Following a restructuring and strengthening of its board in the first quarter of this year, AQSE-listed diversified minerals developer Marula Mining appointed new CEO Jason Brewer and nonexecutive director Marc Nally in the second quarter to focus on implementing its newly adopted battery metals investment strategy.

This new strategy is focussed on identifying and targeting investments in advanced near-term production and revenue generating opportunities within Africa’s battery metals mining sector.

With a keen eye for battery metals projects, Marula has interests and investments in the Blesberg lithium and tantalum mine in South Africa, and the Nkombwa Hill niobium, tantalum, rare earths and phosphate project in Zambia.

Marula, which changed its name in the second quarter from All Star Minerals, continues to identify investment opportunities in other mines and advanced projects and is currently reviewing a number of opportunities in South Africa, Kenya, Tanzania, Zambia and Zimbabwe.

Also in the second quarter, Marula entered into heads of agreement to acquire mining interests secured by Gathoni Muchai Investments (GMI) in the Blesberg project and the Nkombwa Hill project, as well as other mining and exploration projects introduced by GMI.

During the period, Marula’s board successfully completed its due diligence over the Blesberg project and the Nkombwa Hill project, thereby making the terms of the heads of agreement effective.

As such, Marula is proceeding with its planned investment into the projects with initial cash payments having been advanced.

Also in the second quarter, Marula proposed a share capital reorganisation to reduce the number of ordinary shares in issue to a level more in line with comparable companies. As of July 4, the issued share capital of Marula is 60-million ordinary shares of 0.01p apiece.

Nonetheless, Marula also successfully completed an initial placing to raise gross proceeds of £200 000 through the issue of 1-billion new ordinary shares at a price of 0.02 p apiece (on a pre-share capital reorganisation basis). Proceeds of the capital raising will be used in support of funding investment into the Blesberg and Nkombwa Hill projects.

In conjunction with the completion of the £200 000 capital raising, Marula has appointed Monecor, trading as OvalX, as its corporate broker.

Brewer says these changes have provided the springboard necessary for Marula to continue to provide value for shareholders and deliver positive results.

“The quick advancement of our exploration initiatives at both the Nkombwa Hill and Blesberg projects further supports the company’s commitment to achieving its new strategy as set out in the first quarter.”