Marula Mining PLC - Kinusi Copper Mine Operations Update

Marula Mining PLC

("Marula'' or the "Company")

  19 November 2024

Kinusi Copper Mine Operations Update

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to provide an update on ongoing developments at the Kinusi Copper Mine ("Kinusi") in the Mpwapwa District of Tanzania's Dodoma Region.

Further to the announcement on 31 October 2024, the three 10 kilogram ("kg") copper ore samples that were taken from the Kinusi No. 4 Open Pit  earlier this quarter (the "Samples") received all necessary export permit and approvals in Tanzania and have been dispatched to South Africa for metallurgical test work and metallurgical assay work. The results from the metallurgical assay work are expected to be received by the Company over the next number of weeks and results from the metallurgical test work  in Q1 2025.

As announced on 31 October 2024, open pit mining activities are continuing, and high-grade copper ores are being stockpiled ahead of planned initial trial shipments and sales which are due to be shipped by 31 December 2024. Finalisation of these initial trial shipments of up to 1,000 tonnes ("t") and deliveries into the international export markets to four global commodity trading groups will be completed once assay results are received for the Samples.

Highlights:

·    Permits and authorisations received for export of high-grade run-of-mine copper samples to South Africa for metallurgical test work and assay analyses

·    Samples have been despatched to the Company's metallurgical consultants in South Africa

·    The metallurgical test work will be completed in South Africa and overseen by the Company's General Manager

·    This test work, which will include material hardness, bond work index and particle size distribution testing will be utilised to optimise the design of the Phase 1 gravity concentrate, coarse jigging and fines dewatering circuit that is targeted to produce 24,000 tonnes per annum ("tpa") of high-grade copper concentrate

·    Initial hydrometallurgy chemistry test work, copper leach kinetic tests, and heap leaching polymer screening and column tests are also planned as part of the design work for the planned Phase 2 hydrometallurgy fines optimised heap leaching circuit, copper solvent extraction as well as electrowinning refining process to produce up to 10,200 tpa of copper cathode

·    The results from the metallurgical test work and design optimisation work on the Phase 1 processing circuit will then allow the Company to proceed with the award of the approximately £1.4 million Phase 1 contract for the installation and commissioning of the gravity concentrate, coarse jigging and fines dewatering circuit in Q1 2025

·    The assay results, which are expected over the next number of weeks will also be used in finalisation of the key commercial terms of the first trial shipments and sales of copper concentrates, which the Company is looking to commence in the current quarter

·    The Company is pleased to confirm that, in addition to the planned three trial shipments as announced on 31 October 2024, a further trial shipment of up to 250t of high-grade copper concentrates is also proposed to be made to a further Swiss based global commodities trading group following recent discussions

·    The total planned trial shipments will now be for an aggregate maximum amount of 1,000t and the Company is aiming to complete these by 31 December 2024

·    Discussions on long-term copper offtake agreements, associated prepayments and commodity-linked funding are expected to be concluded following delivery of these initial four trial shipments

·    In parallel with the ongoing metallurgical test work, analyses and offtake discussions, the Company's local partner, Takela Mining Tanzania Limited, continues to mine and stockpile high grade run-of-mine copper ore from the No. 4 Open Pit mine

Jason Brewer, Marula Mining PLC CEO said:

"The Company's focus remains on advancing Kinusi's mining and processing operations in line with its two-phase development plan while meeting its timeline for the initial trial shipments and sales.

"The ongoing developments underscore Marula's commitment to creating value for its stakeholders through efficient project execution and robust revenue generating opportunities.

"Further updates on the assay results, trial shipments, processing plant contracts, and offtake agreements will be provided as developments continue to progress at the Kinusi Copper Mine."

The Directors of Marula are responsible for the contents of this announcement.

About Marula Mining

Marula Mining (AQSE: MARU A2X: MARU) is an African focused battery metals investment and exploration company and has interests in several high value mining operations and mine development projects in Africa: the Blesberg Lithium and Tantalum Mine, Northern Cape Lithium and Tungsten Project, Korridor Lithium Project  and Kruisrivier Cobalt Mine, all in South Africa; the Larisoro Manganese Mine and Kilifi Manganese Processing Operation both in Kenya; 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 AQUIS Stock Exchange (AQSE) in London and A2X Markets in South Africa. Marula is exploring opportunities to admit its shares to trading on 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.