Marula Mining PLC - Funding Update

Marula Mining PLC

("Marula'' or the "Company")

8 September 2025          

Funding Update

Marula Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company, is pleased to announce an update on a number of corporate funding and debt financing initiatives that it is progressing in order to further advance the development of its battery and critical metals focused portfolio of projects in East and Southern Africa.

Structured EUR 6 Million Non-Recourse Loan

Further to the announcement of 30 May 2025, the Company's Kenyan-based subsidiary Muchai Mining Kenyan Limited ("MMKL") has executed all loan documentation and satisfied all conditions for a structured debt facility for an amount of EUR 6 million with a US-based investment banking group (the "Debt Facility"). The Debt Facility is for an initial term of one year and extendable for up to 5 years and accrues interest at the European Central Bank marginal lending facility rate plus 1%.  It is structured against a standby letter of credit, that is being issued to a US-based banking institution, and which will allow the Company to draw down the full EUR 6 million. 

The Debt Facility has been lead-arranged by Redstone Partners Limited and administered by Weben Global Partners (Pty) Limited ("WGP"), companies that the Company's non-executive director Mr Munyaradzi Murape is a director and major shareholder of. Under the terms of the Debt Facility, WGP will receive a quarterly fee of 0.1% of the Debt Facility.

The Company has commenced the drawdown process and a further announcement will be made in due course upon completion of the drawdown process and receipt of funds.

Negotiations with Middle East Sovereign Wealth Fund-Backed Investment Funds

The Company confirms that negotiations with Mauritius incorporated and African-focused investment funds have been advanced in respect to proposed investments in up to five of the Company's battery and critical metals projects in East and Southern Africa. These funds are backed by a major Middle East based Sovereign Wealth Fund.

Letters of Intent have been received in respect to two of the Company's most advanced East African mining projects and in respect to a further potential new mine acquisition in East Africa that is proposed to be fully funded through their proposed investment.

The Company has been advised that this process including signing of all associated investment documentation is expected to be completed by 31 October 2025. Investments of between US$7.5 million and US$10 million for each project have been proposed and accepted by the Company. Whilst the Company is confident of completing these investments, there are no guarantees that the investment will be completed and therefore investors are cautioned not to place undue reliance on the proposed investments at this stage. Further announcements will be made in due course.

Shareholder Loan Agreement

The Company has entered into an agreement with Gathoni Muchai Investments Limited ("GMI"), a major shareholder of the Company and a company related to CEO Jason Brewer, for an unsecured, interest-free and non-convertible loan of £1,000,000 (the "GMI Loan").

The GMI Loan is immediately available and is to meet general working capital requirements of the Company and the development and operating costs of the Company's battery and critical metals projects in East and Southern Africa. 

Related Party Transactions

GMI are a substantial shareholder in the Company. Consequently, the GMI Loan constitutes a related party transaction as defined by Rule 4.6 of the AQSE Growth Market Apex Rulebook (the "GMI Transaction"). The directors independent of the GMI Transaction, having exercised reasonable care, skill and diligence, confirm that the terms of the GMI Transaction are fair and reasonable insofar as the shareholders of Marula are concerned.

Munyaradzi Murape, a Director of the Company, is a director and major shareholder of Redstone and WGP. Consequently, the entering into the Debt Agreements by the Company constitutes related party transactions as defined by Rule 4.6 of the AQSE Growth Market Apex Rulebook. The directors independent of the Debt Agreements, having exercised reasonable care, skill and diligence, confirm that the terms of the Debt Agreements are fair and reasonable insofar as the shareholders of Marula are concerned.

Additional Funding

The Company continues to work with its advisors and brokers in the UK, Kenya and South Africa to ensure that it continues to have access to sufficient funding to meet its obligations and ambitious growth and development targets.

The Company will provide further updates on progress on any additional funding arrangements that it secures and concludes.

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.

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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.