Community Agreement Approval Key as Mayur Funds Central Lime Project Expansion

Capital Raising and Funding Milestone

Mayur Resources Limited (ASX: MRL) has marked a pivotal quarter by successfully completing an upsized institutional placement raising A$100.1 million. This equity injection, combined with a previously agreed US$115 million debt facility from Appian Capital Advisory, fully funds the first two stages of the Central Lime Project (CLP) in Papua New Guinea. The capital raise attracted strong demand from both existing shareholders and new institutional investors, underscoring confidence in the project’s prospects.

Project Construction and Capacity Enhancements

Construction progress at the CLP is accelerating, with final bids for engineering, procurement, and construction (EPC) contracts under review. Notably, the kiln designs have been upgraded, boosting nameplate production capacity by 33% to 800 tonnes per day per kiln. The hydration plant capacity has also increased by 50%, materially improving forecast EBITDA. Wharf Stage 2 sheet piling is nearing completion, enabling roll-on/roll-off and barge loading by mid-2025, while Stage 3 designs for a multi-berth facility are advancing. These infrastructure developments not only de-risk the project but also promise tangible local economic benefits.

Community Development Agreement and Regulatory Progress

A major milestone was reached with the initialling of the Community Development Agreement (CDA) by all stakeholders, including the PNG National Government and local landowners. The Department of Treasury has formally endorsed the CDA, which sets out benefit-sharing and development commitments such as community infrastructure, health services, and employment opportunities. The CDA’s final approval by the PNG National Executive Council is a critical condition precedent to the Final Investment Decision (FID), expected soon.

Advancement of Orokolo Bay Industrial Sands Project

Mayur also progressed its Orokolo Bay Industrial Sands Project by executing definitive agreements with Pacific Unison Holdings Limited. Pacific Unison will fund up to US$11.2 million to construct and operate a magnetite processing plant targeting 500,000 tonnes per annum, with production slated to start in Q4 2025. Mayur retains 100% ownership and will receive 50% of future profits, maintaining strategic focus on the CLP while benefiting from this complementary asset. The project enjoys strong local government support and is expected to create significant employment.

Strategic Rebranding and Corporate Outlook

Reflecting its transition from a diversified resources explorer to a focused building materials producer, Mayur has received shareholder approval to rename itself Pacific Lime and Cement Limited. This rebranding aligns with the company’s vision to supply high-quality lime and cement products to Papua New Guinea, Australia, and the Pacific, reducing regional import reliance. With cash reserves of A$89.6 million and ongoing expenditures focused on project development, Mayur is well-positioned to reach FID imminently and advance its nation-building ambitions.