Update on Resource Drilling Exploration and Mining Program for Blesberg

Marula Mining PLC

 (“Marula’’ or the “Company”)

20 September 2023

Update on Resource Drilling Exploration and Mining Program

for the Blesberg Lithium and Tantalum Mine

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to provide an update on the approx. ZAR 25 million (approx. US$1.35M) resource drilling exploration and mine planning program for the Blesberg Lithium and Tantalum Mine in South Africa (“Blesberg” or the “Project”) that is underway following the appointment and mobilisation to site of experienced South African drilling contractor, PDS Africa Pty Limited (“PDS Drilling”) and as announced on 11 August and 15 August 2023.

Highlights:

• PDS Drilling has completed 798 metres (“m”) of the initial 1,500m Phase 1 resource drilling program as at 18 September 2023
• 13 diamond drill holes of the planned initial 20-hole program have been completed with a further 2 diamond drill holes due to be completed shortly
• The Phase 1 drilling program is part of a two phase 2,900m, 38 diamond hole drilling program
• Completion of the initial Phase 1 drilling program is forecast to be achieved in mid-October 2023
• Core logging, cutting and sampling of the diamond drill core will commence next week following completion of construction of the on-site core shed in September 2023
• Spodumene mineralisation has been observed in the drill cores and the grades will be quantified through assay work which will commence in early October 2023
• First assay results from the Phase 1 drilling program are expected in the second half of October and with all assay results scheduled to be received by mid-November
• The Phase 1 drilling program is being completed on a 25m x 50m drill spacing and aimed at defining a maiden JORC Code 2012 compliant Mineral Resource Estimate to support an initial hard rock open pit mining plan for Blesberg
• Upon completion of the initial Phase 1 drilling program, PDS Drilling will immediately commence the Phase 2 drilling program which will comprise a further 1,400m diamond drilling of 18 holes on a 25m x 25m drill spacing
• Airborne geophysical survey company, SkyTEM Africa Pty Limited, has been appointed to complete the airborne geophysics program over the existing Blesberg Prospecting License and over an additional 1,200 km2 license area for a survey size of 539 line kilometres with a line spacing of 100m as announced on 11 August 2023
• The airborne geophysics program is scheduled to commence in October 2023 and expected to be completed later in Q4 2023
• Negotiations over the acquisition of the additional 1,200 km2 license area are well advanced and are expected to be completed in due course
• Berlin headquartered, Pytheas AG, has commenced a multi-spectral satellite imaging analyses over the existing Blesberg Prospecting License and over the additional 1,200 km2 license area
• The multi-spectral satellite imaging analyses is scheduled to be completed by the end of 2023
• In addition to the resource drilling and geophysics and multi-spectral satellite imaging exploration work, open pit mine design study work and initial mining works program are also underway and are scheduled to be completed in December 2023

Jason Brewer, Marula Mining PLC CEO said:

“It is very pleasing to see the progress that has been made on the resource drilling and mining works program at the Blesberg Lithium and Tantalum Mine over the past month.

“PDS Drilling are moving ahead at pace and are now almost 75% through the initial 20-hole diamond drilling program. With the core shed now completed on site, the actual core logging, cutting and sampling of the diamond drill core can now start and with spodumene mineralisation having been observed in some of the drill cores, I am looking forward to the commencement of the assay work and first assay results.

“In addition to this ongoing drilling work, we also have the geophysics and multi-spectral satellite imaging work starting across the Blesberg license area and over an additional 1,200km2 license area that we are looking to acquire and expand our footprint in the region. This airborne geophysics and multispectral satellite imaging work should show target areas as broad or bigger than the current area of mining and processing activities.

“I am very pleased with the progress that is being made across so many aspects of the resource drilling exploration and mine planning program at Blesberg and the work that both our Project Manager, Mr Jacques Perold, and our on-site General Manager Operations Southern Africa, Mr Henk van Zyl are overseeing so well. I look forward to updating shareholders on the results of this work in due course.”

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.

Review of Announcement by Qualified Person

This announcement has been reviewed by Mr Jacques Perold (PrSciNat, MGSSA, MIQ MSc(Eng), MSc(ESPM), NDSURMA, Datametrics), who is engaged by Marula Mining plc as its professional consulting geologist. 

Mr Jacques Perold is a professional geologist with 37 years of experience in the field and extensive knowledge of all aspects of mineral resource management.

 Mr Jacques Perold is Member of the Geological Society of South Africa (No. 965505) and a registered scientist of the South African Council for Natural Scientific Professions (Reg No. 400171/05) in terms of section 20(3) of the Natural Scientific Professions Act, 2002 (Act 27 of 2003) in the field of Geological Science (Professional Natural Scientist).

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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