Exercise of Warrants, Issue of Equity, Director/PDMR Dealing

Marula Mining PLC

 (“Marula’’ or the “Company”)

1 September 2023

Exercise of Warrants, Issue of Equity, Director/PDMR Dealing

Marula Mining (AQSE: MARU), an African focused mining and development company, announces i) the exercise of warrants, ii) exercise of warrants held by certain Directors, iii) the transfer of ordinary shares resulting from the exercise of warrants from Gathoni Muchai Investments Limited (“GMI”) to Richard Lloyd, a director of the Company, and iv) the issue of shares to GMI under the second tranche of the heads agreement as announced 21 April 2022 (together, the “Share Transactions”).

Exercise of Warrants

The Company has received notification for the exercise of warrants over 4,567,500 new ordinary shares in the Company at an exercise price of 4 pence per ordinary share (the “Warrant Shares"), providing the Company with proceeds of £182,700.

Director/PDMR Exercise of Warrants

In addition to the above exercise of warrants, the Company has received notification for the exercise of warrants over 350,000 new ordinary shares in the Company at an exercise price of 4 pence per share (the “Director Warrant Shares”) held by the following Directors, providing the Company with proceeds of £14,000:

Director	Number of Warrants Exercised	Exercise Price
Richard Lloyd	225,000	4p
Jason Brewer*	125,000	4p

*the 125,000 warrants exercised by Jason Brewer are held by GMI

Transfer of Ordinary Shares

Furthermore, GMI has agreed to transfer 35,000 ordinary shares in the Company resulting from the exercise of these 125,000 warrants held by GMI to Richard Lloyd at a price of 4 pence per ordinary share.

Issue of Equity – GMI

The Company has issued 5,100,000 new ordinary shares in the Company at a price of 2 pence per ordinary share to GMI to settle the liability that became payable following the completion of certain milestones, (the “GMI Fee Shares”) as per the heads of agreement that were entered into between the Company and GMI as announced on 21 April 2022.

Director/PDMR Shareholdings:

Following the above Share Transactions, the following Directors hold the following interests in the issued share capital of Marula:

Director	Director Warrant Shares	GMI Fee Shares	Transfer of Ordinary Shares	Resultant shareholding	% of enlarged issued share capital on Admission
Richard Lloyd	225,000	nil	35,000	1,835,000	1.30%
Jason Brewer	125,000	5,100,000	-35,000	15,988,7501,2	11.35%

1 Prior disclosures of Jason Brewer’s beneficial shareholdings in the Company included 815,000 Ordinary Shares held by Mayflower Capital Investments Pty Ltd (“Mayflower”) prior to the exercise of warrants. As Jason Brewer is no longer a director and has no shareholding in Mayflower, his beneficial shareholding has been reduced by 815,000 Ordinary Shares

2 15,988,750 ordinary shares are held through Gathoni Muchai Investments Limited

Admission

Application has been made for the Warrant Shares, Director Warrant Shares and GMI Fee Shares to be admitted to trading on the Aquis Stock Exchange Growth Market on or around 7 September 2023 (“Admission") and will rank pari passu with the ordinary shares of the Company in issue.

Total voting rights

Following Admission, the Company's issued share capital will comprise 140,816,124 ordinary shares of 0.01p each, with each share carrying the right to one vote, therefore the total number of voting rights in the Company will be 140,816,124. This figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in the Company, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

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]

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	A)      Jason Brewer B)       Richard Lloyd
2	Reason for notification
a.	Position/Status	A)      Chief Executive Officer of the Company (also a director and shareholder of Gathoni Muchai Investments and connected person to the CEO of GMI) B)       Chairman of the Company
b.	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Marula Mining plc
b.	LEI	2138002UCKAEBPYWVT15
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary shares of 0.01 pence each   ISIN: GB00BNBS4S95
b.	Nature of the transaction	A)      Exercise of 125,000 warrants over new ordinary shares at an exercise price of 4 pence per share B)       Exercise of 225,000 warrants over new ordinary shares at an exercise price of 4 pence per share
c.	Price(s) and volume(s)		Price(s) Volume(s) A) 4p 125,000 B) 4p 225,000
d.	Aggregated information - Aggregated Volume - Price	N/A
e.	Date of the transaction	31 August 2023
f.	Place of the transaction	AQSE

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	A)      Jason Brewer B)       Richard Lloyd
2	Reason for notification
a.	Position/Status	A)      Chief Executive Officer of the Company (also a director and shareholder of Gathoni Muchai Investments and connected person to the CEO of GMI) B)       Chairman of the Company
b.	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Marula Mining plc
b.	LEI	2138002UCKAEBPYWVT15
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary shares of 0.01 pence each   ISIN: GB00BNBS4S95
b.	Nature of the transaction	Transfer of 35,000 ordinary shares from GMI to Richard Lloyd
c.	Price(s) and volume(s)		Price(s) Volume(s) A) Sell 4p 35,000 B) Buy 4p 35,000
d.	Aggregated information - Aggregated Volume - Price	N/A
e.	Date of the transaction	31 August 2023
f.	Place of the transaction	AQSE

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Jason Brewer
2	Reason for notification
a.	Position/Status	Chief Executive Officer of the Company (also a director and shareholder of Gathoni Muchai Investments and connected person to the CEO of GMI)
b.	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Marula Mining plc
b.	LEI	2138002UCKAEBPYWVT15
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary shares of 0.01 pence each   ISIN: GB00BNBS4S95
b.	Nature of the transaction	GMI Fee Shares issuance
c.	Price(s) and volume(s)		Price(s) Volume(s) 2p 5,100,000
d.	Aggregated information - Aggregated Volume - Price	N/A
e.	Date of the transaction	31 August 2023
f.	Place of the transaction	AQSE

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