Tonto Tshipi and Derdepoort Manganese Mines Update

Marula Mining PLC

29 June 2026

 

Marula Mining PLC

("Marula'' or the "Company")

29 June 2026

Tonto Tshipi and Derdepoort Manganese Mines Update

Marula Mining plc (AQSE: MARU; A2X: MAR), the African-focused mining and development company, is pleased to announce that, following satisfaction of the legal, technical and financial due diligence on both the Tonto Tshipi and Derdepoort Manganese Mines ("Tonto Tshipi" and "Derdepoort", together the "Mines") located in the North West Province, South Africa, the Company's wholly owned South African subsidiary, Muchai Mining South Africa Proprietary Limited ("MMSA") has now signed the formal shareholders agreement with South African company Infirnity Resource Group (Pty) Limited ("IRG").

As previously announced, MMSA had entered into a binding term sheet with IRG setting out the terms on which the Company was to acquire an initial 50% interest (the "Initial Interest"), with an option to increase this interest to up to 70%, in the Tonto Tshipi Minerals SPV (the "SPV"), which holds the Mining Right comprising both the Tonto Tshipi and Derdepoort Manganese Mines.

Shareholders Agreement and Re-Commencement of Operations

The signing of the formal Shareholders Agreement follows completion of the Company's due diligence process, as announced on 10 June 2026. Execution of the Shareholders Agreement represents a significant milestone in the completion of the transaction framework and a further key step in advancing the Company's manganese interests in South Africa.

The Company confirms that the Board has approved the budget and mine development plan for the re-commencement of operations at the Mines. The approved plan sets out the mine planning, processing and administrative steps required to bring the Mines back into production, drawing on the significant groundwork already completed by the Company's Chief Operating Officer in South Africa, together with existing shareholders, local community leaders and the Department of Mineral Resources and Energy, as previously announced.

Offtake Agreement

Approval of the budget and development plan is subject to the finalisation of a long-term manganese offtake agreement. The Company is currently progressing discussions in relation to such an agreement with a major global commodity trading group in South Africa.

Funding

Approval of the budget and development plan is also subject to the finalisation of funding to meet the initial working capital costs required to re-start operations with approximately 80%, available under the Gathoni Muchai Investments ("GMI") shareholder loan facility. The balance of the required funding is expected to be met from a combination of other loan funding arrangements, which are well advanced, and potential prepayment funding proposed to be advanced by the major global commodity trading group in parallel with the proposed long-term offtake agreement. These arrangements remain subject to final documentation and, where applicable, drawdown conditions.

There can be no guarantee that the proposed loan funding arrangements, the long-term offtake agreement or any associated prepayment funding will be entered into on the terms currently envisaged, or at all. Accordingly, approval of the budget and development plan, and the timing of the proposed re-start of operations, remain subject to the Company securing the required funding and completing the relevant commercial documentation.

The Company will provide further updates as the offtake and associated funding arrangements are finalised and as preparations for the re-commencement of operations continue.

About Tonto Tshipi and Derdepoort Manganese Mines

Tonto Tshipi is located on a Mining Right granted for 10 years to Leswene Mining and Exploration (Pty) Ltd ("LME") in October 2021. IRG is the majority 70% shareholder in LME. The Mining Right is located in an area of existing and previous manganese mining and mineral processing activities. The Mining Right extends over an area of 30,723 hectares and includes multiple areas where historical exploration and resource drilling programmes since 1976 have identified total manganese resources of 38.9 million tonnes ("Mt") at an average grade of 37% Manganese Oxide ("MnO") down to 100 metre ("m") depths.

The Derdepoort Manganese Mine is fully permitted and the Mining Right covers an area of 912.97 hectares. It is located in the district of Mankwe, Zeerust, North West Province, South Africa and benefits from infrastructure, mine support services and the manganese processing plant on site which is configured for primary crushing and screening, wet washing and scrubbing, size classification, gravity separation and controlled milling.

A 2023 JORC (2022) compliant Competent Person's Report confirmed Derdepoort hosts Proven and Probable Ore Reserves of 4.38Mt at 34.78% MnO and additional Indicated and Inferred Mineral Resources of 7.32Mt at 33.12% MnO, supporting a long-life, open-pit manganese mining operation.

Jason Brewer, CEO of Marula Mining Plc, said:

"The execution of the formal Shareholders Agreement with Infirnity Resource Group is another important milestone in the advancement of the Tonto Tshipi and Derdepoort Manganese Mines. We have now established the ownership, governance and operational framework required to move these projects forward and have approved a budget and development plan for the recommencement of mining and processing operations.

"We are particularly encouraged by the continued discussions held on the long- term offtake agreement and its associated opportunities.

"Both the Tonto Tshipi and Derdepoort Manganese Mines have defined reserves and resources, mining rights in place, operational permits in place, and established, operation-ready plant and equipment. The Board believes both mines represent a compelling near-term production opportunity and we look forward to updating shareholders as the remaining commercial arrangements are finalised and the operations move towards production restart."

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.

ENDS

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]
A2X Markets Advisor AcaciaCap Advisors Proprietary Limited Michelle Krastanov	[phone]

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 critical mineral mining operations and mine development and exploration projects in East and Southern Africa. 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, and Southern Africa that the Directors believe would deliver returns for its shareholders. The Board and management team aim 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.

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.

 

END