Statement on behalf of the Chairman(Craig Dean) about negative and false press reports following the on-market takeover bid for Sierra Rutile

Freetown, Sierra Leone: 4April 2024:Over the past few weeks there have been various negative articles printed in the local Sierra Leonean press, negative commentary circulated on social media and negative statements and accusations in regard to Craig Dean, Chairman & CEO of Marampa Mines Limited and entities he controls.  All such negativity began around the same time that Mr. Dean made the on-market takeover bid for Sierra Rutile (SRX) on 20 March 2024, which we believe is not a coincidence. We believe that such negativity, unfounded claims, and other defamatory statements can only stem from another party who believes that such actions may deter Mr. Dean from completing the public process or convince the SRX Board of Directors (BoD) and other shareholders of SRX that Mr. Dean is NOT welcome in SRX, or even to convince regulators or others that Mr. Dean should not be allowed to complete his on-market takeover bid which generally should expire on 5 May 2024.

In addition, Mr. Dean issued a form 249D which called for removal of all the non-executive members of the SRX BoD.  There has been significant misunderstanding surrounding Mr. Dean’s intent of his on-market takeover bid as well as the issuance of the 249D.

The intent of Mr. Dean is nothing more than standard market practice that is a public and well governed and regulated process by the Australian Securities and Investments Commission (ASIC).  He believes SRX has significant future potential but only if the following few things happen as noted below:

A Refresh of the Board of Directors (BoD) – The BoD of SRX should possess people who are not afraid to travel and spend time in Sierra Leone.  This would allow the directors to make more informed decisions and clearly understand the consequences of their actions.  Currently the entire BoD is solely relying on the CEO who is one board member, while we understand the other 5 board members have either never travelled to Sierra Leone or would argue they know Sierra Leone from visiting once every few years. Sierra Leone is a great place to invest as there is unlimited potential but does requires hands on involvement and understanding.

Shareholders who are willing to inject substantial capital– Mr. Dean understands that SRX requires substantial capital and has struggled to raise such capital for many years, even when Iluka was the major shareholder.  As the public and all shareholders know Iluka walked away from the project via its demerger as in Mr. Dean’s view that they struggled to achieve the risk / reward balance as the amount of funding was too great for the expected return of their shareholders.  We understand that all major shareholders of Iluka who received SRX shares, have since exited.   Their actions are a testament to how the public market actually values SRX, without the proper leadership, funding, and ability to operate locally.There is a current belief that without shareholders prepared to inject funds, SRX’s future could be very limited.

Proper dialogueand resolution with the GoSL – Mr. Dean does not understand why SRX is shut down and believes that if he becomes the largest stakeholder in SRX that his group could play a vital role in stabilising the situation.  Although it is clear that the Company is likely trying to find a solution with the GoSL, any solution can only be temporary as (based on the information published by SRX)  Area 1 has a finite life and without SRX having the ability to fund Sembehun, conflict will continue as the GoSL wants a company sponsor who can create future revenues for the next decades to come.  SRX to date does not have a clear strategy to fund and build out Sembehun.  SRX appears to want to cut costs only by restructuring long serving staff, not contractors, so that the BoD and other executives retain salary for the next few years at the expense of “silent” shareholders.  Mr. Dean believes the mining sector in Sierra Leone can be a great sector to invest with the right leadership and commitment in country.

Mr. Dean believes that SRX can be an interesting asset, but purely for the long-term investor as it will take significant capital investment and years to reap a material benefit. If the on-market takeover bid is not successful,  SRX will be in the hands of the other shareholders and current BoD as Mr. Dean does not have the intent to continue to support SRX in any material way unless he has a material stake in the Group.  His offer as high-lighted in the bid documents represents a material premium to where the market was trading over the months prior and it makes sense for all short-term investors, speculators, and other looking for a quick return to accept.  The alternative may be much worse from an exit perspective.

Lastly there were a few direct questions from journalists that we have answered below:

• Has the Gerald Group provided any financial benefit to media outlets in Sierra Leone or elsewhere for media coverage?
  No, the Gerald Group has not and does not engage in such activities.

• Do you have any comment to make about Craig Dean being subject of a joint or any investigation by the Financial Intelligence Unit and the Anti-Corruption Commission in Sierra Leone?
  We are not aware of any such investigations and the Gerald Group is in strict compliance with UK Anti Bribery Act and the US Foreign Corrupt Practices Act (FCPA)

Enquiries: media@marampamines.com / media@gerald.com or visit https://marampamines.com/press-releases/

Marampa Mines Limited  

Marampa Mines Limited, a subsidiary of Gerald Group, is engaged in the development, production and export of iron ore concentrate from resources of approximately 1.7B tonnes at Marampa in the Port Loko District of the northern province of Sierra Leone. The Company is committed to being a resilient and globally competitive, world-class iron ore concentrate producer. Through investment, expertise and long-term commitment to the Marampa Project, MML aims to materially develop the production of >65% Fe quality iron ore concentrate, one of the highest grades globally, branded Marampa Blue^TM and to adopt a low-carbon energy mix at its operations. MML’s sustainability program is aimed at creating mutual stakeholder value and economic, environmental, and social benefits for the mining operation, communities who are local to the mine site, and Sierra Leone. MML has a strong focus on embracing the challenges relating to climate change, gender diversity, the environment, sustainable farming, and education.

Marampa Mines Limited -proud to champion Sierra Leone Diaspora Investment Conference in North America

6 October, 2023: Marampa Mines Limited (MML) is delighted to support the Sierra Leone Diaspora Investment Conference  to be held near Washington D.C. on 7 October, 2023, where over 200 members of the Sierra Leonean-American diaspora community including  leaders, policy makers, and investors will gather for Sierra Leone’s largest business gathering in North America. During the conference, MML will share invaluable insights on how the diaspora can play a pivotal role in bridging the human capital gap and supporting the growth of small and medium enterprises through direct investment.

“Marampa Mines Limited is a cornerstone company in Sierra Leone, and we firmly believe that our success is intertwined with the success of Sierra Leone as a whole. We urge the diaspora to shift focus away from the challenges we face and redirect it towards the abundant opportunities within our company, sector and the broader impact our success is having on Sierra Leone’s future. Diaspora investment can further bolster our growth, help us bridge the skills and gender gap in the workplace, achieve our local content goals, and support businesses and services that complement our own,” said Abdul Koroma, Senior Corporate Executive and Vice President at Marampa Mines.

“We have been delighted to receive invaluable support from Marampa Mines Limited as headline sponsor of the Sierra Leone Diaspora Investment Conference, aimed at fostering U.S.-Sierra Leone trade relations and driving economic growth through direct and indirect foreign investment in the country,” said Vickie Remoe, founder of Make Sierra Leone Famous, the DMV-based firm hosting the summit. “As the largest U.S. investor and employer in Sierra Leone, MML is a shining example of commitment to the country’s long-term economic development and prosperity. MML is also making notable strides in furthering the advancement of Sierra Leonean women in its 2,500-strong workforce and has forged a formidable partnership with the local community, built on mutual respect and co-operation,” added Ms. Remoe.

MML’s trademarked high-grade iron ore product, MarampaBlue^TM, aims to position Sierra Leone in the international iron ore market by enabling a ‘greener’ steel for a cleaner environment through the lower carbon content of iron ore, a key feedstock in the manufacture of steel. In April 2023, MML made a record payment of US$ 1.7 million to the Community Development Fund for the Marampa and Maforki chiefdoms in the Port Loko district where Marampa Mines is located, based on its Community Development Agreement to support local development initiatives. This maiden payment was the largest single donation from any mining company in Sierra Leone ‘s history, aimed at inspiring positive change and creating more vibrant and sustainable communities.

Marampa Mines Limited  

Marampa Mines Limited, a subsidiary of Gerald Group, is engaged in the development, production and export of iron ore concentrate from resources of approximately 1.7B tonnes at Marampa in the Port Loko District of the northern province of Sierra Leone. The Company is committed to being a resilient and globally competitive, world-class iron ore concentrate producer. Through investment, expertise and long-term commitment to the Marampa Project, MML aims to materially develop the production of >65% Fe quality iron ore concentrate, one of the highest grades globally, branded Marampa Blue^TM and to adopt a low-carbon energy mix at its operations. MML’s sustainability program is aimed at creating mutual stakeholder value and economic, environmental, and social benefits for the mining operation, communities who are local to the mine site, and Sierra Leone. MML has a strong focus on embracing the challenges relating to climate change, gender diversity, the environment, sustainable farming, and education.

Marampa Mines Limited New ‘M3.75’ plant and machinery, the largest single import of mining equipment into Sierra Leone, arrives at Freetown Port and is successfully transported to site.

Freetown and Lunsar, Sierra Leone: 22 May 2023: Marampa Mines Limited (“MML”), Sierra Leone’s largest operating iron ore mine, is proud to announce the arrival of our new ‘M3.75’ equipment at the Port of Freetown last week, the largest single import of mining equipment into Sierra Leone. Following a complex logistics operation and the transport of the equipment to the mine site near Lunsar, in the Port Loko district, MML expects the equipment to be operational in the coming weeks and to bring greater efficiency to our operations, increased production capacity as well as product quality and consistency in the coming year. The equipment includes a SAG Mill, a core mechanical unit within the project’s expansion that required unique handling on the highway and through toll gates between Freetown and the mine site, weighs approximately 900 tonnes when fully assembled.

The M3.75 equipment has been specifically designed to meet the growing demands of the global market for high-grade iron ore, a key feedstock for cleaner and less carbon-intensive steel production. Craig Dean, CEO of Gerald Group and Marampa Mines Limited said: “We are excited to introduce our new M3.75 equipment into our mining process. We are confident that the new equipment for our expansion to 3.75 Mtpa will allow us to be more competitive and to provide our customers with the highest quality iron ore. We are committed to investing in new technology and equipment to ensure that we remain at the forefront of our industry, and this set of machinery is a key part of that strategy.”

An estimated investment of US$150 million to further expand capacity from 3.25 Mtpa to M3.75 Mtpa is being funded by Gerald Group, which demonstrates our strong commitment to the project and country and is in line with our goal to optimise production and to build a resilient, sustainable and safe project at Marampa.

The new equipment includes a Gyratory Crusher, Re-grind Mill, Sag Mill, as well as two large 60T and 300T Cranes. After the Crusher, the SAG Mill will grind the iron ore before beneficiation into high-grade Marampa Blue^TM. Early construction work for the M3.75 expansion started in September 2022 and has created new and permanent job opportunities for local employees.

For further information, please visit www.marampamines.com.

Marampa Mines Limited  

Marampa Mines Limited, a subsidiary of Gerald Group, is engaged in the development, production and export of iron ore concentrate from resources of approximately 1.7B tonnes at Marampa in the Port Loko District of the northern province of Sierra Leone. The Company is committed to being a resilient and globally competitive, world-class iron ore concentrate producer. Through investment, expertise and long-term commitment to the Marampa Project, MML aims to materially develop the production of >65% Fe quality iron ore concentrate, one of the highest grades globally, branded Marampa Blue^TM and to adopt a low-carbon energy mix at its operations. MML’s sustainability program is aimed at creating mutual stakeholder value and economic, environmental, and social benefits for the mining operation, communities who are local to the mine site, and Sierra Leone. MML has a strong focus on embracing the challenges relating to climate change, gender diversity, the environment, sustainable farming, and education.

Marampa Mines Limited to officially launch its Community Development Fund to support development initiatives for the mine’s primary host communities of Marampa and Maforki chiefdoms

Freetown and Lunsar, Port Loko District, Sierra Leone: 28 April 2023: Marampa Mines Limited (“MML”) will tomorrow launch its Community Development Fund (CDF) pursuant to its Community Development Agreement ( CDA) as required by the Mines and Minerals act, to support local development initiatives in our primary host communities of Marampa and Maforki Chiefdom.

The CDF represents Marampa Mines Limited commitment in its MLA (Mining Lease Agreement) to give 1% of its Free-on-Board revenue generated to its primary host communities for eligible development projects, including but not limited to, education, health, environment, and economic development.

The CDF is a testament to the commitment of Marampa Mines Limited to support the growth and development of the communities around our mining operations.  We hope our CDF, the largest single donation from any mining company in Sierra Leone’s history, inspires positive change and creates more vibrant and sustainable communities.

“We are excited and thrilled to officially launch this Fund after our first full year of production of high-grade iron ore concentrate, Marampa Blue^TM, to support the growth and development of our community,” said Craig Dean, CEO of MML. “We believe that empowering our communities through investing in local initiatives, can help create a brighter future for everyone living in our concession area” he added.

The CDF will be administered by the Community Development Committee (CDC), which includes representatives from various groups in the Maforki and Marampa Chiefdom, and the CDC and its Steering Committee has autonomy on project decisions. They decide on what projects to undertake or not. MML sits on the Steering Committee of the CDC and will support and recommend that projects undertaken by the CDC have a clear impact on the community, a sustainable plan for long-term success, and promote collaboration and partnership among stakeholders.

The main aim for the CDF is to aid local initiatives and projects that aim to improve the quality of life for residents of the communities around our mining concession who play host to us.

Marampa Mines Limited             

Marampa Mines Limited, a subsidiary of Gerald Group (“Gerald”), one of the world’s leading metals merchants, is engaged in the development, production and export of iron ore concentrate from resources of approximately 1.7B tonnes at Marampa in the Port Loko District of the northern province of Sierra Leone. The Company, 90% owned by the Gerald Group, with the remaining 10% owned by the Government of Sierra Leone, is committed to being a resilient and globally competitive, world-class iron ore concentrate producer. Through investment, expertise and long-term commitment to the Marampa Project, MML aims to materially develop its production of 65% Fe quality iron ore concentrate, one of the highest grades globally, branded Marampa Blue^TM and adopt a low-carbon energy mix. MML’s sustainability program is aimed at creating mutual stakeholder value and economic, environmental, and social benefits for the mining operation, communities who are local to the mine site, and Sierra Leone. MML has a strong focus on embracing the challenges relating to climate change, gender diversity, the environment, sustainable farming, and education.

Marampa Mines Limited issues statement following recent inaccurate reporting in local media

Lunsar, 11 March 2023: Further to a statement made by Marampa Mines Limited (MML) last year, we would like to again offer our deepest sympathies and condolences to the families of the three deceased men who tragically lost their lives in the lake within MML’s mining concession last October.

Since there is an ongoing investigation, MML cannot comment on the matter, except that the statements in the recent Sierra Leone press and social media are unsubstantiated and nothing further from the truth.

MML continues to cooperate fully with the investigation.

MML is categorically opposed to any form of abuse, harassment or discrimination on the basis of race, gender, ethnicity, religion, economic status or other.

Media enquiries: media@marampamines.com

Marampa Mines Limited hosts Government of Sierra Leone delegation

at the mine following restart of operations

Lunsar, 4 February 2022: Marampa Mines Limited, (“MML”, “Marampa Mines” or “the Company”), a subsidiary of Gerald Group (“Gerald”),  yesterday hosted the Government of Sierra Leone (“GoSL”) at the Marampa mine site for an extensive tour and company presentation. Leading the GoSL delegation were Mr. Dennis K. Vandi – Hon. Minister of Finance, Mr Timothy Musa Kabba – Hon. Minister of Mines and Mineral Resources, Mr. Alpha Kanu – Hon. Resident Minister of the North-Western Region and Mr Julius Mattai – Director General of the National Minerals Agency.

Hon. Minister Kabba commented after the visit: “Today was an opportunity to meet Gerald/MML’s senior management team and staff, and see first-hand their impressive turnaround in the mine’s operations and their expansion plan. We would like to see more companies like MML invest in our minerals sector and help make Sierra Leone one of the most attractive destinations for doing business in West Africa. The skills and experience that Sierra Leoneans will gain through employment and training at the mine will give them an important role to play in our country’s development and growth.”

The GoSL delegation visited the mine, processing plant and Thofeyim River port terminal (TRT), after MML presented plans for the Company’s upcoming development and expansion, emphasising the importance of access to the rail and port infrastructure. Other topics discussed were local content programmes, key environmental, social and governance (ESG) initiatives and operational updates. ESG initiatives discussed included MML’s large focus on lowering and offsetting its carbon footprint, training and development for women, medical outreach into communities targeting maternal and childcare, and agricultural development to minimise our imports and support sustainable livelihoods.

Hon. Minister Vandi added: “We were impressed to see that MML is building a sustainable and resilient project. Since the successful restart, Gerald is ramping up production of >65% iron ore concentrate from 2 million dmpta to 3.25 million dmpta. Looking ahead, we are pleased that Gerald is considering making further material investments of up to US$300 million in capital expenditure to fund the next stage of expansion to 7 million dmtpa, which upon completion will create additional revenues for Sierra Leone and its people”.

Craig Dean, Executive Chairman and CEO, Gerald Group, commented: “We take this opportunity to restate our appreciation for the strong support received from His Excellency President Bio’s government, during the negotiations and ratification of our Large-Scale Mining Agreement last December, and the restart of mining operations. I would like to reinforce that as our teams work on the many important priorities and objectives to create a sustainable and resilient mining operation, Sierra Leoneans will significantly benefit from MML’s growth and success.”

MML has completed loading 1 million WMT of Marampa Blue^TM >65% Fe iron ore concentrate onto 9 Ocean Going Vessels (OGVs). OGV 7 carrying 203,000 WMT of iron ore concentrate sailed in December and was a Newcastlemax (“M/V Trust Melbourne”), which is the largest dry bulk vessel to have departed from Sierra Leone.

Media enquiries: media@marampamines.com / media@gerald.com or view https://marampamines.com

About Marampa Mines Limited           

Marampa Mines Limited, a subsidiary of Gerald Group (“Gerald”), one of the world’s leading metals merchants, is engaged in the development and production of iron ore concentrate from compliant resources of approximately 1.7B tonnes at Marampa in the Port

Look District of the northern province of Sierra Leone. The Company, 90% owned by the Gerald Group, with the remaining 10% owned by the Government of Sierra Leone, is committed to being a globally competitive, world-class iron ore concentrate producer. Through sustainable investment, expertise and long-term commitment to the Marampa Project, MML aims to materially develop its production of >65% Fe quality iron ore concentrate, which is among the highest and purest grades in Africa and globally, and branded Marampa Blue^TM. The Company aims to be a significant contributor to Sierra Leone’s economy and to local communities. ESG initiatives are aimed at embracing the challenges relating to climate change, advancement of women, farming and education to build a better and sustainable future.