Paul Mulder

Career chronology

• Founder and Managing Director since March 2014 (initially Mayur Resources); current as of cutoff: Pacific Lime and Cement — Managing Director. Pacific Lime and Cement Annual Report 2026 (FY2026 annual report biography, p. 20)

• Earlier career; dates not disclosed: BHP Billiton — Senior leadership in steel, coal and iron ore; 13 years reported. Pacific Lime and Cement Annual Report 2026 (FY2026 annual report, executive/director biographies pp. 20–21)

• Immediately before company founding; dates not disclosed: Hancock Prospecting — Led coal and infrastructure projects; six years reported. Pacific Lime and Cement Annual Report 2026 (FY2026 annual report, executive/director biographies pp. 20–21)

Contributions and company outcomes

Central Lime construction and community access milestones

2026-Q2 · documented · medium materiality

Issuer reporting records substantial Central Lime Project construction progress in the June 2026 quarter: 27.6km of access road and two bridges were opened, kiln foundations materially advanced, and 369 long wharf piles arrived. The project remained under construction, with first lime targeted for Q1 CY2027; these are delivered infrastructure/construction milestones, not completed commercial production. Mulder was quoted as Managing Director describing the quarter’s progress.

Attribution: Individual involvement documented. The dated issuer report identifies Mulder as Managing Director and quotes his description; annual report states Pegum was Executive Chairman for the whole FY26. It does not isolate personal causation of project work.

Relevance: Relevant to project-delivery oversight; progress is tangible but schedule, cost and production targets remain prospective.

June 2026 Quarterly Activities and Cash Flow Report (June 2026 activities report: Central Lime Project highlights and Managing Director comment; sections Access Road and Bridges Opened, Workforce and Safety)

Litigation and enforcement

Mayur Renewables carbon permits: judicial review and appeal outcome

2022–2024 · documented · medium materiality

Mayur Renewables challenged the May 2022 cancellation of three 35-year Kamula Doso forest carbon permits. The National Court on 22 January 2024 upheld review, quashed the minister’s cancellation and ordered a permanent injunction subject to the minister exercising cancellation powers through the Forestry Act process. The 2024 Mayur annual report records that a later application by PNGFA and four landowner groups for leave to review the judgment was dismissed on 4 October 2024. The judgment cites four sworn affidavits from Paul Mulder (July 2022, March 2023, October 2023 and October 2023) and describes the underlying Mayur Renewables agreements. His role as the group MD is directly connected to Mayur’s litigation strategy, though the Court’s findings concern ministerial authority and process, not a finding about Mulder personally. No evidence reviewed establishes deforestation, environmental breach or personal misconduct by this executive.

Attribution: Individual involvement documented. The court record specifically identifies executive affidavits and the named subsidiary. There was no personal finding of liability or wrongdoing.

Relevance: Relevant to oversight of the PNG forestry carbon project and legal strategy; the challenged 2022 cancellation was quashed, but subsequent project implementation/economic outcome was not verified.

Mayur Renewables Ltd v Mirisim [2024] PGNC 7; N10649 (Judgment paras. 10–12, 30, 44–45; paras. 138 and final orders, pp. 11–13, 39–40); Annual Financial Report FY2024 (Events after reporting date; section on Mayur Renewables permit and 4 Oct 2024 leave application dismissal)

Governance and interests

Auditor flags material uncertainty around going concern and October 2026 notes

FY2026; position at 2026-06-30 and update through 2026-09-30 · documented · medium materiality

The 30 September 2026 audited FY2026 report contains an unmodified audit opinion with a material-uncertainty paragraph: at 30 June current liabilities exceeded current assets by A$14.33m; A$21.83m convertible notes matured 31 October 2026; and the group recorded a A$27.58m loss. Directors expected note conversion and cited A$16.7m cash, US$16.3m received from PNG state investor in August, listed investments and a A$10m cost-overrun offer (long-form facility documents not yet executed). The auditor still identified material uncertainty that may cast significant doubt on going concern. This is a disclosed financing risk, not a finding of insolvency or misconduct.

Attribution: Role overlaps event; causation unproven. Mulder was Managing Director and Pegum Executive Chairman for the year; the record establishes collective board and management oversight, not individual responsibility for financing decisions.

Relevance: Highly relevant to execution oversight because construction capital needs and near-term note maturity overlapped with the project build.

Pacific Lime and Cement Annual Report 2026 (Independent Auditor’s Report p.5, material uncertainty related to going concern; Note 2(a), pp.16–17); June 2026 Quarterly Activities and Cash Flow Report (June quarter cash flow and 27 July subsequent PNG equity participation)

Suitability for the current role

Current role and disclosed experience: Paul Mulder

Current role as of cutoff · analyst inference · low materiality

Pacific Lime and Cement identifies Paul Mulder as Managing Director. The reviewed issuer page does not independently validate qualifications or establish results personally attributable to this executive. Role fit is therefore limited to the function stated in the title; broader suitability remains uncertain.

Attribution: Responsibility not applicable. This is a limited analyst assessment from the issuer-reported current role; no personal outcome is inferred.

Relevance: Role match is relevant to present oversight, but the source set is too thin to assess delivery or effectiveness.

Pacific Lime and Cement leadership and management (Issuer current board, management or corporate directory entry)

Evidence gaps

• Full role chronology, earlier employers and dates were not independently established in this limited pass.

• Credentials and memberships were not independently verified.

• The searches documented here are open-web screening only, not exhaustive criminal, sanctions, litigation, safety or credential checks.

• Several prior-role dates and outcomes are not disclosed in reviewed issuer biographies; qualifications remain issuer-reported unless otherwise stated.