PACIFIC LIME AND CEMENT LIMITED — AGM Information 2021

Dec 15, 2021

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Positioning for Value Realisation in a carbon

constrained world

AGM Presentation

16 December 2021

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Disclaimer

This presentation has been prepared by Mayur Resources Limited ARBN 619 770 277 (“Mayur” or the “Company”).

The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this presentation, Mayur has not considered the objectives, financial position or needs of any particular recipient. Mayur strongly suggests that investors consult a financial advisor prior to making an investment decision. It may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of Mayur.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Mayur, its related bodies corporate, shareholders or respective directors, officers, employees, agents or advisors, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of information contained in this presentation.

This presentation includes “forward looking statements” within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of the words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” “guidance” and other similar expressions. Indications of, and guidance on, future earning or dividends and financial position and performance are also forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Mayur and its officers, employees, agents or associates, that may cause actual results to differ materially from those expressed or implied in such statement. Actual results, performance or achievements may vary materially from any projections and forward looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward looking statements and Mayur assumes no obligation to update such information. Specific regard (amongst other things) should be given to the risk factors outlined in this presentation.

This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained in it forms the basis of any contract or commitment.

Non-IFRS Measures - the Company supplements its financial information reporting determined under International Financial Reporting Standards (IFRS) with certain non-IFRS financial measures, including cash operating costs, All-In Sustaining Cost, EBITDA, NPV, IRR and project payback. The Company believes that these measures provide additional meaningful information to assist management, investors and analysts in understanding the financial results and assessing our prospects for future performance.

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Positioning for Value Realisation in a carbon constrained world

Mayur Resources is an ASXlisted company focused on the development of natural resources and renewable energy in Papua New Guinea.

Delivering our diversified asset portfolio, which spans cement & lime, iron & industrial sands, and renewable energy & clean fuels that will contribute to nation-building and job creation in a country experiencing a significant growth trajectory.

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Corporate overview

Share price A$0.21 14 December 2021 close 52 week high 40 c, low 14 c First round investors 21% Shares on issue Board & 222m Management Institutional 45% Options (unquoted) 15% 22m Retail 19% Market capitalisation A$51.2m 14 December 2021 close Fully diluted basis

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Primary projects

Mayur Resources has a unique portfolio of projects under development.

All projects are coastal or in close proximity to the ocean for ease of development and future access to sea borne markets.

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RAMU (NI)
PORGERA (AU) KIMBE
OK TEDI (AU/CU)
KAINANTU (AU)
LAE
WAFI GOLPU (CU/AU)
OROKOLO BAY
HIDDEN VALLEY (AU)
KEREMA
GULF PROJECT
PRECINCT
WESTERN GULF TOLKUMA (AU)
PROJECT
CENTRAL CEMENT & PAPUA NEW GUINEA
PNG LNG
LIME PROJECT
& HIRI SOLAR FARM PORT MORESBY Legend
SPECIAL ECONOMIC ZONE Cement & Lime
(SEZ)
Iron & Industrial Sands
AMAZON BAY
VANADIUM
Renewable Energy
PROJECT
0 200
N
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Strategy

A four-pillar strategy to deliver near term cashflow, advance core projects, provide exposure to the low carbon economy and rapidly simplify the Mayur story.

01

Focus on near term cashflow opportunities

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• Priority to establish reliable cashflow as early as possible.

• Focus on bringing Orokolo Bay into production in 2022

• Focus on development of the Quicklime kilns and infrastructure (Phase 1 of the CCL Project) and its Special Economic Zone (SEZ)

• Pursue logical M&A opportunities that are value accretive and offer near term cashflow bias

02

Establish Mayur Renewables clean energy platform

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• Mayur Renewables (new entity) to pursue renewable power and carbon mitigation opportunities

• VECKTA study confirmed >500MW of renewable solar potential within SEZ

• Evaluate clean energy opportunities around Geothermal, Solar, Wind and Hydro power opportunities

03

04

Develop a carbon neutral Simplify and de-risk the lime and cement business business

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• Pursue a renewable electrical o Seek strategic partnerships to power target of 30% to 50% co-develop and de-risk for the Quicklime Project advanced projects (CCL Phase 1)

• Progress Iron & Industrial

• o Leverage renewable Sands Spinout (Ortus potential of Mayur’s SEZ, Resources IPO) located within 25 km of Port Moresby and 5 km of PNG o Review appropriate LNG corporate structuring

• Target becoming Asia o Evaluate most logical options Pacific's first carbon-neutral for coal assets Lime and Cement producer

• Review opportunities to mitigate perceived PNG risk

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• For further information on the strategic review refer to ASX release dated 26 October 2021.

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Central Cement & Lime Project Shovel ready and fully permitted.

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• Mining Licence granted

• Special Economic Zone (SEZ) status granted

• Construction bids received

• Full support from State, Provincial Governments & Landowners

• Environmental approvals in place

• Project de-risked with very attractive economics

• Scalable growth that is not constrained by the Resource

• Renewable (solar) opportunities identified (~500MW)

Phase 1 – Quicklime Phase 2 - Cement & Clinker

Lime production (200ktpa) will be fast-tracked to respond to PNG and Australian market opportunities.

Cashflow will assist funding of cement plant.

18 months construction.

PNG

CCL Australia

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Central Cement & Lime Project

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PNG
CCL
Australia
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Central Cement & Lime – Key Financials^

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NPV EBIT
USDm
USDm (LOA average p.a.
- Real)
352 96
^Original DFS case – combined delivery of
Phase 1 and 2. (excludes 2 [nd] lime kiln)
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The Value Proposition

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    
- - - - -
Lower
Established &
Low Cost High Quality Proximity to carbon
Growing
Production Products Customers cement &
Markets
lime
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• PNG’s first clinker, cement and quick lime project (including fully integrated wharf and power plant)

• Large at surface high-quality 386MT JORC Resource on the coast + scalability = World class long life strategic asset co-located adjacent to plant and wharf

• Phased development - Quicklime (Phase 1) then Clinker & Cement (Phase 2)

• Domestic and Export markets - established and growing

• Energy revolution and strong demand from the growth in future facing metals to drive strong demand for lime ( lime is a critical consumable in the processing of Nickel, Lithium, Copper, Cobalt, Alumina, Rare Earths, Uranium, Vanadium, as well as precious metals of gold, and silver)

• Lime demand also expected to grow in its role in pollution abatement and water treatment and mitigating the acidification of soils and water ways

• Strategically located with captive markets in PNG and significant sea freight advantage to Australia & Pacific customers

• Letters of offtake support in place for 416,000 t of quicklime

^For further information refer to CCL DFS ASX announcement dated 24 January 2019. The company confirms it is not aware of any new information or data that materially effects the previously disclosed information and that all material assumptions and technical parameters underpinning the estimates in that information continue to apply and have not materially changed.

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Central Cement & Lime Project

• Local supply to displace expensive imports into PNG

• Positioned to serve growing domestic demand

• Penetrate growing export markets in neighboring jurisdictions

• Potential for strategic partnerships for development

Domestic and export markets with large expansion opportunities

Production	Addressable market^	Markets	Offtake Support
Quicklime		Displace imports serving largest quicklime users (e.g., Lihir Mine) and offer	416,000 tpa of
		competitive alternative to self suppliers	quicklime
0.40to	>2.5mtpa	Export to Australia (east coast) and Pacific Islands (plus west coast Australia in future)	and
0.60mtpa		Gold, nickel, alumina, Lithium and copper sectors driving demand	700,000 tpa of raw limestone
Clinker		Export to Australia where imports are ~4.2
		mtpa of clinker (2018)
0.82mtpa	>4.5mtpa	Australia’s structural change replacing falling domestic clinker production with
		lower carbon footprint imports
Cement		Other spot markets in South Pacific Displace imports into PNG and service growing domestic demand	1 Mtpa of cement / clinker
0.90mtpa	>1.9mtpa	Export to Australia (currently imports ~1.1 mtpa) with structural shift to increasing
		powdered cement imports
		Other spot markets in South Pacific

^Combined domestic and export markets (Australia, New Zealand, New Caledonia, other South Pacific region)

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Central Cement & Lime Project

• Domestic and export freight advantages

• Significantly closer to users in Australia and the South Pacific than other seaborne supply

• Lower shipping cost and carbon footprint due to shorter sailing times

• Shorter lead times and enhanced responsiveness to customer needs

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Current Supply From Asia
JAPAN
VIETNAM
MALAYSIA
THAILAND
Products with lower carbon footprint
via shorter supply chain and modern
production facilities
PNG
DOMESTIC DOMESTIC
EXPORT
CCL
WA & NT
EXPORT
EXPORT
Quick Lime
AUSTRALIA
East coast & South Pacific
Cement & Clinker
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Central Cement & Lime Project

Seeking to become Asia Pacific's first carbon-neutral Cement and Lime producer

DECARBONISATION ROADMAP

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Use of alternate fuel mix
1
(i.e. Natural Gas and biofuels)
Energy Management initiatives
2
(including Waste Heat recovery)
Use of hybrid renewable
3
power (wind / solar)
Use of electric / hybrid
4
quarry vehicles and plant
Use of carbon offsets /
5
sequestration in PNG
Carbon capture technology
6
(with research institutes)
Carbon Neutral Cement and Lime Products
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Mayur Iron

Iron & Industrial Sands portfolio

Mayur Iron is a subsidiary of Mayur Resources and has simple near-term cashflow projects with iron ore exposure.

• Mayur Iron’s portfolio includes the flagship Orokolo Bay Iron Sands Project and the Amazon Bay iron-vanadium project.

• Orokolo Bay Project significantly derisked with Mining Lease granted and strategic delivery partner secured

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RAMU (NI)
PORGERA (AU)
OK TEDI (AU/CU)
KAINANTU (AU)
LAE
WAFI GOLPU (CU/AU)
OROKOLO
BAY PROJECT
HIDDEN VALLEY (AU)
KEREMA
GULF PROJECT
PRECINCT
GULF SOUTH
MALALAUA TOLKUMA (AU)
WESTERN
GULF PROJECT
PNG LNG PAPUA NEW GUINEA
PORT MORESBY
0 200
N
AMAZON BAY
VANADIUM
PROJECT
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Gulf Project Precinct - Orokolo Bay and neighboring mineralised province

PORT MORESBY

Road to Port Moresby

OROKOLO BAY

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KEREMA

(Provincial Capital)

• FLAGSHIP PROJECT to be brought

• 8 years of development including

GULF SOUTH

JORC Resource extension from OBay

MALALAUA

• Future production target Extensive drilling completed

• De-risked with Mining Lease

• Malalaua to be the “next cab off the rank” (very similar to Orokolo Bay)

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Mayur Iron

Orokolo Bay Iron & Industrial Sands Project

• Low capex (US$21M) development with 15-year life of mine (LOM) and short payback (< 2 years)

• DFS^ completed employing conservative commodity pricing based on long term iron ore price of US$66.30/t

• Post tax (real) NPV10 of US$131M

• IRR of 103.7%

• Mining Lease granted (December 2021)

• Magnetite offtake agreement signed with large Asian trading house

• Strategic delivery and investment partner secured (HBS – PNG’s leading mining services contractor)

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Schematic of the Orokolo Bay Iron and Industrial Sands operation

^For further information refer to Orokolo Bay DFS ASX announcement dated 11 September 2020. The company confirms it is not aware of any new information or data that materially effects the previously disclosed information and that all material assumptions and technical parameters underpinning the estimates in that information continue to apply and have not materially changed.

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Mayur Iron

Mayur Iron to be rebadged as Ortus Resources with a planned IPO on ASX in 2022.

Ortus Resources

• Ortus Resources established to house Mayur’s iron and industrial sands portfolio and to be spun out onto the ASX in 2022 Including the de-risked Orokolo Bay project

• Strategic Investor (HBS) secured to provide early site works and equipment for construction of Orokolo Bay ahead of IPO

• Ortus IPO funds to be used to complete construction of Orokolo Bay and bring the project into production in late 2022 / early 2023

Australian entity owned by Mayur Resources MRL to be listed on ASX and Ortus Resources raise capital to complete ASX MRL construction of Orokolo Bay MR Iron PNG Pte Ltd HBS secured as Strategic Investor to fund and operate Orokolo Bay early works in return for shares in Ortus Mayur Iron PNG Ltd

• Simplified corporate holding structure

Orokolo Bay Project

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Developing a renewables portfolio in PNG

Mayur Renewables

Renewables Strategy

Mayur Renewables has been established to:

• A. directly assist in the delivery of Mayur’s nation building projects in PNG by providing a lower carbon footprint and pathway to net-zero

• B. align with broader ESG commitments and respond to needs of future downstream customers

• C. provide standalone renewables opportunities in the race to decarbonize and achieve net-zero

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Carbon Forestry offsets Solar Geothermal

CENTRAL CEMENT & LIME PROJECT

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Mayur Renewables

Solar & Battery Storage

+500MW solar capacity for Special Economic Zone & CCL Project

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Solar

Study completed targeting provision of renewable solar power for:

• the CCL project located within the SEZ;

• other potential new industry that could be established within the SEZ; and

• existing industry adjacent to the SEZ.

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Battery Storage BESS

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• MoU with Australian-UK energy storage innovator Gelion Technologies for supply of zinc-bromide non-flow battery technology to PNG

• MoU is for the provision of an initial 100megawatt hours of energy storage for projects from 2022 to 2027

• Mayur to be Gelion's sole distributor in PNG

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Mayur Renewables

Carbon Offsets & Geothermal

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Carbon offsets

• Forestry project areas to be re-classified as Carbon Estates

• Advancing discussions

• Projects to be verified under United Nation’s Reducing Emissions from Deforestation and Forest Degradation (REDD+) program with carbon credits certified under VERRA

• Working with PNG government and key stakeholders

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Geothermal

• Establishing a portfolio of exploration tenure identified with large geothermal resource potential

Carbon offsets and Geothermal Resources in PNG

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CENTRAL CEMENT
& LIME PROJECT
PNG LNG
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Competent Person’s Statement

Statements contained in this announcement relating to Mineral Resources and Ore Reserves estimates for the Central Cement and Lime Project are based on, and fairly represents, information and supporting documentation prepared by Mr. Rod Huntley, who is a member of the Australian Institute of Geoscientists. Mr. Huntley has sufficient and relevant experience that specifically relate to the style of mineralisation. Mr Huntley qualifies as a Competent Person as defined in the Australian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC) Code 2012. Mr Huntley is an employee of Groundworks Pty Ltd contracted as a consultant to Mayur Resources and consents to the use of the matters based on his information in the form and context in which it appears. As a competent person Mr Huntley takes responsibility for the form and context in which this initial Ore Reserves Estimate prepared for the Central Cement and Lime Project appears.

Statements contained in this announcement relating to Ore Reserves for the Orokolo Bay Mineral Sands Project Western Area are based on, and fairly represents, information and supporting documentation prepared by Mr Troy Lowien, a Member of The Australasian Institute of Mining and Metallurgy Mr Lowien qualifies as a Competent Person as defined in the Australian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC) Code 2012. Mr Lowien is an employee of Groundworks Pty Ltd contracted as a consultant to Mayur Resources and consents to the use of the matters based on his information in the form and context in which it appears. As a competent person Mr Lowien takes responsibility for the form and context in which this initial Ore Reserves Estimate prepared for the Orokolo Bay Project Western Area appears.

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Contact

mayurresources.com

+61 (0)7 3157 4000 info@mayurresources.com

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Paul Mulder MANAGING DIRECTOR

Tim Crossley EXECUTIVE DIRECTOR

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