Mayur Resources' strategic partnership

Mayur Resources (ASX:MRL) has entered into a Binding Term Sheet Agreement with Pacific Unison Holdings for the Orokolo Bay Industrial Sands Project in Papua New Guinea. PacUn will fund the magnetite phase, aiming for 500,000 tonnes annual production starting Q3 2025.

Overview and future outlook of the Orokolo Bay project

Mayur Resources has secured a partnership with PacUn for the development of the Orokolo Bay Industrial Sands Project. PacUn will invest up to US$10 million to fund site infrastructure and plant construction. Profits will initially favor the investing party during cost recovery, then be shared equally. PacUn will oversee construction, allowing Mayur to concentrate on other projects. This collaboration aims to benefit local communities economically and socially, with a focus on post-mining rehabilitation. The project is part of Mayur's strategy to foster resource and energy development in Papua New Guinea with decarbonization goals. The agreement is set under Singaporean law, with detailed agreements to follow within 60 days.

Executive commentary on strategic partnership

The Orokolo Bay project is a cornerstone of our strategy in Papua New Guinea. This partnership with PacUn allows us to utilize our resource potential while focusing on our Central Lime and Cement Projects. Together, we are committed to delivering strong economic and social benefits to local communities.