Member Info for Andii

Kenya's second project? Here is due diligence being carried out on Kilifi manganese mine middle of May

https://x.com/JB_MiningAfrica/status/1791330598448976242?t=-R2NUZL3ChGAAW_HhHOaCw&s=19

Aiming to be Kenyas largest mineral producer. Here is the current largest in Kenya

https://basetitanium.com/fy24-half-year-results/

Paid $38m dividend in 2023 from $153m revenue

Marula Mining PLC - Update on Proposed NSE Dual Listing #MARU @MarulaPlc https://www.voxmarkets.co.uk/rns/announcement/f0d415f4-dea3-4100-bd45-ac6ef08ea6fa #voxmarkets

From telegram:

Geography of our manganese. Kilifi (the second Manganese mine to soon be announced) is a town on the coast of Kenya, 56 kilometres (35 mi) northeast by road of Mombasa. and that news about lower shipping rates in Mombasa (22.5.24: - sea freight costs out of Mombasa have fallen dramatically) would persuade me to forget the (Blesburg) S. African port issues (up to Fujax to resolve) and focus, currently, on getting as much out thru' Mombasa as one can. Kilifi may be lower grade than Lari, but the transport costs for Lari (further to port) look compelling for Kilifi (a bigger resource also). https://www.distance.to/Samburu/Nairobi

Here is the Q interview from the end of 2023 again

https://youtu.be/j5VOfPzrxCo?si=mUO9JVskkP05o-Ft

Maybe Q's shares haven't been released from Escrow yet and his friends haven't been able to buy as the A2X listing doesn't work so he is not allowing any transport. Or maybe it is too risky with a general strike happening in the south african coal industry as Q's fleet of lorries usually carry coal.

Https://x.com/MarulaPlc/status/1803796764673130843?t=Dw9r0SCmN8MsxoyQXA6cDg&s=19

Aiming for 10kT minimum

$100m F9 funds soon to be announced with a portion being allocated to carbonate/hydroxide expanded processing at Blesburg

auoinvestments.com

LATEST

PROJECTS

MARULA MINING

Blesberg – South Africa

Located in the Northern Cape Province of South Africa, the Blesberg Project Mine stands as one of the largest known pegmatite deposits with significant mineralization. Throughout its history, it has been recognized as the primary source of tantalum in the country.

The lithium grades observed in the sampled materials exhibit exceptional quality and value, presenting an opportunity to extract a high-grade lithium product from the existing stockpiles. This approach allows for efficient recovery without the need for substantial upfront capital investments or extensive mining and processing expenses.

Exciting developments are underway as we have recently deployed new equipment to the site, enabling Marula Mining to expedite the reprocessing of approximately 250,000 tonnes of stockpiles. Our focus will be on extracting spodumene from these stockpiles, facilitating subsequent sales of this valuable mineral.

LOM 10 years

Resource:

Measured 1.1MT

Inferred 4MT

Mineralisation

Spodumene 6-12%

Li2O 6%

Feldspar 8%

Tantalite 0.04%

Https://www.lse.co.uk/rns/MARU.PL/update-on-blesberg-spodumene-sales-772sdluk3l0p1e9.html

Aiming to produce 10k tonnes of spodumene in 2024 with offtake for by-products to follow shortly.

That is around 1600T a month July to December.

Expecting by-products to be worth the same or more as the spodumene

Without by-products = $11m revenue

With by-products = $22m revenue?

Cost to mine around $276/t

All in sustaining cost around $500/t so $5m based on $1100/t spot price of SC6

Thousands of tonnes stockpiled? Based on 3000T a month the cost per ton is $276. At day 500t a month that would be nearer $500/t (economies of scale)

So 2000T stockpiled would have cost 500 x 2000 = $1m

Larisoro.has probably cost $1.5m

Where is this magic money tree which supports your thesis that Blesberg has thousands of tonnes processed ready to sell? I'm estimating it's under 500T

Rados sorry*,.not Tomra

Restarting operations at Larisoro? Original timeline was Q2 and they have already done so with revenue announcement expected soon.

Installing Tomra? Think this was done over a weekend in early January. Unfortunately there was no offtake in place to take advantage of a working plant.

Aquasitions of the suite of licences? Not sure if timelines were ever given but progress there has been excellent.

Ah yeah, the Tomra

The Tomra which we are getting second hand for a much reduced price of $750k. Bearing in mind Marula made zero revenue in 2023 l, I'm always amazed how much they are achieving.

The Tomra which was originally being operated at a coal mine under a third party JV, but where we are told there were issues which has delayed delivery.

This is also holding up a tranche of money from QGC so getting the Tomra operational is I'm sure high on the priority list. Maybe we should do a placing to speed up the process?

So the Tomra is 2 months overdue but it only costs $750k. If it runs for 5 months at full speed processing 4000t/month of lithium, forgetting byproducts, it can earn $500x4000x5 = $10m profit

That's a really impressive return on investment. Worth a few months delay? Absolutely it is.

Your like a spin doctor of the cynical point of view.

Larisoro, processing equipment to be delivered to take production to 20kt per month.

From Jason this morning

"Site visit completed at the weekend at the Larisoro Manganese Mine with inspection of the main open pit and extended pits.

XRF sampling consistent with historical assays with results at Site 5 of up to 48% Mn and at the main stockpile averaging 43%."

https://x.com/JB_MiningAfrica/status/1802937587406905824?t=evMvGKj5ZYDu6FaDJpoB1A&s=19

What is 43% manganese material worth in profits to Marula in 2025? (Based on 70% ownership)

240kt x $5.5/DMTU x 70% = $39.73m revenue minus $13m costs = $26.7m profit

https://x.com/Chuggley1/status/1796587978795647298?t=gdki7QrtsJ_hLW8Dnul3ag&s=19

$26.7m profit in 2025 at todays manganese prices without including any byproducts which we estimate to include Niobium and Tantalite

– Nb2o5

43,7%

– Tazo5

35,9%

I linked two videos at 17:18 yesterday. One is a personal video from Jason where he head on adresses the delays with listings and offtake and gives good valid reasons which I believe.

The other is an interview and addresses the delay with the offtake which again I believe, and tells me that things never go to plan in mining.

There was an article shared on telegram recently with average timeliness to get a mine online. Lithium was 12 years. Now I know this was being explored years ago but it was mothballed for a long time so realistically I'm starting the clock summer 2022 which puts the localised timeline at 2 years for Blesburg. Which is incredible.

I'm actually not annoyed at paying 14p or whatever I paid at the top as I have then alps bought at 8p which has brpight my average down meanwhile Koridpr and Larisoro have been added which has added considerably to the fundamental value of the company.

Let me quote again

"Budgets have been applied to increase mining and processing to 20 000t ROM per month which can easily scale as we progress to Phase 2:

"Additional exploration budgets may be applied once the application for prospecting surrounding areas are granted. Infrastructure | Potential to extend product mix to include Coltan and further process Niobium and Tantalite which have the potential to improve value of this project into the billions."

Larisoro alone could be (should be) worth £100m to the market cap short term based on 2025 prospective revenue

By that same logic then Q u I n t o n lied in October and November in those interviews.

So by that logic, the two largest shareholders, the chairman to be and the CEO have lied to you on purpose. Maybe best you cut your losses.

I compared KOD and PREM because they are lithium peers operating in Africa. Its very common to talk about a peer and compare. And then note how their share prices have reacted and what their valuations are. That's generally quite common on shareboards

I use KOD as an example because that project has taken what, 8 years so far? And as a comparison based on profits vs market cap.

There is a large percentage of shares not in free float so that puts downwards pressure on the share price shouldn't here be a delay (a 6 month delay now) to a project making money.

Let's take another example. PREM, 1p share price high, 0.1p today. Makes the drop from 14p to 8p not look quite so bad.

The old CEO of the JSE was hoping to have the dual listing complete in February. Some things can't be forced over the line.

The LSE main market listing is actually a relatively new development. It was QGC insisted we skip AIM as they know what the potential of the company is.

Where is the praise for this?

Blesburg was looking like being delayed by 3 to 6 months back in January. So Marula get to work and get Larisoro project kicked off. It is now online.

Could Blesburg have been progressed a few weeks faster without Larisoro, maybe? But Larisoro could be worth Billions. And at a minimum over $20m profit in 2025 at current phase one throughput.

Did bringing Larisoro on the books delay the dual listings? Maybe, yes. But it has allowed a very high margin business to come online. With known figures for what it has cost, the IRR looks to be over 100%. This is classed as exceptional in mining.

The board, and shareholders, should these decisions have been voted on, with all facts known, would always vote in favour of a new project of this quality over a dual listing. A dual listing is a nice to have, a new project bringing in revenue so quickly would always be a priority.

I really think you need to examine whether you want to be invested with Jason as CEO as what he is achieving is truly remarkable yet you keep accusi gbhim of being del boy and a lier. Really, consider what you are saying and try and appreciate the volume of work that is going on and how cheap Marula are.

KOD, kodal minerals - market cap £100m

Expected yearly profit based on KOD's first project based on their anticipated margin and 100% production = $60m/year

i think you need to take a wider viewpoint and consider what has been achieved with zero revenue in 2023 and a ceo only taking $70k a year salary

marula mining (from july 2022)

under two years - what has been achieved:

added projects:

◦ blesberg

◦ korridor

◦ kinusi

◦ larisoro

◦ nyorigreen

◦ nyorinyori

◦ bagamoyo

◦ nkombwa hill

investigating further opportunities in

kenya / south africa / zimbabwe

2 offtakes agreed - lithium and manganese

sustainable mining

community engagement & mayflower children's foundation

qgc - backed by mining mogul *****on van der burgh

future funding - auo investments non-dilutive loan

dual listing on a2x

listings being progressed - nse / jse / lse

kenya manganese mineral dealer licence

large shareholding by ceo and regular ceo communication with shareholders

there is a chance to make say £100m profit per year starting this year. the jorc's we can assume are going to be in the many billions for each project going by qgc website synopsis.

there is a lot which is outside of jason's control and he can only do so much at a time.

prepare the accounts, aquire new licences, finalise shipment of two offtake agreements, oversee change of plans at kinusi plus delivery of mining equipment, negotiate hire purchase agreements, organise delivery of tomra, write rns's, sign off competent persons reports for three projects, manage exploration budgets and planning, oversee infostructure build out at kinusi and larisoro including roads, drilling and power/water, oversee creation of presentations, fly between kenya, south africa and the uk. also dealing with a constant bombardment of shareholder questions whilst carrying out interviews and zoom calls.

you get all this for £15m market cap. i personally have no issue with missed timeliness. why?

the original offtake agreement fell though because the offtake partner weren't being quick enough as marula are too small still.

royalties and licences take time to organise and timeliness can be announced based on information known at the time according to the offtake/government estimated timeliness but ultimately things can be delayed outwith management's control

https://www.share-talk.com/marula-mining-plc-video-update-on-blesberg-lithium-mine-spodumene-ore-offtake-agreement/

the dual listings require proof of working capital. marula is the first mining company to list on the nairobi stock exchange and the nse just went through a change of ceo. the marula prospectus has to be constantly updated with new changes of business so every window of opertunity when missed then requires a delay and resubmission.

https://youtu.be/aqzcprmvbb8?si=7zjdyz_xdydxzszx

larisoro could be worth billions and has gone from inception to revenue in 3 months. (no rns on the billions, going by qgc websitbe that i linked below, but all studies are underway and details will be forthcoming in the future) where is the praise for t

Reposting latest presentation videos from the 23rd of May

Here is @JB_MiningAfrica doing a 20 minute talking at Indaba

https://youtu.be/tjY9GQ5vzts?si=6Op0zVK8vjkDJwUW

And the short 10 minute Q&A session which followed

https://youtu.be/OyCKIv1w7Cg?si=K9ABE0nLCrBFvT1g