Marula Mining Plc – Consultants to Commence Exploration at Kinusi Project

Marula Mining PLC

(“Marula’’ or the “Company”)

20 January 2023

Appointment of Consultants to Commence Exploration at Kinusi Copper Project

Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to announce that it has appointed exploration and mining service company Geofi­elds Tanzania Limited (“Geofields”) to commence copper exploration work at the Kinusi Copper Project (“Kinusi” or the “Project”) in Tanzania. The appointment of Geofields follows the commencement of exploration activities by them at the Company’s Bagamoyo Graphite Project earlier this month.

Work at the Kinusi Project, where the Company has secured a 49% commercial interest from local Tanzanian company Takela Mining Tanzania Ltd (“Takela”) in 10 granted copper mining licenses (the “Licenses”) located in Mpwapwa District in the Dodoma Region of central Tanzania, is to commence in February 2023.

Highlights:

• Experienced Tanzanian geological and mining consultancy group Geofields engaged to commence copper exploration work at Kinusi

• Geofields is already working with the Company and on site progressing the Phase 1 Exploration Program at the Bagamoyo Graphite Project in Tanzania

• Exploration at Kinusi will focus initially on the small-scale shallow copper mining activities which have demonstrated potentially widespread high grade copper mineralisation

• In addition, Geofields exploration activities will also focus on over 30 additional surface exposures of copper mineralisation that were identified from previous work completed by the Company’s technical representatives and consultants and Takela in November 2022

• Work to be undertaken by Geofields at Kinusi will include mapping, sampling, trenching and establishment of a comprehensive geological database that is expected to enable the Company to advance project development across the 10 granted mining licenses

• All samples from the planned exploration work will be sent for analyses in Tanzania with initial results expected in Q2 2023

• Geofields are scheduled to commence work at Kinusi in February 2023 and will be completed early in Q2 2023

• Marula’s Board and management team will be on site with Takela and Geofields later this month and in February 2023 to review Geofields’ progress and activities

Story continues

Jason Brewer, Marula Mining PLC CEO said:

“I am delighted to confirm the appointment of Geofields to now move quickly and commence broad systematic exploration activities at the Kinusi Copper Project in Tanzania. Marula is focused on continuing its growth with its portfolio of battery metals projects here in Africa.

“Kicking off these initial activities at the Kinusi mine only reaffirms our belief in the potential to develop a low-cost copper mining operation with sales of copper concentrates to the international markets.

“Our visits and activities in Q4 2022, which included a detailed inspection of the small-scale mining areas, indicated potentially widespread copper mineralisation across the granted mining licenses, and this has been a major driving force behind our reason to get Geofields onboard now to proceed with the next steps.

“Geo­fields is a strategic service provider company to the Tanzanian exploration and mining industry, and they have already demonstrated with their approach to the work at our Bagamoyo Graphite Project how aligned they are to our strategy of fast racking exploration and development of projects in Tanzania.

“Copper prices have risen beyond $9,000/tonne, and copper demand is expected to increase as the transition to renewables and electric vehicles accelerates. Copper is one of the major components in electric cars, used in the electric motor, batteries, and wiring, as well as charging stations, and its attraction to investors as a key green metal will drive higher prices in the coming years.

“We believe that Kinusi has the potential to be the Company’s second operating mine in 2023 and we look forward to working with the Takela team in making it a success.

“I look forward to updating our shareholders and stakeholders, on our progress at Kinusi over 2023 and reports from the exploration activities.”

Kinusi Copper Project

The Kinusi Project is located in the Mpwapwa District in the Dodoma Region of central Tanzania. It comprises 10 granted primary mining licences which are held by Tanzanian company Takela Mining Tanzania Ltd.

As announced on 4 October 2022, Marula has secured the rights to a 49% commercial interest in Kinusi, by agreeing to advance funds to Takela, to allow them to complete additional exploration and expansion and development on the Licences and to the current small scale mining activities.

Initial exploration and survey work has begun and will continue over 2022 has included the inspection and assessment of high-grade mineralisation from small scale mining areas, as well as mapping and sampling work across the Licences. Previous samples taken by the Company from Kinusi reported copper grades of 7.28%, 19.12% and 31.32%.

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

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; Blesberg Lithium and Tantalum Mine in South Africa, Nkombwa Hill Project in Zambia and Kinusi Copper mine and Bagamoyo Graphite Project 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 proposed 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), Marula is exploring opportunities to admit its shares to trading on AIM, the market operated by the London Stock Exchange’s plc, and Kenya’s Nairobi Securities 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 identi?ed 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 re?ect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.