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[Ferro-Alloys.com] Marula Mining PLC Kilifi Manganese Processing Plant Update

Marula Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company, advises that further to the announcement on 29 April 2025, it has varied the final settlement terms of the acquisition by its wholly owned Kenyan subsidiary Muchai Mining Kenya Limited, of the minority shareholder interests in the Kilifi Manganese Processing Plant (the "Kilifi Plant").

Settlement of the acquisition of the minority interest was subject to the Company making a cash payment of £1,000,000, payable in whole or in part by no later than 31 December 2025. The Company confirms it did not make this required payment, however, agreement has now been reached to settle this payment through the issue of 22,222,222 new ordinary shares in the Company at an issue price of 3.85 pence per share, for final consideration of £855,555 and being an approximate 15% discount to the agreed cash price in April 2025.

With the Company to commence processing, loading and transportation of manganese material to the Port of Mombasa for export under a 5-year Agency Framework Contract (the "Agreement") with Baosteel Resources South Africa (Pty) Ltd ("Baosteel"), it was considered important by the Company's Executive Management to have this finalised ahead of the first export sales and revenue receipts. As at the date of this announcement, the parties have not yet entered into any purchase contracts pursuant to the Agreement, which are required prior to deliveries commencing.

Admission

Application has been made for the 22,222,222 new ordinary shares to be admitted to trading on the Aquis Stock Exchange AQSE Growth Market and A2X Markets on or around 19 March 2026 ("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 383,700,426 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 383,700,426. 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 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 and Northern Cape Lithium and Tungsten Project, 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.

• [Editor:tianyawei]