Member Info for Andii

12m shares at 4.5p = around £500k so this is worth £1.5m.

This gives the Kalifi owner 12m shares which could 10 bag and pay dividends in the years to come and exposure to all the other projects (50MT exploration target from surface and potentially over 3% average copper grade at Kinusi to name just one example)

Kilifi - the manganese plant which has been under Marula ownership for a short 9 months, has cost around £1.5m in shares (at a large premium to current price), about £600k in Capex, has an offtake with the largest steel producer in the world and on paper can return over £40m free cash flow over 5 years (80% of which will be paid to Marula)

Even if it was delayed another few months and only produced half the free cash flow as expected, it would still be considered a major success

The exploration budget for Kinusi was quoted at $2m back January 2024. This included 1500m of diamond drilling and road/infostructure upgrades

https://www.aquis.eu/stock-exchange/announcements/4435809

Today's interview indicates that 250T of copper has been shipped. And there is crushing and screening plant working at Kinusi. The full phase 1 plant unveiling is to follow shortly as part of the next shipments

Also sounds like Kilifi will likely miss the end of April target but will be producing very shortly so hoping for first revenues in May.

https://youtu.be/AnGDa9Nt06o?si=z0z22IeA5tyiJxjI

Jason has agreed to do a live Q and A with investors in a week and a bits time once a few more RNS's have been released

I said they don't do pfs, dfs and bfs and publicise them. Of course they carry out their own internal studies to find out if a project is feasible

Buk, because Lithium projects can be snapped up cheaply right now due to the lithium price being low?

Not sure if this is a binding agreement, but

" On completion of a successful feasibility study, Marula will issue new ordinary shares to the value of £250,000 and have the option to increase its interest to 70% through the issue new ordinary shares valued at £100,000."

Maybe Jason is expecting a much higher share price soon!... If the share price hits 20p, we would only require 1.25million shares or 0.5% further dilution to get a 50% interest

Does anyone have any questions for Mark Fairburn of Stockbox to ask Jason? He is taking questions on Telegram now

Todays project has cost 250,000 shares or £10,000 or 0.1% dilution and there is no commitment to progress the project if they don't like what they find. Doesn't seem like too bad a deal for shareholders.

Yeah Blesberg has been a disappointment. But it is now a multi commodity project, with the byproducts outweighing the lithium basket price. Kilifi is the near term catalyst here. If you run the ruler over the economics,

Kilifi - manganese 80% owned

Project has been on the books 9 months

First revenue expected sometime in May

Manganese Sales - 1.07 million tonnes

Gross Revenues - US$182.5 million

Pre-Tax Operating Project Cashflow - US$63.5 million

Government Taxes (at 30%) - US$20.1 million

Post- Tax Cashflow - US$43.4 million

NPV - Pre-Tax at 10% - US$48.3 million

IRR - Pre-Tax - +100% p.a.

The above should value marula at £30m or more alone if those numbers are hit

When you see junior miners take 5 or 10 years to bring a project online, i'm not too worried as Marula PLC is only 2.5 years old. It's too early to judge

Hoof, Jasonnsaid commissioning was to begin 2 weeks ago, not be compelted

Also, a one month or 8nweek delay beyond the end of Q1 is not a material issue when he has gone and secured an offtake agreement with the largest steel producer in the world.

When a junior announces an RNS like that the share usually multibags. This then suggests to be that when deliveries start to Naosteel, we should be due a bag or two.

Happy days. Worth the wait. Absolutely.

So kinusi "Trial" shipments haven't happened as quickly as anticipated. Isn't that the nature of trial shipments? To try them out? Kinusi has had what, less than $500k spent on it? It needs $3 or 4 million spent on it before it is a real producing mine. That will happen once Kilifi is in full production.

Could kilifi and kinusi have happened faster if everything worked in Jason's favour? Maybe. Would thus have then accelerated all projects? Likely yes.

We are only 2.5 years old as a company and you are calling Jason a serial liar and failure. Yet you are still invested!! It's far too early to come to those conclusions. Baosteel did their DD and are now an offtake partner. I still have faith

Not sure. From the photos last week, i can't work out if the motors have cables coming out of them or not. I hope they do or that could be another week to 10 day delay.

Also manganese prices have dropped over the past month;

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

However, the project economics are still really fantastic so a week or a month delay is not going to matter in the medium term

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

Manganese Sales - 1.07 million tonnes

Gross Revenues - US$182.5 million

Pre-Tax Operating Project Cashflow - US$63.5 million

Government Taxes (at 30%) - US$20.1 million

Post- Tax Cashflow - US$43.4 million

NPV - Pre-Tax at 10% - US$48.3 million

IRR - Pre-Tax - +100% p.a.

I guess Jason wouldn't be with Marula if one of the previous projects was now a success. So one of those projects 200 bagged but ultimately didn't go into production? Just shows you how difficult it is to find a successful project

Just quoting the video and highlighting a share which Jason was a director of which did 200 bags back in early 2000's.

Https://www.youtube.com/watch?v=-z9aOSZdZhM

34:37

well which had great great runs you know Force Commodities uh winmar resources

34:43

force was one of the top performing Junior lithium stocks I think it was the top performing Junior lithium stock back

34:50

in the early 2020s uh winmar as well went from 0.1 of a cent up to 20 cents

34:57

yeah fantastic return

Sure that's why we are here. Talking about past performance, I have a friend lost his licence for drink driving. He now never drink drives and will.lecture others on it and take people home from the pub. Because he once lost his licence should he be considered a risk now and never be trusted to drive again? No, quite the opposite.

What's that other company you keep talking about? ARS? What's the story there, hasn't it been listed for 18 years and lost original shareholders 95% of their money?

What's your opinion of NEO? Jorc resource of over $19b gold plus another $15b of uranium with infostructire in place, current market cap £11m. I guess Jason should just quit as chairman there and sell all his shares as his previous companies didn't make shareholders loads of money?

If you listen to the interview actually he was involved with a company that ten bagged in the past. Marula 5 bagged at one point when the price of lithium was on a bull run.

Graduated as a mining engineer. Worked with good and bad partners so knows who to avoid working with. Has worked in junior mining for several decades experiencing commodity boom and busy cycles. Has a lot of experience in Afrifa and now lives there and jas a huge network of connections allowing him to secure partnerships and find mines which other CEO's based outside of Africa would otherwise miss as they aren't on the ground.

A lot of this is discussed in that video I shared. It is almost an hour lomg and it was 6 months ago i watched it so I am doing its content an injustice by summarising it from memory. Have you watched it yet?

Yes he does pay them. So why was Jason willing to let them ask questions about his past mistakes to which he answered?

I would prefer a CEO in charge who has gone through a tough learning process than one who got it right first time and had not gone through those past experiences. What are those stats again? Less than 0.1% of exploration projects make it to production? So because Jason was in charge of some of those 99.9% of projects that didn't make it to production in the past we should write him off as incompetent? Is that your opinion Buk?

Have you researched the assets Neo energy have? Jason is a director and chairman there. Their projects have been extensively drilled and have JORC resource statements.

You'd not make a very good journalist! Ignoring an interview where the person you are researching discusses his past appointments!!

Did you listen to the interview I posted few weeks ago all about Jason's past?

https://youtu.be/-z9aOSZdZhM?si=yWRjZ63wegeBDnFP

Hard knocks. So Jason has released some drill results before ;) Congradulations on finally contributing something to the forum.

Less than 0.1% of projects make it to production. Let's hope that was a lesson learned. Neo projects look good, geology at Kinusi look good, Baosteel deal looks good. I remain confident in the near future success of Marula

I'm taking a step back and considering,

Will the project come in with an IRR over 100%? Likely yes

Has the project been acquired and developed in under 12 months? Definitely yes

Has the project got an offtake partner who is the largest steel producer in the world? Yes

Are we likely to start generating free cash flow in the next month or two? Yes

Is the current market cap the same or less than the projected 12 monthly free cashflow once up to steady production rates? Yes

Do new and current investors care about historic missed deadlines if the company fundamentals start to scream out BUY BUY BUY? If a junior beats 95% of peers to production in under 3 years, do we class the CEO's performance as positive or negative?

3/10 for public relations (going by feedback on here, I personally think as a front man, Jason is a positive force)

8/10 for company growth

10/10 for beating 95% of peers

Remember, less than 0.1% of exploration projects make it to production

Construction looks complete. Would imagine it is being commissioned/test run now or soon

https://x.com/JB_MiningAfrica/status/1912811771099832749?t=RWy6Zfq3OtNWZOc4Gh1ghQ&s=19

https://x.com/jb_miningafrica/status/1912809691593257110?s=46&t=_-qvfwY5VyzjY7SJ-WX3uA