Marula Mining Plc New Graphite Mining Licenses Issued to Takela and NyoriGreen Mining

 
TIDMMARU 
 
Marula Mining PLC 
 
("Marula" or the "Company") 
 
15 January 2024 
 
New Graphite Mining Licenses Issued to Takela and NyoriGreen Mining 
 
Marula Mining (AQSE: MARU), an African focused mining and development company, 
is pleased to announce that, further to the announcement on 13 December 2023, 
the seven new Mining License Applications ("MLAs") collectively made by Takela 
Mining Tanzania Limited ("TMT" or "Takela Mining") and NyoriGreen Mining Limited 
("NML" or "NyoriGreen Mining") at the Nyorinyori Graphite Project ("Nyorinyori") 
and the NyoriGreen Graphite Project ("NyoriGreen") located in Tanzania (together 
the "Projects") have been granted. 
 
These new mining licenses are valid for a period of seven years, effective from 
10 January 2024 and are being incorporated into the commercial and technical 
services agreements with TMT and NML, through which Marula has secured its 75% 
commercial interest through the funding of exploration and mining and 
development activities. 
 
Upfront consideration of US$25,000 per license is being made to TMT and NML, 
which has been satisfied through the issue, in aggregate, of 1,050,000 new 
ordinary shares in the Company at a price of 13.5 pence per new ordinary share 
("Consideration Shares"). TMT have been issued 450,000 Consideration Shares for 
the 3 new mining licenses granted at Nyorinyori.  NML have been issued 600,000 
Consideration Shares for the 4 new mining licenses granted at NyoriGreen. 
 
Admission 
 
Application has been made for the 1,050,000 Consideration Shares to be admitted 
to trading on the Aquis Stock Exchange Growth Market on or around 19 January 
2024 ("Admission") and will rank pari passu with the ordinary shares of the 
Company in issue. 
 
Total voting rights 
 
Following Admission, the Company's issued share capital will comprise 
170,917,903 ordinary shares of 0.01p each, with each share carrying the right to 
one vote, therefore the total number of voting rights in the Company will be 
170,917,903. This figure may be used by shareholders as the denominator for 
calculations by which they will determine if they are required to notify their 
interest in the Company, or a change to their interest in the Company, under the 
Financial Conduct Authority's Disclosure Guidance and Transparency Rules. 
 
Highlights: 
 
  · The licenses are now being incorporated into the commercial and technical 
services agreements with TMT and NML 
  · The seven new MLAs are valid for seven years, effective from 10 January 2024 
  · All other terms and conditions of the commercial and technical services 
agreements remain the same 
  · These new licenses have been secured based on technical discussions with and 
recommendations from the Company's independent geological consultants, Geofields 
Tanzania Limited ("Geofields") and adjoin the existing Nyorinyori and NyoriGreen 
Projects, increasing the number of licenses held under the Projects by 35% to 27 
mining licenses 
  · The new licenses are considered to be highly prospective for the potential 
of high-grade and large and jumbo flake graphite mineralisation 
  · Phase 1 Program of exploration activities was completed by Geofields. An 
initial report of the findings from the Phase 1 Program is on schedule to be 
received by the end of January 2024, with findings incorporated into the Phase 2 
Program 
  · Approximately 200 samples have been taken as part of this Phase 1 Program 
and sample preparation will be completed by SGS Tanzania, with the samples then 
sent to South Africa for assay work 
 
Jason Brewer, Marula Mining PLC CEO said: 
 
"Following the completion of the Phase 1 Program at Nyorinyori and NyoriGreen, I 
am pleased to see that we will be able to expand our area of exploration and 
development through these highly prospective seven new graphite mining licenses. 
 
"By securing these licenses and incorporating them into the commercial and 
technical services agreements Marula has with TMT and NML, we are able to 
strengthen our position in the area and consolidate our exploration activities 
at the Projects so that we can continue to target locations of prospective high 
-grade graphite mineralisation. 
 
"With the support we have received from TMT and NML, and from the 
recommendations made by our geological consultants, Geofields, we are in a prime 
position to progress our Phase 2 Program of exploration activities at the 
Projects. I look forward to seeing what we can accomplish at the Projects and 
updating shareholders on the progress we make." 
 
Further Information 
 
Following the recent exploration activities at the Projects, and the input from 
Geofields, Marula Mining agreed that applications were to be made for three new 
graphite mining licences by TMT, and a further four new mining licences by NML, 
of which Marula has secured its 75% commercial interest through funding the 
exploration and mining and development activities. 
 
These new mining licenses are being incorporated into the commercial and 
technical services agreements Marula has with TMT and NML. The seven new mining 
licenses will increase the number of licenses held under the Nyorinyori and 
NyoriGreen Projects to 27 and are valid for a period of seven years, effective 
from 10 January 2024. 
 
The Phase 1 Program of exploration activities at the Projects has been 
completed, with initial findings expected to be received by the end of January 
2024. The Phase 1 Program of exploration focused on the high-grade and jumbo 
flake graphite mineralisation that has been observed with visual estimates of 
+90% graphite content in shallow broad graphite veins at Nyorinyori. This 
mineralisation has been seen to extend over an initial strike length of over two 
kilometres at Nyorinyori, and is interpreted to extend into the NyoriGreen 
licenses area. 
 
Once the assay results have been received, and depending on the recommendations 
made by Geofields, they will be incorporated into the Phase 2 Program of 
exploration activities, which will include geophysics surveys, multi-spectral 
satellite image work, additional trenching, and the commencement of a diamond 
drilling program later in Q1 2024. 
 
The Directors of Marula are responsible for the contents of this announcement. 
This announcement contains inside information for the purposes ofUKMarket Abuse 
Regulation. 
 
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 
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 the AQUIS Stock Exchange (AQSE), Marula is 
exploring opportunities to admit its shares to trading on the London Stock 
Exchange plc's Standard List or AIM Market, Kenya's Nairobi Securities Exchange 
and South Africa's Johannesburg Stock Exchange. 
 
For enquiries contact: 
 
+--------------------------------------+------------------------------+ 
|Marula Mining PLC                     |Email : jason@marulamining.com| 
|                                      |                              | 
|Jason Brewer,                         |Email : info@marulamining.com | 
|                                      |                              | 
|Chief Executive Officer               |                              | 
|                                      |                              | 
|Faith Kinyanjui Mumbi                 |                              | 
|                                      |                              | 
|Investor Relations                    |                              | 
+--------------------------------------+------------------------------+ 
|AQSE Corporate Adviser                |+44 (0)20 7213 0880           | 
|                                      |                              | 
|Cairn Financial Advisers LLP,         |                              | 
|                                      |                              | 
|Liam Murray / Ludovico Lazzaretti     |                              | 
+--------------------------------------+------------------------------+ 
|Broker                                |+44 (0)20 7469 0930           | 
|                                      |                              | 
|Peterhouse Capital Limited,           |                              | 
|Charles Goodfellow / Duncan Vasey     |                              | 
+--------------------------------------+------------------------------+ 
|Financial PR and IR                   |+44 (0)20 7138 3204           | 
|                                      |                              | 
|BlytheRay                             |                              | 
|                                      |                              | 
|Tim Blythe / Megan Ray / Said Izagaren|                              | 
+--------------------------------------+------------------------------+ 
 
Caution: 
 
Certain statements in this announcement, are, or may be deemed to be, forward 
looking statements. Forward looking statements are identi?ed 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 re?ect the Directors' current 
beliefs and assumptions and are based on information currently available to the 
Directors. 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END

(END) Dow Jones Newswires

January 15, 2024 06:40 ET (11:40 GMT)

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