790,000 Hectares of Pristine Rainforest Saved in National & Supreme Court

Mayur Resources (ASX:MRL, Mayur or the Company) is pleased to report a significant legal outcome for Mayur Renewables (PNG) Ltd (a wholly owned subsidiary of Mayur Resources, Mayur Renewables), and the landowners within Papua New Guinea (PNG). The Supreme Court has upheld Mayur Renewables application to dismiss an appeal by the Papua New Guinea Forest Authority (PNGFA), reinforcing the validity of the earlier decision of the National Court (OS (JR) 81 of 2022), which had confirmed the validity of Mayur's Carbon Timber permits being circa 790,000 hectares at Kamulo Doso in Western Province. The appeal by PNGFA against the National Court Ruling (OS (JR) 81 of 2022) was dismissed by the Supreme Court due to competency issues, as outlined in the court’s orders (SCM NO. 8 of 2024). Mayur’s Nature Based REDD+ forestry carbon credit projects are crucial in protecting over 790,000 hectares of pristine rainforest from logging while providing the opportunity for far superior significant economic benefits to be provided to landowners. This positive outcome ensures the Carbon Timber permits secure the protection of the rainforest where the project can continue to develop with new policy and upcoming regulation coming from Climate Change Development Authority. We remain aligned with the PNG Government’s vision, and particularly the support shown by Prime Minister Hon. James Marape, who has consistently advocated for forest conservation on the basis that the international market is willing to pay for PNG to preserve its rainforests. We are confident that this outcome, along with our ongoing projects, which are designed to benefit from the protection of PNG’s rainforests through Nature-Based REDD+ carbon credit offsets, will contribute to a sustainable future for Papua New Guinea’s pristine environment.