Marula Mining PLC

 (“Marula’’ or the “Company”)

7 March 2023

Establishment of Lithium and Copper Mining Subsidiary in Zimbabwe

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to announce the establishment of Muchai Mining (Pvt) Limited (“Muchai Mining”), an 80% owned Zimbabwean operating subsidiary of Marula.

Muchai Mining has been established to focus on securing near-term and advanced lithium and copper mining and development opportunities in Zimbabwe’s fast growing and highly attractive battery metals sector.

Highlights:

• Marula has established Muchai Mining as its 80% operating subsidiary Zimbabwe
• Marula will hold 80% of the company’s equity with local Zimbabwean company, Gondo Mineral Resources (Pvt) Limited (“GMR”) holding the remaining 20%
• The decision to establish the subsidiary company and have an operating presence in Zimbabwe follows an extensive due diligence that is being completed on a number of opportunities in Zimbabwe’s fast growing battery metals sector
• Representatives of the Company and Muchai Mining’s management team have been in country, on the ground, since the beginning of the year reviewing a number of potential opportunities for the Company to secure
• The establishment of Muchai Mining is in line with the Company’s strategy to identify, develop and advance new, prospective battery metals opportunities in East and Southern Africa

Jason Brewer, Marula Mining PLC CEO, said:

"The decision to establish Muchai Mining is the result of extensive due diligence and careful consideration of various opportunities in the region. Our team has been on the ground since the beginning of the year, and we are excited about the potential that Zimbabwe offers the Company and the industry. With Marula's experience and expertise, combined with our local partners knowledge and experience in the country, we believe Muchai Mining is well positioned for success.

“This positioning of Marula in Zimbabwe aligns seamlessly with our strategy and development plans, as we continue to identify and pursue opportunities that we believe have the potential to deliver value to our shareholders. Zimbabwe is home to some of the most substantial hard rock lithium deposits globally, with major interest from Chinese-owned mining companies who are active in the sector. Additionally, Zimbabwe is home to over 70 known copper deposits, and copper mining has experienced a revival in the country, coinciding with an increase in copper prices.  

“We look forward to building a strong and successful partnership with GMR and to achieving great things with Muchai Mining.”

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) 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, Bagamoyo Graphite Project and Nyorinyori Graphite Project 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 the AQUIS Stock Exchange (AQSE), Marula is exploring opportunities to admit its shares to trading on AIM, the market operated by the London Stock Exchange Group plc, and Kenya’s Nairobi Securities Exchange.

For enquiries contact:

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.