African board with persons of colour, and providing employment for locals.

Rick rule videos next post;

The bear case is,

Is there enough suitable ore around Kilifi to support ramped up production medium term. Also, are the margins good enough to survive any sustained drop in manganese price

Can we secure some of the more favourable loans and pre-payments from offtakes, and will those sums be enough to kick start phase 1 at Kinusi. Not sure how much has been spent there but it needs infostructure upgrades, machinery and working capital to kick start phase 1. And at some point once roads and a camp are established, a drilling campaign

Political risks, Tanzania went through a very turbulent year. Brundai might also be risky. That can delay Kinuis and the REE project, if the later is to go ahead.

South africa, (Tinto and Blesberg), for me it depends on the results of offtakers and financers DD and the logistics & fuel costs whether these two projects rake off near term. Blesberg is on care and maintenance, and Tinto manganese project has get out clauses in the RNS so nothing is guaranteed.

So we have dealt with cash, political risk. The other one for me is management competence. There are a lot of university graduates and each project has its own manager. Do they have the experience and the contacts to bring projects without traditional feasability studies into steady, profitable operation