MARU Marula Mining Plc

  31 January 2025

Marula Mining PLC

("Marula'' or the "Company")

Assays Confirm High-Grade Copper Concentrates at Kinusi Copper Mine

Marula Mining (AQSE: MARU A2X: MARU), an African-focused mining and development company, is pleased to announce that assay results of copper ore samples taken from the Kinusi Copper Mine ("Kinusi") in the Mpwapwa District of Tanzania's Dodoma Region have confirmed the high-grade copper content of the copper concentrates currently stockpiled and ready for sale.

The assay results, which have been received following analyses completed by an independent and internationally accredited laboratory reported an average grade across the three samples of 21.54% copper, and with individual assay results of 20.21%, 21.77% and 22.64 % copper. The assays were from three 10 kilogram ("kg") copper ore samples that were taken from the Kinusi No. 4 Open Pit in Q4 2024.

The samples were collected and assayed as part of the process to complete initial copper ore trial shipments and sales of up to an initial 1,000 tonnes to Swiss and UK-based global commodity trading groups as announced on 31 October 2024. With these assay results now received, and confirming the high-grade copper mineralisation of the stockpiled copper concentrate product specifications, these initial sales agreements can now be finalised.

The Company previously announced it expected these copper sales to be completed by 31 January 2025 which have been delayed, the Company is progressing these initial sales agreements following receipt of the copper assay results. The Company will make a further announcement on completion of these sales.

These assay results will also be used to optimise the design of both the Phase 1 and Phase 2 processing plant at Kinusi. As announced 19 November 2024, the two-phase development of Kinusi comprises of an initial Phase 1, gravity concentrate, coarse jigging and fines dewatering circuit anticipated to produce 24,000 tonnes per annum ("tpa") of high-grade copper concentrate. The awarding and commissioning of the Phase 1 gravity concentrate, coarse jigging and fines dewatering circuit on site remains on schedule for completion in the current quarter. The second Phase 2 processing plant will then incorporate a hydrometallurgy fines optimised heap leaching circuit, a copper solvent extraction as well as electrowinning refining process to produce an initial 10,200 tpa of copper cathode.

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: 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 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.