Member Info for Andii

They returned 164g/t from their independent assay results. And the mine was historically producing 7oz/t gold byproduct. (28g in an oz so 196g/t)

The non compliant Jorc over 700,000T uses an average of 68g/t but there are clearly areas with much higher gold.

Anyway it's a cobalt mine and gold is just a byproduct.

Jason expecting a few more RNS's then trading to resume next week

£83m should grease the wheels a bit

Average around 12p. S.P around the 7p mark isn't too bad considering what can happen to a companies share price in the small cap space. I'm still up from my investing profits over the past 7 years thanks to a stellar 2020/21.

This is the second time you have poked fun at how a girlfriend or wife of mine might react to my loss here. Your lucky i'm in no way distressed here financially, but what if I was?

Why are you making this personal Hoof?

I have never once crossed that line with you. Seriously, LOL

Hitting new lows there buddy and I don't mean the share price

I really try not to react to you now but are you willing to take this offline? Reach out to me and I will be pleased to oblige. Here is my linked-in, you can message me personally and we can discuss. I am assuming you are a professional and have a job yes? Good day.

https://www.linkedin.com/in/andrew-mathieson-75755840/

Share price was 0.1euros last suspension with less shares so actually around the same market cap. Lithoum was double actually almost triple the price back then too. Share price rose almost 70% when suspension was lifted last time. Maybe a similar rise this time and hopefully it will be sustained with two sources of revenue days away from landing in the bank with production rates at both due to ramp up significantly over the next 10 years.

Some expected events whilst we are waiting for suspension to lift:

News due out about now:

>Tomra in transit,

>Blesberg sales finalised (revenue due 8th/9th/10th),

>Larisoro interim payment for manganese due this week Wednesday to Friday.

Jason was in Johannesburg Sunday to this morning so would think there is progress being made at Blesberg.

Sadly for Marula holders, their money is now frozen in the company for an unspecified period due to it being unable to meet its statutory obligations for a second year in a row. This is a risk of being an investor, true, but Marula is certainly not demonstrating itself to be a less risky investment with it being suspended for a 2nd time.

From a poster Chris on Hive telegram group:

#MARU

Last summer Marula was suspended from trading for a month due to late lodging of accounts (RNS 03 July 2023). Today, the same has happened again.

While I acknowledge the wider pressures and lack of resource in the auditing profession, to be suspended 2 years in a row for failing to fulfil your statutory obligations is a bad look for a company, particularly when plenty of other junior miners have not had similar back to back suspensions.

There is further background to this suspension however for anyone interested to read on.

Last summer, CEO Jason Brewer, laid the blame for the suspension squarely upon the auditors and stated repeatedly in the Marula TG group that new auditors would be appointed.

Come December 2023 at the AGM we shareholders were being asked to appoint the same auditors again. I queried why. Here is the response I received from the CEO:

“We are reappointing the same auditors, as the new auditors, Crowe are taking their time in completing the onboarding process. No issues with this but just the process to get it done because it is quite a far reaching appointment. We are appointing Crowe to not only do the parent plc audit but to also complete the audits of the subsidiaries in Tanzania - 4 opearting projects / partnerships / comemrcial / technbical support agreements - and also the audit of the Kenyan subsidiary too, where we are expecting further progress in the coming weeks on activities.

Expecting the onboarding process to be completed late this year / early in the New Year and then we will proceed and replace and hold the necessary shareholder meeting to approve.

Richard Lloyd and Angela Greenwood in the UK, know Crowe very well and the head of audit, so just gettign that finalised now. As to using Price Bailey to get the audit done, that is well in hand and I am extremely confident that it will proceed far speedier and more effective than last year.”

So…. what has actually happened? Post AGM and Crowe have never been appointed despite the ‘no issues’ claim from Jason Brewer, Price Bailey remained the auditors and another suspension has now occurred despite Jason being “extremely confident” the process was “well in hand” and would be more effective this year.

Note- I’m not personally casting any aspersions towards Price Bailey in this process. We shareholders never know the full details of the back and forth going on between companies and auditors. The buck, however does stop with the company CEO and board. They have statutory obligations to comply with in terms of lodging accounts and they choose who to engage with externally (auditors) and who to deploy internally to ensure those obligations are met.

continued next...

My take:

Jason was in hospital. Then there were power cuts and internet outages in Nairobi during political riots and the team were all working from home. Then there was an almost total shutdown of road transportation in South Africa which likely delayed the first shipments from Blesburg (QGC only made 1 rail shipment last month out of a 15 planned)

From Jason on the 700 member telegram group:

We kept Price Bailey as very few auditors are willing to take the risk of auditing a main board listed company which was the focus.

Very few audit companies want to take on the work for junior companies on Main Board or to be truthful on many boards.

Crowe were willing to do the work but at a costs and timetables that was not acceptable and multiple times what was quoted elsewhere.

With the NSE, JSE and UK listings we are of course reviewing where our finance function should be based out of - clearly London does not work. Hence one of the changes to observe in coming weeks.

One of the key areas of review is the valuation of Belsberg and the stockpiles. Nothing else really to say.

We missed the deadline. It’s not good doesn’t get close to the words to best describe and yes I’m sure all of you can come up with others.

We are working it through and will get it out along with the news too.

AIM suspended list and # of RNS's in 2024

HARL - 15 RNS

SEEN - 13 RNS

ZIOC - 9 RNS

ADME - 8 RNS

FA. - currently undergoing de-listing

AEG - 12 RNS

MBO - 9 RNS

KIBO - 35 (RNS released every time company they have a share holding in has an update)

DCI - 16 RNS

EUA - 7 RNS

SND - 31 RNS

CASP - 12 RNS

TOM - 12 RNS

MARU - 46 RNS

Https://www.aquis.eu/news/ig-expands-uk-trading-offering-aqse-stocks

"Over 100,000 UK, Dubai and Australian clients now have the option to trade these stocks."

NSE listing will be next which should bring on new investors from Nairobi and wider Africa

From Zoom notes

o Listings - JSE still option - NSE is back door (confident) -

energy drive and enthusiasm will force through

o A2X had to change processes with suppliers and banks etc

o NSE (now active in Kenya) all positive - KCB involved -

Kenya biggest bank

From my notes:

JSE still on the cards. they didn't recognise the Aquis exchange. NSE gives them the backdoor.

Confident that nse will be in july. Nothing got done in Nairobi this week due to the political situation.

A2X, all new banks had to change their processes.

Market makers had to change their systems (anchor is one who holds stock of Marula).

Nairobi (NSE) - investment case for new investors has been made.

Kenyas sole listed mining company. Have met with Kenya commercial bank today (friday), they want to be associated with the listing. Asked how can they be involved. They will push it to their clients.

https://drive.google.com/file/d/1IHRa8NM6aEBkE7XnUqJTPo1F1gmG5mgZ/view?usp=sharing

Jason has indicated that he is hoping to do another zoom call in two weeks

https://x.com/AndrewMathieso3/status/1806995003790467159?t=CBsc5Is1UtQFeVPsYbWjJw&s=19

Here is kevs notes combined with my notes

https://x.com/AndrewMathieso3/status/1806913054283583909?t=mlU3vHNXdLvYoVKF_H2DpA&s=19

f9 fund due in 3 weeks.

first revenue 5-7 days from larisoro

first revenue around 10 days from blesburg

f9 could buy shares on open market to take an equity stake. if the debt portion of the f9 fund isn't on competitive terms (interest rates), then they won't accept it

kenya has been on lock down this week so progress has been slow. everything should be open next week. staff been working from home.

blesburg - there is a very large potential for further exploration and a very large upgrade of resource size 🔥

plans to build a 15mw solar plant.

jason said dividends could also be affected by the next projects to come online. said kinusi was delayed by 4 or 5 months (due to larisoro jumping the queue) but that delay would be covered in 2 to 3 months (due to higher profits from cement).

the pilot plant is also already effectively a copper cement plant. copper cement has a much lower power demand.

he also said the f9 find will come with a lot of press. and marula are by far the largest holding of ao

*****on waiting until the f9 fund is announced then will be doing an interview all guns blazing

sorry, couldn't get laptop to connect to works wifi in time (it's really slow)

phone managed to work.

took some notes, so did kev

kev's are better than mine but here are mine:

apologies for share price.

shouldn't be at these levels.

impacted by deadlines, milestones, targets.

south africa logistics delays nationwide. *****on had 14 trains of coal down to 1. means backlog of trucks on the roads.

kenya much better roads and logistics. logistics chain for imports and exports from mombassa. 35 to 40 trucks for the 1000t. 2 yards in nairobi. 1250-1500 loaded up per vessel.

kinusi - jana's report being peer reviewed, fujax copper experts reviewing as not doing dso, doing copper cement. circuit means using a lot less power. rns being finalised.

blesburg, first sales - tuesday, everything should be finalised. have been playing around with the port the material will be loaded.

'should' be end of next week, start of following week. ahead of his visit to london on the 10th

accounts due, specific directors brought on in the uk to manage this. being worked on over the weekend. ball is in their hands (bailey). kept with the original auditors as they were able to facilitate move to lse which was the plan at the time.

jse still on the cards. they didn't recognise the aquis exchange. nse gives them the backdoor.

confident that nse will be in july. but, nothing got done in nairobi this week due to the political situation.

a2x, all new banks had to change their processes. market makers had to change their systems (anchor is one who holds stock of marula).

nairobi - investment case for new investors has been made. kenyas sole listed mining company. have met with kenya commercial bank today, they want to be associated with the listing. how can they be involved. they will push it to their clients.

dividends, if in a financial position to do it then they will do it this year (after the interm results)

as a company it is their intention to pay (used caledonia mining as an example)

f9, how does f9 get repaid. equity fund and a debt fund. majority will be debt. blesburg, for the initial leaching plant.

revenue due in 5-7 days.

kinusi, pilot plant is basically a cement plant.

staff costs

43k rand a month blesburg

25k rand a month kenya

bod $23k a month

📢Tonight, join #MARU's CEO Jason Brewer for a live interactive Open Discussion on Zoom.

⏳Time 7:30 pm GMT / 🇿🇦 10:30pm GMT+3 / 🇰🇪 9:30 pm GMT+2

📍 Zoom Link ➡ https://us05web.zoom.us/j/88514485099?pwd=hwP96mJlSv2aqozJZuFdGuPAuXMBEO.1

Meeting ID: 885 1448 5099

Passcode: nDg9r0

Https://x.com/JB_MiningAfrica/status/1806650682243481801?t=ZAvn4gV0P6sR8C7EPfY4yA&s=19

"At current prices, initial acquisition costs likely to be repaid in next few months and the full investment in exploration and in the upgrades and new mine and plant to be repaid well ahead of the 12-15 months initially estimated and advised on 1 March 2024."

Https://imgur.com/a/iyNq8kp

Meeting ID. 885 1448 5099

Password. nDg9r0

Ii.co.uk, IG.com, HL