Marula Mining PLC - Long-Term Offtake Agreement Signed for Blesberg

Marula Mining PLC

("Marula'' or the "Company")

 19 March 2024

Long-Term Offtake Agreement Signed for Blesberg Lithium and Tantalum Mine

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to confirm that its wholly owned South African subsidiary South African Lithium and Tantalum Mining (Pty) Limited ("SALT") has signed a long-term offtake agreement (the "Agreement") with United Kingdom based, global metals, minerals and energy commodities trading group Fujax UK Ltd ("Fujax") for spodumene ore and concentrate from the Blesberg Lithium and Tantalum Mine located in the Northern Cape Province in the Republic of South Africa ("Blesberg" or the "Project").

The agreement is based on the sale and purchase of 100% of Blesberg's production of spodumene ore and concentrate to Fujax through to 31 December 2026, with a minimum of 50,000 tonnes ("t") at a grade of 6.00% lithium ("Li₂O") (minimum 5.50% Li₂O) to be delivered during this period and with an option to extend by a further three years thereafter.

Highlights:

·    Long-term offtake agreement entered into for the sale and purchase of 100% of the production of spodumene ore and concentrates from Blesberg

·    First sales to United Kingdom based Fujax to commence in May 2024

·    Sales to continue on a monthly basis to Fujax through to 31 December 2026, with an option for Fujax to extend by a further three years to 31 December 2029

·    Minimum volume of 50,000 t of spodumene ore and concentrate at a minimum grade of 5.50% Li₂O is to be made over the period to 31 December 2026

·    No maximum limits have been set on additional deliveries of spodumene ore and concentrate over this period from Blesberg to Fujax

·    Sales price referenced to the benchmark Shanghai Metal Markets "Spodumene Concentrate Index (CIF China) US$/t Price" net of agreed transportation and sampling costs and standard commissions costs and charges

·    80% of monthly sales value to be paid on delivery of material to Fujax's nominated warehouse in Cape Town and the balance to be paid on receipt of final certificates of quality and weight at the final discharge port

·    Fujax is an established and experienced global mineral and energy trading company and sources, mines, finances, trades, markets, contractually manages, and transports metals and minerals throughout Africa, Asia and Europe

·    Fujax, headquartered in the United Kingdom was established in 2013, and through its offices in the United Kingdom, Switzerland, Hong Kong, South Africa, Zambia and Kenya supplies a broad global customer base with responsibly sourced commodities from a diverse range of countries across the entire commodity supply chain

Jason Brewer, Marula Mining PLC CEO said:

"I am very pleased to have signed this long-term offtake agreement with UK-based Fujax for 100% of our planned spodumene ore and concentrate production from our Blesberg Lithium and Tantalum Mine.

"This partnership allows us to move ahead at Blesberg with our longer term and larger scale plans, knowing we have the support of the Fujax's global team of metals and minerals trading logistics, storage, risk management and financing professionals.

"Over the past several months we have had multiple meetings and discussions with the management team at Fujax in Nairobi, London and Cape Town, in relation to the sales and marketing arrangements for the Blesberg Lithium and Tantalum Mine in addition to production from our other planned operations in East Africa. I am excited that we have concluded this offtake agreement on the sale and purchase of the spodumene ore and other lithium products for a period of up to almost six years with them.

"I'd like to thank the team at Fujax and our team at Blesberg and I believe that with this agreement in place, we have the partners that can help strengthen our position in Africa and in the global lithium market, as a long-term and sustainable producer of high value lithium ores."

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; the Blesberg Lithium and Tantalum Mine and Korridor Lithium Project in South Africa, the Kinusi Copper Mine, the Nyorinyori Graphite Project, the NyoriGreen Graphite Project and the Bagamoyo Graphite Project all in Tanzania and the Nkombwa Hill Project in Zambia. 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, 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.