Results from Phase 1 Exploration Program at the Kinusi Copper Mine

Marula Mining PLC

 (“Marula’’ or the “Company”)

18 August 2023

Results from Phase 1 Exploration Program at the Kinusi Copper Mine

Initial 10 -15Mt  Exploration Target

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 has received a final report on the Phase 1 Program of exploration activities which was completed by the Company’s geological consultants, Geofields Tanzania Limited (“Geofields”) in Q2 2023.

The report has confirmed the preliminary findings (announced on 29 June 2023) of the identification of a copper mineralised corridor at Kinusi that extends for over 1 kilometre (“km”) length and over 300 metres (“m”) in width at the main Sasimo Prospect and with field observations by Geofields suggest visible copper grades of up to 30%.

Based on the Phase I Program of exploration activities, Geofields have estimated an initial Exploration Target at Kinusi of a 10-15 million tonnes (“Mt”) deposit of high-grade copper, gold, and other base metals, with the potential to increase to in excess of 50Mt on completion of definitive resource drilling programs to now be implemented by the Company.

The results of the samples taken by Geofields as part of the Phase 1 Program, which are being re-assayed by SGS Laboratories (“SGS”) at their facilities in Tanzania are scheduled to be received by September 2023 and further updates on these results will be provided then.

Highlights

• Exploration Target of 10-15Mt deposit of high grade copper, gold, and other base metals at Kinusi
• Potential to materially increase this target through the next phase of exploration activities and completion of resource definition drilling that will be aimed at defining a maiden JORC Compliant mineral resource estimate at Kinusi
• Copper mineralised zones at Kinusi comprise mainly of malachite and azurite with minor bornite and native copper mineralisation
• Copper mineralisation is associated with the base-metal sulphides and is oxidised near the surface and indicate the potential extensions of the copper mineralisation at depth
• Most copper showings were observed in steeply dipping pegmatite dykes ranging from 1m to 5m in width and are predominantly striking in the North East - South West orientation
• Geofields has re-confirmed that a copper mineralised corridor has been identified at Kinusi which extends on a North East – South West orientation for over 1km of strike length across eight of the granted mining licenses at the Sasimo Prospect, which is one of the two license blocks held by the Company’s local partner Takela Mining Tanzania Limited (“Takela”)
• This copper mineralised corridor, remains open to the southwest, and has been determined to be approximately 300m wide with multiple mineralised quartz and pegmatite veins and with  copper grades of up to 30% from their visual estimates
• Geofields has concluded that Kinusi can potentially host high and medium grade copper mineralisation with considerable tonnage upside, based on observed mining activities, the current surface mapping results, and the extensive copper rich occurrences at Kinusi and surrounding areas
• A focused and integrated exploration strategy is recommended by Geofields utilising geochemistry, geophysics, and drilling to unlock value
• Geofields have highlighted that the potential for multiple base-metal and gold mineralisation should be investigated during these activities.

Next Steps of Exploration:

• Marula and its consultants are finalising its review of the results of the Phase 1 Program and will incorporate the results from the samples that are due to be received by September 2023. These results are expected to highlight the grade and distribution of copper along the +1km copper mineralised corridor at Kinusi
• The assay results will allow the Company and Geofields to then finalise the Phase II Program of exploration activities for Kinusi
• These Phase II Program of exploration activities will include amongst other things a geophysical survey over the property, including an electromagnetic survey, which can detect conductive sulphides to a depth of over 100m
• A maiden drilling program over anomalous electromagnetic targets and other target areas will then also be finalised with the aim of defining the width and grades of copper mineralisation
• The Phase II Program will be undertaken to increase the geological confidence and knowledge at Kinusi

Jason Brewer, Marula Mining PLC CEO said:

“The receipt of Geofields’ report on the Phase 1 Exploration Program is a major step forward for our planned activities at the Kinusi Copper Mine.

“With the field observations by Geofields’ experienced  geologists and the findings now presented in the final Phase I Program Report indicating that Kinusi can potentially host medium to high grade copper mineralisation. Geofields have estimated an initial exploration target of 10-15 million tonnes, and with additional work including definitive resource drilling, this has the potential to be increased further.

“This final Phase 1 Program Report demonstrates the great work that Geofields have done and as such I would like to thank them for their continued hard work.

“We expect to have the updated assay results next week from the earlier samples collected from the Phase 1 Exploration Program, and I look forward to updating shareholders on these and incorporating them into  our next phase of exploration activities at Kinusi.”

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).

Geofields Tanzania Limited Technical Disclaimer

Geofields has been commissioned by Marula Mining plc to provide an Independent Initial Technical Report on Takela’s Primary Mining Licenses at the Kinusi Copper Mine. This report may be utilized for the development of the property provided that no portion is used out of context in such a manner as to convey a meaning that differs from that set out in whole.

The report contains factual surface exploration data and geological interpretation based on the author’s views following a month’s surface mapping and sampling program. Geofields’ technical team considers the property sufficient for a potential small-scale mining project subject to varying degrees of exploration risks to warrant further assessment of its economic potential.

The report has been prepared to support Marula’s corporate objectives and activities. Geofields has recommended specific stage exploration and evaluation programs for the project’s potential.
Neither Geofields nor the authors of this report have or have previously had any material interest in Marula, Takela or the mineral properties in which Marula has an interest.

Our relationship with Marula is a professional association between Marula and the independent consultancy. The report has been prepared in return for professional fees based on agreed commercial rates, and the payment of these fees is in no way contingent on the results of the report.

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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