Vision Blue Resources Signs Investment Agreement for US$40 Million Equity Investment in Mayur’s CLP

Mayur Resources Limited (ASX:MRL) (Mayur or the Company) is pleased to announce the execution of an Investment Agreement with Vision Blue Resources (Vision Blue), led by Sir Mick Davis, for a proposed investment of US$40 million for a 49% equity share (the Proposed Investment) in Mayur’s Central Lime Project (CLP).

The execution of this long form Investment Agreement formalises the Term Sheet announced in August 2023.

Key Points:

• 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.

Mayur’s Managing Director, Paul Mulder, commented:

"We are thrilled to partner with Vision Blue on the Central Lime Project. Vision Blue recognises the pivotal role the Central Lime Project can play in meeting the escalating demand for Lime across various environmental and renewable energy sectors. Their Proposed Investment is a testament to the value and potential of this project both from a commercial perspective and for the immense benefits it will bring to local landowners and the PNG domestic economy.”

“The enhancement of living standards and benefits for local landowners remain at the forefront of our mission. We look forward to continuing our relationship with the team at Vision Blue and are confident in the mutual success this partnership will bring."

The ‘base case’ of the CLP in Phase 1 is expected to generate annual revenues and EBITDA of over US$50 million and US$25 million respectively over an initial project life of 30 years.** Additionally, the CLP will create hundreds of jobs while having capacity to replace all of PNGs current imports of lime valued at approximately K$100 million (A$42.8 million) per year, and service the broader Asia Pacific region. Over time, the CLP will form the core of PNG’s first downstream processing resource manufacturing hub.

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