Establishment of Copper and Graphite Mining Subsidiary in Kenya

Marula Mining PLC

 (“Marula’’ or the “Company”)

24 May 2023

Establishment of Copper and Graphite Mining Subsidiary in Kenya

Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to announce the establishment of a wholly owned Kenya operating subsidiary company; Muchai Mining Kenya Limited (“Muchai Mining Kenya”).

Muchai Mining Kenya has been established to focus on securing both near-term and advanced copper and graphite mining opportunities in Kenya.

Highlights:

• Muchai Mining Kenya is a 100% wholly owned subsidiary of Marula and will be the Company’s operating entity in Kenya
• The decision to establish Muchai Mining Kenya follows extensive due diligence on several copper and graphite opportunities in Kenya which the Company anticipates concluding in due course
• The establishment of Muchai Mining Kenya reinforces the Company’s presence in East Africa and follows the local registration of Marula Mining plc in Kenya in September 2022 as well as the establishment of the Company’s head office in Nairobi
• The Board believes that through this new operating subsidiary, the Company will be able to play a role in Kenya’s mining and metals sector and further advance its strategy to identify, develop and advance new, prospective battery metals opportunities
• The incorporation of Muchai Mining Kenya follows the earlier establishment of the Company’s 80% owned Zimbabwean operating subsidiary, Muchai Mining (Pvt) Limited, to secure similarly advanced battery metals projects in the lithium and copper sectors

Jason Brewer, Marula Mining PLC CEO, said:

"The decision to establish Muchai Mining Kenya follows a period of significant in-country work and comes after careful consideration of various opportunities in the region.

“Given that Nairobi is the headquarters for the Company, the establishment of Muchai Mining Kenya has been long awaited event. We are excited by the potential that Kenya offers and we are pleased that we can now move our planned initiatives in the country forward.

“I have been impressed with how the Kenyan government is emphasising the importance of its mining sector, for the future growth of the Kenyan economy. As a company we have been actively engaged with a number of industry groups in the country and are keen to play a role in establishing Kenya’s mining sector as a contributor to economic growth and employment. Marula's experience and expertise gives us no doubt that Muchai Mining Kenya is well positioned for success.

“As we continue to identify and pursue opportunities that can deliver value to our shareholders, we believe Kenya will be another key country of our operating and development activities and we look forward to working with all key stakeholders to achieve this.”

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

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, and Kenya’s Nairobi Securities 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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