Key Operations Contracts for Larisoro

Marula Mining PLC

29 May 2024

 

Marula Mining PLC

("Marula'' or the "Company")

29 May 2024

Key Operations Contracts for Larisoro Manganese Mine

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to confirm that agreements which extend over all the key operations activities at the Larisoro Manganese Mine ("Larisoro" or the "Mine") in Samburu County, Kenya have been executed with several Kenyan based service providers.

These key agreements include contracts for the drilling and blasting of material on site; the use of mobile mining equipment for the mining, loading and hauling of the ore and waste material; and also for the transportation of the manganese ore from Larisoro to Nairobi where it will be delivered into existing sales agreements and a proposed new long-term offtake agreement.

All these agreements have been signed with Kenyan-owned companies reinforcing the Company's commitment to work with local, well-qualified and experienced Kenyan companies.

These contracts are in addition to the processing plant refurbishment and upgrade agreement that is in place with a Kenyan-based specialist mineral processing company that has been on site at Larisoro throughout May 2024 completing this work, as announced 17 April 2024.

Highlights

·    Drilling and blasting contract awarded to an experienced Kenyan owned contracting group

·    The schedule of rates contract will extend over the drilling and blasting of both manganese ore and waste and overburden material to achieve the Company's monthly targeted manganese ore production rates of between 5,000 tonnes and 10,000 tonnes of saleable high-grade manganese ore by September 2024

·    Contract work is ongoing, with the first production blast at the Central Pit having already been successfully undertaken

·    A contract for the supply and operation of mobile mining equipment has also been signed by the Company with a Kenyan based supplier

·    The mobile mining equipment and their experienced operating personnel are already on site and are working under the management and oversight of the Company and its technical team

·    Mining, loading and hauling of manganese ore and waste and overburden material has already commenced and is ongoing under a monthly fee arrangement

·    A further transportation contract has been finalised and signed for the provision of transportation and logistics of the manganese ore from Larisoro to Nairobi

·    This transportation contract, which is under a standard schedule of rates with a Kenyan owned company, is for an initial three-year period and will continue on an annual basis thereafter

·    Upon delivery of the material to Nairobi, the manganese ore will be sold under existing sales agreements and a planned new long-term offtake agreement

·    Management of the logistics and transportation of the manganese ore from Nairobi to Mombasa and into the international commodity export markets will be managed under the Company's new offtake agreement

·    An update on the Company's proposed new long-term offtake agreement will be provided in due course

Jason Brewer, Marula Mining PLC CEO said:

"These contracts collectively represent a significant advancement for the operation of the Larisoro Manganese Mine in Samburu.

"The contracts, all with Kenyan owned companies, demonstrate our commitment to local businesses and our preference for partnering with experienced and capable Kenyan companies. We anticipate that these collaborations will not only enhance our operational capabilities but also contribute significantly to our overall success and growth in Kenya's mining sector.

"Our drilling and blasting specialists, logistics partners, and mobile mining equipment providers bring a wealth of expertise that we believe will assist in establishing the Larisoro Manganese Mine as a long-term and efficient mining operation.

"I look forward to updating the shareholders with further updates on the Larisoro Manganese Mine."

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, the Nkombwa Hill Project in Zambia and the Larisoro Manganese Mine located in Kenya. 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) in the United Kingdom and the A2X Market in South Africa. Marula is exploring opportunities to admit its shares to trading on the London Stock Exchange plc's Standard List, 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.

 

END