Warrant Update and Extension and Related Party Transactions

Marula Mining PLC

 (“Marula’’ or the “Company”)

24 July 2023

Warrant Update and Extension and Related Party Transactions

Marula Mining (AQSE: MARU) an African focused mining and development company, announces the extension to the expiration term of certain warrants issued on 15 July 2021 and related party transactions.

The Company has extended the expiry date of 2,873,750 warrants issued to subscribe for new ordinary shares of 0.01 pence in Marula at an exercise price of 4 pence per share. The expiry date has been extended from 20 July 2023 until 31 August 2023 (“Warrant Extension”) as a result of the current suspension of trading in the ordinary shares of the Company.

Pursuant to the Warrant Extension, the following 725,000 warrants are held by Jason Brewer, Chief Executive Officer of the Company and Richard Lloyd, a PDMR of the Company, and have been extended:

Director / PDMR	Exercise price	Warrants extended pursuant to the Warrant extension
Jason Brewer	4p	500,0001,2
Richard Lloyd	4p	225,000

1 375,000 warrants were extended pursuant to the Warrant Extension which are held through Mayflower Capital Investments Pty Ltd

2 125,000 warrants were extended pursuant to the Warrant Extension which are held through Gathoni Muchai Investments Limited (“GMI”)

Related Party Transactions

The Warrant Extension of warrants held by Jason Brewer and Richard Lloyd each constitute a related party transaction under Rule 4.6 of the AQSE Growth Market Access Rulebook (the “Transactions”).  The Directors of the Company independent of the Transactions confirm that, having exercised reasonable care, skill and diligence, the Transactions are fair and reasonable insofar as the shareholders of Marula are concerned.

Warrant Update

The announcement on 8 August 2022 incorrectly stated the number of warrants acquired by GMI in an off-market transaction as 1,187,500.  The correct figure was 812,500 warrants.

Following the above, GMI holds the following warrants as at the date of this announcement:

Number of warrants held by GMI	Exercise Price	Expiry
125,000 warrants over new ordinary shares	4p	31 August 2023
687,500 warrants over new ordinary shares	4p	31 December 2023
Total of 812,500 warrants over new ordinary shares

Mayflower Capital Investments Pty Ltd (“Mayflower Capital”) received 375,000 warrants over new ordinary shares at an exercise price of 4p per new ordinary share expiring 20 July 2023, pursuant to a participation in a placing completed by the Company, as announced on 15 July 2021.

Number of warrants held by Mayflower Capital	Exercise Price	Expiry
375,000 warrants over new ordinary shares	4p	31 August 2023
32,500 warrants over new ordinary shares	4p	31 December 2023
Total of 407,500 warrants over new ordinary shares

Further to the announcement on 20 January 2023, there was an administrative error in stating the number of warrants held by GMI which were extended from 31 December 2022 to 31 December 2023 (“Warrant Extension”). The announcement stated that 1,375,000 warrants held by GMI had been extended pursuant to the Warrant Extension, the correct figure is 687,500.

Following the above corrections, Jason Brewer, Chief Executive Officer of the Company, holds the following warrants (through his personal holding and his beneficial interest in GMI and Mayflower Capital) as at the date of this announcement:

Number of warrants held by Jason Brewer	Exercise Price	Expiry
500,000 warrants over new ordinary shares	4p	31 August 2023
920,000 warrants over new ordinary shares	4p	31 December 2023
Total of 1,420,000 warrants over new ordinary shares

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 the 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.

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, Mayflower Capital Investments Pty Ltd and connected person to the CEO of GMI)  B)       PDMR
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	Warrants over new ordinary shares of 0.01 pence each      ISIN: GB00BNBS4S95
b.	Nature of the transaction	Warrants extended pursuant to the Warrant Extension
c.	Price(s) and volume(s)		Exercise price(s) Volume(s) A)       4p B)       4p A)       500,000 B)       225,000
d.	Aggregated information  - Aggregated Volume  - Price	N/A
e.	Date of the transaction	19 July 2023
f.	Place of the transaction	London

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