Marula Mining Plc - Update on Resource Drilling Exploration and Mining Program for the Blesberg

Marula Mining PLC

 ("Marula'' or the "Company")

4 October 2023

Update on Resource Drilling Exploration and Mining Program

for the Blesberg Lithium and Tantalum Mine

Marula Mining (AQSE: MARU) an African focused mining and development company, announces that the Phase 1 drilling program at the Blesberg Lithium and Tantalum Mine in South Africa ("Blesberg" or the "Project") is over 90% complete, with 19 holes now completed in the Phase 1 drilling program, and the Phase 2 drilling program having already commenced ahead of schedule.

Highlights:

• The approx. ZAR25 million (US$1.35M) resource drilling and mine planning program is proceeding well and ahead of schedule
• The Phase 1 drilling program has been increased with an additional diamond drill hole to be completed as part of Company's plans to define a maiden JORC Code 2012 compliant Mineral Resource Estimate to support an initial hard rock open pit mining plan for Blesberg
• As at 27 September 2023, PDS Africa Pty Limited ("PDS Drilling"), who were appointed as the drilling contractor in August 2023,  had completed over 90% of holes drilled in the Phase 1 drilling program, with 19 holes of the expanded 21 hole Phase 1 drilling program completed for a total of 1,026.37m
• Daily drilling rates of 29.87m are ahead of the budgeted daily drilling rates of 28.00m
• Phase 1 drilling to be completed ahead of schedule at the end of this week
• Drilling of the Phase 2 drilling program has commenced with the first diamond drill hole completed ahead of schedule
• The Phase 2 drilling program has been increased with an additional 2 diamond drill holes to be completed in the now 20-hole drilling program
• Core logging, cutting and sampling of the diamond drill core commenced on schedule in the last week of September 2023 following completion of construction of the on-site core shed
• As at 27 September 2023, logging of 6 diamond boreholes had been completed and samples from the drill core of 2 of the Phase 1 drill holes had been taken
• Samples are to be submitted to ALS Laboratories in South Africa for assay and analyses
• Sampling of the balance of the Phase 1 drill cores are to be completed on site at Blesberg this week with the samples to be sent to ALS Laboratories for analyses
• First assay results from the Phase 1 drilling program are on track to be received in the second half of October 2023
• The multi-spectral satellite imaging analyses has commenced and extends over the existing Blesberg area and over the recently acquired Korridor Project license area of an additional 912.65km2
• The multi-spectral satellite imaging analyses remains on schedule to be completed by the end of 2023
• The airborne geophysics program, which is to be undertaken by SkyTEM Africa Pty Limited and will comprise a survey size of 539-line kilometres with a line spacing of 100m, is scheduled to commence in October 2023 and is on schedule to be completed later in Q4 2023 and extend over both Blesberg and part of the Korridor Project license area

Jason Brewer, Marula Mining PLC CEO said:

"The resource drilling and mining works program at the Blesberg Lithium and Tantalum Mine is proceeding well and it is pleasing to be able to report that Phase 1 is now almost complete and the second phase of drilling has already commenced, both ahead of schedule.

"The Company's management and exploration team in South Africa and our drilling contractors PDS Drilling are ahead of schedule in all key areas in what is the Company's first drilling program at its battery metals portfolio of projects in South Africa.

"The resource drilling program has been expanded to 41 holes and targeting the release of a maiden JORC Code 2012 compliant Mineral Resource Estimate. With logging, core cutting and sampling underway and samples to be delivered to ALS in South Africa for assays and analyses, we remain on schedule.

"Another positive is the commencement of the multi-spectral satellite imaging work across Blesberg and also over Korridor, which we are also pleased to have secured. The airborne geophysics work will also start over both Blesberg and Korridor.

"I look forward to updating shareholders on the continued progress of the resource drilling and mining works programs at Blesberg and on the assay results from the drilling which we expect to receive later this month."

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

Review of Announcement by Qualified Person

This announcement has been reviewed by Mr Jacques Perold (PrSciNat, MGSSA, MIQ MSc(Eng), MSc(ESPM), NDSURMA, Datametrics), who is engaged by Marula Mining plc as its professional consulting geologist. 

Mr Jacques Perold is a professional geologist with 37 years of experience in the field and extensive knowledge of all aspects of mineral resource management.

 Mr Jacques Perold is Member of the Geological Society of South Africa (No. 965505) and a registered scientist of the South African Council for Natural Scientific Professions (Reg No. 400171/05) in terms of section 20(3) of the Natural Scientific Professions Act, 2002 (Act 27 of 2003) in the field of Geological Science (Professional Natural Scientist).

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 the London Stock Exchange plc's Standard List or AIM Market, Kenya's Nairobi Securities Exchange and South Africa's Johannesburg Stock 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.