Amendment to GMI Loan

Marula Mining PLC

23 September 2026

Marula Mining PLC
(AQSE: MARU | A2X: MAR)
("Marula" or the "Company")

23 September 2026

Approval of Amendment to Gathoni Muchai Investments Limited ("GMI") Loan

Marula Mining PLC (AQSE: MARU | A2X: MAR), an African-focused mining and development company, announces that the Company has signed an amendment to the Shareholder Loan Agreement with GMI, a substantial shareholder of the Company and a company related to Jason Brewer, Chief Executive Officer of Marula.

Further to the Company's previous announcements dated 8 September 2025, 29 October 2025, 9 March 2026 and 27 July 2026, GMI has agreed to immediately increase the amount available under the Company's unsecured and non-convertible shareholder loan facility from £3,250,000 to £4,250,000 ("GMI Loan"). Repayment of the GMI Loan is to commence on or before 31 December 2027.

The GMI Loan bears interest at a rate of 8% per annum, that will accrue on a monthly basis. A loan facility fee equal to 5% of the £4,250,000 facility will also be payable to GMI on 31 December 2027.

GMI has further agreed that the GMI Loan will at all times remain subordinated to any additional loan funding secured by the Company.

Background to the GMI Loan

As previously announced, the funds available under the Shareholder Loan Agreement with GMI had been fully drawn down to meet working capital costs. The GMI Loan was also agreed to be subordinated to any additional loan funding secured by the Company.

The Board has considered the Company's working capital requirements, the availability and timing of alternative funding, the unsecured and non-convertible nature of the GMI Loan, the proposed increase in the facility amount, the interest and fee arrangements and the benefit of GMI's agreement to subordinate the GMI Loan to any additional loan funding secured by the Company.

Principal Terms of the Amendment

·      Increase in the amount available under the GMI Loan from £3,250,000 to £4,250,000, available immediately;

·      The GMI Loan will remain unsecured and non-convertible;

·      Interest will be payable on the GMI Loan at a rate of 8% per annum, that will accrue on a monthly basis;

·      A loan facility fee equal to 5% of the £4,250,000 facility will be payable to GMI on 31 December 2027; and

·      The GMI Loan will remain subordinated to any additional loan funding secured by the Company.

Related Party Transaction

GMI is a substantial shareholder of the Company and is a company related to Jason Brewer, Chief Executive Officer of the Company. Accordingly, the amendment to the GMI Loan constitutes a related party transaction under Rule 4.6 of the AQSE Growth Market Apex Rulebook.

Jason Brewer, being related to GMI, was not involved in the Board's consideration, discussion, recommendation or approval of the amendment and did not vote on the relevant resolution. The Directors of the Company independent of the GMI Loan (being all of the Directors other than Jason Brewer) consider that, having exercised reasonable care, skill and diligence, the GMI Loan amendment is fair and reasonable insofar as the shareholders of Marula are concerned.

Use of Facility

The increased facility is intended to support the Company's working capital requirements. The Company continues to carefully manage its working capital position.

Richard Lloyd, Executive Chairman of the Company stated:

"GMI's continued support provides Marula with additional working capital flexibility as we advance our operational and development priorities. The amended facility increases the loan to £4.25 million while preserving its unsecured, non-convertible and subordinated structure."

Further updates will be provided by the Company as appropriate.

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.

ENDS

About Marula Mining

Marula Mining (AQSE: MARU A2X: MAR) is an African focused battery metals investment and exploration company and has interests in several high value critical mineral mining operations and mine development and exploration projects in East and Southern Africa. 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, and Southern Africa that the Directors believe would deliver returns for its shareholders. The Board and management team aim 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.

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.

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
A2X Markets Advisor AcaciaCap Advisors Proprietary Limited Michelle Krastanov	+27 (11) 480 8500

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