Page 1

Quarterly Report Ending 30 September 2021 Mayur Resources Nation building in Papua New Guinea mayurresources.com Highlights Corporate • • Appointment of new Chairman ( Mr Charles Fear ) and Independent Director ( Mr Chris Indermaur ) Strategic review undertaken to position Mayur for future growth and value realisation via delivery of near term cashflow , continuing to advance core projects , whilst increasing exposure to the low carbon economy and simplifying the Mayur story Entire senior management team back in country spending several weeks on the ground at key project sites Central Cement & Lime • • Offtake support received from blue chip end users for circa 400,000 tonnes per annum ( tpa ) being the entirety of the Quick lime kilns output for Phase 1 of CCL Project Offtake support received for over 1 million tpa of clinker and cement for Phase 2 of the CCL Project • Granting of a Special Economic Zone ( SEZ ) over an area of 52 km² that includes the full CCL project site underlining Government support and that ' PNG is open for business ' SEZ licence enables Mayur to develop other industry within the SEZ , including renewable energy and for which a study for large scale solar ( > 500 MW ) has commenced with renewable energy consulting firm VECKTA Several site visits completed including engagements with local community and a range of PNG stakeholders Iron & Industrial Sands • Orokolo Bay site visit completed by Mayur team led by Mr Simon Slesarewich and proposed contractor delivery partners for the project to conduct pre - construction survey work Proposed spin out of the Company's iron and industrial sands portfolio into a new entity ( Ortus Resources ) remains on strategy , however timing has been delayed to 2022 due to volatility in iron ore prices Renewables Established Mayur Renewables to address opportunities around clean energy within Mayur's portfolio as well as the identification of new renewable power and carbon mitigation opportunities in PNG and the Pacific Region