Marula Mining PLC

("Marula'' or the "Company")

28 January 2025        

Update on Kilifi Manganese Processing Plant

Marula Mining PLC (AQSE: MARU A2X: MARU) an African focused mining and development company, is pleased to provide an update on metallurgical testwork and commissioning activities at the Kilifi Manganese Processing Plant (the "Kilifi Plant") located in the Tezo Area, Kilifi County in Kenya.

The Kilifi Plant is a fully permitted mineral processing plant capable of beneficiating approximately 10,000 tonnes per month ("tpm") of manganese ores through a conventional manganese processing plant that includes a vibrating feeder, trommel scrubber, belt conveyor, jig separator, vibrating screen, pumps, fine jaw crusher, magnetic separator and run-of-mine and final manganese product stockpiling areas.

Since the Company announced its acquisition of an 80% shareholding in the Kilifi Plant in H2 2024, the Company has signed a number of manganese ore supply agreements ("Ore Agreement") for the supply and delivery of manganese ores to the Kilifi Plant and completed sampling and received assay results on high-grade manganese mineralisation that is to be supplied to the Kilifi Plant. In addition to this, the Company and its metallurgical consultants have also been completing metallurgical testwork and plant optimisation studies ahead of the planned commencement of commercial operations and export sales this quarter.

The metallurgical testwork and plant optimisation studies have been focused on achieving a higher-grade saleable manganese product through the Kilifi Plant than was originally contemplated when a target run of mine ore feed to the Kilifi Plant of +20% manganese was proposed to be upgraded to +30% saleable manganese product. The decision to proceed with this work and delay in the commencement of commercial operations to this current quarter, followed the high-grade assay results reported on 24 August 2024, from the lower sections of the manganese rich deposits found in the surrounding Ganze Region which had an average grade of 61.95% manganese, and which had the potential to material impact on the economic returns from the Kilifi Plant.

The Company is pleased to confirm that the final phase of metallurgical testwork and plant optimisation studies has now been completed.

The metallurgical testwork on three samples, has confirmed that the Kilifi Plant is capable of producing a saleable product of up to 40% manganese. This manganese product is achieved without any major upgrades to the current Kilifi Plant configuration and only involves slight modifications to the trommel scrubber, the vibrating screens and expansions to the final manganese product stockpiling areas.

Assays results from the metallurgical testwork, received from both Kenya's State Department for Mining laboratory facilities in Nairobi and a further independent and internationally accredited laboratory in Kenya, has confirmed manganese grades of the saleable product of between 37% and 40%.

Final modifications to the Kilifi Plant are now underway and this follows a recent site visit by the Company's CEO and Chairman and other representatives of the Company's executive and technical management team. During this site visit, the Company approved the proposed work program which is largely focused on minor modifications to the screen sizes of the trommel scrubber and vibrating screens. An expansion to the final manganese product stockpiling areas is also to be completed to allow the Company to achieve its targeted expanded rates of processing

The final modifications to the Kilifi Plant are anticipated to be completed in the current quarter, with commissioning of the plant and first exports sales to then follow.

Assay Results - January 2025

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.