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Message from Jason this morning,

A very defining transaction being completed and which will set the story for Marula in the coming years - the mines and production needs various update RNSs shortly and of course the elephant in the room - audit and annual accounts - needs to be updated with the detailed timetable for completion which we are due from the auditors - funding in place as we have announced and of course cashflow from operations to flow through

From AI, make up your own mind

Based on the text and the specific context of Marula Mining (MARU) and its CEO Jason Brewer, here is a behavioral and psychological analysis of the post:

1. The "Call Me" Gambit (Performative Transparency)

"I’ve invited each and everyone one to call me... And yet my phone remains silent."

This is a powerful psychological tool called "aggressive openness." By offering his personal number, he is attempting to seize the moral high ground.

The Subtext: He is framing his critics as cowards who only talk behind a screen ("armchair experts").

The Reality: In professional finance, complex regulatory issues and financial discrepancies are not solved via a phone call. They are solved via audited filings and legal compliance. By moving the "battlefield" to a private phone call, he avoids having to answer questions on a public record.

2. Diminishing the Critic ("The Armchair Expert")

"So many armchair experts... self appointed experts and market gurus."

He uses sarcasm to create a hierarchy. By labeling shareholders and analysts as "armchair experts," he is signaling that their concerns are invalid because they aren't "in the room." This is a defense mechanism intended to de-legitimize dissent. It implies that unless you are a CEO, you lack the standing to criticize one.

3. The "Phantom Giants" (Authority by Association)

"Watch out at the front door as you will need to push past the commodity trading houses, the sovereign wealth funds and major mining companies..."

This is the most strategically significant part of the post. To distract from the "failing" status or regulatory "checks and balances," he invokes the image of prestige partners.

The Tactic: He is using the implied approval of major institutions (Sovereign Wealth Funds) to reassure nervous retail investors.

The Risk: If these deals aren't finalized or material, this is a classic "smoke and mirrors" technique used to maintain the stock price while the company's fundamentals are under fire.

4. Deflecting the "Man" vs. the "Ball"

"Irrespective of your views of me - play the ball not the man."

This is a "shielding" technique. By framing regulatory or financial scrutiny as "personal attacks" (playing the man), he attempts to make the regulators and critics look unprofessional or biased. It’s an attempt to separate his personal conduct/reputation from the company's performance, even though in a small-cap company, the two are inextricably linked.

5. Spiritual and Emotional Anchoring

"Remember the important things in life. God bless."

Ending a business defense with religious or family-oriented sentiment is a form of "moral signaling." * The Goal: It makes the critic feel "small" or "mean-spirited" for focusing on money or regulations when the CEO is focusing on "blessings" and "God." It creates a halo effect, suggesting that a man who invokes God must be acting in good faith.

On telegram, says they fell out, and other scurrilous stuff is it true?

What happens if FCA see this non disclosure?

Irrational vitriol, again show me the RNA where the 13.5% shareholding were disclosed for incoming directors and same for any payments due to outgoing directors, if they were public then I accept your anger, show me? Weird you would highlight this to FCA etc but that was your personal choice

Richard Lloyd is the main link, Shuka CEO and Marula Chairman including I think unfortunately during the time when it broke the rules and was disciplined. Are there any other overlaps?

Point me to the RNS that says Theo and De Wet get 13.5% of the company?

Have you read the notes to the resolutions for the AGM

It is buried in the notes to the AGM resolution number 12 and it should have been disclosed I think

Funny it doesn’t address the 13.5% of total equity due to Theo and De Wet? Nor the exit payments in shares for the 6 resigning directors? Aren’t they material?

Discussion on the telegram about the promises made of the accounts being ready almost a year ago. What do you recall and wonder how long we must still wait. Also talk of possible strike off etc

Great news from Marula today they having finalised a plan for a roadmap for a pilot to recycle batteries, the $500,000 they will spend on this will likely be after they repay Riverfort $750,000 due next week. TG group delighted in parts, someone called it vertical integration and someone else says “it shows a company making material progress”.

Put money and finance and investments aside, isn’t it very unedifying, deceptive and grubby? Anyone in touch with the Chair Lloyd or with Alphonsus who seems to retweet everything, and wants to raise this. A line is crossed I think

I see Marula posting pics of Jason with the kenya president on same day Marula was investigated disciplined and fined. Isn’t it very disrespectful to expose the president to this (probably unknowingly) and shouldn’t it require a bit more humility.

I merely posted what some one posted and it was they who had spoken with Jason. Not me. Just relaying what was apparently said according to the TG poster. I see there and Neo also now discussing Richard the Marula chairman who ought to have some accountability too

Still briefing selectively “If we put the pitchforks down for a second, I did have a quick call with Jason this morning and he gave me the all clear to share it.

Same boat as a lot you I questioned the governance but equally was rightfully concerned about a lot of the points Aquis raised in the prior RNS.

I think a lot of it comes down to “time wasters” which I know Jason mentioned in the previous Stockbox, certain parties not meeting their obligations and outside what Marula’s governance could control. For example late payments to Aquis were apparently payed promptly as soon as Marula was made aware of them.

You cant call certain parties out on this as it creates a bit of a litigation nightmare, but I think it’s only fair that you get both sides of the story. Jason does fully appreciate that the buck stops at him and his team. But with our new CFO and Kev as a compliance officer, this should be a new chapter. Sounds like Kev has been working incredibly hard lately, so I’m confident that the new board will overcome these challenges and allows our operations to flourish.

I also raised the question about operational updates, both the good and the bad (as in delays) should be reported. In fairness regarding this, he’s either damned if does and damned if he doesn’t, if operational delays are due to bureaucracy or ongoing negotiations he can’t comment on them other than providing a very vague statement which wouldn’t satisfy investors either.

I get the impression he would love to update shareholders about every aspect of our concerns but it would equally be corporate suicide. I think one rumour I’m very comfortable with putting to bed is I don’t think Q’s departure had anything to do with any concerns regarding Marula, I think it was simply a case of needing the funds and needing them quickly in regards to his coal business.

I feel like the pieces of the puzzle are there, and hopefully we’re about to put our final pieces in.“

During the investigation of matters set out in this notice, the Company failed to

provide information to the Exchange when requested to do so, in breach of Rule 3.4.

In one instance, this required the Exchange to make enquiries of other regulatory

bodies to obtain the information it requested. The Company held out that the failure

to provide information when requested was the result of a misunderstanding.

Breach of Rule 3.10 – Payment of Fees

The Company consistently failed to pay fees when due over a period of three years.

4. PRIOR NOTICE OF REGULATORY FAILING

In determining the sanction, Aquis has taken into account the Company’s repeated

breaches of the Aquis Rules. Additionally, Aquis has taken into account the two prior

Notices of Regulatory Failing issued by Aquis to the Company in June 2024 and August

2025.

Any questions regarding this Notice should be addressed to: aqseregulation@aquis.eu

Would i give 13% to two newly appointed directors, it would be a bit de wet says Theo. Not on my watch were his words. Wake up and smell the coffee. Add up what Langley Tatnall and Brewer and Mrs Brewer got and now what De Wet etc take, must be above 25% of the company and all as a non performance based gift. Oxfam MSF and the Red Cross would be proud of such charity. Charity from shareholders

Being seen as a high-achiever than actually being one.