ORE SUPPLY AGREEMENTS SIGNED FOR KILIFI ▪ The company through its wholly owned subsidiary, Muchai Mining Kenya Limited ("MMK"), entered into a Manganese Ore Supply Agreement with Kenyan incorporated mining, mineral processing and logistics company, Kitmin Holdings Limited. ▪ The Ore Agreement is for an initial period of two years through to 31 December 2023 and may be extended by a further three years thereafter. ▪ Kitmin will be responsible for the supply and delivery of a minimum 10,000 tonnes per month of manganese ore at a minimum grade of 20% manganese , to the Kilifi Plant. ▪ The Company is targeting run of mine ore feed to the Kilifi Plant of +20% manganese, that has been historically mined in the region, and which will be upgraded to +30% manganese after processing through the Kilifi Plant. Two New Manganese Ore Supply Agreements Signed for Kilifi Processing Plant • Marula will receive 30,000 tonnes of manganese ore with a minimum grade of 24% manganese ("Mn") over an initial six-month period, and thereafter, further deliveries can be negotiated with a minimum additional quantity of 30,000t. • Under the terms of the second Ore Agreements, Marula will receive monthly deliveries of 5,000t of manganese ore with a minimum grade of 24% Mn over an initial period of one year, and this may be extended for an additional two years thereafter at the Company's option. Mining, screening and transportation of the manganese ore will be undertaken by Marula and at the Company's cost. 66
RkJQdWJsaXNoZXIy NTYzMzA=