(Alliance News) - Marula Mining PLC on Monday announced several board changes including a new chair, extended expiry terms of 2.9 million share warrants, and said assay results at its Kinusi project are delayed due to testing irregularities.

The London-based, Africa-focused battery and rare earth minerals mining company said the delayed asset results pertain to samples taken by Geofields Tanzania Ltd at the Kinsui copper mine, in central Tanzania's Dodoma region.

Marula said over 60% of the 51 samples gave preliminary results under standard testing which exceeded the upper testing and detection limit of 10,000 milligrams of copper per kilogram. The samples provided an average result of 4,918 mg/kg.

Marula has requested additional analyses to be completed by Swiss laboratory services provider SGS SA at its Tanzania facilities. It said these will use an alternative testing method suitable for analysing high grade copper ores, and expects to receive the results by early August.

Also on Monday, Marula said it extended the expiry date of 2.9 million warrants issued on July 15 from July 20 until August 31, due to its shares currently being suspended from trading in Frankfurt. The warrants were issued to subscribe for new shares at an exercise price of 4 pence each.

Finally, Marula said Richard Lloyd has re-joined its board with immediate effect to serve as chair until Marula is admitted to trading on AIM where it has been seeking a listing since February. Lloyd will then transition to an executive director post and Quinton van der Burgh will take over as chair.

Lloyd joined Marula as chair in mid-2020, but temporarily switched to a non-board role in late 2022,. Van Der Burgh is chief executive officer of South African mining and metals investment fund Q Global Commodities.

Marula also announced the appointments of three new non-executive directors, while two others resigned with immediate effect.

Shares in Marula were suspended on Aquis Stock Exchange in London. They last traded at 9.49 pence each in late June.

By Emma Curzon, Alliance News reporter

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