Marula Mining PLC

("Marula'' or the "Company")

31 May 2024

Sales and Offtake Agreement Signed for Manganese Ore at the Larisoro Manganese Mine

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to confirm that it has signed a sales and offtake agreement (the "Agreement") with United Kingdom based, global metals, minerals and energy commodities trading group Fujax UK Ltd ("Fujax") for manganese ore production from the Larisoro Manganese Mine ("Larisoro" or the "Mine") in Samburu County, Kenya.

The Agreement is for an initial tonnage of 2,000 tonnes ("t") of manganese ore ("Initial Tonnage") and thereafter on agreement, further minimum monthly deliveries of 5,000t and nominal monthly deliveries of 20,000t for a 12 month period, with an option to extend by mutual agreement.

Deliveries of the Initial Tonnage of manganese ore to Fujax will commence immediately from stockpiled material in Nairobi and processed material at the Larisoro Mine that will be transported to Nairobi.

Highlights:

·    Sales and offtake agreement entered into with Fujax for sale of manganese ores from the Larisoro Mine

·    Fujax is an established and experienced global mineral and energy trading company and sources, mines, finances, trades, markets, contractually manages, and transports metals and minerals throughout Africa, Asia and Europe

·    First deliveries under the Agreement and sales to now commence

·    Initial sales tonnage of 2,000t to be completed by no later than 1 July 2024

·    Monthly minimum sales of 5,000t and nominal monthly sales of 20,000t to be completed over a further 12 months through to June 2025

·    Manganese ore specifications required within the Agreement of minimum manganese ore grade of 30% and maximum iron ore grades of 4% are considered by the Company to be readily achievable based on current sampling and assay results and historical sales from the Larisoro Mine

·    Monthly deliveries and other specifications of the manganese are in line with the Company's current production plans, operating procedures and budget for the Larisoro Mine

·    Transportation of manganese ores from the Larisoro Mine to Nairobi to now commence under a transportation and logistics agreement as announced on 29 May 2024

·    Fujax have been on site at the Larisoro Mine and to the facilities in Nairobi where the manganese ore will be delivered and then onloaded to Mombasa by rail

·    In addition to being headquartered in the United Kingdom, Fujax has offices in Nairobi and Mombasa and additional offices in Switzerland, Hong Kong, South Africa and Zambia from where it supplies its global customer base with responsibly sourced commodities from a diverse range of countries across the entire commodity supply chain

Jason Brewer, Marula Mining PLC CEO, said:

"Entering into this initial sales and offtake agreement with Fujax so soon after getting involved with our investment in the Larisoro Manganese Mine supports our belief in the potential of this manganese mining operation. We are delighted by this Agreement which is in addition to the Blesberg Lithium offtake agreement with Fujax. We look forward to our collaboration with Fujax to deliver manganese ores into the international export markets whilst generating sales proceeds for the Company.

"It has been a busy period for our team on site at the Larisoro Manganese Mine and I look forward to updating shareholders with more news as we complete our exports of manganese ores.

"I'd personally like to express my gratitude to the Fujax team, and everyone actively involved with the Larisoro Mine. With this Agreement, I am confident that we now have partners who can bolster our position in Africa and the global manganese market, ensuring our role as a long-term, sustainable producer of high-value battery metal commodities."

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) in the United Kingdom and the A2X Market in South Africa. 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.