Marula Mining Plc - Kinusi Copper Project Operations Update

Marula Mining PLC

 (“Marula’’ or the “Company”)

23 May 2023

Kinusi Copper Project Operations Update

Marula Mining (AQSE: MARU), an African focused mining and development company, provides an update on operational progress at the Kinusi Copper Project ("Kinusi" or the “Project”), located in the Mpwapwa District in the Dodoma Region of central Tanzania, and where the Company is advancing its plans for the Project to commence copper ore processing activities in H2 2023.

Marula holds a 75% commercial interest in Kinusi through a commercial agreement entered into with local Tanzanian mining company, Takela Mining Tanzania Limited (“Takela”) as announced on 12 April 2023.

Highlights:

• Several successful site visits completed in May 2023 by the Company’s executive management team and key representatives and directors of Takela, as activities progress on site ahead of the planned commencement of increased mining activities by 30 June 2023
• Site visit by the Company’s mineral processing consultants, Southern Metal Processing Pty Limited ("SMP"), completed as part of the finalisation of the plans for the installation of processing plant facilities at Kinusi
• Approximately 40 kilogrammes of representative samples are being transported to SMP’s facilities in South Africa for further metallurgical testing and process optimisation work
• Final design work and detailed costings of this processing plant is ongoing with visits, inspection and selection of crushing and associated processing units currently underway
• Additional mining equipment being sourced in South Africa and proposed to be delivered to the Kinusi site in due course in line with on-site development work
• Samples delivered to SGS Laboratories in Tanzania for assay and metallurgical testing with results which are now due by 30 June 2023
• The Company’s geological consultants, Geofields Tanzania Limited (“Geofields”) are also on site at Kinusi and have commenced the Phase 1 Program of exploration activities across the 10 granted Primary Mining Licenses that make up the Project as announced on 20 January 2023
• The Phase 1 Program is focused on the small-scale shallow copper mining activities
• As announced on 4 April 2023, Geofields is also assisting in the preparation of the initial diamond drilling program, comprising holes to depths of 100 to 150 metres. The program will provide a better understanding of the structural controls to high-grade copper mineralisation and determine the depth extensions of the shallow mineralisation that have been observed
• Discussions with the four short-listed global trading commodity groups are ongoing and sample material from Kinusi has been sent to two testing facilities on their behalf as part of the process to finalise initial offtake terms and conditions and associated advances and prepayment funding terms
• Discussions with community stakeholders are also continuing in regard to implementation of the planned community programs and activities, as well as employment and training initiatives
• These community discussions have been advanced in respect to the proposed revised location of the copper processing plant adjacent to immediate power and water supply and direct road access through to Dar es Salaam, Tanzania

Jason Brewer, Marula Mining PLC CEO, commented:

“We are pleased with the progress that has been made at the Kinusi Copper Project. My site visit last week was, once again, confirmation of the potential that I believe this Project holds. Representatives from offtake groups have also conducted site visits, highlighting their interest in the Project.

“We have been working closely with mineral processing consultants SMP to ensure a smooth and efficient setup for the processing plant. We look forward to receiving the results from the metallurgical testing and process optimisation work. With ongoing exploration work taking place on the ground at Kinusi, and the expected delivery of mining equipment.

“As we continue to implement community-based programs around the Kinusi mine and region at large, we greatly value the collaboration and cooperation of the local community and are looking forward to continued strong relations.

“Our primary objective remains clear as we advance the development of the Kinusi Copper Project: delivering value to our shareholders, partners, and stakeholders. We are dedicated to creating a project that upholds our commitment to sustainable and responsible practices.

“We will continue to provide regular updates as we progress further with the Project. Your ongoing support and interest are invaluable to us, and we look forward to sharing more milestones in the future.”

About the Kinusi Copper Project:

The Kinusi Copper Project is located in the Kinusi area in Mpwapwa District, Dodoma Region of central Tanzania. Takela holds 10 Primary Mining Licences covering approximately 91 hectares, with 8 of the licenses contiguous. The licenses are valid until 30 September 2029 and allow the holder to prospect and mine for copper.

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, 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.

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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.