Marula Advances Acquisition of Nine Tanzanian Exploration Licences

Marula Mining has completed due diligence on nine prospecting licences in Tanzania, moving closer to a proposed acquisition that would give it a 95% economic interest in a 170-square-kilometre exploration portfolio near its Kinusi Copper Mine.

In an announcement dated 19 October 2026, the company confirmed that its review of licences held by Pangani Minerals Limited had produced a positive outcome. Marula is now negotiating definitive transaction documents with the vendors: Rio Ashanti Limited, Pangani Minerals and Mythos Metals Limited. The acquisition remains subject to further steps and has not been completed.

US$2 Million Proposed Transaction

Marula signed a binding option agreement with the three vendors on 11 September 2026, securing an exclusive 45-day period to conduct due diligence and negotiate the transaction documents.

Under the proposed terms, the total consideration is US$2 million. Marula has already paid a non-refundable US$100,000 option fee, which would be credited against an US$800,000 upfront payment if the company exercises the option and completes the acquisition. This would leave US$700,000 payable at completion.

A further US$1.2 million would be paid in two instalments of US$600,000, due 12 and 18 months after completion. The vendors may elect to receive these deferred payments through the issue of 20 million new Marula shares, subject to the required conditions and approvals.

The vendors would retain a 5% fully free-carried economic interest, meaning they would not be required to contribute to exploration, development or operating costs. Marula would also have the option to purchase that remaining interest for US$500,000 in cash.

Location Near Kinusi Copper Mine

The nine licences cover approximately 170 square kilometres and are contiguous to the Kinusi Copper Mine in central Tanzania. Marula already holds a 75% commercial interest in 10 primary mining licences at Kinusi through an agreement with Takela Mining Limited.

The company’s published project information identifies copper mineralisation at Kinusi, including high-grade assay results from the Sasimo prospect. However, those results relate to the existing Kinusi project; they should not be taken as evidence of copper grades or a defined mineral resource across the nine licences proposed for acquisition. The new portfolio’s exploration potential will need to be established through appropriate technical work.

Funding Remains a Key Condition

Marula has stated that it does not currently have sufficient cash resources to meet the proposed acquisition’s completion payment and will need to secure additional funding. Completion also depends on exercising the option, signing definitive transaction documents and satisfying applicable regulatory and shareholder approval requirements.

The positive due diligence review marks progress, but Marula still needs to finalise the agreements and secure the funding required to complete the transaction.