Landmark Agency Framework Contract for Manganese

Marula Mining PLC

("Marula'' or the "Company")

4 March 2025

Landmark Agency Framework Contract for the Purchase and Sale of Kilifi Manganese Product

Marula Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company, is pleased to announce that its wholly owned subsidiary Muchai Mining Kenya Limited ("MMK"), has signed an agency framework contract (the "Contract") for the purchase and sale of manganese product from the Kilifi Manganese Processing Plant (the "Kilifi Plant") located in the Tezo Area, Kilifi County in Kenya.

MMK has entered into the Contract with Baosteel Resources South Africa (Pty) Ltd ("Baosteel Resources"), a wholly owned subsidiary of state-owned China Baowu Steel Group Co., Ltd., ("Baowu"), the world's largest steel producer.

Baowu is ranked by Fortune as one of the top 50 largest companies in the world and in 2024 reported total assets of US$192 billion, revenue of US$157 billion and profits of US$2.5 billion. Through its operating subsidiaries, it is also currently China's largest iron ore producer, and also a major shareholder in the Simandou Iron Ore Project in Guinea, the world's largest iron ore project, with an estimated investment of US$20 billion planned to develop that operation. Its international subsidiaries are responsible for all the overseas procurement and trade of Baowu's steel raw materials, overseas mine investment, domestic mine management, and logistics transportation.

Baosteel Resources is positioned as an independently operated African regional supply chain company for China Baowu and is mainly engaged in the trading of mineral resources such as iron ore, coal, chrome ore, manganese ore, nickel ore, copper concentrate, zinc concentrate, bauxite, and lithium ore.

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

Highlights:

·    The Contract commenced on 1 March 2025

·    The Contract term is for an initial period of 60 months (5 years)

·    Initial delivery of a minimum 5,000 tonnes of manganese ore of grades between 35% and 40% manganese ("Mn") and which are required to be delivered by 30 April 2025

·    From May 2025, MMK will deliver a minimum of 10,000 tonnes per month for twelve months.

·    In April 2026, monthly deliveries will increase to 15,000 wet metric tons ±5%

·    From May 2026, for a period of twelve months, MMK will deliver 20,000 wet metric tons ±5% a month, for twelve months

·    For the duration of the Contract, each monthly delivery shall be subject to a separate sale and purchase contract

·    MMK will complete mining, loading process and transportation to the designated handover destination while Baosteel Resources will handle export and sales logistics on a China Ferroalloy Online index ('CIF')/CFR basis

·    Pricing will be based on CIF China rates with provisional and final settlement mechanisms, incorporating product quality, moisture, grade adjustments, and market-based revisions including standard agency fees and costs

·    A contractual performance bond mechanism representing a percentage of manganese under the Agreement and provided by the Company, ensures secure transactions, with adjustments in case of price fluctuations

·    Under the terms of the Contract, a provisional payment of 90% of each monthly shipment will be made to MMK upon delivery to the handover destination, 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.

Jason Brewer, CEO of Marula Mining, said:

"This is a landmark agreement for Marula and the Kilifi Manganese Processing Plant.

"It marks a significant milestone for the Company as we look to establish broad and long-term international partnerships, expand our mining and processing operations and enhance our profile with key industry players.

"We continue to work with key stakeholders here in Kenya and overseas to continue developing and growing Marula's battery and critical metals portfolio to production and with sales targeting the international markets.

"We are excited at the opportunities this relationship with Baosteel Resource provides and I believe it will strengthen our position in the manganese and other key sectors such as lithium and copper too."

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, Northern Cape Lithium and Tungsten Project and Kruisrivier Cobalt Mine, all in South Africa; 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.