Marula Mining PLC - Update on Zimbabwe Activities

Marula Mining PLC

("Marula'' or the "Company")

12 December 2024

Update on Zimbabwe Activities

Marula Mining (AQSE: MARU) an African focused mining investment and development company, advises that it has decided to withdraw from its planned exploration and project acquisition activities in Zimbabwe.

The Company through its 80% owned Zimbabwean operating subsidiary, Muchai Mining (Pvt) Limited, commenced a programme of securing near-term and advanced lithium and copper mining and development opportunities in H2 2023. However, whilst Zimbabwe's mining sector has some highly attractive and advanced project opportunities, the Company was not able to secure projects that met its high internal criteria in terms of both grade, cost and ability to advance to development in a relatively short time period.

The Company will focus its copper mining activities on the high-grade Kinusi Copper Mine in Tanzania, where initial copper sales are expected to commence by 31 December 2024 and where the Company's independent geological consultants has estimated an initial Exploration Target of a 10-15 million tonne deposit of high-grade copper, gold, and other base metals (as announced on 18 August 2023). Additional high-grade copper mining and processing opportunities in Kenya are currently undergoing a technical due diligence review.

The Blesberg Lithium and Tantalum Mine in South Africa will similarly be the Company's principal focus for its lithium mining and processing activities and where negotiations are continuing in respect to the establishment of a new joint venture partnership for the commissioning, financing, and operation of a lithium acid leaching plant to produce an intermediate lithium product for use in the manufacture of lithium batteries and other high value lithium products. The Company is also advancing technical due diligence reviews of two further low-cost lithium in brine projects located in South Africa and in Botswana that the Company believes will have the potential to strengthen the Company's position in Southern Africa as a producer of higher value, lithium products.

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

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, Northern Cape Lithium and Tungsten Project, Korridor Lithium Project and Kruisrivier Cobalt Mine, all in South Africa; the Larisoro Manganese Mine and Kilifi Manganese Processing Operation both in Kenya; the Kinusi Copper Mine, the Nyorinyori Graphite Project, the NyoriGreen Graphite Project and the Bagamoyo Graphite Project all in Tanzania and the Nkombwa Hill Project in Zambia. 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.

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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.