Assay Results of Blesberg Lithium Product

Marula Mining PLC

 ("Marula'' or the "Company")

7 August 2023

Assay Results of Blesberg Lithium Product

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to report that independent sampling and assaying of processed spodumene material at the Blesberg Lithium and Tantalum Mine in South Africa ("Blesberg Project" or "Blesberg") has been completed and the results have confirmed a high-grade spodumene product with a grade of 6.50% Li2O.

The Company is now able to proceed with its planned sales of product, and is currently negotiating new and longer-term contacts given the higher grade and higher value spodumene product. An update on these new sales arrangements is expected in the coming weeks.

Highlight:

• Stockpile sampling and analysis of a 30 tonne (`t") batch sample was completed at Blesberg by CI Group Limited ("CIG")
• CIG are a specialised independent inspection group for the metals and minerals sector based in Johannesburg, South Africa
• Sampling was completed on the +50mm processed product at Blesberg with samples drawn from the stockpile, labelled, marked, and sealed upon completion of the sampling process using ISO stipulated methods.
• The representative sample for the stockpile was transported for further preparation at CIG's ISO/IEC 17025 accredited laboratory where a reduced sample was composed after all particles were broken down in physical size for assay purposes
• The assay report now received by the Company has confirmed a high-grade result of 6.50% Li2O for the +50mm processed spodumene material currently stockpiled at Blesberg
• The market for spodumene concentrate in excess of 6.00% Li2O attracts a premium pricing from global commodity trading companies and end users
• Sales of the +50mm spodumene product from Blesberg, which have previously been delayed, will now proceed under new longer-term sales arrangements that the Company is finalising with a new trading counterparty, with initial shipments of material to commence in due course
• Processing of the historic stockpiled material at Blesberg is ongoing and in addition to the production of the +50mm spodumene product, the Company is producing a <10mm fines product and an intermediate product of +10mm to 50mm, with this material also being stockpiled whilst the acquisition of an optical sorter and fines recovery plant is completed and to be installed at Blesberg in H2 2023.
• Flotation, heavy mineral separation and recovery testwork on this fines and intermediate spodumene product is ongoing at Geolabs Global Limited's laboratory facilities in Pretoria, South Africa and test results from this work is expected in due course.

Jason Brewer, Marula Mining PLC CEO said:

"We are pleased with the assay results received from the work completed by CI Group on site and at their laboratories in Johannesburg. The results clearly confirm the high-grade nature of spodumene product that is being recovered and processed from our Blesberg Lithium and Tantalum Mine.

"This high-grade assay result of 6.50% Li2O across a 30 tonne sample of the +50mm product that we have processed and are stockpiling for sale is a great result for all involved at Marula and particularly at our operations in the Northern Cape.

"With this independent result we now move quickly into our sales processes where we have been finalising arrangements with a new offtake group that are looking to secure this high value spodumene product under a long-term offtake agreement.

"We are pleased to witness the growing interest from buyers for long-term offtake agreements and look forward to providing more information on the longer terms sales agreements currently under negotiation shortly. With ongoing negotiations nearing completion and the processing of existing stockpiles, we are well on our way to realising the potential Blesberg holds for South Africa's lithium sector, the Company and more so to all our shareholders and key stakeholders.

"I look forward to providing further updates on our progress at Blesberg and the sales processes of our high grade lithium product."

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; Blesberg Lithium and Tantalum Mine in South Africa, Nkombwa Hill Project in Zambia and Kinusi Copper mine, Bagamoyo Graphite Project and Nyorinyori Graphite Project 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 the AQUIS Stock Exchange (AQSE), Marula is exploring opportunities to admit its shares to trading on AIM, the market operated by the London Stock Exchange Group plc, Kenya's Nairobi Securities Exchange and South Africa's Johannesburg Stock Exchange.

For enquiries contact:

Marula Mining PLC Jason Brewer, Chief Executive Officer Faith Kinyanjui Mumbi Investor Relations	Email : [e-mail] Email : [e-mail]
AQSE Corporate Adviser Cairn Financial Advisers LLP, Liam Murray / Ludovico Lazzaretti	[phone]
Broker Peterhouse Capital Limited, Charles Goodfellow / Duncan Vasey	[phone]
Financial PR and IR BlytheRay Tim Blythe / Megan Ray / Said Izagaren	[phone]

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.

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