Marula Mining, through its subsidiary Southern African Lithium and Tantalum Mining, has signed an agreement to acquire a significant lithium, tungsten, and tantalum project in South Africa. The deal involves purchasing 100% of Northern Cape Lithium and Tungsten (NCLT), a local mining and exploration company. Marula Mining will initially pay around £125,000 (approximately Ks16.37 million) to NCLT's current shareholders. Additional payments totaling £1.25 million are scheduled to be made by 31 July 2024 and 30 September 2024. The agreement provides options for settlement either in cash or shares.

The NCLT Project, which covers 15,000 hectares on the Vioolsdrift Farm, is strategically located next to Marula Mining’s existing Blesberg lithium and tantalum mine. This project includes over 16 known tungsten deposits and historical high-grade mining sites. It also features the Spodumene Kop II Pegmatite and the Groendoorn Pegmatite Field, both previously mined for various minerals. Marula’s due diligence has confirmed the high-grade quality of the tungsten and tantalum found at the NCLT Project.

Jason Brewer, CEO of Marula Mining, commented, “The NCLT Project represents a highly promising and extensive area rich in multiple minerals, particularly with a strong portfolio of tungsten assets. Notable operations include the potentially open-cast Kaalbeen, Koubank, and Isis. Additionally, the pegmatites at Spodumene Kop II and Groendoorn show substantial potential for tantalite, spodumene, and other industrial minerals.”

Brewer further highlighted that this acquisition will not only broaden Marula’s portfolio and geographic presence in South Africa but also enhance infrastructure development at Blesberg. This positions Marula Mining as a rapidly growing and ambitious player in the South African mining industry.

Earlier this year, Marula Mining also announced its investment in the Larisoro manganese mine in northern Kenya, reflecting its strategy of expanding its footprint and resource base across key mining regions.

Marula Mining (AQSE: MARU) is a leading African-focused company specializing in battery metals investment and exploration. The company holds interests in several high-value mining projects across the continent. These include the Blesberg Lithium and Tantalum Mine, the Northern Cape Lithium and Tungsten Projects, and the Kruisrivier Cobalt Mine, all located in South Africa. Additionally, Marula Mining has stakes in the Larisoro Manganese Mine and Kilifi Manganese Processing Plant in Kenya. In Tanzania, the company is involved in the Kinusi Copper Mine, as well as the Nyorinyori, NyoriGreen, and Bagamoyo Graphite Projects. Marula also has a presence in Zambia with the Nkombwa Hill Project. As they continue to develop these battery metals-focused projects, Marula Mining plans to further expand and enhance its portfolio with additional high-quality opportunities throughout Africa.