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Marula Mining PLC - Issue of New Graphite Licenses & Issue of Equity

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Marula Mining PLC · MARU

23/04/2024 07:00

Marula Mining PLC - Issue of New Graphite Licenses & Issue of Equity
RNS Number : 5922L
Marula Mining PLC
23 April 2024


Marula Mining PLC

("Marula'' or the "Company")


 23 April 2024


Issue of New Graphite Mining Licenses and Issue of Equity


Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to announce that, further to the announcement on 12 March 2024, the eight new Mining License Applications made by NyoriGreen Mining Limited ("NML" or "NyoriGreen Mining") have been granted (the "New Licenses"). The granting of the Prospecting License that was also applied for, remains outstanding and is still expected to be issued in Q2 2024.

These New Licenses are valid for a period of seven years, effective from 19 April 2024 and are being incorporated into the now expanded Nyorinyori Graphite Project ("Nyorinyori") and the NyoriGreen Graphite Project ("NyoriGreen") (together the "Projects") under the existing commercial and technical services agreements, through which Marula has secured its 75% commercial interest through the funding of exploration, mining and development activities.

The granting of the New Licenses increases the total number of graphite mining licenses that now make up the Projects from 27 to 35. Assay results announced on 10 April 2024 confirmed high-grade graphite mineralisation of up to 15.89% Total Graphitic Carbon ("TGC"), and other key assays of the graphite mineralisation exposed at surface including 14.17%, 13.92%, 12.14% and 11.82%.

Upfront consideration of US$25,000 per license is being made to NML for these New Licenses, which, consistent with the commercial terms as announced on 15 January 2024, will be satisfied through the issue, in aggregate, of 1,050,000 new ordinary shares in the Company at a price of 13.5 pence per new ordinary share ("Consideration Shares") to NML.


·    The eight New Licenses are valid for seven years, effective from 19 April 2024 and increases the total number of graphite mining licenses that make up the Projects from 27 to 35

·    The New Licenses adjoin the existing Nyorinyori and NyoriGreen Graphite Projects and are considered by the Company's management to be strategically important as they will increase the footprint in an area considered to be prospective for high grade and large flake graphite mineralisation

·    The eight New Licenses extend over an area of approx. 67 hectares and now combined to the 27 existing Mining Licenses, increase the total area at the Projects to approx. 337 hectares

·    The New Licenses will be included in the Phase 2 Program of exploration activities which will include a diamond drilling program over the surface-identified high-grade graphite mineralised zones, geophysical survey work, additional trenching programs, detailed economic analyses, preliminary mine and process plant design work


Jason Brewer, Marula Mining PLC CEO said:

"We are delighted to announce that NyoriGreen has been awarded eight mining licenses, marking another significant milestone for us in our focus on high-grade graphite projects in Tanzania.

"With a total of 35 graphite mining licenses at the Projects, we are well-positioned to concentrate our exploration efforts in the area and target potential high-grade graphite mineralisation.

"The assay results have already indicated the area's potential for high-grade graphite mineralisation. Therefore, by expanding our license area we are poised to consolidate exploration activities in the target region.

"I look forward to the opportunity to provide shareholders with further updates on our progress in due course."


Application has been made for the 1,050,000 Consideration Shares to be admitted to trading on the Aquis Stock Exchange Growth Market on or around 29 April 2024 ("Admission") and will rank pari passu with the ordinary shares of the Company in issue.

Total voting rights

Following Admission, the Company's issued share capital will comprise 177,915,665 ordinary shares of 0.01p each, with each share carrying the right to one vote, therefore the total number of voting rights in the Company will be 177,915,665. This figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in the Company, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.


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, the Nkombwa Hill Project in Zambia and the Larisoro Manganese Mine located in Kenya. 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.

For enquiries contact:


Marula Mining PLC

Jason Brewer,

Chief Executive Officer


Faith Kinyanjui Mumbi

Investor Relations



Email :


Email :



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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.

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