Member Info for Andii

I see Kodal are on a bit of a run.

On their forum page, I see they are talking about £500m market cap at Kodal soon.

Just doing some numbers crunching on their operation...

220,000t a year average production of 6% Lithium concentrate (this will start lower I presume then scale up)

Estimated C1 cash costs of USD$474 per tonne concentrate (USD$520 including royalties and sustaining capital).

Capital requirement of USD$154M

IRR 91%

Kodal own 50% of the above and haven't started construction yet so to be producing in 2024 is IMO ambitious.

@$1000/LC6 Kodals yearly profit before tax would be $480 x 220,000 x 50% = $52m

**************

Compare this to MARU

Using $1000/t, $300 total cost and 60kt/year, MARU can earn $42m a year, begining Q1 of this year. That gives an IRR figure somewhere well over 500% (based on the total production plant investment being less than $8.4m)

And MARU have copper and graphite assets expected to do the same or better as the Lithium described above. With copper revenues starting this Q1 2024

(Thanks to Kev on telegram)

Why I am invested here at Marula Mining (MARU) !!!!

Another busy quarter underway for Jason and team

Potential 2024 Q1 RNSs

◦ Updated presentation will be released and will include numbers on both Blesberg and Kinusi - operating/mining processing/admin and revenue streams and margins

◦ Kinusi modular plant completion, transportation, installation and commissioning

◦ Kinusi Phase 2 drill plan/commencement

◦ Kinusi commencement of copper concentrate production

◦ Offtake agreement Copper

◦ Competent Persons Reports

◦ Offtake agreement Lithium

◦ Blesberg phase 1 results / JORC statement

◦ Blesberg production initial flow/production stats - (revenue figure?)

◦ Blesberg Airborne survey results

◦ Blesberg Satellite survey results

◦ Tomra COM XRT 1200 ore sorter arrival at Blesberg / installation / commissioning

◦ Blesberg non Lithium arrangements

◦ Korridor update

◦ EGM - takeover waiver / other updates

◦ Board addition

◦ Listing update NSE

◦ Listing update JSE

◦ Listing update LSE

◦ New Auditors and expanded finance team

◦ Nyorinyori and NyoriGreen phase 1 staged share payment

◦ Nyorinyori and NyoriGreen phase 1 results

◦ Nyorinyori and NyoriGreen phase 2 exploration activities updates

◦ Nyorinyori and NyoriGreen additional licences payment agreement

◦ Zimbabwe Lithium

◦ Kenya Copper

◦ Kenya Lithium

◦ Kenya Manganese

◦ Nickel project

◦ Bagamoyo update

◦ Bagamoyo phase 1 staged share payment

◦ Bagamoyo expansion?

◦ Exercise of warrants (unlikely but potentially)

◦ Director / PDMR transactions

◦ 2023 Q4 report

◦ Community engagement updates

◦ Indaba information / news

◦ Environmental, Social and Corporate Governance update?

◦ Research / Brokers note

the original plan was for a hybrid arangement with some of the offtake being sold into the spot market.

there must be an advantage to having the announced offtake for 100% as *****en and jason aren't the type to go for a mediocre deal. the offtake partner is surely offering a competitive deal and also the facility to further test the spodumene products suitability for further upgrading to carbonate or better which sells at a high premium is maybe something to consider.

Https://uk.advfn.com/p.php?pid=trades&symbol=L^EEE

over 350 trades so far showing on ADVFN

IN MAY THEY DISCOVERED TITANIUM

https://www.proactiveinvestors.co.uk/companies/news/1016358/empire-metals-claims-huge-new-titanium-discovery-at-pitfield-in-addition-to-copper-1016358.html

This is still just the exploration phase

BlueJay miss-interpereted their JORC by about double. And it's in greenland, where it freezes over for half the year and logistics are almost non existent. Oh, and half the resource was under the sea I believe.

That Russian deposit, it's located in the Artic circle, Komi I believe? Funny how it was discovered in the 1960's and has taken until now to be developed, and only thanks to Chineese money. Sounds like an eastern bloc critical minerals play to me.

https://herald.media/en/archive-articles/tpost/gm4fdjnzt1-the-megaproject-for-the-creation-of-a-na

When did EEE discover titanium please remind us? within the last 12-18 months?

Don't you mean to the nearest £50 billion?

PCU should cost less than £1m we think

Jason Brewer, Marula Mining PLC CEO said:

“The significant progress we have made at the Nyorinyori and NyoriGreen graphite projects would not be possible without the efficiency and effectiveness of Geofields. The pace at which they were able to complete the exploration activities is a testament to their skill and geological knowledge.

““I am proud of the progress the Company has made at the Nyorinyori and NyoriGreen graphite projects. With the community engagement process commencing, the application for additional mining licences in progress, and now the completion of the Phase 1 exploration activities, we are well positioned to take advantage of the momentum we have created to advance the Projects to the next stage of development. I look forward to seeing what we can accomplish in 2024 and providing updates to shareholders in the new year.”

Further Information

Phase 1 exploration activities at the Projects included mapping, sampling, additional trenching work where applicable and the establishment of a comprehensive geological database across the 20 granted graphite mining licences. Approximately 200 samples across both Nyorinyori and NyoriGreen have been taken, with sample preparation to be completed by SGS Tanzania at its facilities in Mwanza, and the assay work to then be completed by SGS South Africa in Randfontein.

The Phase 1 Program of exploration at Nyorinyori focused on the high-grade and jumbo flake graphite mineralisation that has been observed with visual estimates of +90% graphite content in shallow broad graphite veins at Nyorinyori. This mineralisation has been seen to extend over an initial strike length of over two kilometres at Nyorinyori and is interpreted to extend into the NyoriGreen licenses area.

As announced on 13 December 2023, Takela Mining Tanzania Limited (“TMT”) and NyoriGreen Mining Limited (“NML”), having collectively made seven new Mining License Applications at Nyorinyori and NyoriGreen. These applications are anticipated to be granted in Q1 2024.

Additionally, to demonstrate the Company’s commitment to its Environmental, Social and Governance principles, Marula Mining has commenced the community engagement process at the Nyorinyori and NyoriGreen graphite projects. This is a significant milestone for Marula, and its planned progress at the Projects, as the Company prioritises its move towards sustainable mining.

Https://www.investegate.co.uk/announcement/prn/marula-mining-plc--maru/phase-1-exploration-activities-completed-at-n-/7962835

Phase 1 Exploration Activities Completed at Nyorinyori and NyoriGreen Graphite Projects

Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to announce that the Phase 1 Program of exploration activities at the Nyorinyori Graphite Project (“Nyorinyori”) and the NyoriGreen Graphite Project (“NyoriGreen”) (together the “Projects”) has now been completed, with the Company’s independent geological consultants Geofields Tanzania Limited (“Geofields”) having undertaken the initial mapping, sampling, and trenching field work.

An initial report of the findings from the Phase 1 Program of exploration activities is due to be received in January 2024 and along with the assay results from the sampling program, they will be incorporated into the Phase 2 Program of exploration activities, which will include geophysics surveys, multi-spectral satellite image work, additional trenching, and the commencement of a diamond drilling program later in Q1 2024.

Highlights:

Phase 1 Program of exploration activities completed on schedule by Geofields

The work at the Projects is focused on the high-grade and jumbo flake graphite mineralisation that has previously been observed with visual estimates of +90% graphite content in shallow broad graphite veins at Nyorinyori

The Phase 1 Program of exploration activities comprised of mapping, sampling, and trenching field work across the 20 granted mining licenses that make up both the Nyorinyori and NyoriGreen Projects

Approx. 200 samples have been taken as part of this Phase 1 Program and sample preparation will commence in the new year by SGS Tanzania, with the samples then sent to South Africa for assay work by SGS South Africa

Assay results from these samples are expected to be received by the end of January 2024

Initial feedback from Geofields on their findings from the Phase 1 Program of exploration activities have been positive in respect to both identified strike lengths of graphite mineralisation and visual grade estimations of total graphite content

A preliminary Phase 1 Program report is due to be submitted to the Company by Geofields in early January 2024, which will include a summary of the initial findings and their recommendations for the next Phase 2 Program of activities

This preliminary report and recommendations are due to be presented to the Company in early January 2024, with a final report to then be provided upon receipt of the assay results and geological database for the Projects

A Phase 2 Program of exploration activities is then scheduled to commence in Q1 2024, incorporating the Phase 1 Program results and recommendations, and will include additional trenching, geophysics surveys, multi-spectral satellite image work, and the commencement of a resource drilling program across the Projects

Here is the most comprehensive and informative interview of recent times I can find. From September

https://youtu.be/oIuGOOyx8Lc?si=MPbJ9fzjC_XR-tYK

I see the AGM is on friday. I would be interested to know from the company at what point the company expects to reach profitability (Free Cash Flow).

Having a look at the dividend policy again

https://marulamining.com/assets/files/2023/dividendspolicy/MarulaDividendPolicyDecember2023_v2.pdf

>>Any capital expenditure initiatives or merger and acquisition activity would stress the ability to pay dividends.

>>The Board believes funding such initiatives take priority.

>>The level of dividends (or substantial share repurchases) must therefore be at a level which can be supported on an on-going basis.

"Substantial share repurchases". Does this suggest that the 200,000,000m new shares the company are asking for permission to issue in the next 12 months, is this the ceiling to the number of shares the company hopes to issue in the future? (as if they plan to substantially re-buy shares, the less shares in issue the better)

For a guide, some of the top mining companies have a Free Cash Flow of around 10% of their market cap

https://invezz.com/news/2023/08/08/3-precious-metal-mining-stocks-with-an-attractive-fcf-yield-to-buy-in-august/

With a share price target in excess of £2, the FCF levels could be eye watering if commodity prices rise

The exciting part for me is, the company has previously stated that all three projects (Lithium, Copper and Graphite) are equally exciting, its hard to pick which one is the best.

This suggests that we could have both the Lithium and Copper assets producing very considerable PROFITS in 2024. How considerable is anyone's guess... £20m? £50m? £100m+?

3 RNS's in one day (today)

1st RNS - Marula Mining Plc - Offtake and Marketing Arrangements Update for Blesberg

Https://www.voxmarkets.co.uk/rns/announcement/6a089b5e-72ee-4c96-9d48-bc0e73b31ba8

"(the company) expects to conclude an exclusive marketing and offtake agreement with a major European based global commodity trading group (the "Offtake Group") for 100% of the saleable production of lithium products from the Project in early Q1 2024"

"Marula had originally anticipated to have the Agreement signed by the end of 2023. However, the Company now aims to have the Agreement signed once commissioning of the new processing facilities at Blesberg are completed in January 2024, with first commercial sales to follow shortly thereafter"

***Lithium spodumene concentrate 6.5% currently selling for around $2000/t.

***Planned output capacity of the mining equipment is around 5000t/ month so $10m a month revenue at full production

***Production cost per T of output is only a few hundred $

2nd RNS - Marula Mining Plc - Update on Tanzania Copper Processing Plant

https://www.voxmarkets.co.uk/rns/announcement/7e91f8ba-74fb-4b9a-80a3-4b777a4f4797/

" Discussions on off-take and marketing agreements for the sale of 100% of the copper concentrates produced at Kinusi are now expected to be concluded in Q1 2024 in line with the commencement of copper concentrate production"

3rd RNS - Marula Mining Plc - Update on the Proposed Dual Listings in Nairobi and Johannesburg

https://www.voxmarkets.co.uk/rns/announcement/6ea927f0-e8f6-4fba-84f4-8970eeb8858b/

"The Company is now finalising all other outstanding regulatory requirements in Kenya and South Africa to allow the proposed listings to proceed.

· The dual listings on the NSE and JSE are expected to now be completed in Q1 2024

· The proposed dual listings and plans to move Marula's primary listing in

London to the Standard List of the London Stock Exchange ("LSE") forms part of

the Company's broad strategy to establish itself as one of the leading African

battery metals focused mining, exploration and development companies."

Https://www.voxmarkets.co.uk/rns/announcement/6a089b5e-72ee-4c96-9d48-bc0e73b31ba8

"With the potential to increase to in excess of 50MT on completion of definitive resource drilling programs"

@50MT that would be 1340kt of copper or 7.1MozAu(eq). Almost as big as havieron.

Do Marula own 100% of this?

And add on the producing lithium mine(s) and highly prospective graphite mines and surely we are talking £'s not pence share prices

Good morning. I see that over at GGP they provided a mineral resource upgrade. 8.4MozAu(eq) total.

275kt of copper resulted in an increase in gold equivalent of 1.4million ounces Au(eq).

Do we know what the rough timeline to production and likely gross margin cost of production? (GGP are estimating about $600/t cost and $1800/t selling price from memory so about 66% gross margin)

Just as a thought experiment I would like to convert to Million Ounces Au(eq)

https://www.aquis.eu/stock-exchange/announcements/4292346

10 to 15m tonnes @ 2.68% average grade copper would give 268 to 402kt copper or 1.42Moz to 2.13MozAu(eq)

So the copper at Kinusi is potentially worth 25% of the total gold and copper contained in the GGP Havieron resource (which GGP only own 30% of

(From november)

Https://www.proactiveinvestors.co.uk/companies/news/1035072/empire-metals-ltd-presents-at-the-proactive-one2one-investor-forum-november-23-1035072.html

Mineralisation from surface

@12minutes

"One of the key things i wanted to also add at this point is we are now advancing our understanding of the orebody to try and work out, if it is not a beach sand deposit and not a hard rock igneous deposit, then what is it. To come back to the word i used earlier, it is a thermo event. So all these minerals have dropped out because of a large solution influx. And what that encourages us to think is that if we have to go and reverse the process, if we want to get the titanium back out of this particular material, it may not be as difficult as our competitors face when they are dealing with a volcanic lava event which has brought up titanium in inigneous rock and dropped it out in very refractory minerals."

+"Super giant mineral system." "extremely concentrated."

+"How do I compare that to anything else that's out there in the world. We can't."

+"So much bigger than anything else that has been reported out there."

+"Hope to demonstrate minerals will respond cheaply to production. Fairly standard processing."

+"Mining costs & milling costs wont be very expensive."

+"Will come back with even better grades as drilling progresses."

3kmx3kmx350m=1%4 Dec 2023 14:53

3bn tonnes@5% Ti02= 150m tonnes of Ti02 contained........1% of pitfield its fooking mahoosive!!!!

3 x biggger than any other Ti02 discovery on the planet and its only 1% of Pitfield

Here is the #EEE Crux video again

https://youtu.be/O_EDVXAi_wY?si=kfcVlTT2vpIakXxF

@11:40 Shaun talks about the type of products he wants to produce. Says he could just produce a ilmenite concentrate for $300/t but would much rather aim to produce titanium oxide for $2000/t.

@18:55 Shaun talks about the drilling strategy. Based on curent and next phase of drill results and initial metalurgy results, due to the sheer size of the deposit, he can target the highest grade and most economic mineral (there are various types of titanium mineral present) to maximise profits.

A smelter? In all likelyhood one would not be required because the TiO2 can be liberated much more easily/cheaply/economically from soft rock due to low iron and not being chemically bonded to the rock!