Member Info for Andii

For contect, the 5 year operation currently is based on purchasing 20-30% manganese from local miners and upgrading it to 37% manganese. And this is worth $180m revenue and $63m pre tax cash flow to Marula.

Mining our own high grade Manganese could be a game changer. Reduce the AISC from $100/t to maybe $50/t and increase the sales price from $200/t to $300/t or maybe more whilst potentially increasing the volume too, and over 10 years and not 5.

Anyway, we are a while away from that sort of upside but worth mentioning that it is being considered

kilifi as it is now supports an npv of almost $50m over 5 years (starting from today as its hopefully now producing ready to export)

what does a future kilifi look like?

rns 8th may

https://www.lse.co.uk/rns/maru.pl/update-on-kilifi-manganese-exploration-activities-wmo89rns0nw2zd0.html

non jorc compliant resource estimate of 12mt of high grade manganese over 40% from surface, free dig and only the top 2 meters

"the initial tonnage estimates of manganese mineralisation demonstrates the potential to significantly increase the size and scale of the company's planned manganese operations as well as the potential to look at expansion into the production of high-purity and battery grade manganese products for the electric vehicle markets"

"open opportunities for a major expansion and scale of our activities"

the insitu value give an idea of scale from chatgpt

in-situ value of 12 million tonnes of 44% mn ore

per-tonne value (from earlier):

• low estimate: $198/tonne

• high estimate: $220/tonne

total value = tonnage × price per tonne

• low estimate:

12,000,000 tonnes × $198 = $2.376 billion

• high estimate:

12,000,000 tonnes × $220 = $2.64 billion

estimated gross in-situ value range:

$2.38 billion – $2.64 billion usd

this is a gross in-situ value and does not account for:

• mining & processing costs

• recovery losses

• transport, royalties, taxes, or capex

• dilution or overburden

only a *** packet calculation but shows this has decent potential

this could extend much deeper and over a much longer strike.

if kilifi as it is is worth over 10p to the share price alone, what would this expansion be worth which would support larger scale, higher grade over a lot longer timescale

Are you into Manganese? Marula mining MARU is now producing as of this month and expected to make $8-10m free cash flow per year from their Kilifi manganese project. Current market cap £12m and at 18 month low. There are some videos from twitter of the plant producing and they have an offtake with the largest steel producer in the world BAO steel

Missing you over at Marula Bukowski, why has your terror campaign over there ended to abruptly after the barrage of posts? Onto your next victim?

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.

For a big margin play, i would highly recommend some of you look at marula mining (maru) if you’re looking to diversify your stock portfolios. being at just under 11m market cap, and 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, co**** 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. With such high grades of copper (average around 5% with much higher zones), and an exploration target of 50MT, this company could really start to motor.

Marula

£88k worth of buys today. Almost the same volume as whole of last week

Arrived in South Africa as part of the finalisation of long-term copper concentrate and copper cathode offtake agreement for the Kinusi Mine.

Demand for copper and our high grade mine - surging.

@MarulaPlc #MARU #Copper

https://x.com/jb_miningafrica/status/1925052112506863942?s=46&t=_-qvfwY5VyzjY7SJ-WX3uA

Anyone care to do some DD on uk listed miner Marula Mining (MARU) and post over on their bulletin board?

They own (or will soon own) 100% of a manganese processing plant with a 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

They own 100% of the project and have no loans. It is ramping up production now.

See here RNS with the 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

MARU market cap currently around £11m and they have a copper project too very close to production aiming to produce 10ktpa of copper cathode at lowest quartile AISC thanks to local power/water and the orebody containing an estimated 3-5% average copper grade.

Disclaimer, they are doing internal feasability studies and just going straight into production without the need for BFS and large loans.

Not sure if they have a water recycling system connected to the drains but there seems to be an excess of water spilling out of the plant which could become messy/wasteful over time.

Yeah exactly. I approximated as hard to judge the length of each section so just estimated # of sections (10 - but could be 9) x by the weight onneach seduction (visually looks like a buckets worth or more) x by speed (6 seconds). Then I decided the answer by two to be ultra cautious.

Doing it without caution, 9 sections x 20kg = 180kg a conveyor.

6 seconds per conveyor = 1.8T a minute

108T an hour

1080T a day (10hour)

21.6K ton per month.

Not bad as the first month target was 5K and thereafter 10K with 20K from April next year.

Https://x.com/JB_MiningAfrica/status/1924420703564042457?t=MF4mW-YXP0h1piTGyZQmUg&s=19

From this video you can see what the conveyor is holding. To me it looks like each section of the conveyor maybe holds a bucket of manganese? Let's say a bucket weights 20kg. Looks like there are 10 sections on the conveyor.

The speed looks like about 6 seconds to clear the entire conveyor belt so that would be 200kg every 6 seconds or 2T a minite. Let's cut that in half to be conservative, 1T a minite or 60T an hour.

10 hours a day = 600T a day, 20 days a month = 12kT

Actually 37% manganese ore is quite heavy at 4000kg/m3 so with a little help from Ai, a 10litre bucket could reasonably hold 40kg of 37% manganese $$$

Revenue of not less than £3.8m (2024: £2.7m), representing year-on-year growth of 40%. (a few million is deferred from one of the Swedish customers)

Leakbots installed up 59% year on year

If the above is very disappointing, I would like to know what very impressive looks like.

Can you name the competition? We already found a few but they are more expensive, don't have repair contracts and are intrusive.

Flume is one. Requires a magnetic meter to be fitted. And is 10x less sensitive than Leakbot

Water intelligence is another one. Much more expensive, low accuracy, and requires the pipework to be isolated, cut and a device inserted = high installation cost and not suitable for many households.

Tarrifs have been confirmed as only adding a few $ to the cost of the leakbot cost. ~Leakbot can also be manufactured in the US in the future if required. And if required, if it was really hitting the top line, Ondo could easily pass on the cost to the insurer. They would then make 180% Return on Investment instead of 200%

Never made a profit. The company is 3 years old!!!! LOL

Share price has fallen from 40p to 25p. Yes and the share price rose from 15p to 40p. What is your point???

Red flags everywhere? Oh right, your either de-ramping for a trade or a very pessimistic and paranoid individual.

Barnetpeter, could you elaborate on why you don't believe Ondo will ever make a net profit?

Could you factor in things like the outstanding loan ballance

The outstanding cash due from the 20p warrants

Recurring revenue from the subscription model

The ability to produce 4x the volume of units at zero extra capex cost

Upfront payments for each device purchased in bulk from insurance companies

70% year on year growth in revenue

IMO, looking purely at the historic ballance sheet and predicting that Ondo will never make a net profit is a seriously flawed analysis. Consider that as recurring revenue grows and as each unit pays for itself with the upfront payments, there will become an inflection point where the positive gross margin on each unit more than covers any admin costs and loan repayments. The admin costs will not rise as quickly as revenue will rise and each unit is sold at a price to cover Opex hence all brokers, analysits and Ondo exec directors are predicting a very profitable business in thr years to come.

Could you provide a counter argument please? Is it the cost of worldwide growth that concerns you? An event which will take years to happen and off the back of a very successful and profitable expansion into the USA

The CEO took 2 hours out of his night (7pm uk time was more like 11pm Kenya time) to address pre submitted then live questions under two weeks ago. Everyone was plenty warned and given the opertunity to ask questions. Jason also freely offers his whatsapp number on public forums for anyone who wants a chat.

Telegram Q&A with CEO Jason Brewer

https://youtu.be/Ljo2JpS4_M8?si=MB0stKxOSmu7CZC4

Saleable manganese coming out of the Kilifi plant

https://x.com/JB_MiningAfrica/status/1922993813787714018?t=iSYZ2yjrVka5XU3ypT_Gng&s=19

Once sales at Kilifi start, with a pre tax NPV of $50m, the project should be worth around £30m on paper should we want to sell it. That would be a hypothetical special dividend of 11p

Https://x.com/JB_MiningAfrica/status/1922177482574159922?t=qGY0OgLw8Y3DgX16GTpSNQ&s=19

"Looking forward to seeing more trucks arriving at the Kilifi Manganese Processing Plant during the course of the day."

@MarulaPlc #MARU #Manganese

Back on to the topic of the interview -

Https://youtu.be/Ljo2JpS4_M8?si=MB0stKxOSmu7CZC4

I listened a second time. Hoping to get an RNS next week with a full update on Blesberg

Shame the share price has only risen 10%. Chat on the telegram group is there may only be 200k of CMC shares overhang left. Or £8000

First shipments from Kilifi in the next few weeks should really change the fortunes from these doldrums. If we can indeed grow organically now without any large increase in shares beyond maybe another 10-15% dilution max - I often wonder what a future dividend might look like.

Caledonia mining - discussed in the interview currently pay a dividend of 3.4%

Https://x.com/JB_MiningAfrica/status/1920122925912600836?t=XaKMiO4IzVyLdqaEqXgTeg&s=19

The manganese does not require drilling and blasting, only excavators to dig it out of the ground.

Scan Global logistics are available to begin trucking containers of sorted 37% manganese to Mombassa port which is only 60km away.

Marula who own 100% of Kilifi now will then get paid 90% when the trucks arrive at port.

The plant should be earning Marula around $1.5m free cash flow per month from June onwards