MAYUR RESOURCES LIMITED (MRL)

The suspension of trading in the securities of Mayur Resources Limited will be lifted immediately following the release by MRL of an announcement regarding the capital funding requirements for its Central Lime Project.

In relation to the proposed investment by VB (Reagents) Limited in Mayur's Central Lime Project, the conditions precedent contained in the Investment Agreement between Mayur and Vision Blue, which has now lapsed at 11.59 pm Singapore time on 19 June 2024, have not been fully achieved. Given differing views between the Parties as to the future satisfaction of the conditions precedent, the Parties are in agreement that Vision Blue's investment in the CLP will not proceed. The Parties are free from any break fees and claims. This enables Mayur to immediately move forward with other investors.

The company releases a notice of proposed issue of securities.

ACAM LP, a prominent global investor in the natural resources sector, has signed a Non-Binding Exclusive Term Sheet to invest a proposed amount of USD $50 million in Mayur Resources and its MR Central Lime PNG Pte Ltd subsidiary. ACAM will become a "substantial shareholder" in MRL at completion. The USD $50 million investment will, if completed, replace Vision Blue's equity funding for Mayur's Central Lime Project in Papua New Guinea. It will also be used to retire AUD $9.2m of MRL debt. USD $40 million equity is to be made available alongside the 22 April 2024 announced Appian Capital Advisory LLP USD $70m base debt facility. ACAM will be entitled to hold Board of Director positions on the MRL and MRCL Boards. ACAM has been granted a 6-week period of exclusivity in which to close the transaction / enter into definitive legally binding documentation. ACAM has the first and last right of refusal at the subsidiary project level as the primary equity capital partner covering Central Lime Project phase 1, CLP's expansions, the clinker and cement works, and other current and future projects within Mayur's portfolio in PNG. MRL has also completed a separate AUD $5 million placement to existing sophisticated investors to fund Stage 2 and part of Stage 3 wharf facilities for MRL's CLP.

The securities of Mayur Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MRL, pending the release of an announcement regarding the capital funding requirements for its Central Lime Project.

The suspension of trading in the securities of Mayur Resources Limited will be lifted immediately following the release by MRL of an announcement regarding a transaction in relation to MRL's Orokolo Bay Project.

The company releases a notice of proposed issue of securities.

The company has finalised the funding structure with its partners on the Orokolo Bay Mineral Sands project in Gulf Province of PNG having executed a series of legally binding contractual agreements with PT SEA First Nickel Industry. The executed contractual agreements cover the full funding of the Orokolo Bay project, entailing the construction and operation by PTSFNI of the Orokolo Bay Mineral Sands project. In return PTSFNI shall be provided a 51% equity stake in the project.

The company releases an updated overview of the Orokolo Bay Definitive Feasibility Study. The refinements are as follows: Updated product pricing consensus forecasts for Iron ore, zircon concentrate, construction sands and DMS. Reviewed AUD/USD exchange rates. Reviewed shipping rates from PNG to China (Mag Conc and Zircon Concentrate) and Australia (DMS and Construction Sand). Reviewed project timing, capital expenditure and capital phasing. Mining and Reserves remain unchanged from the September 2020 DFS (i.e. 5 Mtpa (ROM) mining operation).

The securities of Mayur Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MRL, pending the release of an announcement regarding a transaction in relation to MRL's Orokolo Bay Project.

The suspension of trading in the securities of Mayur Resources Limited will be lifted immediately following the release by MRL of announcements regarding the progress on the equity financing and a capital raising.

The company announces a financing package of $10 million from a consortium of professional and sophisticated investors, comprising a $9.25 million covenant-light loan facility and a $0.75 million share placement. The funds are to be primarily used to continue advancing the pioneering works at Mayur's Central Lime Project - particularly completing the wharf so it is capable of generating early cashflows next year through the sale of raw high-grade limestone. Mayur intends to use the balance of funds to settle and discharge its existing convertible note facility with Obsidian Global Partners and for general working capital purposes to further advance its Central Lime Project with Vision Blue, also announced this week, towards first revenues and through to final construction.

US$90 million total debt funding package to be made available with US$70 million drawn initially to support the CLP's "˜base case' of 400,000 tonnes of Quicklime per annum and a further US$20 million available for quicklime kiln expansions. Funding is priced at competitive terms and tenor. Combined with the US$40 million equity investment in the CLP by Vision Blue Resources, this debt will see the CLP fully funded. The phase one "˜base case' CLP is expected to produce an annual EBITDA exceeding US$25 million whilst generating hundreds of jobs. The CLP will be a major import displacer for PNG being its first downstream processing resource industrial manufacturing hub that will also become the nearest import source of Quicklime, hydrated lime and crushed lime stone for Australia. The Term Sheet is subject to a number of conditions precedent which are customary for a transaction of this nature including confirmatory due diligence.

The company releases a notification of cessation of securities.

The extension to the voluntary suspension is requested by Mayur to allow for sufficient time for Mayur to finalize aspects of its Head Co fundraising, and to conclude specific arrangements relating to the announcement of a debt / project finance Term Sheet for Central Lime Project. Mayur requests that the voluntary suspension remain in place until the earlier of announcements to the market in relation to the transactions, or the commencement of trading on Wednesday, 8 November 2023.

Vision Blue executes Investment Agreement, subject to the satisfaction of certain conditions, to invest US$40 million for a 49% equity share in Mayur's CLP in Papua New Guinea. Proposed Investment would satisfy the CLP's total equity funding component to complete project development and construction, implement onsite carbon reduction initiatives, and enter commercial production. Mayur and Vision Blue are working together to secure debt financing of between US$70-90 million "“ with funding at the higher end of that range accelerating the expansion of the CLP beyond its "˜base case'. Construction of the CLP's wharf infrastructure commenced earlier this year which will potentially allow for early cash flow generation in 2024 through the sale of high-grade limestone. In addition to being a major import displacer, the CLP will create hundreds of jobs nearly immediately, and will also be PNG's first downstream processing resource manufacturing hub.

The securities of Mayur Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MRL, pending the release of an announcement regarding the equity financing arrangement with Vision Blue Resources and a capital raising.

The suspension of trading in the securities of Mayur Resources Limited will be lifted immediately, following the release by MRL of an announcement regarding the spin out of MRL's Gold and Copper Assets.

The company has successfully listed its copper and gold assets in Papua New Guinea on the TSX-Venture Exchange in Canada as Adyton Resources Corporation. The spin out saw more than C$10.5 million raised via a syndicate of northern hemisphere banks which valued Adyton at circa C$38 million. Shares in ADY commenced trading on the TSXV on 24 February, in a range between C$0.26 to C$0.40.

The securities of Mayur Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MRL, pending the release of an announcement regarding an announcement regarding the finalisation of the spin out of MRL's copper and gold assets.

The suspension of trading in the securities of Mayur Resources Limited will be lifted immediately following the release by MRL of an announcement regarding the corporate project investment in a subsidiary of MRL.

The company has secured up to US$25 million in funding from Titanium Resources Holdings Limited for a 49% stake in MR Iron PNG. MIPP is a 100% owned subsidiary of MRL and holds the Orokolo Bay Project as part of a highly prospective industrial mineral sands portfolio in PNG. Legally binding term sheet signed with definitive transaction documents expected to be completed by end of January 2019. CTRH has secured exclusivity and made a legally binding commitment to co-fund the Orokolo Bay Pilot Plant and fund the Full-Scale Operation up to US$25 million.

The securities of Mayur Resources Limited ("˜MRL') will be suspended from quotation immediately under Listing Rule 17.2, at the request of MRL, pending the release of an announcement regarding a proposed corporate project investment in a subsidiary of MRL

listed entity carried for record purposes only