Operational and Commodity Sales Update

Marula Mining PLC

("Marula Mining'' or the "Company")

10 June 2026

Operational and Commodity Sales Update

Marula Mining PLC (AQSE: MARU | A2X: MAR), an African focused mining and development company, is pleased to provide an operational update across its portfolio of projects.

While logistical and preparation timelines have shifted the first sales of copper and manganese ores which were previously expected to occur in May 2026, now expected to commence in June 2026, the Company has made further operational progress. The Directors remain confident of the Company seeking to enter a period of sustained production and commercial scaling.

Kinusi Copper Mine

Further to the announcement on 25 March 2026, delivery and sale of copper production from Kinusi to Traxys Europe SA ("Traxys") are expected by the Company's Executive Management to commence in late June / early July 2026. This adjustment follows a period of infrastructure upgrades, asset deployment on-site, annual licence fee payments and work commencing on the proposed submission of a new Environmental Impact Assessment ("EIA") application.

Infrastructure Upgrades: Progress has been made on the installation of the new crushing and screening circuit, alongside the refurbishment and servicing of on-site mining equipment, which, further to the announcement of 10 September 2025, was delivered to site in Q1 and Q2 2026.

Site Enhancements: Upgrades to the primary processing plant area and administrative offices are now well advanced and will support the Company's long-term production plans for the Kinusi Copper Mine.

Tanzanian based environmental consultants have also been appointed to complete an updated EIA as part of the Company's two-phased production and processing plans at the Kinusi Copper Mine.

Partner Site Visit: Traxys recently completed a site visit to the Kinusi Copper Mine during which representatives inspected the core mining licence areas.

The site visit was completed ahead of the planned commencement of export sales.

Meetings with representatives of Traxys Africa in Johannesburg are scheduled to take place later this week to finalise the schedule for the delivery under the exclusive offtake rights secured by Traxys over the Kinusi Copper Mine's copper production until December 2029, which also includes an option to extend for a further two years.

Looking Ahead: Following the commencement of sales to Traxys under the Exclusive Offtake Agreement, the Company intends to launch its Phase 2 resource definition drilling campaign in parallel with an expanded mining and processing footprint, progressing toward the implementation and regulatory approval stages for the proposed Phase 2 copper heap leach and SXEW facilities to produce a high-value copper cathode.

The Board is encouraged by the work delivered by the Takela Mining Tanzania Limited team and remains confident in the project's commercial trajectory.

Kilifi Manganese Processing Plant Operations

Further to the announcement of 17 February 2026, the Company's wholly owned subsidiary Muchai Mining Kenya Limited elected to postpone the purchase order for an initial trial shipment of 500 tonnes of processed manganese ore with Jindal Pelletising LLC.

The decision to postpone this order was a result of the commencement of conflict in the Middle East, where the manganese ore was scheduled to be delivered and the associated issues with shipping logistics and costs. The Company will await for the conflict to end in the Middle East before committing to any deliveries to Jindal Pelletising LLC.

Further to the announcement of 9 March 2026, the Company expects to commence high-grade manganese sales later this month under the existing Agency Framework Contract with Baosteel Resources South Africa (Pty) Ltd ("Baosteel").

Stockpiled processed manganese at the Kilifi Manganese Processing Operations have been assayed independently in Nairobi and have averaged over 47% manganese. These assay results are in excess of the 36.5% manganese required under the Agency Framework Contract and have the potential to provide enhanced economic returns to the Company.

Further samples of the stockpiled processed manganese have been taken and submitted for analyses and the assay results are expected to be received in due course. The assay results of these samples will be announced once received.

Meetings with representatives of Baosteel in Johannesburg are scheduled for later this week to progress the initial purchase order and shipping arrangements under the Agency Framework Contract.

It is proposed that following this meeting and on conclusion of purchase orders, the loading of the high-grade manganese material at the Kilifi Manganese Processing Operations will commence and then for it to be transported to and exported from Mombasa Port under contract. 

Regulatory and Administrative Review: The Company's Executive Management team at the Kilifi Manganese Processing Operations has completed an administrative review over the past month to help ensure that its current operations, and in particular its future expansion plans, including the value-addition collaboration with Jomo Kenyatta University of Agriculture and Technology ("JKUAT"), remain aligned with applicable regulatory frameworks.

Looking Ahead: Following the commencement of sales, the Company intends to expand it mining and processing operations at the Kilifi Manganese Processing Operations and surrounding areas.

Additionally, as announced on 1 May 2026, the Company will be advancing its work with JKUAT under a five-year collaborative research and academic agreement where work has already commenced on the production of High Purity Manganese Sulphate Monohydrate.

Tonto Tshipi and Derdepoort Manganese Mines

Further to the announcement on 11 February 2026, the Board believe that following significant work undertaken by the Company's Chief Operating Officer in South Africa over the past months, mining and processing operations at the Tonto Tshipi and Derdepoort Manganese Mines can now recommence. Commencement of operations has been dependent on the Company having sufficient working capital to meet its obligations under the binding term sheet announced on 11 February 2026. The majority of this, approximately 80%, is available under undrawn and unrestricted debt facilities and the balance is intended to be advanced from the Company's potential future forecast operating cashflow,

Final mine planning and administrative matters are being undertaken now and once completed the Company will make a further announcement confirming amongst other things the recommencement of open pit mining and manganese ore processing. 

Completion of Due Diligence: The Company can confirm that it has completed its legal, technical and financial due diligence on both the Tonto Tshipi and Derdepoort Manganese Mines.

The Company intends to finalise all necessary formal documentation and advance all necessary funding to satisfy its obligations under the previously agreed binding term sheets entered into with South African company Infirnity Resource Group (Pty) Limited.

Stakeholder Alignment: Groundwork has been completed alongside existing shareholders at the Tonto Tshipi and Derdepoort Manganese Mines, whereby local community leaders as well as the Department of Mineral Resources and Energy have helped establish a clear regulatory and social path for a smooth operational restart.

As one of the largest mining and processing operations in the region, the restart of operations are expected to have a major economic impact on the surrounding communities and in the creation of employment and support services opportunities.

Offtake Group Verification: During the current quarter, independent inspections and sampling of stockpiles and in situ manganese material was completed on behalf of a major global commodities group. This was subsequently followed by a further site visit by a senior and South African based  representative of the major global commodities group.

The Company can confirm that negotiations have commenced in respect to finalisation of a long-term manganese offtake agreement and meetings in Johannesburg are scheduled for later this week to advance this.

Looking Ahead: The Company's acquisition of interests in the Tonto Tshipi and Derdepoort Manganese Mines, demonstrates a strengthening of the Company's portfolio of advanced critical minerals projects. The Tonto Tshipi and Derdepoort Manganese Mines, both have defined reserves and resources, mining rights in place, operational permits in place and established and operation ready plant and equipment.  The acquisitions were further supported by several independent technical reports that were available as part of the Company's Executive Management team due diligence review work.

The Board believes that both the Tonto Tshipi and Derdepoort Manganese Mines have the potential to contribute significant shareholder value as these operations are brought back into production.

Further information, including certain images relating to the matters referred to in this announcement, may be made available by the Company through its website and social media channels, where appropriate.

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

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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 critical mineral mining operations and mine development and exploration projects in East and Southern Africa. As we advance operations at these battery metals focused projects, Marula Mining will continue to build and expand its interests in other high-quality projects in Africa.

Marula Mining's strategy is to identify and invest in advanced and high-value mining projects throughout East, and Southern Africa that the Directors believe would deliver returns for its shareholders. The Board and management team aims to establish Marula Mining 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 Mining's shares are traded on AQUIS Stock Exchange ("AQSE") in London and A2X Markets in South Africa.

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.