PACIFIC LIME AND CEMENT LIMITED — Capital/Financing Update 2021

Dec 13, 2021

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ASX Announcement

14 December 2021

Mayur executes term sheet for supply of magnetite to Leading Japanese Trading House

Mayur Resources Limited (ASX:MRL) continues to progress it’s Orokolo Bay Iron and Industrial Sands project (“Orokolo Bay”) in Papua New Guinea towards production with the execution of a Term Sheet agreement with a leading Japanese Trading House, for the supply of magnetite on behalf of Asian Steel mills.

The non-binding Term Sheet contemplates the parties agreeing to negotiate and finalise commercial sales and purchase contracts, following the satisfaction of various buyer and seller conditions, including test results and the sale of a trial shipment, following the project’s planned commissioning in 2022.

Managing Director of Mayur Resources, Mr Paul Mulder described the agreement as a critical step in the delivery of the Orokolo Bay project which has a nameplate capacity of 0.5 million tonnes per annum (Mtpa) of magnetite, 1 Mtpa of high-grade construction sand, and up to 10,000 tpa of zircon concentrate.

“Whilst we are unable to announce full details around the Term Sheet, due to confidentiality provisions, we see this support as a great vote of confidence in our Orokolo Bay project with blue chip customers continuing to engage with Mayur to source magnetite for their steel making purposes,” Mr Mulder said.

“This deal contributes to the momentum we’ve made recently at Orokolo Bay with the grant of the 20-year Mining Lease as announced yesterday. The project is on track for development and commencement of operations next year. Orokolo Bay is the flagship asset in the planned spin out of our iron and industrial sands business on the ASX, to be named Ortus Resources Limited.”

Chief Executive Officer of Mayur’s Iron and Industrial Sands business, Mr Simon Slesarewich, said that Mayur was continuing to engage with a range of other Asian offtakers and he remained confident in the ability to secure further sales support. “Orokolo remains an attractive fully permitted and shovel ready development with the ability to produce multiple products providing protection through the various iron ore pricing commodity cycles, and this derisking is highly valued by customers. Customers have confirmed they have been disappointed that various magnetite swing producers, with similar products as Orokolo Bay, entered the market during an environment of elevated iron ore prices and now with reduced pricing have exited the market.”

“We look forward to bringing Orokolo Bay into production in 2022 and we will use this agreement as an important catalyst to complete the funding requirements for construction now that we have the Mining Licence, which includes the listing of Ortus Resources on the ASX in 2022.”

This announcement was authorised by Mr Paul Mulder, Managing Director of Mayur Resources Limited. For more informa�on:

Paul Mulder Gareth Quinn Managing Director Corporate Affairs Manager Phone +61 (0)7 3157 4400 Mobile: 0417 711 108 info@mayurresources.com gareth@republicpr.com.au

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Level 7, 300 Adelaide Street Brisbane Queensland 4000 Phone +61 (0)7 3157 4400 mayurresources.com

Mayur Resources Limited | ARBN 619 770 277 | ASX: MRL

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ABOUT MAYUR RESOURCES

spans iron sands, lime and cement, batery minerals and renewable power genera�on. Mayur also holds a 43% interest in copper gold explorer/developer Adyton Resources, a company listed on the TSX-V (TSXV:ADY).

deliver higher quality, lower cost, and “net zero” inputs for the mining and construc�on industries, as well as construc�ng a renewable energy por�olio of solar, wind, geothermal, carbon mi�ga�on, and batery storage.

Mayur is commited to engaging with host communi�es throughout the lifecycle of its projects, as well as incorpora�ng interna�onally recognised Environmental, Social and Governance (ESG) standards into its strategy and business prac�ces.

ABOUT MAYUR IRON

A business division of Mayur Resources, Mayur Iron is responsible for the development of the company’s iron sands and industrial minerals por�olio in Papua New Guinea. Mayur Iron’s flagship project is the Orokolo Bay Project which will produce a number of products including �tano-magne�te, DMS magne�te, construc�on sands and a zircon-rich valuable heavy mineral concentrate. A Defini�ve Feasibility Study has been completed for a 100-percent owned project which has an ini�al CAPEX of US$20.4 million to establish a simple mining and processing opera�on, with a forecast pay back of just over one year and a mine life of over 15 years.

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