Marula Mining PLC - Funding Update

Marula Mining PLC

("Marula'' or the "Company")

29 October 2025              

Funding Update

Marula Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company, is pleased to provide a further update to its announcement of 8 September 2025, on a number of corporate funding and debt financing initiatives that it continues to advance to assist in the development of its battery and critical metals focused portfolio of projects in East and Southern Africa.

Structured EUR 6 Million Non-Recourse Loan

Further to the announcement of 8 September 2025, the Company's Kenyan-based subsidiary Muchai Mining Kenyan Limited ("MMKL") continues to progress the draw down process of a EUR 6 million structured debt facility with a US-based investment banking group (the "Debt Facility"). The Debt Facility's lead-arranger, Redstone Partners Limited, a company that the Company's non-executive director Mr Munyaradzi Murape is a director and major shareholder of, has been overseeing this process, and the issuance of the standby letter of credit, which is being issued to a US-based banking institution.

Progress has continued over the past six weeks and the collateral securing the Debt Facility is in the process of being finalised, and the Company is confident that the funding under the Debt Facility will be fully drawn by 31 December 2025.

Middle East Sovereign Wealth Fund-Backed Investment Funds

The Company's management team and advisors in Kenya continue to work with the previously announced Mauritius incorporated and African-focused investment funds (the "Investment Funds"), on potential investments in up to five of the Company's battery and critical metals projects in East and Southern Africa.

This process is ongoing and meetings in Nairobi last week between the Investment Funds and the Company's Executive Chairman were held. These meetings, which are to be followed with further meetings in Nairobi with the Company's broader executive management and technical team, confirmed that all parties are working to advance these potential investments through to conclusion.

Shareholder Loan Agreement

The Company can confirm that funds available under the shareholder loan agreement with Gathoni Muchai Investments Limited ("GMI"), as announced on 8 September 2025, have been fully drawn down to meet working capital costs of the Company.

GMI is a major shareholder of the Company and a company related to Jason Brewer, CEO of the Company.

In addition, GMI has agreed to immediately increase the amount available under the unsecured, interest-free and non-convertible loan to £1,500,000 (the "GMI Loan") and has agreed that the GMI loan will be subordinated to any additional loan funding secured by the Company.

Related Party Transactions

GMI are a substantial shareholder in the Company. Consequently, the increase in funds available under the GMI Loan constitutes a related party transaction as defined by Rule 4.6 of the AQSE Growth Market Apex Rulebook (the "GMI Transaction"). The directors independent of the GMI Transaction, having exercised reasonable care, skill and diligence, confirm that the terms of the GMI Transaction are fair and reasonable insofar as the shareholders of Marula are concerned.

Additional Growth Funding

The Company has agreed financing terms for two additional funding facilities that are intended to be used to further fund its mining activities in Kenya and Tanzania and also to be used towards the acquisition of a high-value and critical metals mine in East Africa as well as to support ongoing corporate and strategic 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 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.

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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.