Marula Secures Eight Mining Licences in Tanzania to Expand Its Graphite Projects

Marula Mining (AQSE: MARU), a company dedicated to mining and development in Africa, is delighted to confirm that, following the announcement on March 12, 2024, NyoriGreen Mining Limited ("NML" or "NyoriGreen Mining") has received approval for the eight new Mining License Applications (the "New Licenses"). The Prospecting License, which was also requested, is yet to be issued and is anticipated to be granted in the second quarter of 2024.

The recently issued licenses, effective from April 19, 2024, will span seven years. They're now being integrated into two projects: the expanded Nyorinyori Graphite Project, and the NyoriGreen Graphite Project, together known as the "Projects." These licenses are covered by the current commercial and technical services agreements, under which Marula has secured a 75% commercial interest by funding exploration, mining, and development endeavors.

The granting of the New Licenses increases the overall count of graphite mining licenses within the Projects from 27 to 35. Assay results unveiled on April 10, 2024, affirmed the presence of high-grade graphite mineralization, with levels of up to 15.89% Total Graphitic Carbon ("TGC"). Additional key assays conducted on graphite mineralization found at the surface revealed percentages of 14.17%, 13.92%, 12.14%, and 11.82%.

NML is receiving an initial payment of US$25,000 per license for these New Licenses, which, in accordance with the commercial terms announced on January 15, 2024, will be fulfilled by issuing a total of 1,050,000 new ordinary shares in the Company at a price of 13.5 pence per share ("Consideration Shares") to NML.

The eight New Licenses, effective from April 19, 2024, extend the total number of graphite mining licenses within the Projects from 27 to 35. These licenses, adjacent to the existing Nyorinyori and NyoriGreen Graphite Projects, are deemed strategically significant by the Company's management due to their potential for high-grade and large flake graphite mineralization. Covering approximately 67 hectares, the eight New Licenses, when combined with the 27 existing Mining Licenses, expand the total area of the Projects to around 337 hectares. They will be integrated into the Phase 2 Program, which entails exploration activities such as diamond drilling in identified high-grade graphite mineralized zones, geophysical surveys, additional trenching programs, detailed economic analyses, and preliminary mine and process plant design work.

Jason Brewer, CEO of Marula Mining PLC, stated, "We are excited to announce that NyoriGreen has successfully obtained eight mining licenses, marking another significant milestone in our commitment to high-grade graphite projects in Tanzania. With a total of 35 graphite mining licenses now secured for our Projects, we are strategically positioned to enhance our exploration efforts in the region and focus on potential high-grade graphite mineralization. The assay results have already indicated the area's potential for high-grade graphite mineralization. Therefore, by expanding our licensing area, we are well-positioned to streamline exploration activities in the targeted region. I eagerly look forward to providing shareholders with further updates on our progress in the near future."