Member Info for Andii

Answer from the recent 2 hour Q&A

1:03:40

questions now on the corporate side some might be a few worded answers but hopefully some are just um quite quick

1:03:46

want to get through them time is of course precious so the first one yeah it's a big one to start with I suppose

1:03:51

if the projects at Marula are all so excellent and fast-paced why they need to be involved with so many other mining

1:03:57

companies for example Caracel recently can you appreciate it causes some Marula investors frustration especially when

1:04:03

the share price is so low and they see the CEO getting involved with other companies

1:04:09

yeah look I I can see that but I think and I've made made it clear as well to a

1:04:14

lot of people when they've asked me personally this and people that have come out here and met me and even people I've met in London as well um Marula

1:04:22

isn't just me i'm the one that you see Mark i'm the one you talk to and do the interviews with and and so on and so

1:04:29

forth um but it's far more than me you know some of the other directors we've

1:04:35

got involved in this company are absolutely incredible you know if if I look one of the unsung heroes of this

1:04:42

business a couple there's so many of them actually but look at Muna down there in in South Africa in Zimbabwe

1:04:48

some of the stuff he is doing for us at the moment will have such a material impact on this business going forward

1:04:55

not just over the course of this quarter but thereafter okay you look at someone like when you're very understated but

1:05:02

one of the smartest guys I know um and with some incredible connections there in in in South Africa I look at someone

1:05:09

like Hannah Wangongi here um she was the CEO of Awake um which is the women in

1:05:16

extractive industries here in Kenya um she now she now she is now the

1:05:21

representative for Oxford here um on the natural resources side you know what she

1:05:27

brings is very important to us from a lot of our community social responsibility our engagements and so on

1:05:35

i look at Hank and Martin down there in South Africa they are one of the biggest assets of this company so Marud is not

1:05:42

just me i may be the voice that people hear or the video that people see and so

1:05:48

on but to associate Marudo with just me and I know it's hard but the amount of

1:05:54

work which goes in by the team here in Kenya in Tanzania in South Africa and

1:06:00

elsewhere and even you know look at what Richard and Angie do in London rich you know increasingly spending more time

1:06:06

he's out here in the next what week actually um when you see what people are

1:06:11

doing I think it's unfair to just associate it with me i'm I'm working my ass off don't get me wrong but so is

1:06:16

everybody else and I wouldn't get involved in these other things if I felt

1:06:22

it would be to the detriment of Marula i'll be very clear on that i would m

TAO looks like it is up 15% overnight so can now earn TIR $966k a year ??

https://x.com/ugly_winning/status/1935604337742426430

Https://x.com/AndrewMathieso3/status/1935615911580270975?t=ShPuzutypsMkK6yCdBarZg&s=19

Cash levels currently around £2.25m

./... however we have 3 investments so far/// 1 is generating 840k pa in a month...1 has 4 BAGGED (so there) and 1 we dont know yet.... we have at least 9 times 250k investment packets left to invest... id say we have had an amazing start

*****

A £250k investment in TAO is generating $840k a year??

So if #TIR invested the rest of their £2m cash in TAO, could they make $6.8m a year revenue??

Anyone got a summary of assets held by TIR and what they are worth?

They bought $250k of this asset on the 10th June which is now worth over $1m (they own just over 25% of the shares) - maybe this holding can 10 or 20 bag over the next month?

https://stockanalysis.com/quote/cse/SBTC/

What is the TAO.L holding worth?

Arok.vc I don't think is worth very much (TIR own about 10% of the coins in it)

Plymouth famous for having a strong accent? IF Jason moved around a lot with university and work, his original accent would not stick

Less in the ground but cheaper and easier to process so potential for larger profits per $ spent

Hi Trek, long time no see! I took my TrekMadone to Nice and rode the Madone last month. Epic mountain that. GL

Here are the Q1 2018 production stats for the project

8

https://www.lse.co.uk/rns/gakara-q1-production-operations-update-d8qz7zx354gxf6p.html

The plant is capable of 5000 tonnes per annum

Price per ton of concentrate in 2018 was $2357. At 2018 production rate, the project was making a loss.

The price of Neodynium looks better than it was in 2018

https://tradingeconomics.com/commodity/neodymium#:~:text=Neodymium%20Rare%20Earth%20is%20expected,579688.50%20in%2012%20months%20time.

Praseodymium is only up 15%

https://strategicmetalsinvest.com/praseodymium-prices/

The project also contains uranium.

Currently the project is worth Zero on Rainbow rare earths books so Marula could potentially take a % ownership very cheaply. Then it's down to production scale up and government backing as to whether the project is economical or not.

At 5000TPA @ say $3000/t (62% TREO), that would be a total project revenue of $15m

Higher risk, smaller margins and smaller revenues than some of Marulas other projects makes me think they will.swoop in with a low ball offer maybe $1.5m for 60%. It also depends what state the pilot plant is in and what size of stockpiles there are.

Buk, you posted about the company Critical Metlas today and how ther REE project is uneconomical

Yet also today, Critical Merlas have announced a LOI for $120m of funding to build a plant to extract those REE's...

https://www.criticalmetalscorp.com/news-releases/news-release-details/critical-metals-corp-secures-us120000000-loi-15-year-term-loan

You quoted the REE content of their project at 3%

The rainbow earths projects Marula are looking at is already built and the Jorc resource is over 7% REE

Africanews | Burundi suspends rare-earth mining in row over riches

https://www.africanews.com/2021/07/23/burundi-suspends-rare-earth-mining-in-row-over-riches/

"During the 30 years of intermittent mining, approximately 5,000 tonnes of high grade (around 60% TREO) bastnaesite/monazite mineralised material was extracted, processed and exported with the majority derived from the Gakara mine (BGR, 1983). "

Https://www.rainbowrareearths.com/wp-content/uploads/2020/10/Technical-Report-on-the-Gakara-REE-Project-Burundi_Final-v2-rs.pdf

Https://x.com/JB_MiningAfrica/status/1934893181029564506?t=6_EGqtXduoUNj3YBhwdUXQ&s=19

https://x.com/JB_MiningAfrica/status/1934894344106053639?t=Ma0NdKUoeFDess6BzCXhFg&s=19

https://x.com/JB_MiningAfrica/status/1934895160627757528?t=lyXVvokRpgc4PuqLiRSpzw&s=19

https://x.com/JB_MiningAfrica/status/1934895951669284999?t=Eci_Or11Fw31DLL6y5VA2w&s=19

https://x.com/JB_MiningAfrica/status/1934896075720004049?t=V6IrwFnfjFDXg3ttL8r8JQ&s=19

https://x.com/JB_MiningAfrica/status/1934906778195775600?t=gUojM2KQzeCdWa6ZJSUMeQ&s=19

The project was running at a loss a year after IPO. Not sure what happened after 2018 but they have been experimenting with different recovery methods.

Wowzers, calm down. Only have 20 minites free on my lunch break to research. I thought you were the expert maybe you could find out for us and explain?

Oh sorry you are incapable of offering anything positive to any discussion about Marula's projects

Wow Buk, amazing work there. A full collage about unrelated rare earths projects. Have you actually investigated the project which Marula are looking at?

https://www.rainbowrareearths.com/project/gakara/

Rainbow was granted a mining licence in March 2015, which is valid for 25 years and renewable thereafter. Rainbow has a 90% interest in the Gakara Project with a non-dilutable 10% owned by the Burundi State. The mining permit covers a large area of over 39km².

Various mining methods have been trialled by Rainbow as the team sought to evaluate the optimal mining method for a commercial-scale mine. The mineralised veins at Gakara have a high in-situ resource grade but are narrow and non-uniform in nature. Selective mechanical mining of ore delivers a grade of approximately 10% rare earth oxides, amongst the highest rare earth run of mine grades in the world. Rainbow put in place a pilot processing plant which produced a mixed rare earth concentrate of typically 54% total rare earth oxide (“TREO”). These high grades demonstrate the potential for the trial mining project to be cash generative once operations have been optimised and subject to global rare earth pricing.

In June 2021, operations at Gakara were suspended at the request of the Government of Burundi, with the majority of staff placed on suspension and short-term cash requirements minimised. Rainbow continues to engage constructively with all stakeholders to resolve the issue and allow trial mining to recommence.

From a reverse image aearch, it does indeed look like rainbkw earths lroject in Brunai

https://www.rainbowrareearths.com/

They were producing over $2m revenue in 2018 but at a loss

https://www.miningreview.com/east-africa/rare-earths-producing-mine-africa-achieves-2017-targets/

Jason Brewer had previously been a strategic advisor for fulcrum metals for a shirt time in 2024

https://www.share-talk.com/fulcrum-metals-aimfmet-appoint-jason-brewer-as-strategic-advisor/

"Fulcrum’s gold business is centered around tailings, not early-stage exploration, leveraging substantial tailings resources in Ontario’s Kirkland Lake Area.

Brewer emphasizes Fulcrum’s environmentally safe technology partnership with Extract and BacTech, which aligns with ESG credentials and has garnered positive attention from the Ontario government"

I wonder if he is interested in a clean tailings processing technology

All Doc's on company available here

https://bit.ly/44znwfo

Credit to Kev.w

Rail becomes more economical at distancea of 50-75km so at 60km from port, truck transportation is likely the better option.

Buk, the manganese deposit is "free dig" so no mining or blasting

The local power comes from hydroelectricity so cheap and green.

The port is 60km away so compared to other manganese projects, this scores pretty highly on the ESG profile.

Animated resources, isn't their port 350k from the mine?

Don't they need to clear a whole lot of jungle to build the mine?

Aren't they building a coal power plant to power the mine?

Bit hypocritical to be calling out Marula on their ESG when compared to your prefered investment Asiamet resources

Each round trip 120km. 25ton capacity truck fuel tank good for 300-400km means you only need to refuel once per day to complete 3 trips.

That's about $100/fuel per trip or $4 per ton manganese. Say the driver makes $50/trip then that's a further $2/t bringing the total transportation cost to $6/t plus whatever Scan Global want for the contract, maybe total cost to Marula of $12/t delivered to port where they get paid 90% of the spot price of $148/t