Mayur Resources Advances Central Lime Project with Key Agreements and Strategic Partnerships

Community Development Agreement Paves Way for Project Advancement

Mayur Resources has reached a pivotal milestone in its Central Lime and Cement Project with the execution of a Roadmap Agreement leading to the finalisation of a Community Development Agreement (CDA). This agreement, forged through collaboration with the PNG Mineral Resources Authority, local governments, and project landowners, establishes a framework for equitable benefit sharing and is a critical condition precedent for the project's Final Investment Decision (FID).

The CDA's completion is expected to unlock full-scale construction and expansion opportunities, including clinker and cement production, positioning Mayur to meet growing regional demand.

Early Construction and Infrastructure Progress

Construction activities at the Central Lime Project have accelerated, with delivery of equipment and materials by barge facilitating earthworks and preparation for sheet piling works on the wharf. Stage Two of the wharf is on track for completion by March 2025, enabling Roll-On/Roll-Off barge loading and early sales of raw limestone, anticipated to generate initial revenues within the year.

Community engagement remains a priority, exemplified by the ongoing construction of a new sports field at Kido, reinforcing Mayur's commitment to local stakeholders.

Strategic Alliance Secures Premium Quicklime Supply

Mayur has entered a 10-year exclusive Strategic Alliance with Guangxi Zhongzi New Materials Co. Limited, a leading Chinese producer of high-grade quicklime and limestone. This partnership enhances Mayur's product offering with superior quality quicklime grades and supply redundancy, leveraging Guangxi Zhongzi's two million tonnes per annum production capacity.

The alliance supports Mayur's multi-jurisdictional sourcing strategy, ensuring consistent supply and enabling tailored product solutions for customers across Australia and the Pacific.

Orokolo Bay Industrial Sands Project Advances with PacUn Partnership

In a significant development for its Orokolo Bay Industrial Sands Project, Mayur signed a Binding Term Sheet with Pacific Unison Holdings Limited (PacUn) to fund and manage the magnetite phase of the project. PacUn will invest up to USD 10 million to cover development costs, targeting an initial production capacity of 500,000 tonnes per annum with first shipments planned for Q3 2025.

This arrangement allows Mayur to focus resources on the Central Lime and Cement Project while benefiting from PacUn's local expertise in construction and operations. Profit sharing is structured on a 50/50 basis after capital recovery, with definitive agreements expected imminently.

Strengthened Financial Position Following Debt Repayment

Mayur Resources has fully repaid its AUD 9.25 million corporate debt facility, including interest, as of November 2024. This repayment was facilitated by proceeds from a USD 10 million convertible note issuance, reflecting disciplined financial management and positioning the company for upcoming project financing needs.

With a cash balance of approximately AUD 5.16 million at the end of December 2024 and access to unused financing facilities, Mayur is well placed to support ongoing development activities.