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Marula Mining Plc - Kinusi Copper Project Update

Marula Mining PLC

(“Marula’’ or the “Company”)

3 November 2022

Kinusi Copper Project Update

Marula Mining (AQSE: MARU), an African focused mining investment company, is pleased to provide an update on current activities at the Kinusi Copper Project, in Tanzania (“Kinusi”). Kinusi is a high-grade copper project that the Board believes has the potential to be developed into a significant copper project, producing copper concentrate for sale into the international markets.

Highlights:

  • Representatives of the Company and its partner, Tanzanian company Takela Mining Tanzania Ltd, are on site.

  • Meetings being held with key local government and regional officials and with community leaders and representatives of all key stakeholders.

  • Initial exploration activities including geological mapping and survey work across the license areas has commenced.

  • Geological sampling programs of the exposed copper mineralisation are also underway.

  • The week-long site visit also includes a detailed inspection of the small-scale mining areas, which continue to demonstrate widespread high grade copper mineralisation.

  • An assessment of the site infrastructure is also underway to determine what upgrade work will be required as part of the proposed larger scale development activities.

  • Preparations and planning work has commenced for next phase of broader copper exploration and mine development work.

Kinusi Copper Project

The Kinusi Project is located in Mpwapwa District in the Dodoma Region of central Tanzania. It comprises 10 granted primary mining licences (“Licenses”) which are held by Tanzanian company Takela Mining Tanzania Ltd (“Takela”).

As announced on 4 October 2022, Marula has secured the rights to a 49% commercial interest in Kinusi, by agreeing to advance funds to Takela, to allow them to complete additional exploration and expansion and development on the Licences and to the current small scale mining activities.

Takela management and technical representatives and consultants of Marula are completing the site visit to Kinusi to meet with regional and local government officials and to meet with key stakeholders and communities that will play an important role in the advancement of Kinusi.

Initial exploration and survey work has begun, and will continue over 2022 and will include the inspection and assessment of high-grade mineralisation from small scale mining areas, as well as mapping and sampling work across the Licences. Previous samples taken from Kinusi reported copper grades of 7.28%, 19.12% and 31.32%.

Work is also ongoing on assessing the existing site infrastructure and upgrade work that will need to be undertaken as part of the increased level of exploration and development activities that are proposed and where preparation work and planning is already underway.

Jason Brewer, Marula Mining PLC CEO commented:

“The Takela and Marula teams are on site and visiting the Kinusi Copper Project. Everything seen to date has only reaffirmed our belief that there is a huge potential for it to be a high-grade copper project. It is our belief that we can take the project to a higher level and take it to being a low-cost copper project capable of selling high grade copper concentrates to the international markets.

“The work to progress exploration and development has already commenced, and will continue to run in parallel to our ongoing mine site development activities at the Blesberg Lithium and Tantalum Project and exploration work at the Nkwomba Hill Niobium and Tantalum, Rare Earth Elements and Phosphate Project.

“A critical part of the visit are the meetings with local government and regional officials and community leaders and stakeholders and we look forward to working with them in building a long-term sustainable mining operation that will have positive impacts on the surrounding areas.

“We believe that Kinusi has the potential to be the Company’s second operating mine in 2023 and we look forward to working with the Takela team in making it a success.”

The Directors of Marula are responsible for the contents of this announcement.

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 / Said Izagaren

+44 (0)20 7138 3204

Caution;

This announcement has been prepared for information purposes only.

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.