Marula Mining PLC (AQSE: MARU, A2X: MAR), the African-focused mining and development company, has provided an update on the audit of its 2024 Annual Accounts and outlined several important corporate and operational developments across its battery metals and processing activities in East and Southern Africa.
Audit and Annual Accounts
On 1 July 2025, Marula announced a delay to the completion and publication of its Annual Accounts, resulting in a temporary suspension of trading under AQSE Growth Market rules. The audit, now being carried out by the company’s new independent auditors in their first year with Marula, is progressing under the oversight of the UK-based financial controller and Audit Committee.
The Board maintains confidence in the company’s financial systems and controls but recognises the delay is not appropriate for a listed company. In response, Marula has strengthened its finance team, appointing a UK-based financial controller alongside new finance personnel in Nairobi and South Africa. A new auditor is also being appointed for the company’s East African subsidiaries.
Marula Africa Mining Holdings Limited
In July, Marula incorporated Marula Africa Mining Holdings Limited, a wholly owned UK-registered subsidiary, to act as the holding company for all direct and indirect interests in the company’s East and Southern African mining, development, and exploration projects. This restructuring is designed to streamline operational and financial management and support broader corporate initiatives.
Alongside this, Marula’s management team is working with legal, financial, and technical consultants across the UK, Kenya, and South Africa to complete legal due diligence, working capital assessments, and Competent Person’s Reports (CPRs).
Marula Metals Processing Limited
The company has also incorporated Marula Metals Processing Limited (MMPL) as a wholly owned subsidiary of Marula Africa. MMPL will serve as the vehicle for a series of strategic partnerships in battery metals processing and refining, focused on producing higher-value products.
These partnerships aim to process and refine Marula’s battery and critical mineral production in Kenya into cathode and anode active materials for the electric vehicle and battery markets. This initiative supports Marula’s strategic objective of positioning Kenya as a regional hub for battery and critical metals processing, recycling, and high-value mineral product production.
Competent Person’s Reports
CPRs are currently being finalised for Marula’s portfolio of material projects across East and Southern Africa, including:
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Kinusi Copper Mine
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Kilifi Manganese Mining and Processing Operations
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Blesberg Lithium and Tantalum Mine
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Northern Cape Lithium and Tungsten Project
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Nyorinyori and NyoriGreen Graphite Projects
Once complete, the reports will be published on the company’s website, providing updated technical data and mineral resource information across its core battery and critical minerals projects.
