New Graphite Mining and Prospecting License Applications by NML

Marula Mining PLC

(“Marula’’ or the “Company”)

12 March 2024

New Graphite Mining and Prospecting License Applications by NyoriGreen Mining Limited

Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to announce that NyoriGreen Mining Limited (“NML”), the Company’s partner at the NyoriGreen Graphite Project (“NyoriGreen”) in Tanzania, has made eight new Mining License and one new Prospecting License applications (the “New Licenses”).

Following the announcement made on 15 January 2024, where NML was awarded four new Mining Licenses that were included under the existing commercial agreements between the Company and NML on the then 10 granted Mining Licenses, it was agreed that additional applications would be prepared. These applications have now been made and are anticipated to be granted in Q2 2024. 

The Company is finalising its negotiations with NML to incorporate the New Licenses into the broader NyoriGreen and Nyorinyori Graphite Projects (the “Projects”), which they adjoin, and expects to have these concluded in Q2 2024 following the grant of the New Licenses.

The granting of the New Licenses will increase the total number of granted graphite mining licenses that make up the Projects from 27 to 35 and also include an additional and much larger Prospecting License, which will more than double the area of land that the Projects extend over.

Highlights:

• Eight new graphite Mining License applications and one new Prospecting License application submitted by NML
• The New Licenses adjoin the existing Nyorinyori and NyoriGreen Graphite Projects and are considered by the Company’s management to be strategically important as they will increase the footprint in an area considered to be prospective for high grade and jumbo flake graphite mineralisation
• The eight new Mining License applications extend over an area of approx. 67 hectares and when granted and combined to the 27 existing Mining Licenses, increase the total area at the Projects to approx. 337 hectares
• The Prospecting License application itself extends over approx. 210 hectares and when granted and combined with the eight new Mining License applications and the Projects increases the total area by over 100% to approx. 547 hectares
• The New Licenses are expected to be issued in Q2 2024
• The decision for NML to make these new Mining License and Prospecting License applications follows consultation with key stakeholders including recommendations from the Company’s independent geological consultants, Geofields Tanzania Limited (“Geofields”)
• Negotiations are ongoing with NML for the New Licenses to be incorporated under the existing commercial and technical agreements with the Company and these are expected to be concluded in Q2 2024
• The initial report from Geofields on the results of the Phase 1 Program of exploration activities that was completed at the Projects earlier this quarter are due to be received shortly
• Assay results from the graphite sampling program that were undertaken as part of the Phase 1 Program of exploration activities are also expected to be received shortly
• The results from these will be incorporated into the Phase 2 Program of exploration activities, that will include geophysics surveys, multi-spectral satellite image work, additional trenching, and an initial resource drilling program that is to commence in Q2 2024

Jason Brewer, CEO of Marula Mining, commented:

"We are excited about the progress made in advancing Nyorinyori and NyoriGreen Graphite Projects in Tanzania. The new mining license applications, along with one prospecting license, marks a significant milestone in our strategic expansion efforts as we continue to build on our strong East Africa portfolio.

“We continue to strategically position Marula in Tanzania's rapidly growing and globally important graphite sector. This expansion underscores our commitment to maximising value for our shareholders and further solidifies our partnerships in Tanzania.

“It is important for us to move now and further consolidate our position here at Nyorinyori ahead of the release of the results of the Phase 1 Program of exploration, as we expect this region to quickly establish itself as another major graphite producing region in Tanzania and I’d like to thank the team at NML for how fast and efficiently they have moved in submitting these applications.”

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, 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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