Marula Mining PLC - Update on Kilifi Manganese Exploration Activities

Marula Mining PLC

("Marula" or the "Company")

6 May 2025        

Update on Kilifi Manganese Exploration Activities

Marula Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company, is pleased to provide an update on manganese exploration activities that have been completed by the Company's exploration team on several established and historic manganese mining operations, existing ore stockpiles, and both brownfield and greenfield projects, all located in the Kilifi Manganese Mineralisation Belt, and within close proximity to the Kilifi Manganese Processing Plant (the "Kilifi Plant") located in the Tezo Area, Kilifi County in Kenya.

The exploration activities have been completed, included targeted remote sensing, mapping and sampling programs aimed at indicating the economic potential and suitability of shallow manganese ores from these areas for processing at the Kilifi Plant. These areas are in addition to the manganese ore supply agreements signed by the Company in August 2024 and also include areas where the Company's wholly owned subsidiary Muchai Mining Kenya Limited has made, and is in the process of applying for, mining and exploration permits to support a larger scale manganese mining and processing operation at the Kilifi Plant, as well as seeking to finalise additional manganese ore sales and purchase agreements.

This exploration work has focused on the shallower manganese ores mined, stockpiled and sold extensively at Kilifi and which is considered to overlay higher grade zones. These higher-grade zones of manganese mineralisation have been identified by the Company from previous sampling work completed in August 2024 and where assay results of between 44.13% and 71.01% manganese were measured from samples taken at depths of approx. 5m below this broader medium grade manganese mineralisation.

Preliminary visual estimates from the exploration activities have indicated high, medium and low-grade manganese mineralisation. The strike length and continuity of the manganese mineralisation, that remains open, has allowed the Company's exploration team to estimate initial non-JORC compliant resource tonnages down to depths of just 2m. Over 100 samples have been taken, and which will now be assayed in Nairobi at an internationally accredited testing laboratory.

The Company's exploration team has recommended prioritising further exploration in several high-grade manganese zones that have been identified from this work and undertaking trenching and infill drilling in these areas, and at depths greater than 5 metres to assess vertical continuity and further target the high-grade manganese mineralisation previously identified. This work is expected to commence in Q3 2025 and will enable the Company to update its resource model and evaluate the potential for increase mining and processing activities at the Kilifi Plant.

Highlights:

• Further manganese exploration activities completed in the Kilifi area
  
  
• This exploration work is in addition to work completed by the Company in Q2 and Q3 2024
  
  
• Whilst previous work had identified a high-grade zone of manganese, with an average grade of 61.95% manganese, this phase of exploration was focused on several specific key target areas of existing and historic mining, existing stockpiles and both brownfield and greenfield projects to assess the suitability of shallow manganese ores from these areas for processing at the Kilifi Plant
  
  
• The several targeted areas are all within 30km of the Kilifi Plant, area readily accessible with good road infrastructure and which makes transportation of the mined ores very economically attractive
  
  
• These areas are subject to proposed new license applications by the Company and negotiation over potential new ore sale and purchase agreements
  
  
• These areas are located on the Kilifi Manganese Mineralisation Belt, where previous geological work has identified the presence of broad and extensive manganese mineralisation and several small-scale operating mining operations along a strike length of 30km of identified manganese mineralisation
  
  
• Over 100 samples have been taken for analyses at an internationally accredited testing laboratory in Nairobi following the detailed targeted remote sensing and mapping programs completed by the Company's exploration team
  
  
• This work identified high, medium and low-grade manganese mineralisation from visual assessments and which indicated multiple areas of potential future mining activities
  
  
• The exploration work further confirmed the continuity of the manganese mineralisation down dip and along strike, which has provided the Company's exploration team with further confidence in the potential manganese resources in the region
  
  
• Geological mapping of operating pits and pit wall exposures indicated the manganese mineralisation is stratabound and extends from between 2m to 25m in thickness and averages approx. 5m.
  
  
• Initial non-JORC compliant resource tonnages estimates completed by the Company's exploration team down to depths of just 2m, has indicated a resource tonnage of 12.3 million tonnes of manganese mineralisation across the several key target areas at depths of up to 2m, with 10.2 million tonnes contained within two of the target areas, where over 50% of the samples were taken and which are located less than 20km from the Kilifi Plant
  
  
• The down-dip and strike length continuity of manganese mineralisation remains open, indicating further upside potential in terms of tonnage and at depths of below 2m
  
  
• Assay results from the samples, which are due in June 2025, will allow the Company's exploration team to better assess the resource potential in terms of tonnage and with detailed grade assessment
  
  
• The recommendations made by the Company's exploration team will form part of the next phase of work which allow a broader resource model of the manganese mineralisation across the several key target areas which will be used to optimise the Company's planned future mining in the area and processing activities at the Kilifi Plant
  
  
• The initial tonnage estimates of manganese mineralisation demonstrates the potential to significantly increase the size and scale of the Company's planned manganese operations as well as the potential to look at expansion into the production of high-purity and battery grade manganese products for the electric vehicle markets
  
  

• Further trenching and shallow infill resource drilling work is anticipated to commence in Q3 2025

Collins Aseto, Head of Exploration East Africa Marula Mining, said:

"We are very pleased with the pace and quality of these broader exploration activities at Kilifi.

"The early identification of high-grade potential and the successful collection of over 100 samples represent a strong foundation for advancing our manganese strategy in Kenya.

"These efforts not only support near-term production planning but also open opportunities for a major expansion and scale of our activities and further exploration and partnerships across the mineral belt.

"I look forward to providing further updates as we progress these initiatives."

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, Northern Cape Lithium and Tungsten Project and Kruisrivier Cobalt Mine, 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.

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Caution:

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identiÞed 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.