Marula Mining PLC

("Marula'' or the "Company")

30 January 2026               

Termination of RTO Transaction and Strategic Update

Marula Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company, announces that the previously proposed reverse takeover transaction ("RTO") between its wholly owned subsidiary, Marula Africa Mining Holdings Limited ("Marula Africa") and Europa Metals Ltd ("Europa"), announced on 6 November 2025, will not be proceeding.

Despite both parties' best efforts to advance the RTO, it has become evident that completion is unlikely to take place within the anticipated timeframe, and discussions have therefore ceased.

The Board believes that Marula is better positioned to deliver maximum value to shareholders as a standalone Aquis-listed business focused on critical metals which continues to provide long term value for its shareholders and access to the market.

With recent and planned mine developments, strategic acquisitions, and ongoing corporate initiatives, the Company continues to build and consolidate a major, high-value critical metals portfolio that aligns with the global energy transition.

The proposed Company's strategy focussed on precious metals-focused business ("Old Marula") will continue as a standalone entity.

The Board is confident that these strategic steps position Marula to capitalise on the growing global demand for critical metals, while simultaneously unlocking the full potential of its current critical metals operations.

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: 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 and Northern Cape Lithium and Tungsten Project, all in South Africa; the Boteti Lithium Brines Project in Botswana; 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.