Page 1

Quarterly Report For the quarter ending 31 December 2020 Mayur Resources Nation building in Papua New Guinea mayurresources.com Highlights Corporate Orokolo Bay Industrial Sands Project • Completed a placement to professional and sophisticated investors securing $ 5.5 million through the issue of 15,714,290 CDI's @ $ 0.35 in November 2020 • Continued to progress the disaggregation strategy to unlock the intrinsic value of Mayur's business divisions , being led by the success to date of the copper gold spin - out Central Cement & Limestone Project • • Progressing the prioritisation of the quicklime , with various revised EPC bids received for the quicklime plant Completed successful limestone metallurgical tests to confirm ability to produce high quality quicklime including completing successful lime burn tests at Cimprogetti's facility in Italy as a pre - condition to potential limestone sales to Vale in New Caledonia Submitted Mining Lease application following completion of the DFS and social and land ownership studies Copper & Gold Assets • Progress on the transaction to list the Company's copper and gold assets on TSX - V has materially advanced and the Company expects to provide a formal announcement in the coming weeks from the date of this report Lae Enviro Energy Park Project • Project approved in principle by National Executive Council ( PNG Parliamentary Cabinet ) and process commenced to negotiate and finalise Power Purchase Agreement ( PPA ) through the State Negotiating Team