Update on Offtake Agreement for Kinusi

Marula Mining PLC

("Marula'' or the "Company")

26 June 2025     

Update on Long-Term Copper Offtake Agreement Negotiations for the Kinusi Copper Mine

Marula Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company, is pleased to provide an update in respect to its proposed long-term offtake agreement for the planned production of copper concentrates from the initial Phase 1 gravity concentrate, coarse jigging and fines dewatering circuit, the production of copper cathodes from the Phase 2 heap leach circuit, and copper solvent extraction as well as the electrowinning refining process at the Kinusi Copper Mine in Tanzania ("Kinusi" or the "Project").

Following site visits in Q1 2025 to Kinusi, and as part of planned 1,000 tonnes ("t") trial shipments previously announced, copper ore samples were selected by a Swiss-based global commodity trading group for independent analyses in Europe as part of their own due diligence process. These samples were despatched by the Swiss  group and by their logistics consultants, to their selected internationally accredited laboratory in the United Kingdom for analyses. The results confirmed the high-grade nature of the copper ore with a reported copper grade in excess of 26% copper. The results also indicated the presence of precious metals and confirmed that there were no concentrations of penalty or harmful elements. The independent third-party assay results were consistent with other assay results reported by the Company and observed by the Company's Board, Executive Management and Independent Consultants that have visited Kinusi.

Since receipt of the assay results the Company, on behalf of the mine owner and operator Takela Mining Tanzania Limited ("Takela"), has been negotiating the terms and conditions of an initial 3-year offtake agreement for 100% of the planned production of between 1,000t and 2,000t per month of copper concentrates and 1,000t per month of copper cathode with this group.

Subject to finalisation of customary Know Your Customer by this group, delivery of an initial 500t shipment of copper concentrates of between 20% to 30% copper grade by Takela is expected to be completed by 31 July 2025. The commercial terms of this shipment have been agreed and Takela is on track to make this delivery, with material stockpiled and bagged at Kinusi.

Delivery of a further 500t shipment of copper concentrates to another Swiss based global commodity trading group, is also expected to be completed by Takela by 31 July 2025.  A pre-shipment inspection and third-party assay analyses of this material will be completed ahead of transportation of this 500t shipment to the designated warehouse in Dar es Salaam. 

The commercial terms of both of these proposed sales are consistent with those previously advised by the Company, with a sales price of between 76% to 82% of the full copper content at the official LME Grade A Settlement Copper Quotation price as published and averaged over the delivery period. An advance payment of 90% is to be paid upon delivery to the designated warehouse and various standard product checks to be completed by an independent third party. The remaining 10% will be paid upon final weights and assay analysis.

Upon successful completion of these shipments, the Company will aim to finalise a long-term offtake agreement in August 2025, with either party, for the sale and purchase of 100% of future copper concentrate and copper cathode production from Kinusi.

Takela has advised that in addition to the planned high-grade copper concentrate sales, it has been negotiating the sale of a lower grade copper ore product to local buyers. To date Takela has not been satisfied with the terms and conditions of these planned low-grade sales and has now advised that this lower grade material will be stockpiled, on site, ahead of its planned processing through the proposed Phase 2 heap leach circuit, copper solvent extraction and the electrowinning refining process at Kinusi.

Samples of this low-grade material were despatched earlier this month to the Company's metallurgical consultants in South Africa for assay and metallurgical testing as part of ongoing optimisation of the proposed Phase 2 heap leach circuit, copper solvent extraction and the electrowinning refining process.

Results from this ongoing optimisation work and final metallurgical test work are to be released in due course. To date, and as previously announced by the Company, the results from the hydrometallurgy chemistry test work, copper leach kinetic tests, heap leaching polymer screening and column tests have been very positive, with these initial results indicating that the metallurgical performance of the sampled material has exceeded expectations, with leach rates, recoveries and other key metallurgical test work criteria outperforming industry accepted levels of good performance.

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.