Marula Mining Plc - Update on Resource Drilling Exploration and Mining Program for Blesberg

Marula Mining PLC

(“Marula’’ or the “Company”)

6 December 2023

Update on Resource Drilling Exploration and Mining Program for the

Blesberg Lithium and Tantalum Mine

Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to provide a further update on its two-phase resource drilling and mining program that is ongoing at the Blesberg Lithium and Tantalum Mine in South Africa ("Blesberg" or the "Project").

The Phase 1 and Phase 2 diamond drilling programs have both been completed, ahead of schedule, with 42 holes completed for a total of 2,386.67 meters (“m”). Assay results from samples taken as part of the Phase 1 drilling have been received and are being reviewed and incorporated into a JORC Code 2012 compliant Mineral Resource Estimate (“MRE”).

Open pit mine design work, cut-off grade estimation, detailed mine planning, financial and economic analysis continues, which is focused on the planned conventional open pit mine development and operations that are proposed to commence at Blesberg in early 2024.

Highlights:

• The Phase 2 drilling program has now been completed with 21 diamond drill holes completed for a total of 1,250.00m drilled
• The combined Phase 1 and Phase 2 drilling programs were completed ahead of schedule for a total 42 diamond drill holes for a total of 2,386.67m drilled
• Approximately 400 samples from the Phase 2 drilling program have been taken and sent to ALS Laboratories (“ALS”) in South Africa for assay and analysis
• Additional samples from the Phase 1 and 2 drilling programs have also been taken in the granodiorite host rock, approximately five meters from pegmatite contact, to determine the extent of the widespread disseminated lithium mineralisation that has already been identified in the diamond drill cores
• Sample preparation of the Phase 2 diamond drill cores and additional samples in the granodiorite remains on track to be completed in December 2023 with assay results expected to be received in Q1 2024
• Assay results from the samples taken from the Phase 1 drilling program have now been received from ALS and are being reviewed by the Company’s geological team and consultants
• Drill holes from the Phase 1 drilling program, which have been completed down to depths of approximately 70m, have intercepted multiple zones of high and low grade mineralisation
• The assay results from the Phase 1 drilling program are being used to define a JORC Code 2012 compliant MRE to support the commencement of an initial hard rock open pit mining plan for the Blesberg operations in early 2024
• Release of the assay results from the Phase 1 drilling program and JORC Code 2012 compliant MRE is expected in January 2024
• The Phase 2 drilling results, once received in Q1 2024 are anticipated to increase the confidence level of this JORC Code 2012 compliant MRE and further expand and confirm the extent of the lithium mineralisation
• Open pit mine design work, detailed mine planning, financial forecasts and economic analysis of the hard rock open pit mining plan work for the Blesberg operations are also now being finalised with the agreed economic cut-off grade being incorporated into the final pit shell designs

Jason Brewer, Marula Mining PLC CEO said:

“Credit where it is due to the drilling team at PDS Africa, our Project Manager Jacques Perold and General Manager Henk van Zyl, for successfully completing the Phase 1 and Phase 2 drilling programs at Blesberg.

“In just over 3.5 months we have completed our first major diamond drilling program, both ahead of schedule and below budget. Our geological and mining consultants team are now busy moving ahead with the analysis of the initial assay results, and mine design and mine planning work for the proposed commencement of hard rock open pit mining operations at Blesberg in the New Year.

“Mineral resource estimation is underway and the Competent Persons Report are being prepared, all of which set the stage for what I believe will be an exciting start to 2024 at our Blesberg Mine.”

The Directors of Marula are responsible for the contents of this announcement. This announcement contains inside information for the purposes of UK Market Abuse Regulation.

Review of Announcement by Qualified Person

This announcement has been reviewed by Mr Jacques Perold (PrSciNat, MGSSA, MIQ MSc(Eng), MSc(ESPM), NDSURMA, Datametrics), who is engaged by Marula Mining plc as its professional consulting geologist.

Mr Jacques Perold is a professional geologist with 37 years of experience in the field and extensive knowledge of all aspects of mineral resource management.

Mr Jacques Perold is Member of the Geological Society of South Africa (No. 965505) and a registered scientist of the South African Council for Natural Scientific Professions (Reg No. 400171/05) in terms of section 20(3) of the Natural Scientific Professions Act, 2002 (Act 27 of 2003) in the field of Geological Science (Professional Natural Scientist).

About Marula Mining

Marula Mining (AQSE: MARU) is an African focused battery metals investment and exploration company and has interests in several high value mine projects in Africa; the Blesberg Lithium and Tantalum Mine and Korridor Lithium Project in South Africa, the Kinusi Copper Mine, the Nyorinyori Graphite Project, the NyoriGreen Graphite Project and the Bagamoyo Graphite Project all in Tanzania and the Nkombwa Hill Project in Zambia. As we advance operations at these battery metals focused projects, Marula will continue to build and expand its interests in other high-quality projects in Africa.

Marula’s strategy is to identify and invest in advanced and high-value mining projects throughout East, Central and Southern Africa that the Directors believe would deliver returns for its shareholders. The Board and management team aims to establish Marula as a socially and environmentally responsible, sustainable, and profitable producer of critical metals and commodities that are of increasingly strategic importance to modern technologies and the global economy. Marula’s shares are traded on the AQUIS Stock Exchange (AQSE), Marula is exploring opportunities to admit its shares to trading on the London Stock Exchange plc’s Standard List or AIM Market, Kenya’s Nairobi Securities Exchange and South Africa’s Johannesburg Stock Exchange.

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Caution:

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.