Member Info for Andii

Palgrave, Jason and Marula must provide an RTO documwnt/prospectus prior to EUZ and Maruoa shareholders voting for the RTO. This will be q document potentially 100 pages or more. Nobody is voting on the RTO based on the information on RNS's from november. The info contained therein is more of an overview of what Marula have/hope to achieve to give shareholders a reference point to start their due diligence

Oh, I thought that more of a snapshot of Marulas assets to inform EUZ shareholders of who they were partnering with rather than an operational update

Oakgrove, can you direct me to that RNS from Europa? All I can see is RNS's relating to their allocation of shares to shareholders from a previous project (unrelated to the RTO or Marula)

Structured EUR 6 Million Non-Recourse Loan - announced 8th september

- I can only assume that the prolonged suspension and announcement of an RTO a month later has damaged Marulas eligibility for this very attractive loan

"Negotiations with Middle East Sovereign Wealth Fund-Backed Investment Funds"

- two sentences later there is this pretty big disclaimer;

"Whilst the Company is confident of completing these investments, there are no guarantees that the investment will be completed and therefore investors are cautioned not to place undue reliance on the proposed investments at this stage."

I agree it would be nice to have updates on this funding, and on the status of all the projects. Unfortunately, as we are now in RTO negotiations, normal reporting schedules go out the window - for example, the AGM may be delayed

"30m price when they have no money and have to find more for rierfort? yh right. Riverfort also get interest and warants and all sorts. When will marula make money then?"

Riverfort do get interest, but Marula cease to exist without working capital, and repaying interest and issuing warrants could be argued in some circumstances to be better than a massive discounted placing, especially if we are close to generating some revenue (Kinusi for example made Takela mining $1m last year)

Is 30m price tag possible? Depends on status of the projects and their perceived valuations by competent persons (and the commodity prices)

Europa metals share price has doubled on the Johannesburg stock exchange since announcement of the RTO on the 6th november

https://www.google.com/search?q=europa+metals+share+price+jse

The Riverfort loan drawn down to date is only £750k vs Marula market cap of £9m

If the RTO is successfully, we could be talking a marlet cap of EUZ of £20 or £30m. In that case it would be very easy to raise more shares at a premium to tofays price to pay off Riverfort.

Unfortunately we need a Riverfort right now to satisfy the auditor to get the accounts through. Marula have made almost no revemue to date, so how are thry supposed to pay the bills/staff wages/worling capital without a loan

SCP equity research:

We think Sovereign ’s recovery of a monazite concentrate from the non-conductor tailings stream from Kasiya is a clear positive: like Energy Fuels’ Vara Mada, we see an opportunity for a low capex and opex magnetic separation add-on to generate high margins on a monazite concentrate production. Second, the addition of a rare earths production stream further increases Kasiya’s strategic value, and we think this will help with US and western Government support and potential financing. Third, with elevated 2.9% DyTb, 11.9% Y in the REO assemblage (plus standard 21.8% NdPr), heavy rare earths further adds to the strategic value of the project, and the marketability of offtake.

For reference, the 2023 Vara Mada (then called Toliara) monazite PFS estimated US$71m capex and US$13.9m/year opex (of which US$12.3m was product transport) for 22ktpa of monazite production. From a technical perspective the flowsheet was quite simple with a magnetic separation line pulling monazite from the non-conductor stream followed by wet gravity separation and a cleaner magnetic separation stage to further remove impurities from the monazite concentrate product. Conservatively, we think every 5ktpa of monazite could equate to ~US$30-40m/year of revenue and US$25-35m/year of cash flow, with more details on volumes to come with more study on monazite distribution, mineralogy and metallurgical optimization, but we think this could be a material addition to NPV, and especially IRR given the high cash margins for monazite and low capex. For Base Resources, albeit it was a deposit with high monazite content, adding a monazite recovery stream added US$7.0bn of revenue and US$4.7bn of LOM FCF in the 2023 monazite PFS, and transformed project economics (post-tax NPV10% doubled to US$2.0bn, IRR increased from 24% to 32% from the prior DFS which did not include monazite revenue).

Some stats on DyTb consumption worldwide in this presentation

https://www.aclara-re.com/investor

https://cdn.prod.website-files.com/67b9c5dc15db73b34fcf2bf3/692899b1c47fa861f8654433_20251127_Aclara%20-%20Corporate%20Presentation.pdf

Https://hotcopper.com.au/threads/ann-strategic-heavy-rare-earths-recovered-at-kasiya.8984005/

Decent posts on Sovereign over on the Australian hotcopper board. The ASX starts trading at 10am local time (midnight GMT)

SVML and Empire metals EEE could become the largest and cheapest producers of titanium supplying the majority of the world's titanium undercutting everyone else

"It makes no difference what the price of it is"

- I would argue it very much matters what the price of the commodities is, when the price of a metal is rock bottom, licences and assets in whatever stage they are at get sold for peanuts. When there is a price surge, like we have seen in copper and lithium, the value of asset transactions rises by multiples.

Why does this matter? Because it will determine the value of the new marula if/when the RTO happens. A commodity going up in value by 50% can increase the NPV of a project by 100% or more.

If Jason is lying and lies about everything then the RTO isn't happening. In that scenario, for Marula to re-list, we need funding - the Riverfort option is open to us but is not so favourable as other sources of funding which will depend on Due Dillegence of those lenders. A big factor they will consider is offtake partners and commodity prices.

If Jason is, as per RNS pursuing an RTO then Marula will be mid way through drafting up a 150+ page document which will i crude CPR's and estimates on project costs, lifetimes and NPV's. The higher the commodity price the higher the NPV and the higher the share price of each EUZ we will all receive on re-listing. So with high NPV's and half decent CPR's on a few of the main projects, my £20k investment in Marula could be worth somewhere between £20k and £60k+

There is nothing I can do about the suspension or lack of news so may as well discuss the price rise of our commodities many other junior explorers at whatever stage have gone on nice runs over the past 6 months

Manganese prices slowly clawing back into the running. Shame it hasn't gone on a run like copper or lithium have, but it might

https://tradingeconomics.com/commodity/manganese

Copper at $13,000/ton up from $10,000 peak back in October 2024 when we got Kinusi estimated figures

Lithium spodumene up at $2000/ton, a lot better than the $700 or so it fell to back in 2024

GLA

The fact we havent had an Rns in 5 weeks directly after a placing likely hadnt helped the share price..

The placing before in may 2024 was at 14p (£4.2m) and the share price 6 months later was 40p :)

I meant to type "dates not being met"

Shareholders have become quite accustomed to dates in.rNS's being met.

I highlight the large in-situ values of copper in the ground as they could form part of the case for a higher company valuation post RTO. And the higher the valuation, the bigger the cash value in my ISA/CFD and SIPP

Copper at $13,000/t

As we are on track to own 100% of kinusi, let's see what the in-situ values are

At an average copper grade of

2% and 5MT = $1.3b

3% = $1.95

4% = $2.6b

2% at 15MT = $3.9b

3% = $5.85b

4% = $7.8b

2% at 50MT = $13b

4% = $26b

The above for phase 2 cathode plant. Times by 62% for phase 1 DSO

Completely different industry, but British. ONDO insuretech plc are rolling out their leakbots and if they keep increasing the order book which the RNS history shows they have been, they hope to become a billion £ company and will expand their leak detection technology worldwide with their new hot climate leakbot edge offering. Pretty cheap at 22p vs 25p placing and recent highs of 40p

The last interview I heard from Jason was late summer at NEO, and for Marula even longer ago, maybe sometime after the may Q&A. I gladly welcome you to prove me wrong

Lawrence, would you have the time or could you be @*ss*d to make a US FCF sensitivity table, similar to an NPV sensitivity table with a best case and worst case cash flow based on number of leakbots deployed vs gross margin (COS + COGS) for FY27? You could start with 50k leakbots and go up to 200k leakbots on one axis, and use $56 and $30 for worst and $45 and $20 for the best with a few increments in-between.

https://www.nationwide.com/personal/insurance/homeowners/smart-home/

Leakbot take centre stage in Nationwide's smart home insurance

Xmas riser?

A further £2.5m +/- for pre payments - no, you have to see the change in Deferred revenue, because there was Deferred revenue at the end of the last period, for which cash had been received but service was given in H1. So here, £2,839K – £2,740K = £99K.

Would it not be possible here that during the half year the deferred revenue could have dropped to £500k then climbed back up again to £2,839 based on new orders for £2.339m worth of new leakbots (~$3m - 50k devices)

"So yes, typically an client pays 600K, 7K devices are installed, say all of them on Jan 1st. At the end of the year (March 31), 3 months are recognized as revenue (7K x 3 x 5 = 105K), and the rest remains as deferred revenue (595K), Every month, 35K revenue is recorded, and Deferred revenue goes down by the same amount, until exhausted."

- that example is for 7k devices installed. Ondo installed around 35k devices in the first half of the year so surely the monthly reduction in deferred revenue would be 5x more than your $35k per 7k devices, so $1.05m? Pre-payments then could be somewhere north of $1m, certainly much higher than £100k