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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%

LARISORO | MANGANESE

Synopsis

The Larisoro Manganese Mine is a conventional and shallow open pit mine which commenced operation in 2012 and has operated intermittently over the past 12 years on two granted and adjoining mining permits. Mined manganese ore has ranged from 18.82% manganese (“Mn”) to up to 55.01% Mn and has averaged 33.41% Mn over the past 6 years and which is crushed and screened to produce a +37.00% Mn saleable product that has historically been sold into the Asian markets. The current operation consists of 3 shallow open pits that extend over a cumulative length of approximately 600m and which have mined the highly visible and outcropping surface manganese mineralization by conventional drill and blast and load and haul open pit mining operations down to very shallow depths of between 1.5m and 12m.

The operation currently has mining and processing equipment, which we intend on upgrading to allow for scaling up the operation to 20 000t ROM per month. Coltan was also discovered during the due-diligence process and is not yet included in modelling but has the potential to substantially improve value as we progress to P2. The current licensing extends over a 5km strike, and applications for prospecting the immediate surroundings are already in process.

Statistics

Projects

Country

Kenya

JV Company

Marula Mining

Life of Mine

+ 5 years

Resources

Measured

–

Indicated

–

Inferred

–

Mineralisation

Mn

33,41%

Coltan

*

– Nb2o5

43,7%

– Tazo5

35,9%

Investment Strategy

PHASE 1

Exploration | Budget has been applied to define resources at JORC measured standards on the current property as well as conduct all necessary studies to scale up mining operations.

Infrastructure | Current infrastructure on site is rudimentary and typical of artisanal and junior mining operations. 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

• Equity –

• Explore – $ 3 426 422

• Infra- $23 262 954

• Establish –

PHASE 2

Exploration | 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. Phase 1 studies required to conclude Phase 2 expansions.

KINUSI | COPPER

Synopsis

Kinusi includes a series of 10 licenses in a known copper hosting area, which has been exposed over the years to become a highly sought-after prospecting target. High grades of 7.0% Cu have been sampled with some reaching 31% Cu in value. Regardless of these results, we have modelled based on a discounted 3% Copper content in the ore based on large-scale mining. The ore is hosted within the pegmatite dykes showing consistency in strike and dip, with all artisanal operations mining at shallow depths of 4m below surface.

The current exploration programme has resulted in a resource increase from 5MT to 15MT and is anticipated to increase to 50MT as prospecting continues. The next phase of exploration is being finalized and will include diamond drilling, geophysical surveys and a variety of primary and secondary interpretation methods.

In the interim, access to current feedstock from previous mining at Kinusi as well as smaller surrounding mines proves profitable for short-term returns until exploration and establishment activities conclude.

Statistics

Project

Country

Tanzania

JV Company

Marula Mining

Life of Mine

+ 10 years

Resources

Measured

–

Indicated

–

Inferred

10 Mt

Mineralisation

Copper

3,00%

Gold

*

Investment Strategy

PHASE 1

Exploration | Budget has been applied to drill up the project to JORC compliant resources and conduct necessary metallurgical and engineering studies to maximize product potential on the project Infrastructure | Phase 1 Infrastructure is purely for a pilot concentrating plant to process the currently accessible feedstock available on the project until mining activities on the known areas start.

• Equity –

• Explore – $ 5 321 000

• Infra – $ 1 500 000

• Establish – $ 2 370 862

PHASE 2

Exploration | Further opportunities to increase the exploration are may arise, but no further exploration beyond Phase 1 is currently projected. Infrastructure | Plans to increase processing facilities from Phase 1 pilot plant to scale copper concentrate outputs and the potential. Gold potential may necessitate additional infrastructure to be determined based on economic evaluation in Phase 1

• Equity –

• Explore –

• Infra – $ 40 653 633

• Establish – $ 2 371 042

Https://x.com/AndrewMathieso3/status/1801323867534987326?t=2GAzqS8M0Kh34SdRw2fUUg&s=19

Larisoro potentially worth billions $

Kinusi copper 15MT initial resource modelled at 3% would be worth $4.5b in situ value

Blesburg 4MT inferred resource at 6% without byproducts would have an in-situ value of over $4b and they have only scratched the surface exploration wise there with Koridor 80x larger.

Good morning all.

Up and about here now in Nairobi.

Thanks for those that have sent me their well wishes.  ❤️❤️

3 1/2 hrs in surgery and got out at about 9.00pm last night.  All good and fine. 

A sleepless night and you’ve got to love a morphine drip haven’t you 🤣🤣

Here all day today for observation and not sure when being released hopefully tomorrow - but guess I shouldn’t give deadlines or targets. 

Have laptop and have phone so all in order and will be at it here and reckon I’ll get a load done without some of the usual interruptions.

All in good order with Ben and Collins driving the production, processing on site at Latisoro and logistics of material transportation being addressed by the team in Nairobi and Fujax.

Martin and Henk all over things at Blesberg and dealing with Fujax on those first exports - documentation is just being wrapped up across that.

Edu on site today in Kilifi completing process plant inspection and mine visits and the aim - not target - is to wrap that up this week.

Adjoining ground to Blesberg looking good and once we have completed the spodumene sales process we will look to then consolidate in the region given we would have demonstrated its value.

On the Tomra unit transportation, that was agreed whilst I was last inJoburg and expecting that dismantling and transportation to be sorted very soon. That is very important given the mineralisation identified on that adjoining ground to Blesberg too.

Dave:

Adjoining ground to Blesberg looking good and once we have completed the spodumene sales process we will look to then consolidate in the region given we would have demonstrated its value.

On the Tomra unit transportation, that was agreed whilst I was last inJoburg and expecting that dismantling and transportation to be sorted very soon. That is very important given the mineralisation identified on that adjoining ground to Blesberg too.

NSE update to follow shortly and no question the production and sales from Larisoro and Kilifi will massively change how that is received here in Nairobi.

Audit process moving ahead and Angela managing that with Rich in London and pushing to ensure all done on schedule.

Kunusi update to also follow and yes that has been on back burner as a result of the Larisoro Mine development - but that will be accelerated once we have Larisoro at ‘steady state’ over June.

Based on 20kt a month, the profits from thus Manganese offtake could easily exceed $10m this year

https://x.com/AndrewMathieso3/status/1796101046093132063?t=RYVTKLumDdmBqDy0Lweo2g&s=19

Not bad for a $3 to $5m investment

First sales due by the end of May

Some recent communications on Blesburg

Offtake agreement discussed. Targeting well over 5000T a month. Minimum offtake is for 50,000T by the end of 2026 which is less than 2000T a month

19th March 2024

https://youtu.be/b39sFN_hXcI?si=0o8SieOSuz-qNfHG

**

53minutes Jason speaks. At 1hour18 minutes he tells us that feldspar revenue could equal the lithium revenue. Feldspar is a free byproduct.

10th April 2024

https://www.youtube.com/live/tdCnhiaSYyk?si=Jh3XD0h736tkKmlK

**

"Phase I and II diamond drilling completed in November and December 2023.

The combined Phase 1 and Phase 2 drilling programs comprised 42 diamond drill holes for a total of 2,386.67m drilled.

All samples sent to ALS for assays."

"Phase I assays being re-assayed given high content of lithium in the granodiorite - the host rock.

Indicating the spodumene lithium mineralisation is not just in the pegmatite zones but 'seeped" into the host rock and leading to wider lithium distribution."

"This will likely lead to larger resource size over a broader area and not just contained in the known pegmatite."

"Cores also re-assayed for additional minerals particularly beryllium which has been identified in high concentrations in the test work on the fines."

"Current price for beryllium is US$965/kg - so on a per tonne basis a potentially very valuable by-product at Blesberg"

"So the mineral suite at Blesberg is far more broader and significant than first thought and goes well beyond just the pegmatite and spodumene."

1st May 2024

https://twitter.com/JB_MiningAfrica/status/1785597723866996973?t=HCuQbbIOSMdaB2pPtaPtbg&s=19

**

"Marula mining prepare to start deliveries of lithium"

Video from 9th May 2024

https://youtu.be/ztBXBAd15kM?si=t-6xUlw1-hFUQUUK

**

Here is @JB_MiningAfrica doing a 20 minute talking at Indaba

23rd May 2024

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

And the short 10 minute Q&A session which followed

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

******

#MARU #lithium #manganese #copper

Following on from yesterdays Manganese RNS.

https://x.com/Mastermines_CN/status/1795419557080768791?t=L5JYI4ocgUL8xgAfH8__Ug&s=19

"Comilog has released its quotation for July #Manganese shipment much earlier than expected.

USD$8.1/dmt for its Gabon ores, 20% increase vs June's US$6.9/dmt.

What's at play here? Too many sales enquiries or locking in future prices?"

The tweet is later corrected to say it was actually $8.3/DMTU

This compares to the $3.9DMTU published in March

100K seller who has been active all month seems to have stopped, last 100k sell was on thursday.......

Page of cups, I think you need tonresesrch Jaspn and Q u I n t o n's projects in a little more detail. They only invest in projects that will start earning profits and dividends in very short timeframes.

Take Marula's "Blesburg" lithium project - QGC involvement announced January 2023 and first production was January 2024.

They do all the mining studies and DD inhouse and start designing and installing production equipment from day 1. You are talking months not years to production and all going well, free cash flow in under a year as all projects they find always have IRR figures over 100%

Video of blasting at the Manganese mine earlier today

https://x.com/Chuggley1/status/1794809282732732442?t=b7AzTW-XH7aK4FHkMLXthg&s=19

In-situ values of recoverable material

Kinusi average grade 5% (only targeting the high grade zone) and 20MT x $10,000/T. 75% recovery but byproducts would hedge against this so 20,000,000x10,000x0.05= $10b. 75% owned so $7.5B

Blesburg average grade 0.8% plus byproducts brings this up to 2% x 30MT wider resource including inferred x 75% recovery = $8.249B.

Increase that to $12B once carbonate plant is fitted

Korridor is 80x larger than Blesburg so lets call it $20B

Graphite project 20ktpa x 10 years at $1250/t = $250m

Manganese 300ktpa 70% owned say 200ktpa to Marula, 7 year mine and $250/t revenue = $350m

Sum of parts of these 5 main projects = $45B with further upside potential at every one and more acquisitions being talked about. If Koridor truly is 80x larger than Blesburg and extensively mineralized, this could be an absolute game changer

For reference, GGP own 30% of a $12b in situ resource and their market cap is currently £373m

Linked to the wrong youtube video. Second time lucky

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

#MARU #lithium #manganese #copper

Here is the Q&A section which followed the presentation

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

Full year report due before end of June.

Interm revenues will likely appear in RNS in quarterly updates or when received.

We haven't received any revenue in 2024 yet but are aiming forn$1m this month and a lot more next month

No worries Tebbin.

The youtube video I linked to the indaba #MARU presentation was the whole 8 hour presentation. Here is the 20minute Jason Brewer section

https://youtu.be/UiiDQpaqghc?si=Qb0LrGWeYYlljxAv

He talks about Blesburg lithium mine from around 7 minutes

Here is the presentation he is using

https://marulamining.com/assets/files/2024/presentation/Marula_Corporate_Presentation_May2024.pdf

A lot of talk about first revenue from both Manganese (the mine was invested in 3 months ago) and lithium before the end of May. The profit margins sound eye watering (on lithium) as the byproducts should more than cover all operating costs

The video presentation condensed into 5 minutes

https://x.com/MarulaPlc/status/1793539526423621655?t=yuIpIcxgf6EMeOM7osaoGA&s=19

Jason doing a presentation today

https://www.youtube.com/watch?v=Jh6qbpqGPNI

Manganese sales complete by end of this week-

250-500kt per annum target

9km strike, less than 2m deep

looking to join 3 smaller pits into 1 big one 1-12m deep

- sea freight costs out of Mombasa have fallen dramatically

Copper – Kinusi (Tanzania)

Just over 1km strike – 20m wide

Production in q4

mining licence in place

6% copper being discarded as waste by artisnal miners

H2 development - processing equipment on site in July

Doubling licences from 10 to 20 over next month

CPR at Kinusi - September

Graphite flake (Tanzania)

3km strike

1000$/ton(unprocessed), and - post-processing – a much higher price, production in H2

- Graphite at Nyori - processing plant being looked at and into production before yr end. Resource work on Copper and Graphite completed by end Sept

- Blensberg - Funding secured - end July for carbonate plant

Also looking at producing solar hub to power blesberg and NEO at Henkries

CPR on Blesberg out mid June

Drilling and blasting at Blensberg to commence this quarter

- was hoping to announce new acquisition today - even had breakfast meeting on Sunday - but not quite ready

one also next week

Direct link to file

https://t.co/bpUlZXovd0

Https://x.com/marulaplc/status/1792800281941639601?s=67

#maru 50 page report out today. CEO Jason B is at an Africa indaba mining conference today