MARULA MINING PLC JANUARY 2025 New Critical Metal Mines For Africa
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CORPORATE STRATEGY AND OVERVIEW
MARULA MINING PLC ▪ Nairobi headquartered mining and new mine development and exploration company ▪ London stock exchange listed and East and Southern African focused ▪ To list on Nairobi Securities Exchange in H1 2025 and Johannesburg Stock Exchange thereafter ▪ Advanced and producing mining projects in the battery and critical metals sector ▪ High-grade production of lithium and coltan at the Blesberg Mine in South Africa ▪ Tantalum and tungsten production to commence at adjoining Northern Cape Project ▪ Manganese production at the Larisoro Manganese Mine in Kenya ▪ Copper production to commence at the Kinusi Copper Mine in Tanzania in H1 2025 ▪ Graphite mine development to commence at the Nyorinyori and NyoriGreen Graphite Projects in Tanzania in Q1 2025 ▪ Exploring high-grade copper mining and processing opportunities in Kenya ▪ Advancing technical due diligence on two low-cost lithium-in-brine projects in South Africa and Botswana ▪ Well-funded and focused on growth and increasing profits and earnings ▪ Board and management with a proven track record of mine development in Africa ▪ A focus on rapid mine development, job creation, value addition and profit and share price appreciation to all stakeholders and shareholders 4
OUR STRATEGY A major African-based battery and critical metals focused mining company Focus on accelerated development, expanding production and increasing resources and exports into the international markets Identifying new advanced mining projects to support a rapid growth strategy Listings in London and on major African stock exchanges Open communication channels with all shareholders and stakeholders Africa’s mining sector offers world class opportunities Some of the world’s highest grade, largest tonnage mining and exploration projects in the critical metals sector are located in East, Central and Southern Africa. Marula is well placed to support local companies and governments in these projects An experienced African-based management team that has the proven capabilities to advance our projects through to long-term sustainable production and both export and secure high-value and highly sought after commodities that are critical to meet the increasing demands from new green technologies and global economies. Marula seeks to accelerate development of new mining projects and significantly expand production at existing mines The Board and executive management are committed to an aggressive growth strategy and in identifying new advanced project opportunities that meet this criteria in order to maximise value to shareholders and all stakeholders. Partnerships Marula is committed to the long-term sustainable production of highly sought after commodities and has signed co-development and partnership agreements to accelerate the development of its current mining projects and support the Company’s growth and mine development activities in Africa. 5
LEADING OUR STRATEGY IN AFRICA Experienced team with a proven track record and an in-depth knowledge and understanding of Africa’s mining sector Chief Executive Officer Jason Brewer Mining engineer and director of a number of publicly listed mining companies focused on mine and project acquisitions and new mine development throughout Africa. Over 25 years’ experience in international mining, financial markets and investment banking in Africa and the UK and Australia Chairman Richard Lloyd A fellow of the Institute of Materials, Minerals and Mining and the Geological Society, with over 25 years’ natural resources investment banking and mining geology experience. Richard was previously a Director in the Resources, Energy Infrastructure team at ANZ Bank London, having joined from Commerzbank AG. He has also held positions at Standard Bank London & Dresdner Kleinwort. Non-Executive Director Hannah Wang’ombe Current Natural Resources Program Lead at Oxfam, former CEO of the Association of Women in Extractives Kenya, with has over 10 years' experience in stakeholder engagement, relationship building, crisis management, and public policy processes at the Kenya Institute for Public Policy Research and Analysis. Non-Executive Director Munyaradzi Murape CEO of Redstone Partners Limited, a UK-headquartered financial markets development company focused on the Southern African region. Over 20 years' experience as an investment banker, corporate leader, public and private sector investor. In 2015, he earned the award of the Archbishop Tutu Fellowship at Oxford University. Non-Executive Director Ms Angeline Greenwood Experienced finance executive, worked in the UK and internationally and is currently the Finance Director at the Harlequin Football Club Ltd. Ms Greenwood is an ACCA Chartered Accountant and has a BA Degree in Accounting and Finance. 6
Q GLOBAL COMMODITIES A major strategic investment, and relationship and co-development agreement ▪ Q Global has established itself as one of South Africa’s leading independent commodity, logistics and investment funds ▪ Operates a portfolio of 49 operating and development coal mining operations in South African and has diversified its interests in the metals mining sector. ▪ Marula Mining is Q Global’s largest single investment and main investment in the critical and battery metals sector ▪ Quinton van der Burgh, CEO of Q Global Commodities is one of South Africa's leading mining entrepreneurs ▪ Investment by Q Global allows: ▪ the expansion and development of the Blesberg Lithium Mine ▪ acquisition and development of new battery and critical metals project interests in Southern Africa ▪ the commissioning of the Kinusi Copper Mine ▪ development of our portfolio of graphite mines in Tanzania ▪ acquisition and development of new battery and critical metals project interests in Kenya and across Africa ▪ accelerate our plans to build a major battery and critical metals refining centre in East Africa 7
SUSTAINABLE MINING 11 A focus on ethics, transparency and respect for the environment in partnership with local organisations and communities Sustainability and Community ▪ Job creation and developing transferable skills at all levels and in various jurisdictions across the sector ▪ Partnering with local stakeholders and existing local charities ▪ Championing a new approach to caring for the environment ▪ Prioritising employee health, safety and human rights Governance ▪ Embraced as a mechanism to drive internal review and constant improvement ▪ Supporting complete transparency and traceability throughout the value chain ▪ Mayflower Children’s Foundation Online Platforms
LISTING ON NSE - COMMITMENT TO KENYA’S MINING SECTOR ▪ Marula is dual listed on A2X Markets in South Africa under ticker code MAR (A2X:MAR) ▪ Marula will complete a stock exchange listing on the Nairobi Securities Exchange in H1 2025 ▪ the first new listing in several years on the NSE ▪ the first ever inward dual listing on the NSE ▪ the first metals mining company to be listed on the NSE ▪ The listing in Nairobi demonstrates Marula's commitment to Kenya and to East Africa and its local stakeholders ▪ An opportunity for local investors and partners and key stakeholders to hold shares directly in Marula ▪ Recognises the vast potential and growth of the Kenyan capital markets and its role inMarula’s growth ▪ The new listings (A2X and NSE) being undertaken as Marula continues to grow its mining business in Africa and looks to deliver on its strategy of establishing itself as the leading battery metals mining company in East and Southern Africa with multiple profitable mining operations and development projects ▪ The enhanced stock exchange listings are anticipated to provide greater market visibility for investors and an improved ease for investors in the United Kingdom and throughout Africa to invest in Marula ▪ The new listings are a commitment to all our stakeholders and shareholders to always look to maximise and continue to deliver value 9
KENYA GROWTH STRATEGY ▪ Headquartered in Nairobi ▪ Marula's listing on the Nairobi Securities Exchange will make it the most identifiable mining company in Kenya ▪ Clear focus on developing battery and critical metals mining projects in Kenya ▪ Metals of focus includes manganese, graphite, copper, coltan, lithium and rare earth elements deposits ▪ Sustainable growth and practices and development initiatives within Kenya, fully aligned with the nation's economic goals and priorities ▪ Developing these projects in partnerships with all key stakeholders in Kenya: ▪ local mining companies, co-operatives and community-based groups ▪ government entities ▪ National Mining Corporation Kenya (NAMICO) ▪ Contribute to growth of Kenya’s highly prospective mining sector ▪ Further contribute to Kenya's socio-economic development through responsible mining practices, environmental stewardship, and corporate social responsibility initiatives 10
PROJECT SUMMARIES
MINING FOR THE METALS FOR THE FUTURE Blesberg Lithium and Tantalum Mine, South Africa ▪ Marula’s first producing mining operation ▪ Largest known mineralised pegmatite deposit in South Africa ▪ Proven high grade lithium mineralisation in spodumene of up to 6.5% Li 2O ▪ Mine development commenced within 3 months and initial sale of high-grade material completed ▪ Major investment underway and fully funded to expand mining rates and processing capacity ▪ Exploration activities ongoing to expand resources and support a +10 year major mining operation 12
DEVELOPING FOR THE METALS FOR THE FUTURE Nyorinyori Graphite Project, Tanzania ▪ Extends over 13 granted mining licences in the Nyorinyori area in Simanjiro District in the Manyara Region ▪ Surface outcrops reveal associated graphite mineralisation extending over +2km in strike length ▪ Visual estimates show +90% graphite content in shallow, extensive veins ▪ Visual observations indicate the presence of jumbo graphite flakes NyoriGreen Graphite Project, Tanzania ▪ Acquisition of a 75% interest in a further 22 granted mining licences in Simanjiro District in the Manyara Region ▪ Located just 100m from the Nyorinyori Graphite Project ▪ Large Prospecting application submitted to materially increase land holdings in a region with proven high-grade graphite deposits ▪ Potential to accelerate development of a major graphite project in the Nyorinyori area 13
MINING FOR THE METALS FOR THE FUTURE Kinusi Copper Mining Project, Tanzania ▪ High grade and shallow copper mineralisation – azurite, malachite and borite with assays of up to 20% and visual copper grade estimations of +30% copper ▪ Independent verification of an Exploration Target of 10-15Mt ▪ Fully funded into production with additional funding available to expand resources ▪ Revised and high-value development strategy announced in H2 2024 Larisoro Manganese Mine Project, Kenya ▪ Commercial agreement secured a 60% interest in the Larisoro Manganese Mine ▪ Upgrade and refurbishment work to existing processing plant ▪ Investment in a new and expanded processing plant and major exploration program to increase resources and improve mine planning ▪ First production and sales commenced in H2 2024 Kilifi Manganese Processing Plant, Kenya ▪ The Company acquired an 80% interest in the Kilifi Plant ▪ located approximately 60 km from the Port of Mombasa in the Tezo Area, Kilifi County in Kenya ▪ the Company is targeting run of mine ore feed to the Kilifi Plant of +20% manganese, that has been historically mined in the region, and which will be upgraded to +30% manganese after processing through the Kilifi Plant 14
MINING FOR THE METALS FOR THE FUTURE Kruisrivier Cobalt Project, South Africa ▪ The company acquires 51% majority interest in Mansena Kruisrivier Cobalt Proprietary Limited ▪ Kruisrivier Cobalt, is a former producing cobalt mine that operated intermittently for over 55 years up to the 1930s ▪ Exploration work on Kruisrivier Cobalt has been ongoing since 2022 and has determined a current non-JORC compliant historical resources of 733,000t of ore grading 8% cobalt down to a depth of 200m increasing to 1.5 million tonnes of ore grading 8% cobalt down to 500m Kaalbeen West Tungsten Deposit & Northern Cape Lithium and Tungsten(NCLT) ▪ NCLT has a five-year large-scale prospecting license spanning approximately 15,000 hectares, which borders and adjoins Marula’s Blesberg Lithium and Tantalum Mine ▪ The licence covers 16 known previously mined ore deposits; including tungsten and tantalum ore deposits at Kaalbeen, Isis, Koubank and Groendoorn, as well as known pegmatite occurrences at Spodumene Kop and Groendoorn. 15 Kruisrivier Cobalt Project Kaalbeen West Tungsten Deposit & Northern Cape Lithium and Tungsten(NCLT)
A TIMELINE OF PROJECT DELIVERY AND GROWTH
AGGRESSIVE PROJECT ACQUISITION MARCH 2022 Appointment of New Board APRIL 2022 Heads of Agreement on New Mining Investments JULY 2022 Name Change (All Star Minerals changed its name to Marula Mining PLC) OCT 2022 Investment in Copper; The Kinusi Copper Mine in Tanzania JAN 2023 Appointment of Geofields Consultants to Commence Exploration at Kinusi Copper Project JAN 2023 Graphite Exploration Activities Commence at the Bagamoyo Project NOV 2022 Increased Shareholding in Blesberg to 100% ownership OCT 2022 US$5M Lithium Prepayment Secured to Fund Blesberg. Processing of Stockpiles Commences at Blesberg JAN 2023 Investment and Co- Development Partnership with Q Global Commodities Group FEB 2023 Marula Mining Seeks Listing on AIM FEB 2023 Appointment of PWC Kenya as Advisor on East African Transactions FEB 2023 Co-Development and Relationship Agreement Signed MARCH 2023 Appointment of New Broker Peterhouse Capital Limited FEB 2023 Establishment of New Mining Subsidiary in Zimbabwe (Muchai Mining (Pvt) Limited) FEB 2023 Increased 75% Interest Secured in the Kinusi Copper Project FEB 2023 Marula acquired 75% Interest in Nyorinyori Graphite Project 17
RAPID MINE DEVELOPMENT MARCH 2023 Key appointments for New Primary Listing APRIL 2023 High-Grade Graphite Mineralisation Observed at Nyorinyori Project APRIL 2023 Two Major Graphite Prospects Observed at the Bagamoyo) APRIL 2023 New Equipment arrives at the Blesberg Lithium Mine JUNE 2023 Appointment of Key Positions to Strengthen Management Team MAY 2023 Establishment of Muchai Mining Kenya Limited a Subsidiary in Kenya APRIL 2023 Discharge of Debenture APRIL 2023 Formal Commercial Agreements Entered into on Tanzanian Projects JUNE 2023 Advisers Appointed for Proposed Listing on Johannesburg Stock Exchange JULY 2023 Strengthening of Board of Directors AUG 2023 Results for the year ended 31 December 2022 AUG 2023 Blesberg Assay Results confirm an average grade of 6.50% Li2O AUG 2023 Admission to Apex Segment of the AQSE Growth Market AUG 2023 Additional Equipment Arrives at Blesberg for approximately ZAR10 million through Q Global Commodities Group AUG 2023 Geofields Tanzania Limited Appointed to Commence Exploration at the Nyorinyori Graphite Project in Tanzania AUG 2023 Assay Results for Bagamoyo confirm high-grade graphite up to 19.71% Total Graphite Content 18
DELIVERING ON STRATEGY AUG 2023 Contractor PDS Africa Pty ltd appointed with drills mobilised to Blesberg for Drilling AUG 2023 Key Board Appointments AUG 2023 Results from Phase 1 Program at Kinusi: Initial 10-15Mt Target (visible copper grades of up to 30%.) AUG 2023 Admission to Apex Segment of the Aquis Stock Exchange SEP 2023 Approx. US$1.35M resource drilling exploration and mine planning program for Blesberg underway AUG 2023 First Contract Signed for Sales of Blesberg’s High-Grade Lithium Ores Direct into China AUG 2023 Two XRF Ore Sorters Acquired for Blesberg AUG 2023 Copper Processing Plant Completed and Ready for Transportation to Tanzania SEP 2023 Termination of offtake agreement with Southern Jade Resources Pty ltd SEP 2023 Agreement with NyoriGreen Mining to secure 75% commercial interest in 10 graphite licenses that make up the NyoriGreen Graphite project OCT 2023 Assay Results from the Phase 1 Exploration Program at Kinusi received, with grades up to 15.48% OCT 2023 Phase 1 Drilling Program at Blesberg is over 90% complete and Phase 2 has commenced OCT 2023 Agreement with Opencast Resources and Future Gems to secure 70% interest in Future Gems from Opencast Resources 19 NOV 2023 The Phase 1 drilling program completed.
ADVANCEMENT OF PORTFOLIO 20 DEC 2023 Commencement of Phase 1 Exploration at the Nyorinyori and NyoriGreen Graphite Projects DEC 2023 Dividend Policy Introduced DEC 2023 Completed construction of the Rados SRF100-8 ore sorter DEC 2023 Successful factory acceptance testing work of the Rados SRF100-8 ore sorter DEC 2023 Approx. US$1.35M resource drilling exploration and mine planning program for Blesberg underway DEC 2023 Arrival of New Processing Equipment at Blesberg- The Rados SRF100-8 XRF DEC 2023 Phase 2 diamond resource drilling program completed DEC 2023 Appointment of New COOMartin Westerman DEC 2023 Phase 1 and Phase 2 diamond drilling programs have both been completed, ahead of schedule, with 42 holes completed for a total of 2,386.67 meters DEC 2023 Arrival of New Processing Equipment at Blesberg DEC 2023 DEC 2023 DEC 2023 DEC 2023 Commencement of Community Engagement Process at Nyrorinyori and NyoriGreen Graphite Projects in Tanzania Rados SRF100-8 XRF ore sorter and associated conveyors Successfully Installed at Blesberg, Commissioning and Optimisation to Commence Expansion of Graphite Interests with 7 New Mining License Applications at Nyorinyori and NyoriGreen Completed inspection and review of the Tanzania Copper Processing Plant DEC 2023 Phase 1 Exploration Activities Completed at Nyorinyori and NyoriGreenGraphite Projects
MULTIPLE PROJECTS MULTIPLE CASHFLOWS 21 7 New Graphite Mining Licenses Issued to Takela and NyoriGreen Mining DEC 2023 DEC 2023 Result of AGM JAN 2024 7 New Graphite Mining Licenses Issued to Takela and NyoriGreen Mining Appointment of Head of Exploration Tanzanian Exploration Budgets Approved for Project Developments in 2024 Update on the 89 % recovery rate during Optimisation of the Rados Ore Sorter at Blesberg JAN 2024 JAN 2024 JAN 2024 FEB 2024 Further re-funding Arrangement with Q Global Commodities FEB 2024 FEB 2024 Expansion to Marula’s Executive Management Team Posting of Circular MAR 2024 Marula to Invest in Kenyan Manganese Mining Operation & Issue of Equity Appointment of Community Relations Manager and Community Engagement in Samburu County, Kenya Expansion of Geological and Exploration Team in Kenya New Graphite Mining and Prospecting License Applications by NML MAR 2024 MAR 2024 MAR 2024 Long-Term Offtake Agreement Signed for Blesberg Update on Blesberg Mining Right & Permits Commencement of Exploration Activities at Larisoro MAR 2024 MAR 2024 MAR 2024
ADVANCEMENT OF PORTFOLIO 22 MARCH 2024 Commencement of Exploration Activities at Larisoro APRIL 2024 Assay Results for Nyorinyori & NyoriGreen reporting an average of 8.85% TGC APRIL 2024 Granted a Manganese Mineral Dealer Trading License in Kenya APRIL 2024 Commence of refurbishment and upgrade work to the existing processing equipment at the Larisoro Mine APRIL 2024 Commencement of Trading on A2X. (A2X:MAR) APRIL 2024 Issue of New Graphite Licences and Issue of Equity APRIL 2024 Secondary Listing of Ordinary Shares on A2X APRIL 2024 Further re: Subscription of Shares Agreement to QGC MAY 2024 Sales and Offtake Agreement for Manganese at Larisoro with Fujax UK Ltd JUNE 2024 JUNE 2024 JUNE 2024 JUNE 2024 Update on Blesberg Spodumene scheduled sales with initial sales of 500 tonnes Manganese Export Logistics Agreement Signed with Scan Global Logistics Kenya Limited Formal Document Mine Support Services Agreement ("MMSA") Executed for Larisoro Update on Primary Stock Exchange Listing & Update JUNE 2024 Commence transportation of Initial approx. 1,000t of manganese ore to Nairobi then transported by rail through to Mombasa Port MAY 2024 MAY 2024 MAY 2024 Appointment of New Mine Manager at Larisoro Assay Results For Manganese Ore at Larisoro reported an average grade of 35.73% manganese Key Operations Contracts for Larisoro
ADVANCEMENT OF PORTFOLIO 23 JULY 2024 Appointment of Logistics and Procurement Manager JULY 2024 Acquisition of Majority Interest in Cobalt Mine JULY 2024 Community Liaison Officers Appointed at Larisoro JULY 2024 Acquisition -Kilifi Manganese Processing Plant JULY 2024 Acquisition of Lithium, Tungsten and Tantalum Project Adjoining Blesberg AUG 2024 Ore Supply Agreement Signed for Kilifi AUG 2024 Tomra XRT Ore Sorter Update & Issue of Equity AUG 2024 Assay Confirm High Grade Manganese Ore AUG 2024 SEPT 2024 SEPT 2024 SEPT 2024 Two New Manganese Ore Supply Agreements for the Kilifi Processing Plant Commencement of a Ground Geophysics Survey at Larisoro First Manganese Exports Sales Completed from Larisoro Revised Development Plan for Kinusi Copper Mine SEPT 2024 New Mobile Equipment Secured for Larisoro
ADVANCEMENT OF PORTFOLIO 24 OCT 2024 Blesberg Proposed JV for a Lithium Sulphate plant OCT 2024 Three 10kg copper samples taken to South Africa for test work NOV 2024 Kinusi Mine- Conventional open pit mining of the No. 4 Pit continued DEC 2024 Blesberg Mine to Move to Contract Mining, Ongoing Restructure of Equipment Leasing Agreements DEC 2024 Marula withdraws from its planned exploration and project acquisition activities in Zimbabwe DEC 2024 Marula relinquished its minority interest held in the Nkombwa Hill Project located in Zambia AUG 2024 Tomra XRT Ore Sorter Update & Issue of Equity DEC 2024 Appointment of Sales Consultant DEC 2024 Marula relinquished its minority interest held in the Nkombwa Hill Project DEC 2024 Commence of Phase 2 Drilling Work at Nyorinyori and NyoriGreen Projects Withdraw from the Bagamoyo Graphite Project DEC 2024 Memorandum of Understanding Signed with Mining Engineers Society of Kenya
KEY CRITICAL COMMODITIES TO DRIVE NEW GLOBAL ECONOMIES
COMMODITIES DRIVING A SUSTAINABLE FUTURE Marula’s focus is on critical commodities and raw materials as declared by the US and EU and throughout Africa Electronics Renewable’s Batteries Medical Industrials Agriculture Copper Lithium Tantalum Rare Earths Niobium Graphite 26
LITHIUM ▪ Lithium plays an integral role in the global transition to net zero being vital to lithium-ion batteries for EVs and energy storage ▪ EV demand will continue to drive the lithium market: EV penetration will reach 15% in 2025, and is expected to rise to around 35% by 2030 ▪ The global demand for lithium in 2030 is estimated to be over 2Mt, four times the global production in 2020 and more than doubling the demand forecast for 2025 ▪ Listed as one of the EU’s critical raw materials 27
COPPER ▪ Copper is on the Critical Minerals list globally. It is required for the move to electrification as the world moves away from its dependence on fossil fuels ▪ Recent activities have resulted in the copper price hitting all-time highs before retreating on fears of a global recession ▪ Modern society is moving away from fossil fuels to cleaner sources of energy, and this is expected to greatly increase the demand for copper ▪ Renewable energy sources (solar, wind), electric vehicles and the supporting infrastructure, medical equipment, construction and several household appliances 28
GRAPHITE ▪ Due to being a strong heat and energy conductor, graphite is important for the battery metals sector ▪ Graphite is mainly used in the production of electric vehicles and lithium-ion batteries ▪ It is also used in the production of solar panels and electric brushes for wind turbines as society moves away from fossil fuels to focus on renewable energy sources ▪ Due to the strong demand for graphite from the electric vehicle battery sector, and a limited supply, the graphite market is expected to experience a boom ▪ Listed as one of the EU’s critical raw materials 29
MANGANESE ▪ Manganese is a transition metal which is commonly known for its distinct properties including being ductile, malleable and able to conduct electricity and heat. ▪ More than 90% of the manganese produced goes into metallurgical applications, the pure metal being used in copper and aluminum alloys and ferromanganese and silicomanganese employed in steel and cast iron ▪ Whilst manganese is commonly associated as being reliant on steel consumption and steel market forces, this paradigm could shift over time as battery technology demand grows Current preferred battery cathode compositions, utlise manganese, cobalt, nickel and aluminium. Of these compositions manganese is by far the cheapest mineral to mine and produce. 30 Demand for manganese in batteries is set to grow over eight-fold this decade, due to new battery chemistries and rising electric vehicle sales, according to Benchmark's Market Outlook.
RARE EARTH ELEMENTS ▪ Rare earths are critical to the global transition to a green economy ▪ Required for magnets in wind turbines, electric vehicles and most consumer electronics ▪ Critical to defence technologies, specifically fighter jet engines ▪ China holds a monopoly over the market for rare earths, producing an estimate 90% of the worlds output ▪ Western governments are beginning to realise the importance of security of supply of rare earths, outside of China ▪ From 2022 to 2035, Adamas Intelligence forecasts that global demand for NdFeB magnets will increase at a CAGR of 8.6%, driven by double-digit growth from the EV and wind power sectors ▪ Adamas forecasts that the value of global magnet rare earth oxide consumption will triple by 2035 to US$46.2 million ▪ Listed as one of the EU’s critical raw materials 31
COBALT ▪ Cobalt is a critical component in lithium-ion batteries, which are used in a wide range of devices, including smartphones, laptops, and electric vehicles. ▪ Its ability to enhance battery life and energy density makes it highly valuable in this industry. Required for magnets in wind turbines, electric vehicles and most consumer electronics ▪ Cobalt is a valuable material recovered during the recycling of used batteries. This process helps in reducing the need for new cobalt mining and supports the sustainable supply chain for battery production. 32
▪ Tungsten is used in the aerospace and automotive industries for parts that need to endure high stress and temperature, such as turbine blades, rocket nozzles, and high-performance engine components ▪ Tungsten has a very high melting point, making it ideal for use in light bulb filaments. It allows the filament to glow brightly without melting, providing long-lasting illumination ▪ Tungsten carbide, a compound of tungsten, is extremely hard and durable. It is widely used in cutting tools, such as drill bits and saw blades, and in industrial machinery that requires materials capable of withstanding high temperatures and wear 33 TUNGSTEN
BLESBERG LITHIUM AND TANTALUM MINE
BLESBERG LITHIUM AND TANTALUM MINE ▪ granted Prospecting License and Mining Permit ▪ located in South Africa’s mineral rich Northern Cape Province ▪ one of South Africa’s largest (8-10Mt) mineralised pegmatites ▪ historically mined as South Africa’s largest source of tantalite ▪ over 250,000t of historical stockpiles containing high-grade spodumene ▪ assays confirm high-grade spodumene in stockpiles of +6.00% Li 2O ▪ commenced re-processing of the lithium rich stockpiles in Q1 2023 ▪ US$5.5m investment in new mining and processing equipment in Q2 and Q32023 to increase monthly sales to up to 5,000tpm of a high-grade spodumene in H1 2024 ▪ US$1.75m exploration, resource drilling and mining program almost complete ▪ large scale conventional open pit mining and processing to commence H1 2025 ▪ major long-term lithium offtake agreement entered into in Q1 2024 35
STOCKPILE RE-PROCESSING re-processing of the historical stockpiles commenced in Q1 2023 material is loaded and hauled and crushed and screened and stockpiled ahead of final sorting current re-processed stockpiles include run- of-mine, >140mm, 10mm to 55mm, <10mm and >80mm (pre-screen) sized material approx 40,000t of material contained in the re-processed stockpiles ahead of final sorting US$5.5m investment in new mining equipment and new processing plant and equipment in Q2 and Q3 2023 historic stockpiles to be reprocessed over the next 24months to produce 2,000tpm of a high-grade lithium spodumene product recovery of mica, feldspar and tantalum which is also contained in the historical stockpiles commenced in H1 2024 36
HIGH-GRADE SPODUMENE AND OFFTAKE SALES ▪ Bulk sampling of the high-grade spodumene material at Blesberg has been independently tested on multiple occasions and by numerous parties throughout 2023 and 2024 ▪ metallurgical process and flotation testwork on the high-grade spodumene from Blesberg has further been undertaken in South Africa and Europe ▪ independent assay reports have consistently confirmed high-grade results of between 5.81% and 6.50% Li2O for spodumene product tested in the stockpiles ▪ results from the metallurgical testwork have confirmed the economic viability of the proposed expanded processing operations at Blesberg and the yields to be achieved. ▪ In March 2024, wholly owned South African subsidiary South African Lithium and Tantalum Mining (Pty) Limited signed a long-term offtake agreement with United Kingdom based, global metals, minerals and energy commodities trading group Fujax UK Ltd for spodumene ore and concentrate from the Blesberg Lithium and Tantalum Mine. ▪ the agreement is based on the sale and purchase of 100% of Blesberg's production of spodumene ore and concentrate to Fujax through to 31 December 2026 ▪ minimum deliveries of 5.50% Li 2O to be delivered during this period ▪ option to extend by a further three years 37
NEW OPEN PIT MINING AND PROCESSING ▪ mine planning commenced in Q3 2023 to develop conventional open pit hard rock mining of the Noumas I lithium bearing pegmatite ▪ the Noumas I pegmatite is just one of multiple pegmatites on the Blesberg license area that are proposed to be mined and developed ▪ open pit mine design study, and an initial mining works program completed in Q4 2023 ▪ mining of the intermediate and wall zones in the pegmatite will commence in Q4 2024 ▪ these zones make up over 80% of the pegmatite and contain an estimated +1Mt of spodumene sufficient for an initial +10 year mine life ▪ initial mining rates of 20,000tpm of material delivered to the processing plant ▪ testwork in Germany and South Africa has confirmed yields of 13-15% are achieved through the TOMRA and RADOS sensor based XRF ore sorters ▪ production from the open pit of an initial 3,000tpm of a high grade (+6% Li 2O) +20mm saleable high-grade lithium spodumene product ▪ total monthly production of an initial 5,000tpm with the additional 2,000tpm of saleable product recovered from re-processing of the historic stockpiles 38
EXPLORATION AND OPEN PIT MINE PLANNING ▪ major US$1.35M resource drilling exploration and mine planning program commenced in Q3 2023 ▪ aimed at defining a maiden JORC resource estimate and finalise open pit mine planning and optimise operations ▪ PDS Drilling commenced a 2-phase 41 diamond drill program in Q3 2023. ▪ airborne geophysics and multispectral satellite imaging work, geological modelling, open pit mine design study and an initial mining works program, environmental studies and discounted cashflow analyses underway ▪ Phase 1 drilling completed ahead of schedule in early Q4 2023 ▪ Phase 2 drilling completed iahead of schedule n late Q4 2023 ▪ samples submitted to ALS Laboratories and assays in Q4 2023 ▪ JORC resource estimate to be completed in H2 2024 ▪ mine planning and optimisation program completed in Q4 2023 ▪ pre-stripping and open pit mine development to commence in Q1 2024 ▪ first production from new open pit in H1 2024 ▪ open pit operations to continue for +10 year minelife 39
LITHIUM SULPHATE PLANT JOINT VENTURE ▪ The Joint Venture proposed to be established between the Company, its offtake partner and a Chinese battery manufacturer is for the production of a high value lithium intermediate product at Blesberg ▪ The planned Lithium Sulphate Plant at Blesberg would aim to produce 2,000 tonnes per annum of a high-grade and high-value lithium product from a spodumene head-feed grade of >3.5% Li2O and sizing of 3mm to 5mm ▪ Spodumene material from Blesberg has already been delivered to the Chinese battery manufacturer, who conducted extensive metallurgical test work in H1 2024 to assess the viable extraction of the spodumene material to produce a high-grade and high-value lithium product ▪ The proposed Lithium Sulphate Plant will be located on the existing permitted mining area at Blesberg ▪ Spodumene ore from conventional open pit mining operations will be fed to the planned Lithium Sulphate Plant using material from the existing crushing, screening, XRF and XRT ore sorting and processing facilities on site ▪ The preliminary design work and metallurgical flowsheet for the Lithium Sulphate Plant has been completed based on the test work that was undertaken in China on spodumene ores delivered from Blesberg
BLESBERG LITHIUM AND TANTALUM MINE NEXT PHASE OF WORK ▪ initial mining and processing operations commenced in Q1 2023 ▪ fully funded mine and process plant expansion underway ▪ Major increase in JORC resources in Q3 2024 ▪ long-term offtake agreement signed Q1 2024, with first commercial sales to follow in Q2 2024 ▪ increased production and sales of a high-grade lithium product in H1 2024 ▪ low cost mining and high margin and processing operation Processing plant and open pit mine expansion in Q4 2023 and first major lithium sales in Q2 2024 Resource drilling completed in Q4 2023 and new JORC resource to support a +10 year mine life Assay results have consistently confirmed high-grade ores of +6.00% Li2O Robust and low cost operation with total costs of US$400/t and net margins of +75% mining and processing of high-grade spodumene ores from a lowcost and high margin operation NEXT PHASE OF WORK ▪ initial mining and processing operations commenced in Q1 2023 ▪ fully funded mine and process plant expansion underway ▪ Major increase in JORC resources in Q3 2024 ▪ long-term offtake agreement signed Q1 2024, with first commercial sales commenced in Q22024 ▪ increased production and sales of a high-grade lithium product with work anticipated to commence on the Lithium Sulphate Plant in H1 2025 ▪ low cost and high margin and processing mining operation mining and processing of high-grade spodumene ores from a lowcost and high margin operation
LARISORO MANGANESE MINE
LARISORO MANGANESE MINE PROJECT ▪ Larisoro Manganese Mine located in Samburu County in Northern Kenya ▪ Within the Proterozoic Mozambique mobile belt, in the portion which lies to the east of the East African Rift Valley. ▪ Marula has 60% commercial interest stake through signing a Binding Terms Sheet with Kenyan manganese mine operator Gems and Industrial Minerals Limited with an option to increase to 70% ▪ The Larisoro Manganese Mine is a conventional and shallow open pit mine with two granted and adjoining mining licences ▪ Marula to make an Initial investment of approx US$1.5 million in new mobile mining equipment and new processing equipment to increase production and resources ▪ The investment in new mobile mining and processing equipment and upgrades and expansion commenced in April 2024
LARISORO MANGANESE MINE ▪ Mined manganese ore has ranged from 18.82% manganese (“Mn”) to up to 55.01% Mn and has averaged 33.41% Mn over the past 6 years and which is crushed and screened to produce a +37.00% Mn saleable product that has historically been sold into the Asian markets. ▪ The immediate site consists of 3 open pits that form a cumulative length of at least 600m that strikes at 235⁰ (Right Hand Rule). ▪ These are intermittently spread over a strike length of 1.2km with depths varying between 12m to 1.5m deep. ▪ Ore thickness ranges between1m to 3m with an average grade of > 36% after crushing to 60mmfollowed by hand sorting.
LARISORO MANGANESE MINE PROJECT COMMUNITY ENGAGEMENT ▪ This social responsibility approach reflects the Company's and its partners' commitment to Environmental, Social, and Governance ("ESG") principles, and it represents a critical milestone in the Larisoro Manganese mine project's journey toward sustainable mining ▪ The Marula mining team has been actively involved in community engagement meetings with representatives from Archers Post and Samburu communities to discuss Projects. Key points including: ▪ Discussion focused on the need for an active and transparent community engagement program which supports and empowers the communities and planned mining activities ▪ The commencement of its partnership with the Mayflower Children's Foundation with refurbishment work at the Nakwamor Primary School
LARISORO MANGANESE MINE ▪ initial mining and processing operations commenced in Q1 2024 ▪ long-term offtake agreement signed in 2024 ▪ Exports sales of an initial 476 tonnes of manganese at an average grade of 37% manganese ("Mn") from the stockpiled manganese ore in Nairobi was completed under the management of GIM and with SGLGroup ▪ increased production and sales of a highgrade manganese product in H2 2024 ▪ Low cost and high margin and processing mining operation ▪ Acquisition of new mobile mining equipment; a Front-End Loader ZWL33G, Crawler Excavator ZE245EPro and Hydraulic Hammer ▪ The arrival and use of this equipment will give the Company the operating capacity to achieve its target monthly manganese ore production and processing rates to an initial 10,000 tonnes Processing plant upgrades and open pit mine operations underway Exploration work has commenced to expand and better define highgrade resources Historical assay results have confirmed a high value product of +37% Mn Sales scheduled to continue in H2 2024 from the planned low cost operation
MANGANESE MINERAL DEALER TRADER LICENCE IN KENYA ▪ Mineral Dealer's Trading License granted to Marula Mining. ▪ The License allows the Company to buy, sell and export manganese ores in and from Kenya in accordance with the conditions set out in the Mining Act No. 12 of 2016 and the Mining Regulations 2017 (Dealings in Minerals) ▪ Manganese ores to be purchased by Marula under the License will initially include the planned increased volumes of manganese ore mined and processed from the Larisoro Manganese Mine ▪ The License also permits Marula to purchase manganese ores from other Kenyan-based mining companies, which will be undertaken as part of the Company's broader strategy to position itself as one of the major companies in Kenya in the manganese sector ▪ These purchased manganese ores to be sold into the export markets by Marula under agreed offtake agreements 47
KINUSI COPPER MINE
KINUSI COPPER MINE ▪ 75% interest in 10 mining licences located at Kinusi in Mpwapwa District in the Dodoma Region of central Tanzania ▪ licences extend over a combined area of approximately 91 hectares with 8 of the licences contiguous ▪ mining licences are valid for a period of 7 years ▪ samples of the copper ore mined from the small-scale activities on site and azurite and malachite copper mineralisation exposed in shallow pits and shafts reported copper grades of up to 31.32% ▪ independent geological consultants confirmed a major copper mineralised system extends for over 1km in length and over 300m in width ▪ initial Exploration Target of a 10-15Mt deposit of high-grade copper and gold ▪ open pit mining of the shallow and visible high-grade copper ores ▪ new development strategy to be implemented to produce a higher value copper cement / copper cathode product § new leaching plant to be added to crushing and milling circuit 49
10-15 MT EXPLORATION TARGET ▪ independent geological consultants, Geofields have confirmed a major copper mineralised system at Kinusi that extends for over 1km in length and over 300m in width at the main Sasimo Prospect ▪ an initial Exploration Target of a 10-15Mt deposit of high-grade copper, gold, and other base metals has been estimated ▪ the Exploration Target has the potential to be increased to in excess of 50Mt on completion of definitive resource drilling programs proposed to be completed in the next phase of exploration work at Kinusi ▪ bulk samples were taken of the shallow and at surface visible blue-green azuritemalachite copper mineralisation ▪ high-grade assays from the Sasimo Prospect included 15.48%, 11.69%, 11.03%, 8.11%, 6.55% and 6.54% copper ▪ the high-grade copper assays demonstrate the potential that exists at the Sasimo Prospect to become a low-cost copper project capable of selling high grade copper to international markets ▪ Phase 2 exploration work commenced in Q4 2024 and included JORC resource drilling, detailed economic analyses, larger scale mine design study work and initial mining works programs 50
REVISED DEVELOPMENT PLAN ▪ Copper Cathode Production set to commence in 2025. ▪ The updated mine development plan involves a large conventional open pit mine development and a two-phase processing operation comprising Phase1: gravity concentrate, coarse jigging and fines dewatering circuit to produce a 24,000 tonnes per annum of high-grade copper concentrate ▪ The estimated capital costs for the Phase 1 gravity concentrate, coarse jigging and fines dewatering circuit based on the quotes received is approx. ZAR 27.4 million (approximately £1.4 million), which will be funded from available, but undrawn amounts due, from the subscription agreement entered into with AUO Commercial Brokerage LLC in 2024. ▪ Phase 2 will then incorporate a hydrometallurgy fines optimised heap leaching circuit, a copper solvent extraction as well as electrowinning refining process to produce an initial 10,200 tpa of copper cathode. ▪ The Phase 2 processing flowsheet is to then be fully integrated into the Phase 1 processing flowsheet ▪ The planned heap leach operation is proposed to be optimised with more copper per cubic metre of deposited solids, which is proposed to increase recoverable copper units by way of leaching. The resulting enrichment of the leach feed also improves acid utilisation. The resultant pregnant leach solution is collected as run-off from the fines optimised heap leach deposition solids and serves as feed solution for the copper solvent extraction and electrowinning refining circuit 51
MINING AND PROCESSING ▪ Detailed design work completed for the installation and commissioning of a modular copper processing plant ▪ Run-of-mine feed from conventional open pit mining focused on the shallow and high-grade copper mineralisation in the Takela 1, 2, 3, 4 and 12 pits ▪ Initial mining and processing works to run in parallel with ongoing exploration work ▪ Major processing options reviewed in Q2 2024 to maximise recoveries and copper ▪ Processing plant to now include additional milling and leaching circuit to produce a higher value copper cement ▪ Processing plant capacity to be increased in parallel with ongoing exploration work ▪ Off-take negotiations advanced for sale of copper concentrates to UK-based and global trading commodity groups ▪ Site works and upgrades to infrastructure accelerated in Q4 2024 ▪ Plant construction and commissioning in H1 2025 First copper sales and revenues in late H2 2024 52
KINUSI COPPER PROJECT ▪ process plant commissioning in H1 2025 ▪ production and sales of copper concentrate to four global four global commodity trading groups Q12025 ▪ Phase II exploration activities commenced in Q4 2024 ▪ exploration activities to include geophysical survey across the full license area ▪ drilling program to establish JORC compliant resource ▪ Mine economic analyses, upgrade to operations and expanded mining works commenced in H2 2024 Processing plant commissioning in H2 2024 and first sales to follow Exploration Target confirmed of a 10-15Mt deposit of high-grade copper in major copper mineralised system Assay results confirmed highgrade and extensive copper mineralisation of grades of up to15.48%, copper Resource drilling to commence Q3 2024 with detailed economic analyses, larger scale mine design and plant design and expansion mining and processing of shallow, high-grade copper mineralisation and parallel resource drilling and larger scale mine and processing work
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