Mayur Resources (ASX:MRL) Announces December 2024 Quarterly Progress and Financials
Operational Achievements
Mayur Resources Limited (ASX:MRL) has made significant strides in its Central Lime Project, advancing towards the finalisation of the Community Development Agreement. Early construction works are underway with equipment and materials delivered to the project site, and the wharf is expected to be completed by March 2025. This completion will enable Roll-On/Roll-Off barge operations and the generation of early revenues in 2025.
Additionally, Mayur has secured a ten-year exclusive Strategic Alliance for premium quicklime supply, ensuring a diversified and reliable supply chain with a production capacity of two million tonnes per annum. The company has also signed a Binding Term Sheet with PacUn for the development of the Orokolo Bay Industrial Sands Project, with PacUn committing up to USD 10 million to fund the initial development phase.
Financial Performance
In the December 2024 quarter, Mayur Resources reported a cash balance of AUD 5.161 million. The company fully repaid its AUD 9.25 million corporate debt facility on 15 November 2024 using proceeds from the issuance of convertible notes. These notes, amounting to USD 10 million, are set to mature on 31 October 2026 with a conversion price of AUD 0.245. During the quarter, AUD 3.502 million was spent on exploration and development activities, primarily for the Central Lime Project.
Future Outlook
Mayur Resources is focused on achieving the Final Investment Decision for the Central Lime Project, with key meetings scheduled for January 2025 to finalise the Community Development Agreement. The company anticipates the commencement of full-scale construction in early 2025 and expects significant progress on the Orokolo Bay Project in partnership with PacUn. These initiatives are aligned with Mayur’s strategic objective to support Papua New Guinea’s path to decarbonisation through the development of high-quality mineral and renewable energy projects.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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