Update on Tanzania Copper Processing Plant

Marula Mining PLC

(“Marula’’ or the “Company”)

22 December 2023 

Update on Tanzania Copper Processing Plant

Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to provide an update on the Kinusi Copper Mine (“Kinusi” or the “Project”), where the Company’s recently appointed independent processing consultants, Erudite Strategies (“Erudite”), have completed an inspection and review of the initial modular processing plant (the “Processing Plant”) in South Africa, ahead of its planned transportation to Kinusi.

Further to the announcement on 24 August 2023, transportation of the Processing Plant will not occur until early in Q1 2024, following an inspection by Erudite, which has identified that additional work has to be completed in January 2024.  Once this work is completed, the Processing Plant will be ready for transportation, installation and commissioning in Tanzania at Kinusi.

The Company is targeting early Q1 2024 for the installation and commissioning of the Processing Plant, which will coincide with the commencement of the Phase II Program of exploration activities and resource drilling program that is also to commence at Kinusi.

Highlights

• Erudite has completed a review and inspection of the Processing Plant in South Africa as part of their scope of work to assist the Company in its planned mineral processing activities across its battery metals projects in East and Southern Africa
• As part of their review and inspection work, they identified that there was additional work required and which is now to be undertaken and completed in January 2024
• It is proposed that once the work has been undertaken, the Processing Plant will then undergo a final inspection and factory acceptance testing ahead of being transported to Tanzania to the Kinusi mine site where it will be installed and commissioned
• This installation and commissioning of the Processing Plant in early Q1 2024 and commencement of larger scale open pit mining will coincide with the commencement of an upgrade program to the Kinusi site infrastructure and the start of the Phase II Program of exploration activities at Kinusi which will include additional geophysical survey and resource drilling work
• Planning and budgetary approval work for the site infrastructure upgrades and the Phase II Program of exploration at Kinusi was completed in Q4 2023 with input from the teams and technical personnel from Takela Mining Tanzania Limited and Q Global Commodities and the Company’s independent geological consultants, Geofields Tanzania Limited
• Discussions on off-take and marketing agreements for the sale of 100% of the copper concentrates produced at Kinusi are now expected to be concluded in Q1 2024 in line with the commencement of copper concentrate production

Jason Brewer, Marula Mining PLC CEO said:

“I am pleased to be able to provide an update on the Processing Plant for the Kinusi Copper Mine, which is now close to being transported to Tanzania where it will be installed and commissioned.

“Thank you to our colleagues at Erudite for diligently completing the inspection and for identifying some final work to be undertaken. As stated, we expect this work to be completed by 31 January 2024, with the Processing Plant due to be installed and commissioned in early Q1 2024.

“This timeline will coincide with site infrastructure upgrade work and the commencement of the Phase II Program of exploration at Kinusi, which we anticipate getting underway in Q1 2024, following the completion of planning and budgetary work completed in Q4 2023 by our partners Takela Mining and Q Global Commodities, and our independent geological consultants, Geofields.

“I look forward to updating our shareholders and investors once the work requested by Erudite has been completed, and the transportation of the Processing Plant to the Kinusi Copper Mine has begun, as well as the progress on its installation and commissioning.”

Background on the Processing Plant

Construction on the Processing Plant was completed in August 2023 by Amoref Pty Limited (“Amoref”), based on test work that was undertaken on material delivered from Kinusi.

The Processing Plant will be installed and commissioned on a 28 hectare site that benefits from access to both an existing power and water supply and has direct road access through to port facilities in Dar es Salaam.

Initially the Processing Plant comprises a feed bin with a Grizzly fitted with a transfer conveyer and a scalping screen. All fines are fed into a double roller mill and then into a rod mill and the oversize material is fed into a 10 x 16 Telsmith jaw crusher.

The crushed material is fed into the scalping screen to ensure all material is processed into 1mm to 75 micron fines. A slew conveyer ensures significant flexibility in the process flow sheet such that material can be moved to either feed a process stockpile or direct to the mill.

It is proposed that upon successful commissioning and operation of the Processing Plant, the Company will look to expand processing capacity based upon the next Phase II Program of exploration activities and resource definition drilling work that is to be completed.

Phase Two of the Processing Plant sees the milled fines being fed with a paddle feeder using gravity and into a James-table circuit with the milled fines fed into three Amoref shaking tables.

Material from the first and second tables are pumped into the final table, where the copper concentrate is recovered and placed on drying pads and stockpiled before transportation and sale under the Company’s proposed copper offtake arrangements.

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; 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.

---

---