11 February 2025

Marula Mining PLC

("Marula Mining'' or the "Company")

Update on the Northern Cape Lithium and Tungsten Project

Issue of Equity

Marula Mining (AQSE: MARU A2X: MARU), an African-focused mining and development company, is pleased to provide an update on recent activities at the Northern Cape Lithium and Tungsten (Pty) Limited Project located in the Namaqualand District of the Northern Cape Province in South Africa ("NCLT Project").

The Company's executive management team, including Executive Chairman, Richard Lloyd, and General Manager Jana van Wyk, along with the Company's Metals Trading and Commodity Sales Consultant, Richard Hawken, have recently completed a site visit to the NCLT Project. This visit followed the receipt of the signed NCLT Prospecting Right in December 2024 from South Africa's Department of Mineral Resources and Energy ("DMRE") and the planned commencement of further exploration and development activities later this quarter.

With the receipt of the signed Prospecting Right, the Company can also now complete the acquisition with the final payment of the two £625,000 (approx. ZAR15,000,000) tranche payments to the NCLT vendors. The Company has elected to settle these payments with the issuance of 20,833,333 new ordinary shares at a price of 6 pence per share ("NCLT Shares"). The Company has issued these shares directly to the vendors rather than pay cash through drawings on available funding from its facilities with AUO Commercial LLC, which would have been at a price of 3.75 pence per share

Highlights:

·    the NCLT Project extends over 15,000 hectares and is located contiguous to and immediately north of the Company's existing Blesberg Mine and contiguous to the recently approved Blesberg Extension Prospecting Right Application

·    signed copy of the granted NCLT Prospecting Right received by the Company in late December 2024 allows the Company to now move forward and complete the acquisition and commence its next phase of exploration and mine development activities

·    successful site visit recently completed by the Company's Executive Management, geological team and consultants

·    detailed inspection and review of key tungsten mines and deposits undertaken including the Kalbeen and Isis Tungsten Mines and the nearby Koubank, Kalbeen West and Armbank tungsten deposits

·    the presence of high-grade tungsten mineralisation in former open-pit and underground mining areas was observed in broad scheelite mineralised veins

·    tungsten mineralisation was also observed in surface waste stockpiles

·    the Koubank Tungsten Deposit was an area of particular focus given its location just 6km from Blesberg and the level of previous exploration that had been undertaken including drilling, trenches and small open pit mining activity

·    the site visit also included an inspection of the Kaalbeen West Tungsten Deposit located  located 2.3km northwest of the main Kaalbeen Mine and where multiple sets of broad tungsten-bearing veins were visible

·    in addition to the inspection of the tungsten mineralisation, the Company's executive management were able to visit the main Spodumene Pegmatite located just 6km northeast of Blesberg to assess the tantalum, spodumene and beryllium mineralisation seen in the intermediate zone of the pegmatite

·    the next phase of exploration and development work includes a re-assessment of the historical and non-JORC compliant tungsten and tantalum mineral resources, reinterpretation of the historical geological work, and a major new sampling program of the broad, extensive and exposed tungsten scheelite veins

·    following receipt of the signed NCLT Prospecting Right, which is valid for five years through to March 2029, the Company has elected to now settle the final outstanding payments due to the NCLT vendors through the issuance of 20,833,333 new ordinary shares at a price of 6 pence per share

Richard Lloyd, Chairman of Marula Mining, said:

"The recent site visit to the NCLT Project has reinforced our confidence in the significant potential of this acquisition. The presence of high-grade tungsten mineralisation, both in historical mine workings and surface stockpiles, presents a compelling opportunity for near-term production, with a clear focus on recommencing mining activities later in 2025."

"The commitment to advancing the next phase of work at the NCLT Project marks a significant step towards expanding mining activities focused on tungsten and tantalum, reinforcing the Company's long-term strategy in the region. The completion of the site visit, alongside the newly issued Prospecting Right and the commitment to further development, underscores the Company's confidence in the potential of the NCLT Project.

The Company remains focused on unlocking value from this asset and looks forward to providing further updates."

Admission

Application has been made for the NCLT Shares to be admitted to trading on the Aquis Stock Exchange AQSE Growth Market and A2X Markets on or around 17 February 2025 ("Admission") and will rank pari passu with the ordinary shares of the Company in issue.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 245,136,233 ordinary shares of 0.01p each, with each share carrying the right to one vote, therefore the total number of voting rights in the Company will be 245,136,233. This figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in the Company, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

The Directors of Marula Mining 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: 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 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 and the NyoriGreen 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.