Member Info for Andii

Hoof, this is a trial shipment. Jason stated on here that this is a process - this could mean any number of scenarios, maybe 250T already delivered and only the first few trucks have been paid, or only a few trucks delivered and paid with more to follow.

Boots are on the ground and first sales have been made. I'm happy about this and looking forward to the sales ramping up.

Jason came on here and posted his WhatsApp in reply to you directly - +254 743 303075. Maybe you could message and ask these operational questions which I can't answer, and maybe let us know what Jason has to say?

From Jason on telegram

Payments are made on final agreed weight, concentrate grade analyses results and confirmation that the concentrate specifications have been met. It is not a case of just delivering a truck load of ore. Copper ore is not a vanila product - such as a copper cathode and sampling has to be represnetative and agreed - so is a clear process that is undertaken. The sales procsess commenced at end of first week of March, with representatives from one of the buyers on site and where the 'process was agrede'. A provisional payment was due by end of 21st and a final payment was expected after final weight and grade etc was to be agreed. In cases such as sales on a CIF basis the final payment can take months. It is now 3rd April and we have received the final payemnt for the first deleiveries. The process will continue now on balance. It is good to finally be in this position. I trust that clarifies. Cheers and now back to other stuff. Excuse me.

Very busy at0wrk so can only drop in briefly.

From Jason on telegram today

"Good afternoon. Yes a start on path to consistent revenues out of here and the other mining operations. Pricing not released as confidential given the 'competitive' nature of these intial 4/5 initial shipments deliveries. In accounts revenues will be shown for 2025 year naturally. Pricing was as stated in line with our budgeted levels. So no surprises there. 2 trucks paid in full as advised and balance to follow. Delays down to the process with this party, simple as that, nothing more and nothing less. Coxy you can be confused as much as you like, 250t is being paid for, the first 50t has been received and cleared in the account the rest is in process and will follow. TIA. We announced this first as that was what was moved from site first and foremost. And clearly the delays experienced won't be happening again. We move forward now and look to be abale to provide quarterly operating and financial performance reports as the group and mines reach steady state. We move forward and get the rest going. Competitive positions are good to be in at this current moment in time."

Also some posts on twitter worth following.

20% hand sorted copper ore? They have been selling it at Kinusi for many years already. They currently mine it by hand

Maybe commercially sensitive given we are negotiating with 5 offtakers?

It was a link and a quote to the 31st October 2024 kinusi RNS

https://www.lse.co.uk/rns/maru.pl/kinusi-copper-mine-operations-update-kvcs7h16n2dryu9.html

"three samples, each of 10kg, have been taken following a recent site visit by the company's executive management, with these samples to be sent to south africa for test work. the results from this test work will be used to optimise the design of the phase 1 gravity concentrate, co**** jigging and fines dewatering circuit that is designed to produce 24,000 tonnes per annum ("tpa") of a high-grade saleable copper concentrate. the samples will also be used for hydrometallurgy chemistry test work, copper leach kinetic tests, and heap leaching polymer screening and column tests needed to be completed for the phase 2 hydrometallurgy fines optimised heap leaching circuit, and copper solvent extraction and electrowinning refining process."

(phase 2 is sx-ew)

That Buk.posyer was here around March 2024 for a week, I fed them almost 50 posts of research on Kinusi copper mine and explained why we weren't doing a detailed DFS before installing a phase 1 plant.

They then got their account banned on LSE and moved over to Advfn where u have endured the mors horrific language in response to my posts there trying to outline the plan.

One time, throigh frustration, this poater changed tactic wjen they didnt like the information being paoted by me. The new line of enquiry was something like "can malachite and azurite even be processed into selkable copper?"

Now this was a decent technical question, so I consulted chat GPT on the subject and garnered that there are a number of mines around the world with this simmilar geology which started as artisinal copper mines which were developed into large mines.

Here is the chat gpt thread

https://chatgpt.com/share/6701a2d0-3170-800d-84c5-7572af72ad3b

Here is the table of other mines operating same geology

https://ibb.co/1GLdHWrY

Here is a geological map of Kinusi with geological copper samples displayed

https://x.com/AndrewMathieso3/status/1839594478111510641?t=kqvuOUn5C8fNBjlgQcX1mA&s=19

Here are some photos of the copper report shared by jason on telegram

https://x.com/AndrewMathieso3/status/1859945888237654117?t=Vnr5ca3UwjpUM5mVxmiwzA&s=19

And before I get accused of being a trader, an insider or something, I am neither. I am a LTH, a stalwart who's largest holding is Marula and I am still mega bullish

Bokowski, these mines were making money and are now about to make more money due to Marula.coming in and scaling up the projects

As for the CEO's achievements, he discuses them here. Some successes (clearly as he is a millionaire), and some failures- which are also valuable in life as they teach you and price you to do better.

He discusses being involved in companies which 10 bagged (from memory) or more in this podcast.

He also had some dealings or experience in the DRC and believes that Kinusi is more exciting than any copper mine he ever saw in that part of the world.

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

If you drill to JORC then do a PFS, DFS, BFS you are talking maybe £10m and 5 year timeline.

I invested in Marula because there are a group of experts operating in Africa that can take a mine from concept to revenue in a year or so. There have been delays but Kilifi has been executed in around 9 months. And Kinusi is looking like 9 months too from offtake talk to regular production

I followed the money based on this interview

https://youtu.be/j5VOfPzrxCo?si=pucbmNyEI5El2ZJ_

I'm thoroughly aware JORC's haven't been done, but at Kilifi and Kinusi, they are existing projects with existing partners that have historically been making money so there is a profitable resource there and the resources are far from exhausted as this was artisinal miners operating previously

The direcror buys? They are part of monthly company share saward scheme. The directors must notify monthy due to it being classed as a change in position

He can take as many directors positions as he likes as far as I care if he keeps delivering projects with IRR's over 100% with 5 year offtake agreemets eith multi billion dollar offtake partners then carry on Jason, carry on.

You know he has a team in Nairobi to help him where the dollar goes 5x as far as it does in the UK

Last comms on the copper payment was from Jason on here, on the 25th March. Thisnis a trial shipment, to a Swiss trading company, being paid to a Tanzanian partner who hold the licence (marula own 75% but they are still the legal operator), paid to a company with HQ in Kenya who are listed on a London stock exchange. Figures that the RNS confirming funds received may take longer than 6 working days to be announced!!!

"As to the payment - that is with our partner Takela, they receive the direct payment as the license holder - who as always do a incredible job - and the RNS updates and confirmation of receipt of funds will address any and all points you have raised.

What Marula say in RNS is verified and approved by the advisors prior to anything being released and is based on the information as provided - no statements are made without such information.

The RNS was clear:

"The provisional payment of the 90% of the initial estimated value, based on estimated grade, tonnes loaded and prevailing copper prices is expected to be received by the end of next week, with the balance due following final weight, concentrate grade analyses results and confirmation that the concentrate specifications have been met."

It was expected by the end of last week - by the 21st - today is the 2nd business day after that, and funds are clearing.

Neither I nor Takela control international and cross border payments and settlements - at times I wish I could.

It is a process and we are in it.

I trust that clarifies and I trust that the RNSs will further clarify.

Again as always you also have my number and I am available to take your call"

If I'm counting correctly, before Xmas, Q/AUOhad been issued 60m shares under the Subscription Agreement

Since Xmas, a further 33m have been issued.

If AUO hold 60m shares or less, this is under 25% of the total share count

If all the shares have been issued to Q/AUO, 93m is over 30% of the company

Under 30% and we don't need to worry about the takeover code

you are accusing me of misleading shareholders on purpose?

i, along with all the other shareholders on telegram, and on here, missed the addition of cmc on the last 3 rns's of 2025. i also thought that *****on was due the 52 or 54m shares already as in services had been provided, and cash had been issued to marula. actually that is not the case so dilution is reduced by 52m more shares than i thought. that does good things, it reduces the future market cap at any given share price.

as for illegal activity? cmc have been on those 3 rns's. how they are acting and if auo is getting the shares is a separate issue but we have been informed and the shares issued so marula have broken no rules.

it's nice to know you value my opinion in such a regard that you must pounce on my every message when i get something wrong =)

No direct evidence I don't believe? This is based on discussions following the additional of a broker called CMC on the last 3 share subscription RNS's, one in january, one in February, one in March. Total about 33m shares. The theory goes AUO don't have any spare cash to cover these transactions and a broker CMC is working through the shares selling them into the market.

An RNS clarifying AUO's position is expected this week.

If they are selling, if they held on a week or a month they're should be a few revenue RNS's forthcoming to stimulate volume to clear these shares.

There's plenty worse companies out there with commited (convinced?deluded?!) shareholders defending them, experience will tell you that.

Need revenue before dividends. Need revenue and AUO support or massive s.p rally to get to £30m market cap to get onto main market. "There is a process" etc

Catch 22

Aquis has less rules and is cheaper. If we were on Aim would the share price have held up any better? Everything would have taken longer and we would have needed a CFO and COO to cope. What salaries would they be on? If the auditors struggle with 4 jurisdictions and a London listing, the nomads would equally have faced a challenging brief. Aquis for it's faults, does afford a degree of flexibility, so long as everything is done above board

Full archive of all Marula RNS's, corporate structure, projects and media links created and updated by the noble and talented Kev W

https://mobidrive.com/sharelink/p/3rOAlTRnizcTnUp3YCawr25VFTAl6uxMBMYCzMmAlPvz

Richie, that original agreement from jan 2023 and it has only been 60/70% drawn down against with the chance of it being cut short due to negotiating separate deals at higher share prices for individual assets. Were it not for the share price shenanigans, would seem that Marula have done very well on such a tight budget. The only thing missing are some MRE/JORC's and CPR's! They seem to be taking as long to arrive as your normal feasability studies would.

Get the feeling if AUO had maybe had a better year internally then things could have moved a bit quicker (tomra, CMC issues affecting share price, Kinusi delayed a year etc)

Hopefully it will soon be time to drill baby drill