Assay Results for Bagamoyo Graphite Project

Marula Mining PLC

 ("Marula'' or the "Company")

 10 August 2023

Assay Results for Bagamoyo Graphite Project

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to report that assay results on the samples taken from the Bagamoyo Graphite Project in Tanzania ("Bagamoyo Project" or "Bagamoyo") as part of the Geofields Tanzania Limited ("Geofields") Phase 1 Exploration Program have now been received.

The assay results have confirmed the high-grade nature of the graphite mineralisation at Bagamoyo and in particular at the Mihuga Prospect where results of up to 19.71% Total Graphite Content ("TGC") were recorded on the previously identified E-W trending graphite mineralised envelop that extends for approx 500 metres ("m") in strike length and 50m in width at surface and is interpreted to extend for two kilometres in strike length and 200m in width over six of the granted mining licenses.

Highlights:

•  Fourteen grab samples were taken from surface exposures and trenches at the Bagamoyo Graphite Project in Tanzania by Geofields and delivered to SGS Laboratories in Tanzania for assay as part of the Phase 1 Program of exploration
• Nine of the samples were obtained from the Mihuga Prospect and five from the Saadan South Prospect
• Average grade of all of the samples was 9.99% TGC, with the highest reported sample grade being 19.71% TGC and the lowest being 4.14% TGC
• Average grade of the samples taken from at the Mihuga Prospect was 11.97% and high-grade samples included 19.71%, 19.33%, 15.65%, 10.92% and 9.13%
• Medium to coarse  graphite flakes were reported by Geofields in being identifiable in four of the samples from Mihuga Prospect which assayed 11.86%, 15.65%, 19.33% and 19.71%
• The high-grade assays and coarse flakes at the Mihuga Prospect demonstrate the potential that exists in that prospect
• Average grade of all the samples taken from the Sadden South Prospect were lower grade than that at the Mihuga Prospect and averaged 6.43% TGC and included 5.75%, 4.30%, 10.37%, 4.14% and 7.60%
• Geofields have confirmed that the quality assurance and quality control protocols implemented in the sampling program at the Bagamoyo Project are consistent with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)
• The Company is now working with Geofields on finalising plans for the Phase II Program of exploration activities which will include magnetics, induced polarization, electromagnetic, soil geochemistry and drilling in order to delineate a maiden JORC Code 2021 compliant resource upon which mine planning and feasibility study work will commence
• Planning has also commenced with Marula's partner at the Bagamoyo Graphite Project, Kusini Gateway Industrial Park Limited ("KGIP") to determine the key areas of focus for the Phase II Program which will focus on a select area of the 22 granted mining licenses that currently make up the Bagamoyo Project area, ahead of the planned commencement of this work in H2 2023

Jason Brewer, Marula Mining PLC CEO said:

"We are pleased with the assay results from the work done by Geofields across the granted graphite mining licenses in Tanzania. These assay results confirm the high-grade nature of the graphite deposits, especially highlighted by certain coarse - medium - graphite flakes reported at the Mihuga Prospect.

"With grades at the Mihuga Prospect as high as 19.71% TGC and an average grade of 11.97% TGC reported from the 9 samples taken across the 500m long and 50m wide EW-trending graphite zone, which sits within a 2.0km long and 200m wide target zone, we have something that compares well with other graphite exploration and development companies in Africa.

"Across both the Mihuga and Sadaan South Prospects, the average sample grade was 9.99% TGC, which compares extremely well to resource grades and mined grades around the world of other projects.

"As a result of these findings, we are advancing our subsequent operational phases in order to develop Bagamoyo, with a key focus on the Mihuga Prospect.

"I look forward to this next phase of work and in providing further updates on the continued progress of our high-grade graphite exploration at Bagamoyo."

Background

The Company entered into a Commercial Agreement in April 2023, with Tanzanian mining company KGIP, under which Marula secured a 73% commercial interest in 22 primary mining licenses that extend over an area of approx. 180 hectares in the Bagamoyo District in the Pwanai Region of Tanzania.

The Licenses are close to existing graphite mining and exploration activities and provided the opportunity for Marula to secure a major strategic position in Tanzania's growing graphite exploration and mining sector. Tanzania contains nearly 20% of the world's graphite reserves with 17 million tonnes, ranking 6th in the world. 

In April 2023, a successful Phase 1 Program of exploration activities was completed by Geofields which included sampling, mapping, and trenching across 18 of the 22 granted mining licenses, with samples collected and sent for analyses at SGS Laboratories in Tanzania.

The Phase 1 Program of exploration activities identified two major graphite trends at the Mihuga and Saadan South Graphite Prospects. Large graphite flakes were observed in all high-grade graphite zones and within the graphitic schist with gneiss units identified on these prospects.

Twenty grab samples were taken as part of the Phase 1 Program from surface exposures and trenches at the Bagamoyo Graphite Project.

15 of these samples came from a 500m long and 50m wide EW-trending graphite zone in the Mihuga Prospect, containing up to 19.71% TGC within a weathered graphitic schist in the contact between quartzite rocks and marble rocks. This 500m long and 50m wide EW-trending graphite zone sits within a larger 2.0km long and 200m wide target zone that is under soil cover.

Three of these samples came from a 150m long and 50m wide NE trending graphite zone in the Saadan South prospect, containing up to 10.37% TGC in weathered graphitic schist and two of the samples came from another 75m long and 20m wide NNE-trending graphite zone in the same prospect, containing up to 5.75% TGC in a graphitic schist zone in contact with marble rocks.

The results from the mapping and these sample assays from the Phase I Program of exploration activities at the Bagamoyo Graphite Project and Geofields recommendations for the next Phase 2 Program of activities are now being reviewed by the Company's technical management team, ahead of the planned commencement of this work in H2 2023.

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 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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