Marula Mining updates on audit delay and corporate restructuring

LONDON - Marula Mining PLC (AQSE:MARU, A2X: MAR) announced Wednesday that the audit of its financial statements for the year ended December 31, 2024, remains in progress, with completion expected "as soon as possible" according to a company press release.

Trading in the company’s shares has been temporarily suspended since July 1, 2025, in accordance with AQSE Growth Market rules following the delay in publishing its annual accounts.

The African-focused mining company has strengthened its finance department in response to the audit delay, appointing a UK-based financial controller and additional finance personnel in Nairobi and South Africa. Marula is also in the process of appointing a new auditor for its East African operating subsidiaries.

The company reported it has established two new UK-registered subsidiaries: Marula Africa Mining Holdings Limited, which will hold all the company’s mining interests across East and Southern Africa, and Marula Metals Processing Limited, a wholly owned subsidiary focused on processing and refining battery metals.

Marula stated it is preparing Competent Person’s Reports for its battery metals and critical mineral projects, including copper, manganese, lithium, tantalum, tungsten, and graphite operations across Kenya, Tanzania, South Africa, and Botswana. These reports will be published on the company’s website once completed.

The company described these initiatives as part of its strategic objective to establish Kenya as "the centre of Africa’s battery and critical metals processing and refining" for the electric vehicle and battery sector.

Marula Mining’s board stated it believes its financial systems and controls remain "effective and appropriate" despite the ongoing audit delay.

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