New Graphite Mining Licenses Issued to Takela and NyoriGreen Mining
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Marula Mining PLC
(“Marula’’ or the “Company”)
15 January 2024
New Graphite Mining Licenses Issued to Takela and NyoriGreen Mining
Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to announce that, further to the announcement on 13 December 2023, the seven new Mining License Applications (“MLAs”) collectively made by Takela Mining Tanzania Limited (“TMT” or “Takela Mining”) and NyoriGreen Mining Limited (“NML” or “NyoriGreen Mining”) at the Nyorinyori Graphite Project (“Nyorinyori”) and the NyoriGreen Graphite Project (“NyoriGreen”) located in Tanzania (together the “Projects”) have been granted.
These new mining licenses are valid for a period of seven years, effective from 10 January 2024 and are being incorporated into the commercial and technical services agreements with TMT and NML, through which Marula has secured its 75% commercial interest through the funding of exploration and mining and development activities.
Upfront consideration of US$25,000 per license is being made to TMT and NML, which has been satisfied through the issue, in aggregate, of 1,050,000 new ordinary shares in the Company at a price of 13.5 pence per new ordinary share (“Consideration Shares”). TMT have been issued 450,000 Consideration Shares for the 3 new mining licenses granted at Nyorinyori. NML have been issued 600,000 Consideration Shares for the 4 new mining licenses granted at NyoriGreen.
Admission
Application has been made for the 1,050,000 Consideration Shares to be admitted to trading on the Aquis Stock Exchange Growth Market on or around 19 January 2024 (“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 170,917,903 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 170,917,903. 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.
Highlights:
- The licenses are now being incorporated into the commercial and technical services agreements with TMT and NML
- The seven new MLAs are valid for seven years, effective from 10 January 2024
- All other terms and conditions of the commercial and technical services agreements remain the same
- These new licenses have been secured based on technical discussions with and recommendations from the Company’s independent geological consultants, Geofields Tanzania Limited (“Geofields”) and adjoin the existing Nyorinyori and NyoriGreen Projects, increasing the number of licenses held under the Projects by 35% to 27 mining licenses
- The new licenses are considered to be highly prospective for the potential of high-grade and large and jumbo flake graphite mineralisation
- Phase 1 Program of exploration activities was completed by Geofields. An initial report of the findings from the Phase 1 Program is on schedule to be received by the end of January 2024, with findings incorporated into the Phase 2 Program
- Approximately 200 samples have been taken as part of this Phase 1 Program and sample preparation will be completed by SGS Tanzania, with the samples then sent to South Africa for assay work
Jason Brewer, Marula Mining PLC CEO said:
“Following the completion of the Phase 1 Program at Nyorinyori and NyoriGreen, I am pleased to see that we will be able to expand our area of exploration and development through these highly prospective seven new graphite mining licenses.
“By securing these licenses and incorporating them into the commercial and technical services agreements Marula has with TMT and NML, we are able to strengthen our position in the area and consolidate our exploration activities at the Projects so that we can continue to target locations of prospective high-grade graphite mineralisation.
“With the support we have received from TMT and NML, and from the recommendations made by our geological consultants, Geofields, we are in a prime position to progress our Phase 2 Program of exploration activities at the Projects. I look forward to seeing what we can accomplish at the Projects and updating shareholders on the progress we make."
Further Information
Following the recent exploration activities at the Projects, and the input from Geofields, Marula Mining agreed that applications were to be made for three new graphite mining licences by TMT, and a further four new mining licences by NML, of which Marula has secured its 75% commercial interest through funding the exploration and mining and development activities.
These new mining licenses are being incorporated into the commercial and technical services agreements Marula has with TMT and NML. The seven new mining licenses will increase the number of licenses held under the Nyorinyori and NyoriGreen Projects to 27 and are valid for a period of seven years, effective from 10 January 2024.
The Phase 1 Program of exploration activities at the Projects has been completed, with initial findings expected to be received by the end of January 2024. The Phase 1 Program of exploration 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.
Once the assay results have been received, and depending on the recommendations made by Geofields, 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.
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 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 : jason@marulamining.com
Email : info@marulamining.com
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| AQSE Corporate Adviser Cairn Financial Advisers LLP, Liam Murray / Ludovico Lazzaretti | +44 (0)20 7213 0880 |
| Broker Peterhouse Capital Limited, | +44 (0)20 7469 0930
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| Financial PR and IR BlytheRay Tim Blythe / Megan Ray / Said Izagaren | +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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