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Marula Mining Plc - Exploration Activities Commence at the Bagamoyo Project

Marula Mining PLC

(“Marula’’ or the “Company”)

11 January 2023

Graphite Exploration Activities Commence at the Bagamoyo Project

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to announce that initial exploration activities at the Bagamoyo Graphite Project (“Bagamoyo” or “the Project”) in Tanzania have commenced. This follows the announcement made on 30 November 2022, when Marula secured a 73% commercial interest from local Tanzanian company Kusini Gateway Industrial Park Limited (“KGIP”) in 22 granted graphite mining licenses located in the Bagamoyo District in the Pwanai Region of Tanzania.

Highlights:

  • Initial exploration activities (“Phase 1 Program') have now commenced at the Bagamoyo Project in accordance with the Heads of Agreement signed with KGIP in November 2022

  • Geofi­elds Tanzania Limited (“Geofields”), one of Tanzania’s leading exploration and mining service companies, has been engaged to complete the Phase 1 Program and has mobilised their team to the site and work is already underway

  • The Phase 1 Program will include mapping, sampling and trenching across the 22 granted mining licenses and targeting high-grade, jumbo and large flake graphite mineralisation

  • Samples from the Phase 1 Program will be collected and prepared to be sent for analyses in Tanzania

  • A comprehensive geological database will be produced as part of Phase 1 Program allowing the Company’s management team and technical consultants to move towards with implementing its Phase 2 Program work

  • The Phase 1 Program will be completed in Q1 2023. The results and recommendations from the Phase 1 Program completed by Geofields will be released following a review by the Company’s technical management team, along with the details of the planned Phase 2 Program that will follow

  • Marula’s Board and management team will be on site with KGIP in January 2023 to review Geofields’ progress and preliminary results

Jason Brewer, Marula Mining PLC CEO said:

"I am delighted to confirm that Marula continues to rapidly progress its activities at pace, and across what is fast becoming a very exciting portfolio of battery metals projects here in Africa.

“Since signing the agreement with KGIP in late November 2022, we have focused our efforts on assessing the opportunity that exists on account of our 73% interest in the Bagamoyo Graphite Project. I was on site at the Bagamoyo Project last month together with the KGIP team last month, and our Country Manager. We were very pleased with what we saw and what we believe can be accomplished in the short and medium term in partnership with KGIP.

“We have been impressed by the speed and competence in which Geofields has approached the Phase 1 exploration program to date. Geo­fields is strategic service provider company to the Tanzanian exploration and mining industry, and they will be working closely with our team in providing ground exploration survey works, drilling services, and in completing this Phase 1 Program.

“Graphite continues to stand out as an essential ingredient in the manufacture of electric vehicle batteries, and as global demand for electric vehicles continues to escalate it is expected to drive a considerable increase in demand for graphite, Marula intends to work towards supplying the product to the global markets from its exploration and development activities in Tanzania and in support of the green transition.

"I look forward to updating our shareholders and stakeholders alike, on our progress at Bagamoyo over this coming quarter and in releasing the results from the Phase 1 Program currently being completed by Geofields.”

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; Blesberg Lithium and Tantalum Mine in South Africa, Nkombwa Hill Project in Zambia and Kinusi Copper mine and Bagamoyo Graphite Project in Tanzania. As we advance operations in the projects, Marula is open to look into other high-quality commodities in several jurisdictions.

Marula aims at identifying and investing in advanced and high-value mining projects throughout East, Central and Southern Africa that can deliver rapidly for its shareholders and can be taken through to production and generate positive returns for all stakeholders. Our 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 quoted on the AQUIS Stock Exchange (AQSE) and is exploring opportunities to dual list on the London Stock Exchange’s AIM Market and Kenya’s Nairobi Securities Exchange.

For enquiries contact:

Marula Mining PLC
Jason Brewer,
Chief Executive Officer

Faith Kinyanjui Mumbi
Investor Relations



Email : jason@marulamining.com

Email : info@marulamining.com

AQSE Corporate Adviser
Cairn Financial Advisers LLP,
Liam Murray / Ludovico Lazzaretti

+44 (0)20 7213 0880

Broker
OvalX,
Tom Curran / Thomas Smith

+44 (0) 20 7392 1568

Financial PR and IR
BlytheRay
Tim Blythe / Megan Ray

+44 (0)20 7138 3204

Caution;

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi?ed 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 re?ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.