Marula Mining PLC

 ("Marula'' or the "Company")

18 April 2024

Further re: Subscription of Shares Agreement

Marula Mining (AQSE: MARU), an African focused mining and development company, announces that, further to the entry into a co-development partnership and subscription and relationship agreements with the Q Global Commodities Group ("Q Global") announced on 31 January 2023 (as novated to the Subscriber) and the announcements of 16 February and 8 March 2024, the Company has conditionally allotted 54,075,518 new ordinary shares at a price of 3.75 pence per share to the Subscriber, an affiliate of Q Global, under the Subscription of Shares Agreement ("Subscription Shares") in respect of £2,027,831.93 owed to the Subscriber for equipment and expenses relating to the Projects.

The Subscription Shares have been conditionally allotted following completion of certain milestones achieved by the Company pursuant to the Subscription of Shares Agreement (as amended) with the Subscriber.

The allotment of the Subscription Shares is conditional on regulatory approval in South Africa. A further announcement will be made in due course.

Further issues of equity to the Subscriber are expected to be announced in due course.

Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Company's announcement of 16 February 2024.

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.

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