Marula Mining
PLC
("Marula'' or the "Company")
12
April 2024
Nyorinyori and NyoriGreen
Technical Milestones Achieved
Issue of
Shares
Marula Mining (AQSE: MARU), an
African focused mining and development company, is pleased to
announce that following the completion of the initial exploration
program, and the assay results confirming high-grade, coarse flake
and broad graphite mineralisation, at the Nyorinyori Graphite
Project ("Nyorinyori") and the NyoriGreen Graphite Project
("NyoriGreen") (together the "Projects") in Tanzania, the Company
has issued its share based consideration to Takela Mining Tanzania
Limited ("TMT") and NyoriGreen Mining Limited ("NML").
As announced on 17 February 2023,
upon the completion of the initial exploration program, Marula is
required to complete a share-based payment of £100,000 to TMT
through the issue of 799,361 new ordinary shares at a price of
12.51p, which is based on the 30-day volume-weighted average price
("VWAP") of the Company. The Company will also complete a
share-based payment of £250,000 to NML through the issue of
1,998,401 new ordinary shares at the VWAP of 12.51p, as announced
on 28 September 2023. In aggregate 2,797,762 new ordinary shares
have been issued at a price of 12.51p per share (the "Milestone
Shares").
Following the results of the initial
exploration work, the management of TMT and NML have been meeting
in Tanzania to finalise the plans and schedule for the commencement
of the next phase of work. This program will include a trenching
program to define the surface width and strike continuity of the
graphite mineralised zone, a geophysical and electromagnetic
survey, and a diamond drilling program to
evaluate the down-depth potential of the Projects. This work will
commence later in this quarter and will be overseen by the
Company's independent geological consultants, Geofields Tanzania
Limited.
Admission
Application has been made for the
Milestone Shares to be admitted to trading on the Aquis Stock
Exchange Growth Market on or around 18 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 176,453,165 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
176,453,165. 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.
Jason Brewer, Marula Mining PLC CEO, said:
"I
would like to thank Takela
Mining, NyoriGreen
Mining and Geofields for their
continued assistance and expert knowledge as we continue to develop
the Projects. As agreed, upon the completion of the initial
exploration work Marula will now issue the share-based payments
to Takela Mining
and
to NyoriGreen Mining.
"With the milestone of initial exploration work completed at
the Nyorinyori and NyoriGreen Graphite Projects, our belief in its
high-grade graphite mineralisation potential, and our plan to
develop the Projects as a medium-scale graphite project, has been
confirmed. As such, we are now commencing with our plans for Phase
2 exploration work.
"We are excited to get started on the next phase of
exploration work, which will look to evaluate the down-depth
potential of the Projects and define the width and strike
continuity of the high-grade graphite mineralised zone. We will
continue to update shareholders as the exploration program
develops."
The
Directors of Marula are responsible for the contents of this
announcement.
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.