Marula Mining PLC

("Marula'' or the "Company")

 10 April 2024

Assay Results Confirm High-Grade and Broad Graphite Mineralisation at Surface at the Nyorinyori and NyoriGreen Graphite Projects in Tanzania

Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to provide an update on the Phase 1 Program of exploration activities at the Nyorinyori Graphite Project ("Nyorinyori") and the NyoriGreen Graphite Project ("NyoriGreen") (together the "Projects") in Tanzania following receipt and analyses of the assay results from the major sampling program completed in December 2023.

Assays have returned significant results across the Projects, with analyses of the 122 samples taken reporting an average of 8.85% Total Graphitic Carbon ("TGC"), with the highest recording 15.89% TGC and some of the other key assays of the graphite mineralisation exposed at surface including 14.17%, 13.92%, 12.14%, 11.82%, 11.38%, 11.37%, 11.26% and 11.22% TGC.

Sampling across the width of the exposed mineralisation at surface also included:

·    60 metres ("m") at 9.39% TGC and including 24m at 11.15% TGC

·    78m at 8.57% TGC and including 12m at 10.18% TGC

·    107m at 9.24% TGC and including 16m at 10.49% TGC

·    65m at 9.39% TGC and including 16m at 11.02% TGC

The assay results suggest the presence of a strong and graphite mineralised system that has the potential to support a medium-sized mining operation. The Projects have exposed graphite mineralisation extending for over 1.20 kilometres ("km") in strike length - over the previously identified approx. 3km of strike length - and which remains open and has been mapped with widths of up to 120m and where field observations have also indicated that the graphite mineralisation is characterised by large graphite flakes.

The Company's independent geological consultants, Geofields Tanzania Limited ("Geofields"), has confirmed that the quality assurance and quality control protocols implemented in the sampling program at the Projects are consistent with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012).

Highlights

·    A total of 122 samples, excluding reference material samples, were collected and prepared by Geofields and sent for laboratory analyses at SGS testing facilities in Tanzania as part of the Phase 1 Program of exploration activities at the Projects

·    Samples were taken from the graphite mineralisation which is observed within graphitic gneiss and occurs as widespread outcrops across the Projects areas

·    Assays returned significant results with the average grade of the 122 samples being 8.85% TGC and the highest assay result being 15.89% TGC

·    High-grade assays included 15.89%, 14.17%, 13.92%, 12.14%, 11.82%, 11.38%, 11.37%, 11.26% and 11.22% TGC

·    Mapping of the exposed graphite mineralisation has confirmed that it extends for a combined strike length of approx. 1.2km and is interpreted to remain open along strike

·    The surface graphite mineralisation has also been mapped to have widths of up to 120m

·    A systematic sampling program was conducted across widths ranging from 50m to 100m of the surface graphite mineralisation, with rock samples from these broad mineralised zones collected at intervals of five metres to 10m depending on the extent of graphite mineralisation

·    The major assay results from this, including the estimated mineralised widths and grades:

·    60m at 9.39% TGC and including 24m at 11.15% TGC

·    78m at 8.57% TGC and including 12m at 10.18% TGC

·    107m at 9.24% TGC and including 16m at 10.49% TGC

·    65m at 9.39% TGC and including 16m at 11.02% TGC

·    The assay results from the sampling program have confirmed high-grade graphite mineralisation across the Projects and which is interpreted to extend further under cover

·    Field observations have also indicated that the graphitic gneiss is also characterised by large graphite flakes

·    Geofields has confirmed the graphite mineralisation at the Projects is open-ended along strike and the area warrants its potential for a medium-scale graphite mining operation, with considerable tonnage upside based on their recent visual observations

·    A comprehensive geological database incorporating all the mapping and assay results from the Phase 1 Program at the Projects has now been prepared by Geofields and is being used by the Company's Board and management team to finalise the planned Phase 2 Program of activities

·    Geofields has made a number of recommendations for the Phase 2 Program of exploration activities which include:

·    A diamond drilling program over the surface-identified high-grade graphite mineralised zones to evaluate the down-depth potential of the Projects

·    Geophysical survey work and particularly an electromagnetic survey over areas where the interpreted graphite mineralisation is covered by soils and calcrete

·    A trenching program to further assist in defining surface width and strike continuity of the possibly covered graphitic mineralised zones

·    The Phase 2 Program of work will also comprise detailed economic analyses, preliminary mine design study work and initial processing and plant optimisation work

·    The receipt of these assay results supports the Company's strategy in consolidating its position at the Projects, where over 2023 and 2024, its local partners Takela Mining Tanzania Limited and NyoriGreen Mining Limited have increased the number of granted mining licenses from 10 to 27, and with a further eight mining license applications and a larger prospecting license application

Jason Brewer, Marula Mining PLC CEO said:

"The assay results have returned significant high grades graphite results which indicate the presence of a strong and potential graphite mineralised system that can support our existing strategy to establish a medium-sized mining operation within the Projects.

"With grades of up to 15.89%, the graphite mineralisation remining open along strike and with widths extending for over 100m at surface and grading 9.24% and broad areas in excess of 10% and 11%, this Phase 1 Program of exploration work by Geofields and the assays results now received from SGS Tanzania has confirmed my firm belief in its potential to be developed as medium-scale graphite mining operation.

"The consolidation in the area by the Takela and NyoriGreen management teams has already been proven to be a strategically important and supports our plans to look at the Nyorinyori and NyoriGreen Projects as one combined project area, as we move forward with the next phase of work.

"The results allow us to now push ahead and finalise the Phase 2 Program of exploration at Nyorinyori and NyoriGreen, and with the mining teams at Q Global Commodities and our processing consultants looking at initial shallow open pit mining and processing options available for us.

"I look forward to updating shareholders further on our activities here at Nyorinyori and NyoriGreen."

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.

Review of Announcement by Qualified Person

This announcement has been reviewed by Mr Jacques Perold (PrSciNat, MGSSA, MIQ MSc(Eng), MSc(ESPM), NDSURMA, Datametrics), who is engaged by Marula Mining plc as its professional consulting geologist. 

Mr Jacques Perold is a professional geologist with 37 years of experience in the field and extensive knowledge of all aspects of mineral resource management.

 Mr Jacques Perold is Member of the Geological Society of South Africa (No. 965505) and a registered scientist of the South African Council for Natural Scientific Professions (Reg No. 400171/05) in terms of section 20(3) of the Natural Scientific Professions Act, 2002 (Act 27 of 2003) in the field of Geological Science (Professional Natural Scientist).

Geofields Tanzania Limited Technical Disclaimer 

Geofields has been commissioned by Marula Mining plc to provide an Independent Initial Technical Report on Takela's Primary Mining Licenses at the Kinusi Copper Mine. This report may be utilised for the development of the property provided that no portion is used out of context in such a manner as to convey a meaning that differs from that set out in whole. 

The report contains factual surface exploration data and geological interpretation based on the author's views following a month's surface mapping and sampling program. Geofields' technical team considers the property sufficient for a potential small-scale mining project subject to varying degrees of exploration risks to warrant further assessment of its economic potential. 

The report has been prepared to support Marula's corporate objectives and activities. Geofields has recommended specific stage exploration and evaluation programs for the project's potential.
Neither Geofields nor the authors of this report have or have previously had any material interest in Marula, Takela or the mineral properties in which Marula has an interest. 

Our relationship with Marula is a professional association between Marula and the independent consultancy. The report has been prepared in return for professional fees based on agreed commercial rates, and the payment of these fees is in no way contingent on the results of the report. 

About Marula Mining

Marula Mining (AQSE: MARU) is an African focused battery metals investment and exploration company and has interests in several high value mine projects in Africa; the Blesberg Lithium and Tantalum Mine and Korridor Lithium Project in South Africa, the Kinusi Copper Mine, the Nyorinyori Graphite Project, the NyoriGreen Graphite Project and the Bagamoyo Graphite Project all in Tanzania and the Nkombwa Hill Project in Zambia. 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 the AQUIS Stock Exchange (AQSE), Marula is exploring opportunities to admit its shares to trading on the London Stock Exchange plc's Standard List, 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.