Marula Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company, is pleased to announce that it has signed a variation to the share sales and purchase agreement announced 11 July 2024, for its wholly owned Kenyan subsidiary Muchai Mining Kenya Limited, to increase its shareholding in Agarwal Metals and Ores Limited (“AMO”) from 80% to 100% with the purchase of the remaining 20% minority shareholder interests. AMO is the registered owner of the Kilifi Manganese Processing Plant (the “Kilifi Plant”).
This strategic acquisition will increase Marula’s ownership in the Kilifi Plant to 100% and follows the recently approved 5-Year Budget for the Kilifi Plant announced on 26 March 2025. Based on this 5-Year Budget 2025-2030 prepared by the Company, the Kilifi Plant is forecast to generate total gross sales revenue of US$182.5 million, pre-tax operating project cashflows of US$63.5 million, and a pre-tax project NPV10 valuation of US$48.3 million over the 5-year period.
The Company has agreed to acquire the minority shareholding ahead of wet commissioning of the Kilifi Plant which is to be completed by 12 May 2025 and ahead of the first planned manganese sales which has been delayed but has been agreed by all parties to now commence in May 2025 and without any applicable penalties to either party.
Under the terms of the acquisition of the 20% minority shareholding, the Company will make a cash payment of £1,000,000, payable in whole or in part by no later than 31 December 2025. The Company has also agreed to issue a further 12,000,000 new ordinary shares in the Company at an issue price of 4.5 pence per share to the minority shareholder.
Admission
Application has been made for the 12,000,000 new ordinary shares to be admitted to trading on the Aquis Stock Exchange AQSE Growth Market and A2X Markets on or around 6 May 2025 (“Admission”). The new ordinary shares 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 293,655,678 ordinary shares of 0.01 pence each, with each share carrying the right to one vote, therefore the total number of voting rights in the Company will be 293,655,678. 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.
Jason Brewer, CEO of Marula Mining, said:
“We are pleased to have signed terms to acquire 100% ownership of the Kilifi Plant at this critical time and the Company is set to complete the wet commissioning of the plant and move to processing and export operations.
“This acquisition strengthens the Company’s strategic and commercial flexibility at the Kilifi Plant as we transition into first sales and as we also look to further optimise the operations.
“The commercial terms that have been agreed for this acquisition, I believe are very attractive for the Company and for shareholders, particularly when looking at the project economics that were recently released in the 5-Year Budget.
“This is another important step for Marula and its shareholders.”
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, Northern Cape Lithium and Tungsten Project and Kruisrivier Cobalt Mine, 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.
For enquiries contact:
Marula Mining PLC
Jason Brewer,
Chief Executive Officer
Faith Kinyanjui Mumbi
Investor Relations
Email : jason@marulamining.com
Email : info@marulamining.com
