Agreement for Interest in Manganese Project
Marula Mining PLC
("Marula'' or the "Company")
13 August 2025
Agreement Entered for Majority Interest in Kenyan Manganese Project
Marula Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company, is pleased to announce that it has entered into a binding term sheet (the "Agreement") with a Kenyan-incorporated mining company Bamba Mining Company Limited ("Bamba") to acquire a 60% interest in the Bamba Manganese Mining Project located in Kilifi County, Kenya (the "Project").
The Bamba Manganese Mining Project, includes expired Prospecting License SPL/365 (pending renewal) and Mining Permit Application Nos. 4574, 4575, and 4576, and which extend over an area of 40km2 and are located approx. 16km northwest of the Company's existing Kilifi Manganese Processing Operations.
Under the agreement, Marula and Bamba will enter into a joint venture or similar commercial structure under which Marula will hold a 60% interest and Bamba will hold a 40% interest in the Bamba Manganese Mining Project and associated profits. Bamba's 40% commercial interest is non-dilutable and non-contributing.
As part of the acquisition, the Company has issued 500,000 new ordinary shares of 0.01 pence each at a price of 5 pence per share to settle £25,000 due to Bamba ("Initial Consideration Shares"). Upon achieving sales of 100,000 tonnes of commercial manganese ore, Marula will make a one-off cash payment of £250,000 to Bamba.
Pursuant to the Agreement, the Company will fully fund a 12-month exploration and development program to establish large-scale commercial manganese mining and processing operation.
The Company will also invest in new mining and processing equipment targeting minimum monthly production of up to 10,000 tonnes of saleable manganese ore over the next three months.
Marula will fund 100% of all working capital and development expenditure required to meet the estimated production targets and will further identify and secure offtake agreements for the delivery of 100% of production on mutually acceptable terms. This funding is planned to be met from the Company's operating cashflow from its manganese operations in Kenya.
The Company's General Manager of Operations East Africa, Chris Attwood and exploration team led by Collins Asseto have visited the Bamba Manganese Mining Project on several occasions in the past months. During these site inspections, the previous mining operations and processing operations have been inspected and samples of exposed and near surface manganese mineralisation taken for assay.
Bamba will provide all support, information, and documentation related to the Project, licenses, and assets during Marula's due diligence process.
Completion of the acquisition is subject to:
· Satisfactory legal and financial due diligence by Marula.
· Execution of community related agreements, formal documentation to include, a commercial agreement, shareholder documentation that will establish an operations committee that will address the provisions for governance, operating budgets, profit distributions, reporting and key operating and production related matters.
Upon satisfaction of key conditions, Marula will assume operational control of the Project through the proposed joint venture structure.
Bamba views this partnership as a key step in its long-term strategy to expand operations across Kenya's mineral-rich coastal region, increase domestic processing capacity, and establish strategic export infrastructure which is in alignment with Marula's long term development strategy.
In partnership, this agreement also aims to drive rural economic transformation and youth entrepreneurship through mining-led development in Ganze region and the larger Kilifi County.
Admission
Application has been made for the Initial Consideration Shares to be admitted to trading on the Aquis Stock Exchange AQSE Growth Market and A2X Markets on or around 21 August 2025 ("Admission") and will rank pari passu with the ordinary shares of the Company in issue. The Company's ordinary shares remain suspended from trading.
Total Voting Rights
Following Admission, the Company's issued share capital will comprise 323,110,104 ordinary shares of 0.01 pence each, with each share carrying the right to one vote, therefore the total number of voting rights in the Company will be 323,110,104. 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.
Munyutu Waigi, Director of Bamba Mining Company Limited commented:
"This partnership with Marula Mining marks a transformative moment for Bamba and for the communities we serve in Ganze and Kilifi County. Marula's technical expertise, capital resources, and global networks are the ideal complement to our local strength, licenses, and ambition.
Together, we aim not only to unlock the value of Kenya's manganese resources but also to set new standards for sustainable, inclusive mining that delivers lasting benefits to our people and economy."
Collins Aseto, Head of Exploration East Africa, Marula Mining commented:
"I am pleased to see the recent agreement between Marula Mining PLC and Bamba Mining Company Limited regarding the promising manganese assets in Kilifi County, Kenya. This Agreement represents a step towards unlocking the potential of these resources and establishing a sustainable mining operation in the region.
"This Agreement aligns with regional development goals and the growing global emphasis on sustainable resource extraction. By leveraging Bamba's local knowledge and Marula's financial and technical expertise, we can foster a successful operation that not only benefits the stakeholders involved but also contributes to the economic development of the Kilifi region. "
"I look forward to the successful execution of this Project and the positive impact it will have on the local community and the broader mining sector in East Africa."
Christopher Attwood, General Manager Operations East Africa of Marula Mining commented:
"We are excited to partner with Bamba Mining, marking our strategic expansion into the manganese sector in Kenya. The addition of the Bamba Manganese Mining area at Kilifi will significantly increase the mining reserve available to Marula and provide a valuable addition to the wash plant feed.
"The area is situated in the Kilifi mining belt close to the wash plant and has been previously cleared and prepared for mining so mining can commence with a short timeline and minimal capital requirement.
"The Project has significant upside potential and aligns perfectly with our vision of developing high-impact battery metals assets across Africa."
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 Bamba Mining Company Limited
Bamba Mining Company Ltd, a Kenyan-registered private firm licensed to explore and extract base metals such as manganese, iron, chrome, copper and coal began manganese mining in Kilifi County, Kenya, in 2018 as the sole licensed operator in the region. Starting in several sites across Ganze sub-county including Bale, Mgumoni, Sitaki, Sosoni, Vilwakwe, Kadzandani, Mangororo and Mayowe local women and youth quickly adopted manganese mining as a primary livelihood, drawn by the significantly higher earnings compared to small-scale farming. Over the years, the sector has grown into a key employment sector in the area, with extracted manganese sold to export markets including China, India, Dubai, Saudi Arabia and South Sudan.
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.
For enquiries contact:
|
Marula Mining PLC Jason Brewer, Chief Executive Officer
Faith Kinyanjui Mumbi Investor Relations |
Email : jason@marulamining.com
Email : info@marulamining.com
|
|
AQSE Corporate Adviser Cairn Financial Advisers LLP, Liam Murray / Ludovico Lazzaretti |
+44 (0)20 7213 0880 |
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A2X Advisor AcaciaCap Advisors Proprietary Limited Michelle Krastanov |
+27 (11) 480 8500 |
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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