Marula Mining PLC - Further re Derdepoort Manganese Project

Marula Mining PLC

("Marula'' or the "Company")

13 February 2026             

Further re Derdepoort Manganese Project

Marula Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company, is pleased to provide further information on the proposed acquisition of the Derdepoort Manganese Project (the "Derdepoort Project" or the "Project"), located in the North West Province, South Africa, following the Company's announcement of the acquisition on 11 February 2026 and the completion of its technical assessment and evaluation.

The Project is situated on the farms Zwartkopfontein 7 KO and Secheli's Oude Stad 6KO, approximately 75 kilometres north of Zeerust in South Africa's North West Province. The Project forms part of the established Gopane-Derdepoort Manganese Field, a region historically known for manganese dioxide mineralisation suitable for chemical and specialist manganese markets.

A 2023 Competent Person's Report ("CPR"), prepared in accordance with the JORC Code (2022) confirmed a substantial, shallow, laterally continuous manganese resource and reserve base suitable for open-pit mining and scalable production.

Mineral Resources and Ore Reserves

The CPR stated proven and probable Ore Reserves of approximately 4.38 million tonnes ("Mt") of manganese ore average grade of 34.78 % Manganese Oxide ("MnO") and additional indicated and inferred resources of 7.32Mt of manganese ore at an average grade of 33.12% MnO, supporting the Company's planned long-term mining operations in excess of 10 years.

Total Mineral Resources for the Project of 11.7 Mt at an average grade of 33.91% MnO are reported

The Mineral Resource estimate is based on 107 boreholes totaling 1,682m, with 93 boreholes used for geological modelling, using Ordinary Kriging and Inverse Distance Squared estimation methods. A geological loss factor of 10% and a specific gravity of 3.2 t/m³ were applied. Ore Reserves were calculated applying modifying factors including mining method, stripping ratio (maximum 2.5:1), mining recovery (95%), and ore dilution (5%).

Geology and Exploration

Manganese mineralisation in the licenced area occurs as shallow-dipping, stratabound reefs hosted within the Polo Ground Member of the Pretoria Group of the Transvaal Supergroup. Mineralisation is laterally extensive, with nine discrete but contiguous mineralised blocks identified across the mining right area, over a prospective strike length of approximately 25 km. The mineralised horizon ranges from 1 to 8 metres ("m") in thickness and is ferruginous and siliceous in character, containing goethite, quartz, various phyllosilicates, and manganese minerals including braunite, pyrolusite, cryptomelane, nsutite, and minor partridgeite.

A Reverse Circulation ("RC") drilling programme undertaken by Kweneng Group (Pty) Ltd in 2018 targeted a total of 39 RC drill holes drilled on the Area 2 totaling 575 m with maximum depth of 30 m. Historical exploration in the region dates back to 1976 to 1977 with trenches, channel sampling, and percussion drilling completed by Rand Mines Limited.

The Project demonstrates significant exploration upside along strike and down dip. Current mining and exploration have focused on less than 20% of the 25 km prospective strike length. There is potential to extend operations down dip to 120 metres and along strike regionally into Botswana, highlighting the district-scale nature of the mineralised system.

Mining and Processing

The deposits are ideally suited for conventional open-pit mining due to their shallow dip. Mining will be conducted selectively with benches of 3m-5m, with progressive development along strike, and concurrent rehabilitation of mined-out areas. A comprehensive grade control programme will include face mapping, blast hole sampling, and ore-waste segregation.

Independent metallurgical testing by the University of Natal and Mintek indicates that the manganese ores can be upgraded to medium-to-high grade products through selective mining, manual sorting, gravity separation, controlled milling, and wet washing.

The Derdepoort Project benefits from 'operation-ready' processing infrastructure, including primary crushing, screening, wet washing, scrubbing, size classification, and product stockpiling and loadout facilities.

The Project has an approved Mining Right NW30/5/2/2/47 covering 912.97 hectares and includes an approved Social Labour Plan, Environmental Impact Assessment and Environmental Management Programme and Water Use License.

Next Steps

Upon completion of the acquisition and commencement of exploration and development activities, the Company intends to undertake a number of activities including:

i)             regional exploration along the 25km prospective strike length;

ii)            drilling to evaluate down dip potential;

iii)           further metallurgical test work to be carried out to optimise plant processing; and

iv)           completion of SAMREC/JORC compliant Definitive Feasibility Study.

The Company believes that, subject to further drilling, mine planning and processing optimisation, there is the potential to increase monthly production rates above those historically achieved.

The Company is in discussions with two parties, including a global commodity trading group and a major steel company, through which it is negotiating aggregate debt funding of US$2.25 million through a prepayment of manganese deliveries. The Company had expected to have completed this by the end of December 2025, however it was delayed in its negotiations. This funding is proposed to cover the costs associated with the acquisition and commencement of mining and processing operations. In the event that this funding is not advanced in a timely manner in accordance with the Term Sheet, the Company will look to both renegotiate the terms and / or not proceed with the acquisition of interest in Tonto Tshipi Minerals SPV.

Jason Brewer, CEO of Marula Mining Plc, said:

"The acquisition of the Derdepoort Project, together with its fully operational and permitted processing plant, represents a strategically important step in consolidating our manganese operations in South Africa alongside the Tonto Tshipi Manganese Mine.

"Securing both the resource base and the associated processing infrastructure significantly reduces development risk and provides an accelerated pathway to scalable production.

"We are now focused on advancing these assets through further exploration, the commencement of mining operations and the completion of additional feasibility work, leveraging the operational experience of our technical teams to deliver long-term value for Marula's shareholders."

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 A2X: MAR) is an African focused battery metals investment and exploration company and has interests in several high value mining operations and mine development projects in Africa: the Blesberg Lithium and Tantalum Mine and Northern Cape Lithium and Tungsten Project, all in South Africa; the Boteti Lithium Brines Project in Botswana; the Larisoro Manganese Mine and Kilifi Manganese Processing Operation both in Kenya; the Kinusi Copper Mine, the Nyorinyori Graphite Project and the NyoriGreen Graphite Project all 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 AQUIS Stock Exchange (AQSE) in London and A2X Markets in South Africa. Marula is exploring opportunities to admit its shares to trading on 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.