Corporate Update
Summary by AI BETAClose X
Marula Mining PLC
("Marula'' or the "Company")
3 September 2025
Corporate Update
Marula Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company, provides an update on the status of the audit of its financial statements for the year ended 31 December 2024 ("Annual Accounts") and on a number of key corporate activities and developments that are being progressed across several key strategic parts of its battery metals focused mining as well as processing activities in East and Southern Africa.
Audit and Annual Accounts
The Company announced on 1 July 2025 a delay to the completion and publication of its Annual Accounts and accordingly, pursuant to Rule 5.1 of the AQSE Growth Market Apex Rulebook, a temporary suspension of trading in the Company's shares.
The Company's finance team continues to progress the audit of its Annual Accounts, with this work being overseen by its UK-based financial controller and UK-based members of its Audit Committee.
The Company expects that the audit process of its Annual Accounts will be completed by its new independent auditors, in their first year as the Company's auditor, as soon as possible.
The Board is of the opinion that its financial systems and controls are effective and appropriate but is aware that the delay in publication of the Annual Accounts is not appropriate for a publicly quoted company. To this end, over the past months, the Company has further strengthened its finance and accountancy functions, with the appointment of a financial controller based in the UK and the appointment of additional finance personnel at its operational headquarters in Nairobi and in South Africa, to further support the finance and accountancy functions of the Company's activities in Africa.
In addition, with the planned significant increase in activities in East Africa, the Company is in the process of appointing a new auditor for its operating subsidiaries in the East African region for the current financial year.
Marula Africa Mining Holdings Limited
The Company announced on 4 July 2025 that it had incorporated Marula Africa Mining Holdings Limited ("Marula Africa") as a new UK-registered and wholly owned subsidiary of the Company.
Marula Africa is to be the single holding company through which all of the Company's direct and indirect and commercial interests in its East African and Southern African mines as well as its development and exploration projects, will be held.
This restructuring has been undertaken to both streamline the management of Marula's operational and financial activities across East and Southern Africa and assist in other ongoing corporate initiatives.
In parallel with this corporate restructuring, the Company's executive management team is working with its legal, financial and technical consultants in the UK, Kenya and South Africa, to have legal due diligence reports, working capital reports and competent person reports completed.
Marula Metals Processing Limited
The Company also announced on 4 July 2025 that it had incorporated Marula Metals Processing Limited ("MMPL") in the UK as a wholly owned subsidiary of Marula Africa.
MMPL is the new entity though which the Company has announced a series of proposed partnerships to add value to its battery and critical mining and processing activities.
The Company is proposing to achieve this value-addition through strategic partnerships to process and refine its battery metals and critical mineral production into higher-value mineral products in Kenya to create cathode and anode active battery materials for the electric vehicle and electric battery sector.
These initiatives are part of the Company's strategic objective of establishing Kenya as the centre of Africa's battery and critical metals processing and refining, critical metals recycling, and production of high-value mineral products for the electric vehicle and electric battery sector.
Competent Person's Reports
Competent Person's Reports are being completed for the Company's material battery metals and critical mineral projects in East Africa and Southern Africa including the Kinusi Copper Mine, Kilifi Manganese Mining and Processsing Operations, Blesberg Lithium and Tantalum Mine, Northern Cape Lithium and Tungsten Project and Nyorinyori and NyoriGreen Graphite Projects.
Once completed, these reports will be available on the Company's website.
These reports will provide updated technical and underlying mineral resource information for all the Company's material battery and critical metals projects.
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 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 Mumbi Kinyanjui 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 |
|
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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