Member Info for Andii

Maybe because there has been 50m share overhang over the past 4 months and we have not yet sold our first million $ worth of manganese or copper? Just a thought!

Marula trades today = 38

ARS trades today = 4

Initial capital cost of US$178.4 million, including US$11.1 million (7.6%) growth allowance and US$21.8 million (~ 13.9%) contingency

· Post-tax NPV81 of US$122.4 million, post-tax IRR1 of 17.7%, and payback period of 4.5 years

Good luck getting that financing, your going to need it

£96k CEo salary (around 75% reinvested in Marula shares above 6p)

Departmentalised local management

Cost structure one of the lowest of any miner listed in London

Share count has roughly doubled in 2 years, big deal. They have 2 projects on the eve of Free Cash Flow and decent amounts of it- something that traditionally takes 5 or more years

In copper, lithium, manganese, tungsten. All critical minerals and 3 of which have had strong prices over past 2-3 years and all forecast to be in short supply

Bukowski, how is your ARS doing? $2.5m capital raise the toher day to keep the lights on. Capex exceeds the NPV and will take 3 years to build the project. IRR fell after cost cutting exercise and now at a worrying low level of 17%. I'm no Einstein but doesn't that mean it will take what 7 years to repay the cost to build? (Depending on whatever hybrid financing option is chosen). What happens if there is a 2 year delay to the build (very common ocurrance in mining), capex then grows another £50m plus interest accrued on say £75m loan = another £25m plus convertible loan notes. The result would be decimation of share price and resulting NPV maybe £90m. Who in their right mind finances a project when capex could be £210m vs NPV of £100m over 10 years. That project may need another round of dfs/bfs updating and another year before being financed.

That's a marginal project. Maybe start picking companies with resources closer to infostructure not 100 miles isolated out in the jungle and with a pathway to near term revenue.

I noticed how the post "Hiofs beef with Jason" was removed.

Congradulations on stifling debate and conveniently having any counter arguments removed. I think that's called "controlling the naritive"

For your intelligence and wit, I give you 2/10

For your efforts to antagonise 2/10

For controlling the maritime by flooding g the board day in day out with the same trash, 7/10

Can we expect anything original or useful from you 3 this weekend? Thought not

Hoof is the leader

Ppanchol just backs their comments up as they only have a few brain cells

uNkwnTrader just likes to harras people. Worse than a playground this!!

It's no wonder most investors stick to telegram.

Reminder of the 2 hour Q and A from 2 weeks ago

https://youtu.be/Ljo2JpS4_M8?si=ZyGwpiwSUDuWbsDw

Oh really Hoof? Prem share price high 1p. Currently 0.025p

Marula share price high 15p. If it was doing a Prem this would be 0.35p, not 3.5p

Prems lithiun deliveries into their offtake are overdue since 2023. They didn't have any plan B where as Marula do. Nimble, reacting to market conditions. This is a positive attribute for a junior miner to have and allows then to withstand commodity cycles

To quote Jason brewer on 23rd January

"But guess a few months out of + 10 to 15 year mine life have a major impact on activities??"

The deliveries are currently 30 days late and your comparing like the company is going under, lol!!

Sausage, clown, Andii, Jason Jason, clown, Ai, liar, sausage, share price, sausage, liar clown, Andii, wife, silly, coco, car salesman, clown, liar

You need to get out more Hoof, you are regurgitating the same material ad nauseam

Bring on the confetti cannon Jason Brewer - if you can keep securing projects on terms simmialr to the Kilifi deal, keep up the good work

"Dynamic confetti clown"

Kilifi Plant is forecast to generate total gross sales revenue of US$182.5 million, pre-tax operating project cashflows of US$63.5 million, and a pre-tax project NPV10 valuation of US$48.3 million over the 5-year period.

The Company has agreed to acquire the minority shareholding ahead of wet commissioning of the Kilifi Plant which is to be completed by 12 May 2025 and ahead of the first planned manganese sales which has been delayed but has been agreed by all parties to now commence in May 2025 and without any applicable penalties to either party.

Under the terms of the acquisition of the 20% minority shareholding, the Company will make a cash payment of £1,000,000, payable in whole or in part by no later than 31 December 2025. The Company has also agreed to issue a further 12,000,000 new ordinary shares in the Company at an issue price of 4.5 pence per share to the minority shareholder.

That "dynamic confetti clown" issed 12m shares at a premium share price (4.5p) worth £540k and a deferred cash payment of £1m

Let's ask Grok (yes Hoof, I will use Ai to get a second opinion)

Conclusion

From a financial perspective, acquiring the remaining 20% of the project appears to make good business sense. The cost (£1.479 million in present value) is significantly lower than the NPV of the acquired stake (£7.6314 million), suggesting substantial value creation. The 5.4% dilution is moderate, and full ownership of a project with minimal capex and a 1-year ramp-up to full production offers strategic advantages, including control and 100% of future cash flows. The deal could transform the company’s valuation, given the project’s NPV is nearly four times the current market cap.

However, the decision hinges on:

The company’s ability to fund the £1 million payment in 8 months without straining finances.

The reliability of the project’s NPV and the ability to achieve full production within 1 year.

Market perception and commodity price stability.

Recommendation: The acquisition is advisable if the company has sufficient liquidity or financing options for the £1 million and confidence in the project’s NPV and execution timeline

https://grok.com/share/bGVnYWN5_2e9156ae-ea85-4ef6-b77a-ff913af5f75a

Https://www.aquis.eu/stock-exchange/announcements/5194679

TR-1 Peel Hunt reduced their position into the spike on friday

#WCAP interm results show they have admin costs of about £133k for the 6 months to end of october 2024.

Then they did a placing in December

"Post period end, on 17 December 2024, the Company announced that it had raised £172,000 before expenses through a subscription for an aggregate of 20,235,294 new ordinary shares of 0.25p each (“Subscription”) at a price of 0.85 pence per share (“Subscription Shares”). "

There are other losses but they are to do with an outstanding loan which is repayable summer 2026.

"On 27 August 2020, WeCap announced that it had raised funds through a Discounted Capital Bond (“DCB”) that provided net proceeds of £4,400,250.78.  The DCB was originally due to be repaid on 25 August 2023. This was previously extended to 24 November 2024.

Post period end, on 25 November 2024, WeCap announced that by mutual agreement with the bond holder the repayment date of the DCB has been extended by a further 18 months to 24 May 2026.  The DCB will continue to accrue interest on the same terms. The amount due under the DCB at maturity stands at £6,965,000."

So WCAP have equity in WE.SHOP worth about £36m, a loan due next summer of £7m, probably £20-30k cash, and a market cap of £4.16m

https://www.aquis.eu/companies/WCAP

If the WE.SHOP US listing fails to materialise in the next few months, WCAP will need to carry out another placing. They only need to dilute by around 5% to cover admin costs and outgoings for a further 6 months.

I'm not sure how liquid WE.SHOP is if it would be possible to liquidate any of their shareholding to free up some cash

Jason gave you his whatsapp number in this chat in January. He opened the communication lines with you.

Jason then invited everyone to partake in a live Q&A which took 2 hours and was recorded.

You have taken part in neither and instead direct your accusations to Jason on this forum. Shareholders have on mass instructed Jason not to converse with you here as your posting style is abusive, libellous and immature.

Marula mining with admin costs under £1m per year with working capital over the past 2.5 years of what, £3m? Total dilution since Marula started for all projects and working capital has been very modest maybe £7 or £8m. And what do we have for this?

We are about to start earning £6m or more free cash flow per year from just Kilifi which can now produce (as in the process plant works and they have supply and offtake in place) - sales will follow as production ramps up - we have been told this quarter. So Marula missed the end of april and instead it will happen during June when we start selling to BaoSteel the largest steel producer in the world. To me that is a one month delay.

Maybe Marula - operating on a shoestring budget had to prioritise Kilifi above all else when BaoSteel signed up and as a result other projects progress much slower. This is smart. This is realistic. I understand the realities of having interns and graduates on the team and operating in Africa with almost no working capital and the main donor AUO being low on cash due to their own issues. Thats when being dynamic and having a CEO who can strike great deals and negotiate is an asset. Hounding him and calling him a lier is just out of order IMO and the sign of either panic at having bought when the shareprice was too high, or disillusions about how easy it is to get a mining project into cashflow. (It is VERY DIFFICULT)

Change the record you nutter! You really are taking this Jason missing targets business far too personally. Chill out!

Crushing and screening copper at Kinusi

Sorting, washing and upgrading the grade of manganese from 20% up to a 37% finished product at Kilifi

That's a future maybe (potential upside its often referred to)

What is a certainty right now is we are producing manganese and we have a 5 year offtake agreement with the largest steel producer in the world, Baosteel

Bukowski, whats your opinion of Marula's manganese mine? Online now, 100% owned, $180m revenue over 5 years with optionality to greatly increase grade and production thanks to a non JORC estimated resource of 12MT of just the top 2 meters at surface of high grade manganese which sells for $200-300/t

Any thoughts on nano cap miner Marula mining *maru*?

Copper/manganese/lithium/tungsten play

With consistent revenue expected to begin by month end, it remains an incredibly undervalued stock, coupled with the ceo, jason brewer, categorically stating “no more dilutions, it’s revenue generation from here”. here’s a link to an up-to-date document, put together by a group of investors over on the telegram, which goes through each of marula mining’s projects: https://drive.google.com/file/d/1lmg3cezhuubtblbirxac1_cmvoiouvnd/view?usp=drive_link

brief introduction to projects

kilifi manganese processing plant (kenya)

marula has acquired full ownership of the kilifi manganese processing plant, located approximately 60km from the port of mombasa in kilifi county, kenya. the plant is fully operational, permitted, and capable of processing approximately 10,000 tonnes of manganese ore per month. recent exploration activities have identified high-grade ore per month. recent exploration activities have identified high-grade manganese zones with assay results ranging from 44.13% to 71.01% manganese at depths of approximately 5 meters. the company will commence first manganese sales by the end of may 2025. https://x.com/jb_miningafrica/status/1924420703564042457 shows kilifi in action and processing at quite the speed!

• 5 year offtake agreement with baosteel, the largest steel producer in the world.

https://www.lse.co.uk/rns/maru.pl/landmark-agency-framework-contract-for-manganese-84wcg8rvb36khst.html

• project economics (100%+ irr and 5 year npv pre tax of $48m)

https://www.lse.co.uk/rns/maru.pl/5-year-budget-approved-for-kilifi-kqms5n40rdih83b.html

kinusi copper mine (tanzania)

located in the mpwapwa district of the dodoma region in central tanzania, the kinusi copper mine is undergoing development under a revised two-phase plan (phase 1 expected to be commissioned by month end). phase 1 involves the establishment of a gravity concentrate, jigging, and fines dewatering circuit to produce 24,000 tonnes per annum of high-grade copper concentrate. phase 2 will incorporate a hydrometallurgy fines optimised heap leaching circuit, solvent extraction and electrowinning refining process to produce an initial 10,200 tonnes per annum of copper cathode. recent assays have reported copper grades ranging from 14.78% to 22.56% with an average of 19.72%. as of today, our ceo is in south africa finalising our first copper offtake agreement https://x.com/jb_miningafrica/status/1925052112506863942

• 75% of lme price ($9519), predicting revenues of phase 1 plant to be around $34m per annum. Phase 2 will be a 10ktpa cathode plant potentially bringing in $95m revenue per year (based on todays copper price - this could rise significantly). With such high grades of copper (average around 5% with much higher 15-25% cu zones), and an exploration target of 50MT, this company could really start to motor.

Any thoughts on nano cap miner Marula mining *maru*?

Copper/manganese/lithium/tungsten play

With consistent revenue expected to begin by month end, it remains an incredibly undervalued stock, coupled with the ceo, jason brewer, categorically stating “no more dilutions, it’s revenue generation from here”. here’s a link to an up-to-date document, put together by a group of investors over on the telegram, which goes through each of marula mining’s projects: https://drive.google.com/file/d/1lmg3cezhuubtblbirxac1_cmvoiouvnd/view?usp=drive_link

brief introduction to projects

kilifi manganese processing plant (kenya)

marula has acquired full ownership of the kilifi manganese processing plant, located approximately 60km from the port of mombasa in kilifi county, kenya. the plant is fully operational, permitted, and capable of processing approximately 10,000 tonnes of manganese ore per month. recent exploration activities have identified high-grade ore per month. recent exploration activities have identified high-grade manganese zones with assay results ranging from 44.13% to 71.01% manganese at depths of approximately 5 meters. the company will commence first manganese sales by the end of may 2025. https://x.com/jb_miningafrica/status/1924420703564042457 shows kilifi in action and processing at quite the speed!

• 5 year offtake agreement with baosteel, the largest steel producer in the world.

https://www.lse.co.uk/rns/maru.pl/landmark-agency-framework-contract-for-manganese-84wcg8rvb36khst.html

• project economics (100%+ irr and 5 year npv pre tax of $48m)

https://www.lse.co.uk/rns/maru.pl/5-year-budget-approved-for-kilifi-kqms5n40rdih83b.html

kinusi copper mine (tanzania)

located in the mpwapwa district of the dodoma region in central tanzania, the kinusi copper mine is undergoing development under a revised two-phase plan (phase 1 expected to be commissioned by month end). phase 1 involves the establishment of a gravity concentrate, jigging, and fines dewatering circuit to produce 24,000 tonnes per annum of high-grade copper concentrate. phase 2 will incorporate a hydrometallurgy fines optimised heap leaching circuit, solvent extraction and electrowinning refining process to produce an initial 10,200 tonnes per annum of copper cathode. recent assays have reported copper grades ranging from 14.78% to 22.56% with an average of 19.72%. as of today, our ceo is in south africa finalising our first copper offtake agreement https://x.com/jb_miningafrica/status/1925052112506863942

• 75% of lme price ($9519), predicting revenues of phase 1 plant to be around $34m per annum. Phase 2 will be a 10ktpa cathode plant potentially bringing in $95m revenue per year (based on todays copper price - this could rise significantly). With such high grades of copper (average around 5% with much higher 15-25% cu zones), and an exploration target of 50MT, this company could really start to motor.

Any thoughts on nano cap miner Marula mining *maru*?

Copper/manganese/lithium/tungsten play

With consistent revenue expected to begin by month end, it remains an incredibly undervalued stock, coupled with the ceo, jason brewer, categorically stating “no more dilutions, it’s revenue generation from here”. here’s a link to an up-to-date document, put together by a group of investors over on the telegram, which goes through each of marula mining’s projects: https://drive.google.com/file/d/1lmg3cezhuubtblbirxac1_cmvoiouvnd/view?usp=drive_link

brief introduction to projects

kilifi manganese processing plant (kenya)

marula has acquired full ownership of the kilifi manganese processing plant, located approximately 60km from the port of mombasa in kilifi county, kenya. the plant is fully operational, permitted, and capable of processing approximately 10,000 tonnes of manganese ore per month. recent exploration activities have identified high-grade ore per month. recent exploration activities have identified high-grade manganese zones with assay results ranging from 44.13% to 71.01% manganese at depths of approximately 5 meters. the company will commence first manganese sales by the end of may 2025. https://x.com/jb_miningafrica/status/1924420703564042457 shows kilifi in action and processing at quite the speed!

• 5 year offtake agreement with baosteel, the largest steel producer in the world.

https://www.lse.co.uk/rns/maru.pl/landmark-agency-framework-contract-for-manganese-84wcg8rvb36khst.html

• project economics (100%+ irr and 5 year npv pre tax of $48m)

https://www.lse.co.uk/rns/maru.pl/5-year-budget-approved-for-kilifi-kqms5n40rdih83b.html

kinusi copper mine (tanzania)

located in the mpwapwa district of the dodoma region in central tanzania, the kinusi copper mine is undergoing development under a revised two-phase plan (phase 1 expected to be commissioned by month end). phase 1 involves the establishment of a gravity concentrate, jigging, and fines dewatering circuit to produce 24,000 tonnes per annum of high-grade copper concentrate. phase 2 will incorporate a hydrometallurgy fines optimised heap leaching circuit, solvent extraction and electrowinning refining process to produce an initial 10,200 tonnes per annum of copper cathode. recent assays have reported copper grades ranging from 14.78% to 22.56% with an average of 19.72%. as of today, our ceo is in south africa finalising our first copper offtake agreement https://x.com/jb_miningafrica/status/1925052112506863942

• 75% of lme price ($9519), predicting revenues of phase 1 plant to be around $34m per annum. Phase 2 will be a 10ktpa cathode plant potentially bringing in $95m revenue per year (based on todays copper price - this could rise significantly). With such high grades of copper (average around 5% with much higher 15-25% cu zones), and an exploration target of 50MT, this company could really start to motor.