Marula Mining Plc - Update on the Proposed Dual Listings in Nairobi and Johannesburg

Marula Mining PLC

(“Marula’’ or the “Company”)

London, 22 December 2023

Update on the Proposed Dual Listings in Nairobi and Johannesburg

Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to provide an update on the Company’s planned dual listing of its securities on the Johannesburg Stock Exchange ("JSE") and the Nairobi Securities Exchange Plc (“NSE”).

Highlights:

• Marula Mining is proceeding with its plans to list its securities on the Growth Enterprise Market Segment (“GEMS”) of the NSE and on the AltX Market of the JSE as initially announced on 29 June 2023.

• Faida Investment Bank, one of the leading investment banks in Kenya, has been appointed as the Company’s Nominated Advisor and Sponsoring Stockbroker and is managing the process in preparation for the listing on the Growth Enterprise Market Segment of the NSE.

• South African corporate advisory group Bridge Capital Advisors Pty Limited ("Bridge Capital") has continued in its role as the Company’s Corporate Advisor and is managing and overseeing the proposed listing on the JSE.

• All other key consultants and advisors including share registrars in the two jurisdictions and legal advisors have also been appointed and are progressing with the necessary listing activities.

• The proposed dual listings and plans to move Marula’s primary listing in London to the Standard List of the London Stock Exchange (“LSE”) forms part of the Company’s broad strategy to establish itself as one of the leading African battery metals focused mining, exploration and development companies.

• The Board is confident that the proposed listings will attract investors in both Kenya and South Africa and will be supported by the Company’s key stakeholders in these regions.

• On the NSE, Marula will become the first metals mining company to be listed on the Exchange and one of only a few dual listed companies, and through its listing the Company believes it will offer local and international investors exposure to Kenya’s and Africa’s mining sectors and economic growth.

• The NSE is a founder member of the African Securities Exchange Association and the East African Securities Exchanges Association. It is a full member of the World Federation of Exchanges and the Association of Futures Markets, and a partner Exchange in the United Nations Sustainable Stock Exchanges Initiative.

• In addition, through its proposed dual listings on both the NSE and JSE, the Company will benefit from the NSE and JSE participation in the African Exchanges Linkage Project, which allows investors in Africa cross-border trading between Africa’s leading participating stock exchanges.

• The planned listing on both the JSE and NSE demonstrates Marula’s commitment to the key countries it operates in and to its stakeholders within the African continent and recognises the vast potential and growth of the continent's capital markets.

• The Company is now finalising all other outstanding regulatory requirements in Kenya and South Africa to allow the proposed listings to proceed.

• The dual listings on the NSE and JSE are expected to now be completed in Q1 2024.

Commenting on the progress of the listings, Mr. Jason Brewer, Marula Mining PLC CEO said, “The decision to list on both the NSE and JSE is a testament of our commitment to become a truly African focused mining and development company in the battery metals sector. The dual listing will enable  Marula Mining to expand its reach within the countries that we operate in and ensure that all stakeholders share in our success.

“The dual listing also provides the opportunity to increase our visibility to the market and will allow us to raise the growth capital needed to develop our projects. Additionally, we will be able to establish Marula as one of the leading battery metals focused mining and development company that is truly African focused.

“Whilst we had hoped that these dual listings would have been completed earlier in the year, our focus in 2023 has been on the accelerated development of our battery metals projects to ensure we are now  able to attract strong investors to these dual listings and demonstrate our ability to bring high value mining projects into production.  The dual listings are in addition to our planned move of our primary listing in London to the Standard List of the LSE, which we are continuing to progress as well.” he added. 

“I look forward to updating the shareholders, old and new, on our progress with the dual listing as we seek to return shareholder value.”

Reiterating his remarks, Mr. Geoffrey Odundo, Chief Executive, NSE noted, “The proposed listing of Marula Mining on the NSE is a welcome development and underscores NSE’s continued leadership as the preferred financial market infrastructure platform for companies seeking to raise initial and ongoing capital in Africa.”

“The planned listing will enable Marula Mining to access the wide pool of individual and  institutional investors in Kenya, supporting the Company’s capital raising initiatives to accelerate its growth and development in Kenya.” he added.

Mr Bob Karina, the Chairman of Faida Investment Bank noted, “Through the listing of Marula Mining on the NSE, investors will have an opportunity to diversify their investments and participate in the mining sector, an asset class that has not been previously available locally to investors in Kenya and the region.”

Further Information

The Company’s decision to list on the JSE and NSE is driven by the objective to provide wider access for stakeholders in the region the Company operates in and provides Marula with the opportunity to increase its market visibility and offers a wider range of shareholders to invest in the Company. Additionally, this will provide the Company the chance to raise the necessary growth capital to develop the Company’s portfolio, and to deliver on shareholder value. Marula expects the listings to be completed in Q1 2024 at the earliest opportunity.

In addition to the dual listing on the JSE and NSE, Marula Mining plans to move its primary listing in London to the Standard List of the LSE.

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.

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.

For enquiries contact:

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.