Marula Mining PLC

("Marula'' or the "Company")

  16 April 2024

Marula Awarded Manganese Mineral Dealer Trading License in Kenya

Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to announce that its Kenyan registered and wholly owned representative company, Marula Mining, has been awarded a Mineral Dealer's Trading License (the "License") under Kenya's Mining Act No. 12 of 2016, granting Marula with the right to buy, sell and export manganese ores.

The granting of the License is considered an important step for the Company as it looks to complete its investment in the Larisoro Manganese Mine in Samburu County in Kenya, increase production of high-grade manganese ores and make sales into the export markets.

Highlights:

·    Mineral Dealer's Trading License granted to Marula Mining

·    The License allows the Company to buy, sell and export manganese ores in and from Kenya in accordance with the conditions set out in the Mining Act No. 12 of 2016 and the Mining Regulations 2017 (Dealings in Minerals)

·    License is valid until 31 December 2024 and annually renewable

·    Manganese ores to be purchased by Marula under the License will initially include the planned increased volumes of manganese ore mined and processed from the Larisoro Manganese Mine

·    These purchased manganese ores are then proposed to be sold into the export markets by Marula under new offtake agreements

·    In addition, the License also permits Marula to purchase manganese ores from other Kenyan-based mining companies, which will be undertaken as part of the Company's broader strategy to position itself as one of the major companies in Kenya in the manganese sector

·    The awarding of the License is an integral part of the Company's strategy and activities in Kenya as it continues to evaluate further investments in Kenya's manganese mining sector

Jason Brewer, CEO of Marula Mining, commented:

"I'm delighted to see that this Mineral Dealer's Trading License has been awarded and follows on from the work done by our technical and administrative teams here in Kenya.

"This is a significant milestone for us in Kenya as it allows us to move forward with our strategy in the manganese sector, not only at the Larisoro Manganese Mine but also at other prospective manganese mines and projects in Kenya. It also allows us to further cultivate and strengthen additional partnerships with the local mining sector and local communities.

"The grant of this license enables us to engage in efficient manganese ore transactions, and manage the export and offtake arrangements with international counterparties. We are confident that it will not only propel our growth here but also contribute meaningfully to the economic development of the regions in which we operate in Kenya, where we are looking to expand our activities further.

"We continue to strategically position Marula in Kenya's mining sector and believe this is another key step as we look to accelerate and broaden our activities here."

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) 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, the Nkombwa Hill Project in Zambia and the Larisoro Manganese Mine located in Kenya. 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.

For enquiries contact:

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.