Marula Mining PLC - Update on Blesberg Mining Right & Permits

Marula Mining PLC

("Marula'' or the "Company")

  20 March 2024

Mining Right Application Lodged and Accepted

Update on Blesberg Lithium Mine Permits and Approvals

Marula Mining (AQSE: MARU), an African-focused mining and development company, is pleased to confirm that its wholly owned South African subsidiary Southern African Lithium and Tantalum Mining (Pty) Limited's ("SALT") application for a Mining Right for its Blesberg Lithium and Tantalum Mine ("Blesberg" or the "Project") has been accepted by the South African Department of Mineral Resources and Energy ("DMRE").

Approval of the Mining Right, once granted by the DMRE, will allow the Company to proceed with its plans to expand the current stockpile re-processing operations at Blesberg to include the development of a large scale and conventional open pit mining operation.

The Company is further pleased to confirm that additional permits and authorisations have now been issued to SALT and its Blesberg mining operations and these will allow for the planned expansion of operations and the commencement of the conventional open pit drill and blast and load and haul mining operations this year.

Highlights:

·    Application of the Mining Right was submitted in January 2024.

·    SALT was formally notified of the acceptance by the DMRE of the Mining Right Application on 1 March 2024

·    The Mining Right Application covers the full 1,051.45 hectares of the existing prospecting right  

·    Technical data submitted for the 10-year Mining Right included the preliminary exploration data from the Phase I resource drilling completed in Q4 2023, a detailed 10-year mining plan and associated mine production and processing schedules, environmental and water management plans and a social and corporate responsibility plan

·    Additional technical information will be submitted to the DMRE over the coming weeks through to 11 April 2024

·    Additional permits and authorisations have been received from various regulatory and community bodies in respect to the transportation and use of explosives for the planned open pit mining operations, as well as its on-site water use and its management, environmental authorisations and land lease agreements

·    SALT's application for permission for the transportation of explosives to site for open pit blasting purposes in accordance with the Mine Health and Safety Act (Act 29 of 1996) was accepted by the DMRE and this approval will allow for the safe delivery and use of explosives at Blesberg in the foreseeable future

·    In January 2024, SALT submitted its water use application to Department of Water and Sanitation in Upington. Positive site inspections were completed on 7 March 2024 and final technical documentation is now being submitted

·    Additional negotiations are ongoing with local water rights holders and community groups to increase the water supply at Blesberg to support further increase its mining and processing activities and these negotiations are expected to be completed in late Q2 2024

·    On 15 March 2024, SALT lodged an increased environmental rehabilitation provision in accordance with the National Environmental Management Act 1988 and in respect to its ongoing mining and processing activities and previously lodged Mining Permit

·    The Company and SALT continue to work closely with the local communities and municipalities around Blesberg and are pleased to confirm that it secured a surface use lease from the Nama Khoi Local Municipality and is in the process of finalising a long-term lease agreement as part of its broader plans for long-term sustainable mining operations at Blesberg

Jason Brewer, CEO of Marula Mining, commented:

"I continue to be impressed with the hard work of our entire team at Blesberg Mine, in making sure that we are delivering on all aspects of our commitment to responsible and sustainable mining practices and to working in partnership with all stakeholders.

"We are all pleased to see the progress that is being made from a regulatory and permits and approvals perspective, which is essential as we move to establish the long term and significantly larger mining and processing open pit operations at Blesberg.

"As a company we continue to move forward and seek to secure value for all our stakeholders and this can only be achieved through contributing positively to the communities we operate in and in working effectively within the regulatory framework of South Africa's world class mining sector."

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; 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.