Marula Mining PLC Tomra XRT Ore Sorter Update & Issue of Equity

RNS Number : 5232B

Marula Mining PLC

23 August 2024

 

 

 

 

23 August 2024

Marula Mining PLC

("Marula Mining'' or the "Company")

 

Tomra XRT Ore Sorter Update

Issue of Equity - Subscription of Shares Agreement

Marula Mining (AQSE: MARU A2X: MARU), an African-focused mining and development company, is pleased to provide a further update on the delivery and planned commissioning of the Tomra COM XRT 1200 Ore Sorter ("Ore Sorter") to the Blesberg Lithium and Tantalum Mine ("Blesberg"). Commissioning of the Ore Sorter is considered a key part of the Company's plans, as it looks to expand production and exports of high-value lithium products at Blesberg.

 

Transportation of the Ore Sorter and associated equipment to Springbok in the Northern Cape Province was completed earlier this month. Maintenance and refurbishment work has been ongoing over the past two weeks and site preparations have commenced to allow the installation and commissioning at Blesberg to proceed in the current quarter.

 

Further to the announcement on 1 August 2024, the Company also announces that a further ZAR2 million funds (approx. £90,000) ("Additional Funds") have now been received in addition to the ZAR7 million (approx. £300,000) received in cash through the previously announced AUO Commercial Brokerage LLC Subscription Agreement ("AUO"). These funds are being used to fund the refurbishment, installation, and commissioning of the Ore Sorter. Accordingly, the Company has issued 2,287,904 new ordinary shares at a price of 3.75 pence per share ("Tomra Shares").

 

Further to the announcement of 18 April 2024, 54,075,518 new ordinary shares remain outstanding to be issued to AUO.

 

Highlights:

 

·    Ore Sorter and all associated equipment delivered to Springbok where maintenance and refurbishment work is ongoing

·    Tomra Systems ASA has been appointed to complete a major part of the refurbishment work with a number of replacement parts sourced from Europe and personnel on-site to complete the technical work associated with its installation and commissioning

·    Upgrade work to commence on the Ore Sorter and associated equipment's support structures including the conveyors and discharge chutes

·    Site installation preparation work has commenced at Blesberg

 

 

Admission

 

Application has been made for the Tomra Shares to be admitted to trading on the Aquis Stock Exchange AQSE Growth Market and A2X Markets on or around 30 August 2024 ("Admission"), which will rank pari passu with the ordinary shares of the Company in issue. The Company's ordinary shares remain suspended from trading.

 

Total Voting Rights

 

Following Admission, the Company's issued share capital will comprise 202,011,233 ordinary shares of 0.01 pence each, with each share carrying the right to one vote, therefore the total number of voting rights in the Company will be 202,011,233. 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, CEO of Marula Mining, said:

 

"Once again, it's pleasing to see the progress that our team at Blesberg, headed up by Henk van Zyl, is making with the refurbishment, planned installation and commissioning of the Tomra Ore Sorter.

 

"Work is now proceeding ahead swiftly and I know all involved are looking forward to the expansion to our ore processing capabilities. This work is critical as we advance our plans to produce multiple mineral products at Blesberg and also finalise our negotiations on the installation of additional processing facilities to allow production of high value 'intermediary' lithium products, such as carbonate, sulphates and hydroxides, that are critical to battery manufacturers.

 

"I look forward to providing further updates as we move ahead and achieve more milestones at Blesberg."

 

The Directors of Marula Mining 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: MARU) 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, Northern Cape Lithium and Tungsten Project, Korridor Lithium Project  and Kruisrivier Cobalt Mine, all in South Africa; the Larisoro Manganese Mine and Kilifi Manganese Processing Operation both in Kenya; 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 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.

 

For enquiries contact:

 

Marula Mining PLC Jason Brewer, Chief Executive Officer   Faith Kinyanjui Mumbi Investor Relations	Email : [e-mail]   Email : [e-mail]
AQSE Corporate Adviser Cairn Financial Advisers LLP, Liam Murray / Ludovico Lazzaretti	[phone]
Broker Peterhouse Capital Limited, Charles Goodfellow / Duncan Vasey	[phone]
Financial PR and IR BlytheRay Tim Blythe / Megan Ray / Said Izagaren	[phone]
A2X Advisor AcaciaCap Advisors Proprietary Limited Michelle Krastanov	[phone]

 

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.

 

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NEXSEDEDEELSEIA