Marula Mining PLC - Update on Agreement with WEEE Centre

Marula Mining PLC

("Marula'' or the "Company")

10 March 2026  

Update on Agreement with WEEE Centre

Implementation Framework for the Lithium-Ion Battery Recycling Project in Kenya

Marula Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company, is pleased to provide an update on its Collaboration Agreement ("Agreement") with WEEE Centre Limited ("WEEE Centre"), for the establishment of a Lithium-Ion Battery Recycling and Critical Metals Processing facility (the "Project") in Kenya, as announced on 4 August 2025.

WEEE Centre is a social enterprise registered in Kenya with operations across 18 African countries and offers the services of e-waste management through engagement of youths and communities in the e-waste processing value chains for improved social, economic and environmental conditions in a sustainable circular model. Established in 2012, the WEEE Centre is promoting environmental sustainability through responsible e-waste management while also driving innovation, public awareness, and green job creation across Kenya.

Under the terms of the Agreement and subject to the availability of funds, the Company has committed to invest EUR 500,000 to support the Project which focuses on the recovery and repurposing of e-waste and battery materials. The project will operate through a dedicated Special Purpose Vehicle ("SPV"), Urban Mining Limited, established for transparent governance, secured capital, and future scalability. This joint venture leverages the Company's expertise in battery metal and project development and WEEE Centre's licenced e-waste infrastructure and regional operations.

Phase 1 Pilot Program

The Company and WEEE Centre have finalised Phase 1 of the Projects 12-month Implementation Framework which will serve as an operational and strategic roadmap. The framework outlines the governance structure, investment sequencing, performance milestones and risk management protocols. This pilot program will focus on establishing pre-processing capability, validating feedstock, and generating operational intelligence. Activities in this phase will include safe battery intake and diagnostics, controlled discharge, mechanical dismantling and shredding, black mass production, limited second-life assessment, and compliant storage and export, all adhering to environmental, health, and safety standards.

The Phase 1 program is scheduled to commence in March 2026 with the 12-month timeline structured to move from administrative and procurement activities into physical installation, culminating in a three-month operational validation period.

Funding

The EUR 500,000 funding from the Company will be released in 4 tranches (subject to funds availability).

I.     An initial tranche of EUR 250,000 will be released upon signing of the definitive agreement and establishment of the SPV;

II.    An additional EUR 100,000 will be released upon arrival of primary mechanical units at the port of Mombasa or the Nairobi facility;

III.   A third tranche of EUR 100,000 will be disbursed upon successful physical installation and completion of "cold commissioning" (dry runs) of mechanical and safety subsystems; and

IV.   A final EUR 50,000 for production of the first validated "Black Mass" batch and completion of the pilot-scale hydrometallurgical circuit setup.

This Project is aligned with Kenya's Green Economy Strategy and Implementation Plan ("GESIP"). Beyond mere waste management, this collaboration is committed to high Environmental, Social, and Governance ("ESG") standards.

Further to the Company's announcement on 9 March 2026 in relation to its ongoing funding initiatives, arrangements are being finalised to ensure the initial tranche of EUR 250,000 is available upon signing of the definitive agreements and establishment of the SPV.

Gathoni Muchai Investments Limited ("GMI"), a substantial shareholder of the Company, has confirmed that drawings under its £2,500,000 loan facility will be available to be made to meet the initial tranche payment of EUR 250,000 due under the Agreement.

Jason Brewer, CEO of Marula Mining, said:

"Finalising the Phase 1 Implementation Framework marks a significant milestone in the disciplined execution of our battery recycling strategy in East Africa. Phase 1 will deliver tangible proof of concept Black Mass production in Kenya, positioning Marula at the forefront of Africa's battery materials recycling and urban mining sector.

We look forward to continuous development on the partnership with WEEE Centre."

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.

ENDS

About WEEE Centre Limited

WEEE Centre offers a structured, certified, and environmentally sound approach to e-waste disposal. Working in close collaboration with businesses, government institutions, NGOs, and communities, the organization provides a wide range of services including e-waste collection, secure data destruction, dismantling, sorting, materials recovery, and public education. These services ensure that hazardous substances are safely handled and that valuable materials such as copper, aluminium, plastics, and rare metals are recovered and reintroduced into the manufacturing cycle - supporting the principles of a circular economy.

The Centre is ISO 9001 and ISO 14001 certified, affirming its commitment to quality management and environmental responsibility. It also aligns with key global initiatives such as the Sustainable Development Goals ("SDGs"), particularly those related to responsible consumption and production, environmental protection, and decent work. Through its partnerships with international organisations, private sector and government agencies, the WEEE Centre is continuously advancing its impact and contributing to policy development around e-waste in Kenya and beyond. It also offers capacity-building programmes on environmental education in collaboration with schools and institutions of higher learning.

Innovation is part and parcel of WEEE Centre's strategy. The organisation has been exploring new frontiers such as battery recycling, particularly LIBs from electric vehicles and portable electronics.

This positions WEEE Centre at the forefront of addressing future waste challenges linked to Africa's transition to renewable energy and electric mobility. As the demand for sustainable and safe e-waste solutions grows, the WEEE Centre will continue to scale its efforts, explore new technologies, whilst fostering partnerships that enhance environmental protection and economic development.

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.