Marula Mining
PLC
("Marula'' or the "Company")
23 April
2024
Issue of New Graphite Mining
Licenses and Issue of Equity
Marula Mining (AQSE: MARU), an
African focused mining and development company, is pleased to
announce that, further to the announcement on 12 March 2024, the
eight new Mining License Applications made by NyoriGreen Mining
Limited ("NML" or "NyoriGreen Mining") have been granted (the "New
Licenses"). The granting of the Prospecting License that was also
applied for, remains outstanding and is still expected to be issued
in Q2 2024.
These New Licenses are valid for a
period of seven years, effective from 19 April 2024 and are being
incorporated into the now expanded Nyorinyori Graphite Project
("Nyorinyori") and the NyoriGreen Graphite Project ("NyoriGreen")
(together the "Projects") under the existing commercial and
technical services agreements, through which Marula has secured its
75% commercial interest through the funding of exploration, mining
and development activities.
The granting
of the New Licenses increases the total number of graphite mining
licenses that now make up the Projects from 27 to 35. Assay results
announced on 10 April 2024 confirmed high-grade graphite
mineralisation of up to 15.89% Total
Graphitic Carbon ("TGC"), and other key assays of the graphite
mineralisation exposed at surface including 14.17%, 13.92%,
12.14% and 11.82%.
Upfront consideration of US$25,000
per license is being made to NML for these New Licenses, which,
consistent with the commercial terms as announced on 15 January
2024, will be 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") to
NML.
Highlights:
· The
eight New Licenses are valid for seven years, effective from 19
April 2024 and increases the total number of graphite mining
licenses that make up the Projects from 27 to 35
· The
New Licenses adjoin the existing Nyorinyori and NyoriGreen Graphite
Projects and are considered by the Company's management to be
strategically important as they will increase the footprint in an
area considered to be prospective for high grade and large flake
graphite mineralisation
· The
eight New Licenses extend over an area of approx. 67 hectares and
now combined to the 27 existing Mining Licenses, increase the total
area at the Projects to approx. 337 hectares
· The
New Licenses will be included in the Phase 2
Program of exploration activities which will include a diamond
drilling program over the surface-identified high-grade graphite
mineralised zones, geophysical survey work, additional trenching
programs, detailed economic analyses, preliminary mine and process
plant design work
Jason Brewer, Marula Mining PLC CEO said:
"We are delighted to announce that NyoriGreen has been awarded
eight mining licenses, marking another significant milestone for us
in our focus on high-grade graphite projects in
Tanzania.
"With a total of 35 graphite mining licenses at the Projects,
we are well-positioned to concentrate our exploration efforts in
the area and target potential high-grade graphite
mineralisation.
"The assay results have already indicated the area's potential
for high-grade graphite mineralisation. Therefore, by expanding our
license area we are poised to consolidate exploration activities in
the target region.
"I
look forward to the opportunity to provide shareholders with
further updates on our progress in due
course."
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 29 April 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 177,915,665 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
177,915,665. 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.
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; 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, the Nkombwa
Hill Project in Zambia and the Larisoro Manganese Mine
located in Kenya. 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, 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
|
AQSE Corporate Adviser
Cairn Financial Advisers LLP,
Liam Murray / Ludovico Lazzaretti
|
+44 (0)20
7213 0880
|
Broker
Peterhouse Capital Limited,
Charles Goodfellow / Duncan Vasey
|
+44
(0)20 7469 0930
|
Financial PR and IR
BlytheRay
Tim
Blythe / Megan Ray / Said Izagaren
|
+44 (0)20 7138 3204
|
Caution:
Certain statements in this
announcement, are, or may be deemed to be, forward looking
statements. Forward looking statements are identified 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 reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.