Mayur Resources Limited advised that it has executed an agreement with Barra Resources Limited with respect to current and future financing arrangements at both the Mayur parent and subsidiary company levels (Financing Agreement). In conjunction with the execution of the Financing Agreement, and upon the appointment of Mr. Craig Ransley to the role of Mayur Executive Chairman, current Mayur Non-Executive Chairman, Mr. Charles Fear, will step back to the role of Non-Executive Director. Craig Ransley was the founder of Terracom Limited (then Guildford Coal).

Craig retired as the Chairman of Terracom in July 2022 after the market capitalisation of Terracom exceeded AUD 600 million. At Terracom, Mr. Ransley was instrumental in working with the Board to restructure the Company and its balance sheet and was an integral part of Terracom's expansion into emerging markets. Mr. Ransley is a qualified Fitter and Machinist (Trade Qualified) and has a broad entrepreneurial background.

He has been the driving force in building a number of companies and has extensive experience in the establishment and operations of mines around the world in developing countries as well as working in the labour hire and services industries, being a founder of TESA Group Pty Ltd. which was sold to Skilled Group in 2006 for $63 million.