Marula Mining (AQSE:MARU) Two Major Graphite Prospects Observed at the Bagamoyo Graphite Project in Tanzania

Marula Mining (AQSE: MARU), an African focused mining and development company, is pleased to provide an update on recent exploration activities at the Bagamoyo Graphite Project (“Bagamoyo” or the “Project”), in which the Company has a 73% interest, located in the Bagamoyo District in the Pwanai Region of Tanzania.

Geofi­elds Tanzania Limited (“Geofields”) has now completed the Phase 1 Program of exploration activities (announced on 11 January 2023) and the preliminary results have observed two graphite trends at the Mihuga and Saadan South Graphite Prospects within the Project area, which extend over two kilometres and where several outcrops of graphitic schist and graphitic gneiss occur with large flake sizes visibly observed and to be now quantified by accredited laboratory testing in Tanzania.

Highlights:

• Successful Phase 1 Program of exploration activities now completed by Geofields which included sampling, mapping and trenching across 18 of the 22 granted mining licenses, with samples collected and sent for analyses at SGS Laboratories in Tanzania
• Two major graphite trends were observed at the Mihuga and Saadan South Graphite Prospects in the Phase 1 Program exploration work completed by Geofields in Q1 2023
• Large graphite flakes observed in all high-grade graphite zones and within the graphitic schist and gneiss units identified
• At the Mihuga Graphite Prospect surface mapping has identified an E-W trending mineralised envelop which extends up to approx. 500 metres in strike length on surface and is interpreted to extend a further two kilometres over six of the granted mining licenses
• High-grade graphitic schist within the Mihuga Graphite Prospect has been estimated to have graphite grades of between 35% to 75% based on visible observations
• Ten samples from the Mihuga Graphite Prospect were collected for graphite and graphite-carbon analyses at an accredited laboratory in Tanzania for confirmatory grade and flake size work
• Geofields has made a number of recommendations including IP ground survey to be carried out to determine the graphite resource potential at depth and laterally along the E-W controlling structure
• Further recommendations include targeting extensions of the known 500 metres (“m”) surface mineralised graphite zone towards the W and also the northern flanks of this mineralized trend
• The Saadan South Prospect is located immediately south of an active graphite mining operation in an area considered by Geofields to be “a new and emerging graphite exploration environment capable of hosting significant primary graphite mineralisation”
• Graphite outcrops have identified a NNE trending graphite zone of approx. 150m by 50m wide exposed from trenching and interpreted to extend for a further 750m across four of the granted mining licenses
• High-grade graphitic schist within the Saadan South Graphite Prospect have been estimated across three to five metre widths to have graphite grades of between 35% to 65% based on visible observations
• Seven samples from the Saadan South Graphite Prospect were collected for graphite and graphite-carbon analyses at an accredited laboratory for confirmatory grade and flake size work
• Geofields have confirmed that the quality assurance and quality control protocols implemented in the sampling program at the Project are consistent with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)
• Given the width potential, flake sizes and graphite content at Saadan South, Geofields has recommended further work including securing strike extensions to the SW and N, completion of IP surveys to test NE extension targets and additional ground geophysical surveys to explore the graphite targets at depth and along strike
• Geofields has also submitted a comprehensive geological database incorporating all the results from the Phase 1 Program and will assist in the finalisation of implementing the next Phase 2 Program work
• Geofields recommendations for the next Phase 2 Program of activities are also now being reviewed by the Company’s technical management team, ahead of the planned commencement of work in H2 2023
• Geofields is a multidisciplinary strategic service provider company for the exploration and mining industry in Tanzania with more than 50 years of combined local and international experience from its team of geologists, with specific experience in exploration for graphite in Tanzania, and are considered technically competent to make the observations, recommendations and conclusions made in their Phase 1 Program results
• Given the significant scale of the strike extensions at both the Mihuga and Saddan South Graphite Prospects, the Company is working closely with its partner Kusini Kusini Gateway Industrial Park Limited (“KGIP”) under its existing agreements in identifying further granted mining licenses held by KGIP that will now be incorporated into the Phase 2 Program of exploration activities

Jason Brewer, Marula Mining PLC CEO said:

“The Phase 1 Program exploration activities have already successfully identified two major areas of high-grade and large flake graphite mineralisation. Both our partners, KGIP and the management team at Marula are excited by the results and commencing the next phase of work at Bagamoyo.

“It is pleasing to be operating in such a world class graphite province in south-eastern Tanzania, with granted mining licenses that are contiguous to an operating and exporting graphite mine at Kwamsisi and close to many other advanced exploration projects held by listed companies in the UK and Australia.  We are clearly in the right area, have a good address and now these results have demonstrated that we have something that may have significant potential.

“The next phase of work will incorporate all of the recommendations from Geofields and focus on defining the resources at these two prospects, as well as expanding the project scope to include a number of additional granted mining licenses that KGIP are looking to incorporate into the Bagamoyo Project.

“I look forward to updating our shareholders and stakeholders alike, on our progress at Nyorinyori.”

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) is an African focused battery metals investment and exploration company and has interests in several high value mine projects in Africa; Blesberg Lithium and Tantalum Mine in South Africa, Nkombwa Hill Project in Zambia and Kinusi Copper mine, Bagamoyo Graphite Project and Nyorinyori Graphite Project 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 the AQUIS Stock Exchange (AQSE), Marula is exploring opportunities to admit its shares to trading on AIM, the market operated by the London Stock Exchange Group plc, and Kenya’s Nairobi Securities Exchange.

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