Marula Mining
PLC
("Marula'' or the "Company")
28
May 2024
Assay Results For Run-of-Mine
Manganese Ore from
the Larisoro Manganese Mine
in Kenya
Marula Mining (AQSE: MARU), an
African focused mining and development company, is pleased to
announce assay results from samples of manganese ("Mn") ore
from the Larisoro Manganese Mine
("Larisoro" or the "Mine") in Samburu
County, Kenya.
The samples, which were taken from
stockpiled manganese material in Nairobi, reported an average grade
of 35.73% manganese, and assays of 39.25%, 39.13%, 38.60%, 37.69%,
37.56% and 37.23%. This stockpiled material and further material to
be transported to Nairobi from the Mine will soon be loaded into
containers for rail transportation to the port of Mombasa for
export.
Highlights:
· A
total of 18 samples, were collected and prepared by the Company's
exploration team from stockpiled run-of-mine manganese ore in
Nairobi
· The
samples were taken as part of the testing requirements of its
planned long-term offtake agreements for sales of manganese ore
into international export markets
· Samples were delivered to the Nairobi office of the
United Kingdom based, global metals,
minerals and energy commodities trading group
Fujax UK Ltd ("Fujax")
· The
samples were subsequently sent for
laboratory testing and analyses at Fujax's facilities in
Mombasa
· The
assays reported significant results with the average grade of the
18 samples being 35.73% Mn
· The
assay results ranged from the lowest grade of 31.90% Mn to the
highest grade of 39.25% Mn
· The
full assay results from the samples are included in Table 1
below
· The
assay results are consistent with the historical results from the
Larisoro Mine and support the Company's plans to produce a +37.00%
Mn saleable product from its on site crushing and screening
processing facilities
·
The Company is continuing to invest under the
terms and conditions of its agreement with Kenyan company Gems and
Industrial Minerals Limited ("GIM"), with exploration activities
and investment in new mining, crushing, screening and processing
equipment ongoing and to increase monthly manganese ore production
to between 5,000 tonnes and 10,000 tonnes of saleable high-grade
manganese ore by 30 September 2024
·
The formal documentation of its investment,
including a Technical Support Agreement, is expected to be signed
in June 2024
Table 1. Assay Results - May 2024
Sample Number
|
Fe
Grade
|
Mn
Grade
|
MAR
- 0013 A
|
2.04%
|
33.22%
|
MAR
- 0013 B
|
2.04%
|
33.09%
|
MAR
- 0013 C
|
2.13%
|
34.02%
|
MAR
- 0015 A
|
2.22%
|
35.39%
|
MAR
- 0015 B
|
2.04%
|
34.40%
|
MAR
- 0015 C
|
2.15%
|
35.41%
|
MAR
- 0016 A
|
1.68%
|
36.29%
|
MAR
- 0016 B
|
1.62%
|
36.95%
|
MAR
- 0016 C
|
1.62%
|
36.47%
|
MAR
- 0018 A
|
1.40%
|
37.23%
|
MAR
- 0018 B
|
1.34%
|
37.56%
|
MAR
- 0018 C
|
1.37%
|
37.69%
|
MAR
- 0019 A
|
0.98%
|
38.60%
|
MAR
- 0019 B
|
0.96%
|
39.13%
|
MAR
- 0019 C
|
0.87%
|
39.25%
|
MAR
- 0020 A
|
2.16%
|
33.30%
|
MAR
- 0020 B
|
2.02%
|
31.90%
|
MAR
- 0020 C
|
2.11%
|
33.30%
|
Jason Brewer, CEO of Marula Mining,
commented:
"The assay results have confirmed the quality of the manganese
ore from the Larisoro Manganese Mine, of which we already have an
initial stockpile in Nairobi ready for sale.
"With sampled grades of up to 39.25% Mn, independently assayed
by Fujax UK Ltd, one of our potential offtake partners,
we have received further confirmation of the
quality of the
material that the Company intends to sell into the export
markets.
"With manganese reference prices trading near four-year highs,
our ability to deliver material now from the Larisoro
Manganese Mine puts us in a strong position as we look to expand
production levels further in 2024.
"I
look forward to updating shareholders further on our activities at
Larisoro Manganese Mine, as we finalise our offtake arrangements
and make our first commercial sales shortly."
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, 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) in the United
Kingdom and the A2X Market in South Africa. 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.