Marula Mining PLC
(“Marula’’ or the “Company”)
12 March
2024
New Graphite Mining and Prospecting License Applications by
NyoriGreen Mining Limited
Marula Mining (AQSE: MARU), an African focused mining and
development company, is pleased to announce that NyoriGreen Mining
Limited (“NML”), the Company’s partner at the NyoriGreen Graphite
Project (“NyoriGreen”) in Tanzania, has made eight new Mining License
and one new Prospecting License applications (the “New
Licenses”).
Following the announcement made on 15
January 2024, where NML was awarded four new Mining Licenses
that were included under the existing commercial agreements between
the Company and NML on the then 10 granted Mining Licenses, it was
agreed that additional applications would be prepared. These
applications have now been made and are anticipated to be granted
in Q2 2024.
The Company is finalising its negotiations with NML to incorporate
the New Licenses into the broader NyoriGreen and Nyorinyori
Graphite Projects (the “Projects”), which they adjoin, and expects
to have these concluded in Q2 2024 following the grant of the New
Licenses.
The granting of the New Licenses will increase the total number of
granted graphite mining licenses that make up the Projects from 27
to 35 and also include an additional and much larger Prospecting
License, which will more than double the area of land that the
Projects extend over.
Highlights:
-
Eight new graphite Mining
License applications and one new Prospecting License application
submitted by NML
-
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 jumbo flake
graphite mineralisation
-
The eight
new Mining License applications extend over an area of approx. 67
hectares and when granted and combined to the 27 existing Mining
Licenses, increase the total area at the Projects to approx. 337
hectares
-
The
Prospecting License application itself extends over approx. 210
hectares and when granted and combined with the eight new Mining
License applications and the Projects increases the total area by
over 100% to approx. 547 hectares
-
The New
Licenses are expected to be issued in Q2 2024
-
The decision for NML to
make these new Mining License and Prospecting License applications
follows consultation with key stakeholders including
recommendations from the Company’s independent geological
consultants, Geofields Tanzania Limited
(“Geofields”)
-
Negotiations
are ongoing with NML for the New Licenses to be incorporated under
the existing commercial and technical agreements with the Company
and these are expected to be concluded in Q2
2024
-
The
initial report from Geofields on
the results of the Phase 1 Program of exploration activities that
was completed at the Projects earlier this quarter are due to be
received shortly
-
Assay results from the
graphite sampling program that were undertaken as part of the Phase
1 Program of exploration activities are also expected to be
received shortly
-
The results from these
will be incorporated into the Phase 2 Program of exploration
activities, that will include geophysics surveys, multi-spectral
satellite image work, additional trenching, and an initial resource
drilling program that is to commence in Q2 2024
Jason Brewer, CEO of
Marula Mining, commented:
"We are excited about the progress made in advancing Nyorinyori
and NyoriGreen Graphite Projects in Tanzania. The new mining license applications,
along with one prospecting license, marks a significant milestone
in our strategic expansion efforts as we continue to build on our
strong East Africa
portfolio.
“We continue to strategically position Marula in Tanzania's rapidly growing and globally
important graphite sector. This expansion underscores our
commitment to maximising value for our shareholders and further
solidifies our partnerships in Tanzania.
“It is important for us to move now and further consolidate our
position here at Nyorinyori ahead of the release of the results of
the Phase 1 Program of exploration, as we expect this region to
quickly establish itself as another major graphite producing region
in Tanzania and I’d like to thank
the team at NML for how fast and efficiently they have moved in
submitting these applications.”
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 and the
Nkombwa Hill Project in Zambia. 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.