Marula Mining PLC

("Marula'' or the "Company")

9 January 2025

Blesberg Expansion with Acceptance of New Prospecting Right Application

Cancellation of Korridor Project Memorandum of Understanding

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to confirm that its wholly owned South African subsidiary Southern African Lithium and Tantalum Mining (Pty) Limited's ("SALT") application for a new prospecting right ("New Prospecting Right") adjoining both the Blesberg Lithium and Tantalum Mine ("Blesberg" or the "Project") and Northern Cape Lithium and Tungsten (Pty) Limited ("NCLT") Project has been accepted by the South African Department of Mineral Resources and Energy ("DMRE").

The New Prospecting Right, which has been secured at zero-cost (excluding associated licence fees), extends over an area of 7,219 hectares, and borders the Company's existing Blesberg Prospecting Right and Mining Permit on its eastern, western and southern license boundaries.  The New Prospecting Right is contiguous to and immediately south of the NCLT Project Prospecting Right. When combined with the Blesberg 1,051 hectare license area and 15,000 hectare license area of the NCLT Project, the Company now holds over 23,270 hectares of mining and exploration approved licensed area in the Namaqualand District of the Northern Cape Province in South Africa that is highly prospective for multiple battery and critical metals mining opportunities.

The approval process of the New Prospecting Right by the DMRE is underway and will be made within 197 days of the lodgement of the application, which was made in Q4 2024. As part of this process, the Company now has to complete consultations with the local landowners in line with Regulation 41(2) and Section24J of the National Environmental Management Act 1998 and also lodge its application in terms of the National Water Act No. 36 to the Department of Water Affairs. The Company will look to complete this work in the current quarter. Exploration activities on the New Prospecting Rights can only commence once this process is completed by both the Company and DMRE. 

With the awarding the New Prospecting Right, the Company will be able to further consolidate its strategic position around Blesberg, and its focus on the production of high-value lithium products and other critical metals such as tantalum, niobium, beryllium and tungsten as well as additional industrial and by-product minerals such as feldspar, mica and quartz and other minerals.

As part of the Company's strategic focus on Blesberg and these adjoining licenses, the initial geological assessment of the broader opportunities across this combined 23,270 hectare area, the Company has cancelled the previously announced Memorandum of Understanding to acquire a 70% interest in the Korridor 21 Prospecting Right, located 30km west of Blesberg, announced on 3 October 2023.

The Company will continue to focus on developing Blesberg and adjacent licenses into a major mining and processing operation. The Company holds a valid Mining Permit at Blesberg and the Mining Right application was successfully accepted by the DMRE in H2 2024. Over the current quarter, the Company is aiming to finalise the appointment of a new mining contractor to commence the larger scale open pit operations; complete the installation and commissioning of the Tomra COM XRT 1200 Ore Sorter; and also complete it negotiations with the Chinese-based electric battery manufacturer, in respect of the planned commissioning, financing, and operation of a lithium acid leaching plant to produce an intermediate lithium product for use in the manufacture of lithium batteries and other high value lithium products.

Jason Brewer, Marula Mining PLC CEO said:

"This new prospecting right will expand the Company's footprint around our growing Blesberg Operations, underscoring our commitment to unlocking value within the Northern Cape's battery metals and critical metals capabilities. With this, we remain committed to our strategic focus on establishing Blesberg as a major mine and processing centre that benefits all stakeholders."

"We look forward to progressing our exploration and new mine development activities and sharing updates as we advance this exciting phase of development.

"Further updates on the progress of the new prospecting right application and exploration activities will be provided in due course."

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 A2X: MAR) 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 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 and the NyoriGreen Graphite Project all 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 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.

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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.