Marula Mining PLC

("Marula'' or the "Company")

 21 November 2024

Northern Cape Lithium and Tungsten Project Update

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to provide an update on its ongoing exploration activities at the Northern Cape Lithium and Tantalum Project (the "NCLT Project") and the strategic importance of the NCLT Project given recent developments in the international tungsten market and tungsten prices.

As announced on 31 July 2024, the Company's wholly-owned South African subsidiary, Southern African Lithium and Tantalum Mining (Pty) Limited ("SALT"), signed a formal Share Sale Agreement ("Agreement") to acquire 100% of the shareholding in South African mining and exploration company Northern Cape Lithium and Tungsten (Pty) Limited ("NCLT"). Completion of the acquisition of NCLT remains subject only to regulatory approvals in South Africa.

The NCLT Project extends over 15,000 hectares and is located contiguous to and immediately north of the Company's existing Blesberg Lithium and Tantalum Mine ("Blesberg").  It comprises over 16 known tungsten deposits and former high-grade tungsten mining operations including the Kalbeen and Isis Tungsten Mines and the Koubank, Kaalbeen West and Armbank Tungsten Deposits, all of which are located within 5 kilometres ("km") to 10km of Blesberg.

As announced on 19 July 2024, the Company commenced initial work programmes at the NCLT Project and these include detailed review work of historical production, exploration and geological data and sampling work on the three primary tungsten projects. This work is expected to be accelerated in Q1 2025 given the recent tightening of the tungsten markets, highlighted by China's recent export restrictions that have seen Ammonium ParaTungstate ("APT") prices rise to over US$335 per metric ton unit ("MTU"). APT is a tungsten intermediate material that is commonly used to produce tungsten oxides.

With the existing mining and  processing infrastructure at Blesberg, and in particular the proven capability of TOMRA's XRT Ore Sorters in being able to successfully process tungsten ores, the Directors believes there is an excellent opportunity to develop its high-grade tungsten projects and brownfield mining  developments through to production in early 2025.

Highlights:

·    The NCLT Project includes former high-grade tungsten mining operations at the Kalbeen and Isis Tungsten Mines each located with 12km of Blesberg

·    These mines have reported high-grade scheelite tungsten mineralisation grading 2 - 3% WO₃

·      The Kalbeen Tungsten Mine was historically a significant tungsten producer in the Northern Cape and produced tungsten concentrates of 74%

·      In addition to the Kalbeen and Isis Tungsten Mines, the NCLT Project includes over 16 other known tungsten deposits, with the most significant being the Koubank, Kaalbeen West and Armbank Tungsten Deposits, all of which are also located within 5km to 10km of Blesberg.

·    In light of the significant increase in tungsten APT prices, the Company has decided to accelerate its initial work program at the NCLT Project and also seek to leverage its flexible mining and processing capabilities at Blesberg

·    Sampling work of the shallow high-grade tungsten deposits is ongoing and will be completed in early Q1 2025 and will be followed up by additional resource and exploration drilling

·    In parallel with the sampling work, further detailed review work of available historical production records and exploration and geological data is being undertaken by the Company's technical team

·    The Company believes that its processing operations at Blesberg, which are to be expanded this quarter with the installation of the TOMRA XRT Ore Sorter, are capable of also processing tungsten ore and material from the NCLT Projects and could enable the Company to look at production of high-grade tungsten concentrates in 2025

·    In particular TOMRA has a successful track record in a number of European tungsten mining and processing operations of being able to effectively and efficiently process tungsten ores increasing recovery and grade and reducing costs

·    The Company is in discussions with the TOMRA team in South Africa on how best to utilise the TOMRA XRT Ore Sorter, which will  be installed and commissioned on site, to also treat the tungsten ores from the NCLT Project, as well as the lithium and tantalum ores from Blesberg

Key NCLT Project Tungsten Mines and Projects:

Kaalbeen Tungsten Mine

·      A historically significant tungsten producer in the Northern Cape and 12km from Blesberg

·      Contains scheelite tungsten mineralisation grading 2-3% WO₃

·      Historic production achieved 10 tpa to 12 tpa of tungsten concentrate of grades of 74%

·      Potential to develop untapped veins extending beyond historical workings

Isis Tungsten Mine

·      Located 10km west of Blesberg; mined previously with reported grades of 2.46% WO₃

·      Potential for shallow open-pit mining and tailings retreatment

·      Mineralisation extends across a 3km zone with associated tantalite-bearing pegmatites

Koubank Tungsten Deposit

·      Situated 6km from Blesberg, hosting low-grade but extensive surface tungsten mineralisation

·      Includes several satellite deposits such as Koubank III, with scheelite and molybdenite occurrences

·      Potentially open-ended at depth with trenching and exploratory data supporting sizeable tonnage

Kaalbeen West Tungsten Deposit

·      An unmined deposit 2.3km northwest of Kaalbeen Mine

·      Hosts tungsten-bearing veins up to 7m thick over a 1km² area, suggesting a potentially significant tonnage of mineralisation

Jason Brewer, Marula Mining PLC CEO said:

"The surge in tungsten prices and the tightening global market presents a timely opportunity for the Company to leverage its operational flexibility and resource diversity.

"With our processing capabilities at Blesberg, we are pushing ahead with operational and strategic plans to integrate and advance these nearby high-grade tungsten projects and former operations. I believe we are well-positioned to maximise value and respond to evolving market demands.

"Our focus remains on accelerating development across key assets to deliver sustainable growth and shareholder value in this dynamic commodity environment."

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 A2X: MARU) is an African focused battery metals investment and exploration company and has interests in several high value mining operations and mine development projects in Africa: the Blesberg Lithium and Tantalum Mine, Northern Cape Lithium and Tungsten Project, Korridor Lithium Project  and Kruisrivier Cobalt Mine, all in South Africa; the Larisoro Mnaganese Mine and Kilifi Manganese Processing Operation both in Kenya; 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 AQUIS Stock Exchange (AQSE) in London and A2X Markets in South Africa. Marula is exploring opportunities to admit its shares to trading on 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.