Dividend Policy

Marula Mining PLC

 (“Marula’’ or the “Company”)

4 December 2023

Dividend Policy

Marula Mining (AQSE: MARU), an African focused mining and development company, PLC is pleased to announce that the Board of Directors has approved its Dividend Policy.

Highlights

• Marula will target an annual aggregate dividend payout of between a minimum 30% and up to a maximum of 50% of free cash flow for each calendar year in two half-yearly payments
• Payment of any dividend will be subject to maintaining a minimum net cash balance of GBP 10 million and the availability of distributable reserves
• Marula will declare any dividend payments when announcing its Final Results or Half-Year results in accordance with the applicable listing rules

Dividend Policy

The Company’s Board has approved a Dividend Policy to establish a structure that allocates available capital between investment into its existing mining, development and exploration businesses, into strategic and opportunistic growth and acquisition opportunities and into commitments to sustainable developments and ESG initiatives, as well as the provision of returns to shareholders.

The Dividend Policy prioritises capital to maintaining safe and responsible operations, as well as near term production and development initiatives to maximise cash generation and operational efficiencies at its existing mining and processing operations.

The Company’s net operating cash flow generated is then proposed to be applied to:

• sustaining capital requirements to maintain strong operational performance
• investment into sustainability commitments and ESG and community social responsibility initiatives
• building balance sheet strength and minimum cash balances to protect the Company through commodity price cycles and broader macro market conditions
• paying a sustainable dividend to shareholders

Cash flow in excess of this and over and above these priorities, is then proposed to be further invested in the Company’s operating activities, in new growth and acquisitions opportunities, and to provide further returns to shareholders.

Marula will target annual dividend payments which, in aggregate, represent a minimum 30% and up to a maximum of 50% of free cash flow for each calendar year, payable twice annually.

Declaration of any dividend will be subject to Marula maintaining a minimum net cash balance of GBP 10 million (after the payment of any dividend).

The declaration of, or determination to pay, dividends, remains at the absolute discretion of Marula’s Board of Directors after taking into account a number of factors, including but not limited to, Marula’s underlying financial performance and cash flow, commodity price expectations, balance sheet and treasury risk management, working capital needs and competing internal and external investment opportunities necessary for future growth, development and exploration.

A copy of the Company’s Dividend Policy is available at https://marulamining.com

Jason Brewer, Marula Mining PLC CEO said:

“In less than two years since Marula was established, we have transformed this Company into a battery metals producer with tremendous growth and new mine development and production opportunities.

“The Company is looking forward to a transformative year ahead in 2024 with the expanded mining and processing operations at our Blesberg Lithium and Tantalum Mine and production at our Kinusi Copper Mine, and with that in mind, the Board has resolved to approve this new dividend policy.

“The dividend policy seeks to share our projected strong cash flow generation with our shareholders whilst still allowing the Company to prioritise ongoing operations and growth opportunities. We look forward to sharing our successes with all of stakeholders as we continue to post significant milestones.”

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:

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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