Marula Mining PLC

("Marula'' or the "Company")

17 April 2024

Update on Mining and Processing Activities at the Larisoro Manganese Mine

Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to provide an update on its mining and processing activities at the Larisoro Manganese Mine (the "Mine"), located in Samburu County in Northern Kenya.

As announced on 1 March 2024, the Company has entered into an agreement with Kenyan manganese mine operator Gems and Industrial Minerals Limited ("GIM") to secure a commercial interest in the Mine. Since then, the Company can confirm that it has: (i) commenced its planned US$1,750,000 exploration activities on site, as announced on 24 March 2024; (ii) progressed the formal documentation of a Technical Support Agreement ("TSA") and a Commercial Agreement ("CA") with GIM, which it expects to have signed by end of April 2024; (iii) completed new process plant design work in South Africa and Kenya; and (iv) commenced refurbishment and upgrade works on the existing process plant to increase monthly production rates to up to an initial 5,000 tonnes ("t") of saleable high-grade manganese ore.

The refurbishment and upgrade work to the existing processing equipment is being undertaken ahead of the Company's planned investment of US$1,500,000 for new mining, crushing, screening, and processing equipment that is anticipated to increase the monthly manganese ore production to up to 10,000t over the next three to six months.

Highlights

·    Experienced Kenyan mining and crushing specialist consultants have been appointed to complete plant refurbishment, modifications and upgrade work at the Mine

·    Work to commence this week following the mobilisation of the consultants to site

·    Refurbishment and upgrade work to be completed over the next three weeks and technical support over its re-commissioning in May and June 2024

·    The process plant refurbishment work will include:

·    servicing and installation of the primary jaw crusher including performance optimisation

·    fabrication and reinforcement of new feed hopper to enhance its durability and ensure improved and efficient material handling

·    implementation of structural enhancements to the feed hopper to support the increased load capacity

·    upgrade of conveyor system including replacement of rollers, bearings and pulleys and installation of new conveyor belts and general fabrication services to ensure smooth material flow

·    installation of two new screen meshes to meet new product size requirements

·    major modifications and structural enhancements to the vibrating screen deck to improve its efficiency and reliability and implementation of advanced fabrication techniques to ensure durability and longevity of the screen deck

·    This work is being completed to have the Mine and processing plant operating at initial levels of up to 5,000t per month of saleable product during Q2 2024

·    Design work, detailed costings and proposals have also now been received from a number of specialist mineral processing groups in South Africa and Kenya for the installation and commissioning of the new crushing and screening plant

·    The new processing plant has been designed to achieve initial monthly production rates of up to 10,000t of saleable product

·    Installation of the new processing equipment remains on track to commence on schedule later in Q2 2024 along with the arrival of new mining equipment

·    High-grade manganese ores from the Mine, already delivered to the lay-down yard in Nairobi are currently undergoing final sorting and sampling ahead of planned sales in May 2024

·    This material is both high grade manganese oxide and manganese carbonate ores

·    Initial sales of this material will be to one of the existing Asian-based customers of GIM and the Mine as well as an initial trial shipment of 2,000t to be delivered to one of the new proposed offtake parties as announced on 27 March 2024

·    As the Company moves ahead with its expansion activities at the Mine, a number of community-based initiatives are to now commence following meetings with community leaders, the surrounding communities and key stakeholders last week on site

·    These community initiatives are in addition to a commitment to work with the communities and provide full time and casual employment as part of the planned expansion and ongoing operations at the Mine

Jason Brewer, Marula Mining PLC CEO, said:

"We are pleased with the progress that is being made at the Larisoro Manganese Mine and in particular the commencement of the refurbishment and upgrade works on the existing processing and mining equipment on site.

"This work, which is being completed by a specialist Kenyan mining and processing group, will assist us in achieving our initial production targets and improving the performance and reliability of the existing machinery and plant ahead of the arrival of new processing and mining equipment later this quarter.

"I am very happy with the progress being made since we announced our proposed investment in the Larisoro Manganese Mine and we believe we are on track to have the Mine operating at the initial planned levels of up to 5,000 tonnes per month of saleable product in Q2 2024, which we anticipate will rise to 10,000 tonnes per month once new equipment has been acquired.

"With first manganese ore sales still on track for this quarter to existing customers of the Mine and to a potential new offtake party, I look forward to updating shareholders with further updates on this and our other planned developments here."

The Directors of Marula are responsible for the contents of this announcement.

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,  the Nkombwa Hill Project in Zambia and the Larisoro Manganese Mine located in Kenya. 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, Kenya's Nairobi Securities Exchange and South Africa's Johannesburg Stock Exchange.

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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.