First Manganese Exports Sales Completed

Marula Mining PLC

17 September 2024

 

Marula Mining PLC

("Marula'' or the "Company")

17 September 2024

First Manganese Exports Sales Completed Under Agreements with

Gems and Industrial Minerals at the Larisoro Manganese Mine

Marula Mining PLC (AQSE: MARU A2X: MARU) an African focused mining and development company, is pleased to announce that the first manganese exports sales under the Company's Mine Support Services Agreement ("MMSA") with Kenyan company Gems and Industrial Minerals Limited ("GIM"), have been completed from the Larisoro Manganese Mine ("Larisoro" or the "Mine") in Samburu County, Kenya.

Exports sales of an initial 476 tonnes of manganese at an average grade of 37% manganese ("Mn") from the stockpiled manganese ore in Nairobi was completed under the management of GIM and with Scan Global Logistics Group's ("SGL Group") Kenya-based subsidiary, Scan Global Logistics Kenya Limited ("SGL Kenya"). The containers of the high-grade manganese ore were loaded in Nairobi and transported to the Port of Mombasa and loaded on the vessel M.V. Kota Kaya, which departed from the Port on 16 September 2024 with the containerised manganese ore to be delivered to customers in China under existing offtake agreements.

Under the terms of the MMSA, Marula is now due to receive 60% of the net proceeds from the sale of this initial manganese ore export. Sales of manganese ore from Larisoro will continue on a monthly basis and are expected to increase in Q4 2024 as the Company accelerates its planned US$1.5 million investment in new mining, crushing, screening and processing plant equipment.

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 PLC (AQSE: MARU A2X: MARU) is an African focused battery metals investment and exploration company and has interests in several high value mining operations and mine development projects in Africa: the Blesberg Lithium and Tantalum Mine, Northern Cape Lithium and Tungsten Project, Korridor Lithium Project and Kruisrivier Cobalt Mine, all in South Africa; the Larisoro Manganese Mine and Kilifi Manganese Processing Operation both in Kenya; 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 AQUIS Stock Exchange (AQSE) in London and A2X Markets in South Africa. Marula is exploring opportunities to admit its shares to trading on 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]
A2X Advisor AcaciaCap Advisors Proprietary Limited Michelle Krastanov	[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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