Progress on Tanzanian Licence Acquisition
Summary by AI BETAClose X
Marula Mining PLC
("Marula'' or the "Company")
19 October 2026
Progress on Tanzanian Licence Portfolio Acquisition Following Positive Due Diligence
Positive Due Diligence completed on Pangani Minerals licences, supporting advancement towards acquisition of a strategically located portfolio of nine prospecting licences covering approximately 170 km²
Marula Mining PLC (AQSE: MARU | A2X: MAR) ("Marula" or the "Company"), an Africa-focused mining and development company, is pleased to announce a further milestone in the proposed acquisition of a 95% economic interest in a portfolio of nine Tanzanian prospecting licences (the "Project"), following completion of a positive Due Diligence review of the licences held by Pangani Minerals Limited.
The outcome represents an important step forward in the Company's proposed acquisition of the Project and supports the continued advancement of discussions with Rio Ashanti Limited, Pangani Minerals Limited and Mythos Metals Limited (together, the "Vendors") in relation to definitive transaction documentation.
Positive Due Diligence and Transaction Progress
Following the announcement of 11 September 2026, Marula has continued its Due Diligence and transaction workstreams in relation to the Project. The Company has now completed its Due Diligence review of the Pangani Minerals Limited licences, with the results supporting the continued progression of the proposed acquisition.
The Project comprises nine prospecting licences covering approximately 170 km² in Tanzania, contiguous to the Kinusi Copper Mine. The proposed acquisition includes the relevant licences, together with associated geological information, technical data and related rights. The Company believes that the Project represents a strategically interesting opportunity to expand its existing interests in Tanzania and further strengthen its African mining and exploration portfolio.
With the Pangani Minerals Limited Due Diligence now completed, the parties are progressing the negotiation and execution of definitive transaction documentation, representing the next key stage in advancing the proposed acquisition.
Next Steps
Marula and the Vendors are continuing discussions with a view to finalising the definitive transaction documentation. The Company will continue to progress the outstanding workstreams required to advance the proposed acquisition towards completion.
Completion remains subject to, inter alia, the exercise of the option, agreement and execution of definitive transaction documentation, satisfaction of any applicable regulatory and shareholder approval requirements, and the Company securing the additional funding required to complete the transaction.
The Company will provide further updates as appropriate as discussions progress and material milestones are achieved.
Jason Brewer, CEO of Marula Mining, commented:
"We are very pleased to report the positive completion of Due Diligence on the Pangani Minerals Limited licences. This represents an important milestone in advancing our proposed acquisition of the Tanzanian prospecting licence portfolio and builds positively on our announcement of 11 September.
The completion of this workstream supports our continued progression towards definitive transaction documentation and reinforces our interest in the strategic opportunity presented by this portfolio. Comprising nine prospecting licences covering approximately 170 km² and located contiguous to the Kinusi Copper Mine, the Project offers Marula an opportunity to further develop its presence in Tanzania and evaluate additional exploration potential within a strategically important mining region.
We are now focused on progressing the transaction documentation with the Vendors and advancing the remaining steps required to move the proposed acquisition forward. We look forward to updating shareholders as we make further progress."
Transaction Terms
Marula has paid a non-refundable option fee of US$100,000. If the option is exercised and the transaction completes, this amount will be credited against the US$800,000 upfront payment, leaving US$700,000 payable at completion. The upfront amount will comprise a combination of purchase price and success fee, with the allocation to be agreed in the definitive transaction documentation.
A further US$1.2 million will be payable in two equal instalments of US$600,000 at 12 and 18 months after completion. These deferred payments may, at the Vendors' election, be settled through the issue of 20,000,000 new ordinary shares in Marula, subject to resumption of trading on AQSE and any required shareholder or regulatory approvals.
Following completion, Marula will acquire a 95% economic interest in the Project, while the Vendors will retain a 5% fully free-carried economic interest with no funding obligation. Marula may acquire the retained 5% interest at any time for US$500,000 in cash.
The Company will need to secure further funding in order to satisfy the consideration payable on completion of the proposed acquisition. There can be no guarantee that such funding will be secured, or secured on terms acceptable to the Company, or that the proposed acquisition will complete. The Company continues to carefully manage its working capital position.
Project Licences
|
Licence |
Registered Owner |
|
PL 13586 / 2025 |
Rio Ashanti Limited |
|
PL 13587 / 2025 |
Rio Ashanti Limited |
|
PL 13588 / 2025 |
Rio Ashanti Limited |
|
PL 31596 / 2025 |
Rio Ashanti Limited |
|
PL 13426 / 2025 |
Pangani Minerals Limited |
|
PL 29922 / 2024 |
Pangani Minerals Limited |
|
PL 13560 / 2025 |
Pangani Minerals Limited |
|
PL 34300 / 2026 |
Mythos Metals Limited |
|
PL 34511 / 2026 |
Mythos Metals Limited |
The Directors of Marula are responsible for the contents of this announcement. This announcement contains inside information for the purposes of the UK Market Abuse Regulation.
ENDS
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 |
|
A2X Markets Advisor AcaciaCap Advisors Proprietary Limited Michelle Krastanov |
+27 (11) 480 8500 |
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 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.
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 27 minutes ago Oxford Nanopore Technologies
- 1 hour ago AVI Global Trust
- 1 hour ago LSL Property Services
- 1 hour ago Bluebird Merchant Ventures (DI)
- 1 hour ago Power Probe PLC