Phase 1 Exploration Activities Completed at Nyorinyori and NyoriGreen Projects

Marula Mining PLC

(“Marula’’ or the “Company”)

27 December 2023

Phase 1 Exploration Activities Completed at Nyorinyori and NyoriGreen Graphite Projects

Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to announce that the Phase 1 Program of exploration activities at the Nyorinyori Graphite Project (“Nyorinyori”) and the NyoriGreen Graphite Project (“NyoriGreen”) (together the “Projects”) has now been completed, with the Company’s independent geological consultants Geofields Tanzania Limited (“Geofields”) having undertaken the initial mapping, sampling, and trenching field work.

An initial report of the findings from the Phase 1 Program of exploration activities is due to be received in January 2024 and along with the assay results from the sampling program, they will be incorporated into the Phase 2 Program of exploration activities, which will include geophysics surveys, multi-spectral satellite image work, additional trenching, and the commencement of a diamond drilling program later in Q1 2024.

Highlights:

• Phase 1 Program of exploration activities completed on schedule by Geofields
• The work at the Projects is focused on the high-grade and jumbo flake graphite mineralisation that has previously been observed with visual estimates of +90% graphite content in shallow broad graphite veins at Nyorinyori
• The Phase 1 Program of exploration activities comprised of mapping, sampling, and trenching field work across the 20 granted mining licenses that make up both the Nyorinyori and NyoriGreen Projects
• Approx. 200 samples have been taken as part of this Phase 1 Program and sample preparation will commence in the new year by SGS Tanzania, with the samples then sent to South Africa for assay work by SGS South Africa
• Assay results from these samples are expected to be received by the end of January 2024
• Initial feedback from Geofields on their findings from the Phase 1 Program of exploration activities have been positive in respect to both identified strike lengths of graphite mineralisation and visual grade estimations of total graphite content
• A preliminary Phase 1 Program report is due to be submitted to the Company by Geofields in early January 2024, which will include a summary of the initial findings and their recommendations for the next Phase 2 Program of activities
• This preliminary report and recommendations are due to be presented to the Company in early January 2024, with a final report to then be provided upon receipt of the assay results and geological database for the Projects
• A Phase 2 Program of exploration activities is then scheduled to commence in Q1 2024, incorporating the Phase 1 Program results and recommendations, and will include additional trenching, geophysics surveys, multi-spectral satellite image work, and the commencement of a resource drilling program across the Projects

Jason Brewer, Marula Mining PLC CEO said:

“The significant progress we have made at the Nyorinyori and NyoriGreen graphite projects would not be possible without the efficiency and effectiveness of Geofields. The pace at which they were able to complete the exploration activities is a testament to their skill and geological knowledge.

““I am proud of the progress the Company has made at the Nyorinyori and NyoriGreen graphite projects. With the community engagement process commencing, the application for additional mining licences in progress, and now the completion of the Phase 1 exploration activities, we are well positioned to take advantage of the momentum we have created to advance the Projects to the next stage of development. I look forward to seeing what we can accomplish in 2024 and providing updates to shareholders in the new year.”

Further Information

Phase 1 exploration activities at the Projects included mapping, sampling, additional trenching work where applicable and the establishment of a comprehensive geological database across the 20 granted graphite mining licences.  Approximately 200 samples across both Nyorinyori and NyoriGreen have been taken, with sample preparation to be completed by SGS Tanzania at its facilities in Mwanza, and the assay work to then be completed by SGS South Africa in Randfontein.

The Phase 1 Program of exploration at Nyorinyori focused on the high-grade and jumbo flake graphite mineralisation that has been observed with visual estimates of +90% graphite content in shallow broad graphite veins at Nyorinyori. This mineralisation has been seen to extend over an initial strike length of over two kilometres at Nyorinyori and is interpreted to extend into the NyoriGreen licenses area.

As announced on 13 December 2023, Takela Mining Tanzania Limited (“TMT”) and NyoriGreen Mining Limited (“NML”), having collectively made seven new Mining License Applications at Nyorinyori and NyoriGreen. These applications are anticipated to be granted in Q1 2024.

Additionally, to demonstrate the Company’s commitment to its Environmental, Social and Governance principles, Marula Mining has commenced the community engagement process at the Nyorinyori and NyoriGreen graphite projects. This is a significant milestone for Marula, and its planned progress at the Projects, as the Company prioritises its move towards sustainable mining.

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; the Blesberg Lithium and Tantalum Mine and Korridor Lithium Project in South Africa, 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 the AQUIS Stock Exchange (AQSE), Marula is exploring opportunities to admit its shares to trading on the London Stock Exchange plc’s Standard List or AIM Market, Kenya’s Nairobi Securities Exchange and South Africa’s Johannesburg Stock Exchange.

For enquiries contact:

Marula Mining PLC Jason Brewer, Chief Executive Officer Faith Kinyanjui Mumbi Investor Relations	Email : [e-mail] Email : [e-mail]
AQSE Corporate Adviser Cairn Financial Advisers LLP, Liam Murray / Ludovico Lazzaretti	[phone]
Broker Peterhouse Capital Limited, Charles Goodfellow / Duncan Vasey	[phone]
Financial PR and IR BlytheRay Tim Blythe / Megan Ray / Said Izagaren	[phone]

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.

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