Marula Mining PLC - Update on Baosteel Resources Agreement

Marula Mining PLC

("Marula'' or the "Company")

9 March 2026    

Update on Baosteel Resources Agreement and Kilifi Plant Operations

Marula Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company is pleased to announce an update on its Agency Framework Contract (the "Agreement") with Baosteel Resources South Africa (Pty) Ltd ("Baosteel") for the purchase and sale of manganese from the Kilifi Manganese Processing Plant (the "Kilifi Plant") located in the Tezo Area, Kilifi County in Kenya.

Baosteel is the wholly owned subsidiary of state-owned China Baowu Steel Group Co., Ltd., ("Baowu"), the world's largest steel producer, and is positioned as an independently operated African regional supply chain company for Baowu.

Under the terms of the Agreement, Baosteel will act as an agent to exclusively sell the Company's manganese ore from the Kilifi Plant.

The Agreement provides for initial deliveries of a minimum of 5,000 tonnes ("t") of manganese ore by 30 April 2026 and a minimum of 120,000t over the 12-month period commencing in May 2026. Deliveries are now to commence with the processed manganese material with grades of between 35% and 40% manganese to be transported to and exported from Mombasa Port. Deliveries under the Agreement will be implemented through individual purchase contracts to be entered into between the parties. As at the date of this announcement, the parties have not yet entered into any purchase contracts pursuant to the Agreement.

Despite major delays in the commencement of these deliveries, as a result of matters outside of the control of the Company, the Agreement remains in effect and valid for the next 5 years, and the Company will now complete the processing, loading and transportation of manganese material to Mombasa Port while Baosteel will handle export and sale logistics on a China Ferroalloy Online index ('CIF')/CFR basis.

The Company will receive a provisional payment of 90% of each monthly shipment upon delivery of manganese material to Mombasa Port, and which is conditional on the performance bond mechanism being in place between the parties. The remaining 10% payment will be paid after final quality and quantity certificates are issued.

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.