Marula Mining Plc - Update on Zimbabwe Activities

Marula Mining PLC

 (“Marula’’ or the “Company”)

25 May 2023

Update on Zimbabwe Activities

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to provide an update on recent operating activities in Zimbabwe where through its 80% owned Zimbabwean operating subsidiary, Muchai Mining (Pvt) Limited (“Muchai Mining Zimbabwe”), the Company is focused on securing near-term and advanced lithium and copper mining and development opportunities in the country’s highly attractive battery metals sector.

Highlights:

• The Company’s senior executive management team have recently completed a visit to Zimbabwe to visit producing and advanced projects in the country
• Appointment of Mr William Thompson as the Company’s Country Manager, who is based in Harare and will oversee and manage all future in-country activities of Muchai Mining Zimbabwe
• Evaluation work and due diligence reviews continue on potential acquisition targets and joint venture opportunities
• On-site inspections are currently taking place at multiple active mining and exploration sites where lithium ores are being actively mined and stockpiled
• Sampling programs have commenced as part of the Company’s due diligence work on a number of sites
• The Company continues to review opportunities to broaden its operational scope in Southern Africa in the lithium and copper sectors and expand its footprint in the battery metals market in Africa

Jason Brewer, Marula Mining PLC CEO, said:

“It is great to see the Muchai Mining Zimbabwe team advancing the Company’s strategy and progressing our plans to secure high-value lithium and copper assets. The ongoing discussions demonstrate our commitment to expanding our project interests in the region and we are excited about the immediate and long-term potential that Zimbabwe offers Marula in its fast developing and highly attractive lithium sector in particular.

“The opportunity to actively participate in Zimbabwe’s lithium sector is one the Company is very keen to progress, to create value for all stakeholders. It is pleasing to see how the international mining community and investors are looking at Zimbabwe’s lithium sector and making significant investment in new mine development.

“Marula Mining remains dedicated to its strategic growth objectives and continues to seek possibilities for value creation for the Company, its partners, and stakeholders. I look forward to updating on our progress in Zimbabwe in due course.”

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 identified 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 reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.