Interest Secured in the NyoriGreen Graphite Project in Tanzania
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Marula Mining PLC
(“Marula’’ or the “Company”)
28 September 2023
Interest Secured in the NyoriGreen Graphite Project in Tanzania
Marula Mining (AQSE: MARU) an African focused mining and development company, is pleased to announce that the Company and its Tanzanian wholly-owned subsidiary, Marula Mining Tanzania Limited (“MMT”), have entered into a binding Heads of Agreement with Tanzanian mining company, NyoriGreen Mining Limited (“NML”), to secure a 75% commercial interest in 10 granted graphite licenses (the “Licenses”) that make up the NyoriGreen Graphite Project (“NyoriGreen” or the “Project”), located in the Simanjiro District, in the Manyara Region of Tanzania (the “Agreement”).
The NyoriGreen Project is located less than 100m from the Nyorinyori Graphite Project, where the Company holds a 75% commercial interest with local Tanzanian mining company, Takela Mining Tanzania Limited (“Takela”), and where in April 2023, the Company reported high-grade shallow graphite mineralisation had been observed in broad graphite veins exposed and where additional associated graphite mineralisation was observed at surface from numerous outcrops, extending over an initial strike length of over two kilometres.
The agreement with NML follows site visits by the Company’s Board and management and by representatives from Q Global Commodities (“Q Global”) in recent months to the Nyorinyori Graphite Project and surrounding area and a decision to strengthen the Company’s position around Nyorinyori.
Highlights:
- Marula and MMT have entered into a binding Heads of Agreement with NML and secured a 75% commercial interest in 10 granted graphite mining licenses that together comprise the NyoriGreen Graphite Project
- The licenses are all contiguous and extend over an area of approx. 100 hectares in Tanzania’s Manyara Region
- The NyoriGreen mining licenses are considered highly prospective for graphite by the Company’s management, with shallow graphite mineralisation observed on the license areas and the licenses being located only approx. 100m from the granted graphite mining licenses that make up the Company’s Nyorinyori Graphite Project
- Initial £125,000 project acquisition costs to be completed through the issue of 1,000,000 new ordinary shares at a price of 12.5 pence per new ordinary share (“Initial Consideration Shares”).
- Four further share-based payments, each of £250,000, are to be made to NML based on the 30-day VWAP share price of the Company upon achievement of key technical milestones including (i) completion of initial exploration program, (ii) resource definition drilling and release of a JORC Compliant Resource statement, (iii) a decision to mine and (iv) completion of first commercial graphite sales in excess of US$1,000,000
- Under the terms of the Agreement, Marula and MMT will be responsible to fund US$250,000 of exploration activities which are to be completed to advance the Project through to completion of a feasibility study and a decision to mine
- The Company is currently working with its independent geological consultants, Geofields Tanzania Limited (“Geofields”) to extend the mapping, sampling and trenching Phase I Program of exploration activities at Nyorinyori to cover these additional 10 granted mining licenses at NyoriGreen
Jason Brewer, Marula Mining PLC CEO said:
" I am pleased to see that we have been able to expand our footprint in the battery metals sector and in particular significantly build on our position around the Nyorinyori Graphite Project in Tanzania.
“Our initial findings at Nyorinyori indicate high-grade and shallow graphite mineralisation, jumbo and large graphite flakes extending over an initial strike length of over two kilometres and which remained open. With this in mind and after a number of site visits in the past months we were keen to expand our presence in this area.
“Our decision to increase our position in Tanzania’s fast-growing graphite sector, is due to the many project opportunities we see there and the increasingly positive outlook for the sector and demand for graphite.
“We are pleased to be working with the team at NyoriGreen and we look forward to commencing work with them and with our consultants and our growing team on the ground. I look forward to updating shareholders on our progress and further developments here shortly.”
About the Licenses
NML is the 100% holder of 10 Primary Mining Licenses located in the Simanjiro District, in the Manyara Region of Tanzania.
The Licenses are contiguous and extend over a combined area of approx. 100 hectares.
The Licenses are valid for a 7-year period to September 2030 and allow the holder to prospect and mine for graphite.
Admission
Application has been made for the 1,000,000 Initial Consideration Shares to be admitted to trading on the Aquis Stock Exchange Growth Market on or around 4 October 2023 (“Admission”).
Total Voting Rights
Following Admission, the Company's issued share capital will comprise 149,692,908 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 149,692,908. 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 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) 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 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:
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Marula Mining PLC Jason Brewer, Chief Executive Officer
Faith Kinyanjui Mumbi Investor Relations
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Email : jason@marulamining.com
Email : info@marulamining.com
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AQSE Corporate Adviser Cairn Financial Advisers LLP, Liam Murray / Ludovico Lazzaretti
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+44 (0)20 7213 0880 |
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Broker Peterhouse Capital Limited,
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+44 (0)20 7469 0930
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Financial PR and IR BlytheRay Tim Blythe / Megan Ray / Said Izagaren
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+44 (0)20 7138 3204
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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.
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