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.

Marampa Mines Limited is pleased to announce the ratification of its

Large Scale Mining Agreement by Sierra Leone’s Parliament and

the final payment of US$10 million to the Government of Sierra Leone

Freetown, 17 December 2021: Marampa Mines Limited, (“MML”, “Marampa Mines” or “the Company”), is pleased to announce the ratification of its new Large Scale Mining Licence Agreement (also known as Mining Licence Agreement or “MLA”) by the Sierra Leone Parliament on 16 December 2021. The MLA was put forward to Parliament by the Minister of Mines and Mineral Resources, Mr. Timothy Musa Kabba, on behalf of the Government of the Republic of Sierra Leone (“GoSL”) and was unanimously approved yesterday. MML has also paid a final installment of USD 10 million today, as part of a fixed sum of USD 20 million to the GoSL, pursuant to the binding Settlement Agreement.

Craig Dean, Executive Chairman and CEO, Gerald Group, commented: “I would like to thank His Excellency President Bio and his administration for their commitment over the past several months, as we look forward to a new era of partnership between Gerald / MML, the GoSL and all our stakeholders. Since we signed the Settlement Agreement earlier this year, Marampa Mines has successfully, 1) loaded and exported more than 700,000 tonnes of iron ore concentrate, beneficiated by SL Mining Limited 2) restarted production, processing and exports of Marampa Blue^TM, our premium >65% Fe iron ore product, and 3) with the MLA coming into effect, MML will ramp up the Project, generating significant employment opportunities and other benefits for the country and our communities. As indicated previously, we are considering a significant expansion of the Marampa Project and related infrastructure, which will allow our iron ore asset to become a major contributor to economic growth and development in Sierra Leone.” The MLA’s ratification also sees the ICC and ICSID arbitration between the GoSL and Gerald International Limited/SL Mining Limited being withdrawn and discontinued.

The Honourable Minister of Mines and Minerals Resources, Mr. Kabba, said: “This could not have happened but for the astute leadership of His Excellency, the President, who graciously ended the matter and provided guidance and leadership for turning a new page of partnership, that is now based on trust and benefit for the people of Sierra Leone and Gerald group.”

The MLA granted to Marampa Mines is for an initial period of 25 years, renewable thereafter for 15 years. Under MML’s mining obligations, the Company will conduct operations to promote the growth of the economy, including integrating the mining operations with other sectors in the country and maximising local content and the supply chain within Sierra Leone. The GoSL undertakes to facilitate use of all existing rail and port infrastructure, while allowing the Company the right to build similar infrastructure for the expansion of the Project’s mining, logistics and export operations throughout the duration of the MLA. MML is also pleased to support the Lunsar community, and will make payments to a Community Development Fund, at a rate of 1% of the Free on Board revenue received by MML in accordance with the MLA.

MML started operations on 1 June 2021 following the Settlement Agreement with the GoSL on 7 May 2021. The number of jobs at the Marampa Project are expected to rise to 1,400 within weeks as the Company implements its development plan in a phased manner. MML is in the process of increasing production of iron ore concentrate from 2M dmtpa to 3.25M dmtpa, progressively generating vital revenues for the country and fulfilling other important commitments, as the Project expands.

Ends

Media enquiries: media@marampamines.com / media@gerald.com, Tel: +44(0)203 805 2000 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.

• Marampa Mines implements new logistics solution to enhance marine transportation efficiencies
• USD 10 million paid to the Government of Sierra Leone on 29 October 2021, the first installment of a fixed sum of USD 20 million as the current “Stockpile” is monetised
• Restarted production of premium grade >65% Fe content iron ore concentrate (“IOC”), one of the highest grades in Africa and among the cleanest grades globally
• Plans to conduct technical studies in 2022 for optimising the production of premium grade iron ore, critical for carbon emissions reduction in the steelmaking process

Lunsar, Sierra Leone, 29 October, 2021: Marampa Mines Limited, (“MML”, “Marampa Mines” or “the Company”) a subsidiary of Gerald Group (“Gerald”), one of the world’s leading metals merchants, has completed loading of its first Capesize and set sail carrying over 175,000 WMT of premium grade iron ore concentrate. The Capesize, M.V. Athenian Phoenix, completed cargo loading and departed from Freetown Outer Anchorage yesterday evening the 28 October 2021.

Gerald has implemented a new logistics solution for marine transportation of material from MML’s own Thofeyim River Terminal to Freetown Port Harbour, by purchasing its own fleet of river coasters and a transhipper, thereby enhancing efficiencies in the export logistics process. This export solution does not rely on 3^rd party contracted river barges or smaller geared Ocean-Going Vessels which are less efficient.  With the new logistics solution, Capesize vessels are able to be loaded efficiently at a deep-water anchorage at Freetown Harbour on a consistent and stable basis.

Frederic Lotti, Marampa Mines’ COO and the Group’s Global Head of Investments, said: “I am pleased that ‘Marampa Blue^TM’ high grade iron ore concentrate routed through the Thofeyim River Terminal and the Loko river completed loading on a Capesize vessel for the very first time in the history of Marampa, and set sail on Thursday evening, the 28 October 2021. Loading capesize vessels will materially improve efficiencies in our overall supply chain, a key objective not only in reducing our operating cost, but also in advancing our ESG plan and minimising our carbon footprint”.

Timothy Musa Kabba, Minister of Mines and Mineral Resources in the Sierra Leone Government, added: “Sierra Leone’s economic growth is largely based on export earnings from natural resources, particularly from iron ore. My ministry continues to work on the development of the mines and mineral resources sector at a key time in Sierra Leone’s pathway to economic stability and recovery. The restart of Marampa Mines represents a crucial step forward in our new direction”.

With the export of the current Capesize, Marampa Mines is about two-thirds through exporting its initial “Stockpile” of ~707k tonnes of iron ore concentrate, beneficiated by SL Mining Limited and known as Marampa Blue^TM, following an out of court settlement, which ended a long-standing dispute between the Government of Sierra Leone and SL Mining. As per the “Contract Regarding Sale of Iron Ore Stockpile” signed on 25 May 2021 pursuant to the binding settlement signed on 7 May 2021, the Company has paid USD 10 million to the Government on 29 October 2021, the first installment of a fixed sum of USD 20 million as the Stockpile is monetised, and the second installment of USD 10 million by 31 December 2021.

Marampa Mines successfully restarted mining and processing of Marampa Blue^TM on 1 September 2021, and will raise production of >65% iron ore concentrate from 2M tonnes per year to 3.25M tonnes per year within 12 months. MML will concurrently look at options to implement major expansions to leverage on its compliant mineral resources of approximately 1.7B tonnes of ore. Today, MML employs around 800 people on-site, of which approximately 90% are Sierra Leoneans, and the Project is expected to create a total of 1,400 jobs by early 2022.  The Company is implementing a comprehensive modular training program for Sierra Leonean staff, including training women for the workforce and within the community.

Media enquiries:  E-mail media@marampamines.com or media@gerald.com, Tel: +44(0)203 805 2000 or view https://marampamines.com/gallery/.

 About Marampa Mines Limited

 Marampa Mines Limited a subsidiary of Gerald Group Limited, is engaged in the development and production of iron ore concentrate from estimated 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 increase production of >65% Fe quality iron ore concentrate branded Marampa Blue^TM, among the highest quality in Africa and one of the cleanest grades globally. The Company aims to be a significant contributor to Sierra Leone’s economy and local communities. ESG initiatives are aimed at embracing the challenges relating to climate change, women advancement, farming and education to build a better and sustainable future where the Company operates.