Projects — Marula Mining PLC

Marula holds 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 in South Africa; the Boteti Lithium Brines Project in Botswana; the Larisoro Manganese Mine, Kilifi Manganese Processing Operation and Bamba Manganese Mining Project in Kenya; and the Kinusi Copper Mine, Nyorinyori and NyoriGreen Graphite Projects and Bagamoyo Graphite Project in Tanzania.

Marula continues to identify investment opportunities in other mines and advanced projects, and is currently reviewing a number of opportunities in Kenya, Tanzania and South Africa.

Blesberg Lithium & Tantalum Mine

South AfricaLithiumTantalumIn Production

Located in the Northern Cape Province, one of the largest known economically mineralised pegmatite deposits and historically the largest single source of tantalum in South Africa.
Over 250,000 tons of historical stockpiles containing high-grade spodumene; re-processing commenced Q1 2023, with preliminary assays including 6.19%, 5.60% and 6.19% Li₂O.
Strategic partnership with Q Global Commodities Group, including a US$4 million investment in new mining and processing equipment to increase monthly sales to up to 5,000 tpm of high-grade spodumene.
Two-phase US$1.35 million exploration, resource drilling and mining program completed Q4 2023; large scale conventional open pit mining and processing to define a maiden JORC resource.
New Prospecting Right secured over 7,219 hectares bordering the existing Blesberg licences.
Long-term offtake agreement in place for 100% of Blesberg's production of spodumene ore and concentrate, with planned sales of coltan, feldspar, mica and other by-products through existing XRF sorting and processing equipment.

Northern Cape Lithium and Tungsten Project

Northern Cape Lithium & Tungsten Project

South AfricaLithiumTungstenDevelopment

Share Sale Agreement to acquire 100% of Northern Cape Lithium and Tungsten (Pty) Limited (NCLT), holder of a Prospecting Right over 15,000 hectares of the Vioolsdrift Farm in Namaqualand.
Contiguous to, and within 5–10 km of, the Company's operating Blesberg mine and processing operations.
Portfolio of tungsten assets with potential to commence open pit operations at the Isis and Koubank Tungsten Mines: scheelite mineralisation grading up to 2.46% WO₃, plus retreatment potential in tailings.
Kaalbeen Tungsten Mine historically produced 10–12 tonnes per year of tungsten concentrate at 74% grades; operations ceased on price, not resource depletion, with untapped veins beyond historic workings.
Spodumene Kop II pegmatite: three-zone albite intrusive pegmatite with significant spodumene, beryl and tantalite, previously mined with an estimated 350,000 tonnes (non-JORC) down to 30 m depth.
Detailed mapping, sampling and drilling planned to explore pegmatite depth and mineral content.

Kruisrivier Cobalt Project

South AfricaCobaltExploration

51% majority interest in Mansena Kruisrivier Cobalt (Pty) Limited through a binding heads of agreement with Mansena Cobalt Pty Ltd.
Former producing cobalt mine, operated intermittently for over 55 years up to the 1930s, located 180 km northeast of Johannesburg on a granted Prospecting Right.
Visible high grade cobalt mineralisation identified at surface and in shallow underground workings; historical records confirm cobalt, gold, nickel, copper, chromium, zinc, lead, platinum and silver.
Non-JORC historical resources of 733,000 t of ore grading 8% cobalt down to 200 m, increasing to 1.5 million tonnes at 8% cobalt down to 500 m.

Boteti Lithium Brines Project

BotswanaLithium BrinesPotashExploration

Located in the Makgadikgadi Desert Salt Pan in the Boteti District — designated the 'Makgadikgadi Lithium Zone' by Botswana's Department of Mines.
Binding terms sheet with Botswanan explorer Geowise Resources (Pty) Limited to acquire up to a 70% interest.
Three granted prospecting licences extending over 188,140 hectares, recognised for extensive brine resources and significant lithium and potash potential.
Positive initial legal, financial and technical due diligence completed; SPV incorporation underway to hold the licences.
12-month work program: sediment pan mapping, brine sampling and analyses, airborne geophysics and magnetic surveys, acoustic televiewer, electromagnetics, exploration drilling and process development studies.

Larisoro Manganese Mine

KenyaManganeseIn Production

Conventional, shallow open pit mine in northcentral Kenya within the Proterozoic Mozambique mobile belt, operating intermittently since 2012 on two granted, adjoining mining permits.
60% commercial interest through a binding terms sheet with Kenyan operator Gems and Industrial Minerals Limited (GIM).
US$1,500,000 investment in new mining, crushing, screening and processing equipment to lift production to 5,000–10,000 tonnes per month of saleable high-grade manganese ore.
Mined ore has ranged from 18.82% to 55.01% Mn, averaging 33.41% Mn over six years, crushed and screened to a +37.00% Mn saleable product historically sold into Asian markets via Mombasa port.
Exploration strategy targets a 60,000 tonne per annum production model: ground magnetics over 40 line-km in phase 1, with RC/RAB drilling to follow interpreted anomalies.

Kilifi Manganese Processing Plant

KenyaManganeseProcessingOperational

100% shareholding in Agarwal Metals and Ores Limited (AMO), a Kenyan incorporated mineral processing company.
Fully operational and permitted plant approximately 60 km from the Port of Mombasa in the Tezo Area, Kilifi County, capable of beneficiating approximately 10,000 tonnes per month of manganese ores.
Acquiring nearby manganese mining operations and mineral rights to secure long-term ore supply as feed source.
Targeting run of mine feed of +20% manganese, upgraded to +30% manganese after processing.

Bamba Manganese Mining Project

KenyaManganeseDevelopment

Ganze region, Kilifi County, ~16 km northwest of Marula's Kilifi Manganese Processing Plant; licence area covers 40 km² with renewal of SPL/365 pending and applications for Mining Permits 4574, 4575 and 4576.
60% interest held by Marula; 40% retained by Bamba Mining Company Ltd, operated under a joint venture / SPV ensuring transparent governance.
Marula to fully fund a 12-month exploration and development program, targeting 10,000 t/month of saleable ore within the first 3 months of operations, financed from existing Kenyan operations.
Enhances supply security for the Kilifi Plant; offtake agreements to be secured for 100% of production.
Initial sampling confirms exposed and near-surface manganese mineralisation; due diligence completed with strong local community and government engagement.
Execution of community agreements is a condition of completion — the project is expected to support rural economic transformation and youth entrepreneurship in Ganze and Kilifi County.

Kinusi Copper Mine

TanzaniaCopperIn Production

75% commercial interest in 10 primary mining licences through a binding heads of agreement with Takela Mining Limited, in Mpwapwa District, Dodoma Region; licences valid for 7 years.
Samples of copper ore from small-scale workings, with azurite and malachite mineralisation exposed in shallow pits, reported copper grades of up to 31.32%.
Potential high grade, shallow copper ore body extending over 1 km in length and over 300 m in width at the main Sasimo Prospect; high-grade assays of 15.48%, 11.69%, 11.03%, 8.11%, 6.55% and 6.54% Cu.
Initial Exploration Target of 10–15 Mt of high-grade copper and gold, with potential to exceed 50 Mt on completion of definitive resource drilling.
Two-phase processing plant: Phase 1 gravity concentration, coarse jigging and fines dewatering for 24,000 tpa of high-grade copper concentrate; Phase 2 heap leaching, solvent extraction and electrowinning for an initial 10,200 tpa of copper cathode.

Nyorinyori and NyoriGreen Graphite Projects

Nyorinyori & NyoriGreen Graphite Projects

TanzaniaGraphiteExploration

75% interest in 13 granted graphite licences at Nyorinyori and 22 granted licences comprising the NyoriGreen project, in the Simanjiro District of the Manyara Region.
Contiguous licences over a combined ~86 hectares, valid for 7 years, in a region highly prospective for graphite with shallow mineralisation and small-scale mining underway.
Phase 1 exploration completed December 2023: 122 samples averaging 8.85% Total Graphitic Carbon, with high-grade assays of 15.89%, 14.17%, 13.92%, 12.14%, 11.82% and more.
Exposed graphite mineralisation extending over 1.20 km in strike length — open-ended — mapped with widths of up to 120 m, with field observations indicating large graphite flakes.
Advancing through a feasibility study on an accelerated exploration and development timetable, targeting high-grade jumbo and large flake graphite; results support a medium-sized mining operation.

Bagamoyo Graphite Project