Marula Mining PLC - Kilifi Manganese Plant: Beneficiation Results

Marula Mining PLC

("Marula'' or the "Company")

17 March 2026

Kilifi Manganese Plant: Beneficiation Results

Marula Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company, is announces the results of wash plant test work and recent manganese assay work undertaken at the Kilifi Manganese Processing Plant (the "Kilifi Plant") located in the Tezo Area, Kilifi County in Kenya.

The programme was conducted from samples taken from selected identified ore sources within the Kilifi region by the Company, beneficiation test work completed  in Nairobi and assay results then received from the accredited laboratories of Kenya's Ministry of Mining, Blue Economy and Maritime Affairs.

The assay results received indicate the potential of significant manganese ("Mn") grade uplift from the processing of run-of-mine manganese ores across selected and sampled manganese ore sources.

The programme was designed to assess the beneficiation response of run-of-mine material from four identified areas in the Kilifi area, and to prioritise feedstock and ore supplies to the Kilifi Processing Plant as part of ongoing production optimisation.

Wash Plant Test Results are as follows:

Area 1 - 'chips'

•             Assayed run-of-mine grade: 26.900% Mn

•             Assayed washed / processed grade: 56.619% Mn

•             Grade uplift: +110.4%

Washing and processing of this material more than doubled the manganese grade, indicating significant removal of clay and other deleterious material. Area 1 is identified as the highest-performing feed source for the Company's Kilifi Plant.

Area 2 - 'chips'

•             Assayed run-of-mine grade: 29.891%.

•             Assayed washed / processed grade: 37.605%.

•             Grade uplift: +25.8%.

Results demonstrate a strong beneficiation response and an improvement into higher-grade specification material, supports further evaluation of processing ore from this area through the wash plant.

Area 3 - 'fines'

•             Assayed run-of-mine grade: 33.893%.

•             Assayed washed / processed grade: 32.726%.

•             Grade change: −3.4%.

No material change was seen with the fines material processed, which suggests the manganese is already sufficiently liberated and no benefit is obtained through the processing of this run-of-mine ore.

Area 4 - 'chips / coarse fraction assumed'

•             Assayed run-of-mine grade: 20.309%.

•             Assayed washed / processed grade: 32.726%.

•             Implied uplift: +61.1%.

These results indicate materially stronger beneficiation performance in coarse fractions relative to fines.

Operational Implications

The combined results support several key operational and strategic conclusions:

•             Significant grade enhancement potential at Area 1 recorded across all material types tested;

•             Consistent commercial attractive beneficiation performance at Area 2;

•             Limited economic justification for the processing fines material at Area 3; and

•             Clear differentiation in beneficiation response between coarse and fine material.

The Company is prioritising the run-of-mine feed to the Kilifi Plant from higher-response zones and coarse material streams in order to optimise grade, improve realised pricing potential and enhance overall project economics.

These results are based on sampling and laboratory analysis of representative run-of-mine material from the four selected areas.

Further test work and assaying of run-of-mine and processed and washed manganese material will continue as part of the steady state operating procedures of the Kilifi Plant.

The Company will provide further updates  on the Kilifi Plant operations in due course.

Jason Brewer, CEO of Marula Mining Plc, said:

"These results from Kilifi demonstrate the potential of our beneficiation strategy. Achieving such grade uplifts indicates the effectiveness of the Kilifi Plant.

"These results, from certain material, demonstrate the potential ability of the Kilifi Plant to surpass the minimum manganese grade specifications under the existing agency framework contract with Baosteel Resources South Africa and other potential new manganese offtake arrangements that the Company is now progressing, including the recently announced proposed trial shipments to  Jindal Pelletising LLC, a subsidiary of Jindal Steel Limited ("Jindal Steel"), one of India's foremost integrated steel producers.

"I look forward to providing further updates on our operating activities at the Kilifi Plant."

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.

ENDS

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, Northern Cape Lithium and Tungsten Project and the  Tonto Tshipi Manganese Mine, 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.