Marula Mining Plc - Update on Processing at the Blesberg Lithium Mine

Marula Mining PLC

 (“Marula’’ or the “Company”)

24 January 2023

Update on Processing Operations at the Blesberg Lithium and Tantalum Mine

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to update the market and shareholders on mineral processing activities at the Blesberg Lithium and Tantalum Mine in South Africa (the "Blesberg Project" or “Blesberg”) where initial deliveries of 1,000 tonnes of high-grade 'run-of-mine’ lithium ore under the US$5 million Lithium Prepayment Facility (“Prepayment Facility”), that was announced 27 October 2022,  are due to commence shortly.

Highlights:

• First 1,000 tonnes of high-grade 'run-of-mine’ lithium ore to be delivered progressively over the next 4 weeks under the Prepayment Facility to Southern Jade Resources Pty Limited
• In aggregate approx. 4,000 tonnes of material is either packaged in one tonne bags or contained in the new run-of-mine stockpiles pending final sorting and sizing
• Processing of the existing stockpiles is ongoing with all mobile mining equipment on site and operational
• Mine layout optimisation work ongoing with upgrades already completed on haul roads and access ramps to the stockpiles and all key aspects of site infrastructure meeting expectations
• Processing plant equipment fully established on site and crushing and screening of material operating to budgeted levels
• Check samples from bagged high-grade 'run-of-mine’ lithium ore have been taken for analysis as part of the final grade and ore quality reconciliation required under the Prepayment Facility
• Sampling is being undertaken and managed by the Company’s consultants at various laboratories in South Africa to set proper testing protocols and procedures for deliveries under the Prepayment Facility and for future long-term offtake arrangements
• Site infrastructure continues to be upgraded with installation of a telecommunications tower recently completed and installation of solar power for the office administration and accommodation areas
• Long-term offtake discussions are also being progressed with multiple parties for both material from the reprocessing of the existing stockpiles and the potential hard rock conventional open pit lithium mining operation being planned by the Company
• Marula’s Board and management team will be on site in mid-February 2023 to oversee ongoing processing activities and deliveries under the Prepayment Facility

The update on processing operations at the Blesberg Project follows recent on-site meetings by the Company’s CEO, Mr Jason Brewer and the Company’s contractors, Southern Metal Processing Pty Limited ("SMP") and other key stakeholders.

Processing operations at the Blesberg Project, which commenced in late November 2022, are focused on the existing stockpiles which are being reprocessed to produce a high-grade lithium ore with commercial grades of between 4.00% and 5.50% Li₂O and to remove the stockpiles from the underlying pegmatite deposit to allow drilling and feasibility study work to commence to potentially establish a long-term, hard rock conventional open pit lithium mining operation.

Jason Brewer, Marula Mining PLC CEO said:

"I have recently returned from the Blesberg Project site and am pleased with what I was able to observe first-hand. The visit really demonstrated to me the great progress that has been made and the opportunity that exists there – in the immediate term with the sales of high-grade lithium ore from the stockpiles and longer-term with the potential to establish a conventional open pit lithium mining and processing operation.

“The work that has been completed by our contractors Southern Metals Processing is a credit to them and their management team on site. To have achieved what they have in the past four months is a tremendous effort and to have commenced the reprocessing activities in late November 2022 and already be in a position with material bagged and ready for delivery under the US$5 million Lithium Prepayment Facility that we secured in October 2022, is also a great achievement.

“I am incredibly positive about what the Blesberg Project means to the Company and what it can provide.  As a team we have moved to demonstrate very quickly, with our partners and key stakeholders, that we can make the transition into a mine developer and operator.

“I believe Blesberg is just one of our projects that we can develop and bring into production and I look forward to updating our shareholders and stakeholders, on our continued progress over 2023.”

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 and Bagamoyo 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 proposed 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’s plc, and Kenya’s Nairobi Securities 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 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.