Marula Mining PLC - Tanzania Projects Update

Marula Mining PLC

("Marula'' or the "Company")

17 December 2024

Phase 2 Drilling Work at Nyorinyori and NyoriGreen Projects

Update on Bagamoyo Graphite Project

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to confirm that it has agreed with its partners in Tanzania, Takela Mining Tanzania Limited ("TMT") and NyoriGreen Mining Limited ("NML") to commence its maiden 2,000 metre ("m") diamond drilling program, announced in January 2024, at the Nyorinyori Graphite Project ("Nyorinyori") and the NyoriGreen Graphite Project ("NyoriGreen") (together the "Projects") in Tanzania. The Company also announces that, given its focus at the Nyorinyori and NyoriGreen Projects, it has elected not to proceed and exercise its rights to move to the Phase 2 Exploration Program of activities at the Bagamoyo Graphite Project in Tanzania and has accordingly withdrawn from the project.

The maiden drilling program forms part of the agreed US$2.44 million exploration budget that was approved in January 2024, to meet the costs of exploration and development activities focused on the high-grade and large flake graphite mineralisation that has been observed in shallow broad graphite veins at Nyorinyori. This high-grade graphite mineralisation was confirmed by the Company's sampling programs with results of 15.89% Total Graphitic Carbon ("TGC"), and 14.17%, 13.92%, 12.14%, 11.82%, 11.38%, 11.37%, 11.26% and 11.22% TGC assays of the surface graphite mineralisation as announced on 10 April 2024.

The drilling program, which has been delayed whilst the Company has progressed its mining activities at the Kinusi Copper Mine also in Tanzania,  will test the down-depth potential along the approx. 1.20 kilometres ("km") of surface exposed graphite mineralisation that was identified and which remains open and with widths of up to 120m.  Previous sampling results from surface exposures across the widths of this mineralisation included:

·          60m at 9.39% TGC and including 24m at 11.15% TGC

·          78m at 8.57% TGC and including 12m at 10.18% TGC

·          107m at 9.24% TGC and including 16m at 10.49% TGC

·            65m at 9.39% TGC and including 16m at 11.02% TGC

The Company and the management of TMT and NML have recently completed operational and strategic meetings in Tanzania during which it was agreed to progress this drilling program in Q1 2025, with the aim of moving to initial small scale open pit mining on the 35 granted mining licenses by 30 June 2025.

During these meetings it was agreed that, given the  broad high-grade graphite results of the Phase 1 Exploration Program, that extend over a large area of the 35 granted mining licenses, that the Company would now focus all its graphite mining activities in Tanzania at the Nyorinyori and NyoriGreen Projects.

The Company has elected to relinquish its 73%  commercial interest in the Bagamoyo Graphite Project in Tanzania for nil consideration, given the increasing importance of the Nyorinyori and NyroriGreen Projects to the Company and the more attractive commercial terms that the Company has negotiated with TMT and NML to secure its majority commercial interests in the planned graphite mining operations.

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 A2X: MAR) 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 all in Tanzania. 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.