Marula Mining PLC

("Marula'' or the "Company")

13 December 2024

Update on Nkombwa Hill Project in Zambia

Marula Mining (AQSE: MARU) an African focused mining and development company, announces that, following internal discussions and deliberations, it has relinquished its minority interest held in the Nkombwa Hill Project located in Zambia for nil consideration.

In H2 2022, the Company secured an indirect 23.75% interest in Xram Traws Limited ("Xram"), the registered holder of Large Scale Exploration License, 27977-HQ-LEL and which encompassed the Nkombwa Hill Project. Since then, no exploration activities on the niobium and tantalum and rare earth element mineralisation identified at the Nkombwa Hill Project, has been undertaken by Xram.

The Nkombwa Hill Project, is now considered a non-core asset, given the additional project acquisitions completed by the Company in 2023 and 2024. Furthermore, as an early-stage exploration project, and given the minority interest held, it is no longer deemed to be in line with the Company's strategy which is to accelerate the development of advanced and brownfield mining opportunities, in which the Company has majority interests.

The Company is considering niobium and tantalum mining and processing activities at its Blesberg Lithium and Tantalum Mine ("Blesberg") and at the adjoining Northern Cape Lithium and Tungsten Project ("NCLT Project"), where it already has the processing plant capabilities to recover niobium and tantalum mineralisation and where there is opportunity to process a number of rare earth element minerals that have also been identified across these adjoining license areas.

The Board of Directors are of the opinion that operationally and economically it is a more compelling business case to focus on mining, processing and selling niobium and tantalum concentrates as well as certain rare earth elements from the Blesberg and NCLT Projects rather than progress exploration activities at the Nkombwa Hill Project

The facilities at Blesberg provide the Company with a strategically important asset that it intends to focus on expanding, not only in respect to the planned new joint venture partnership for the commissioning, financing, and operation of a lithium acid leaching plant to produce an intermediate lithium product, but also for potentially processing of niobium and tantalum and coltan mineralisation, as well as tungsten and tantalum mineralisation at the former mines and projects widespread on the NCLT Project. A number of rare earth elements and industrial minerals such as feldspar and mica, that have been identified across both Blesberg and the NCLT Project are proposed to be targeted for processing through the processing facilities at Blesberg in the future.

The Directors of Marula are responsible for the contents of this announcement.

About Marula Mining

Marula Mining (AQSE: MARU A2X: MAR) 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 Manganese 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. 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.