Unlocking Africa’s Critical Mineral Potential: Marula Mining, Shuka Minerals, and Neo Energy Metals

As global industries accelerate the shift toward clean energy, electric vehicles, and digital infrastructure, the demand for strategic minerals is surging. Africa, endowed with abundant and underdeveloped resources, stands poised to meet this demand. Among the companies leading this transformation are Marula Mining, Shuka Minerals, and Neo Energy Metals—three firms with growing footprints across the continent’s critical mineral sectors.

What connects these companies is not only their geographic focus but also their leadership under Jason Brewer, a mining executive with extensive experience in African operations. Through coordinated strategy, active project development, and early-stage revenue generation, these companies are positioning themselves to become important players in the global supply chain of critical minerals.

Marula Mining: Transitioning to Revenue-Driven Operations Across Multiple Commodities

Marula Mining PLC (Maru) has evolved rapidly from a pure exploration firm into a diversified mining company with near-term production and revenue targets across copper, manganese, and lithium. The company’s multi-jurisdictional asset base and early production milestones have attracted investor interest, while its financing strategy and project execution continue to be closely monitored.

Kinusi Copper Project (Tanzania): First Revenue from High-Grade Production

The Kinusi Copper Project is a pivotal part of Marula’s transformation strategy. The company has successfully launched sales of high-grade copper concentrate, having signed an initial offtake agreement for 1,000 tonnes with a major European commodity trading firm. This agreement includes provisions for future monthly deliveries, highlighting strong commercial interest.

To support logistics, Marula engaged a regional haulage and logistics firm to manage transportation from the Kinusi mine to a bonded warehouse in Dar es Salaam. Site inspections by both the buyer and logistics partner have confirmed readiness, with the infrastructure in place to ensure a continuous export flow.

The Kinusi project is expected to deliver consistent cash flows over the coming quarters. With the copper market supported by long-term demand for electrification and renewable energy infrastructure, Kinusi positions Marula as a growing participant in this strategic commodity.

Kilifi Manganese Plant (Kenya): 5-Year Budget Approved and Commercial Exports Underway

Marula Mining also recently achieved significant milestones at its Kilifi Manganese Processing Plant in Kenya, substantially strengthening the project’s financial and operational outlook. On 26^th March 2025, Marula’s Board formally approved an ambitious 5-Year Budget for Kilifi, forecasting substantial production and financial returns through to 2030. The detailed plan projects total manganese sales of 1.07 million tonnes, generating estimated gross revenues of US$182.5 million and delivering pre-tax operating cash flow of approximately US$63.5 million. This equates to a compelling pre-tax NPV (at a 10% discount rate) of US$48.3 million and an impressive IRR exceeding 100% per annum.

The budget followed Marula’s successful negotiation and signing of critical commercial contracts, including a landmark 5-year Agency Framework Contract with Baosteel Resources South Africa for the purchase of manganese ore. Additionally, Marula secured a key export logistics agreement with Scan Global Logistics Kenya Ltd for efficient transportation from Kilifi to international markets. Ore supply arrangements have been bolstered significantly, with three secured contracts now capable of delivering up to 20,000 tonnes per month.

Operationally, Kilifi remains firmly on track, with manganese processing set to begin in April 2025. Initial modifications and enhancements at the plant have successfully lifted manganese ore quality from an average of around 20% to consistently above 30%, significantly enhancing commercial viability and market appeal. The first commercial export shipment, consisting of 350 tonnes of high-grade manganese ore, has already departed from the Port of Mombasa, heading to China under the secured Baosteel contract.

These developments underscore Kilifi’s robust commercial outlook, positioning the project as a cornerstone asset in Marula Mining’s portfolio. Investors can anticipate ongoing positive cash flows and considerable financial contributions from Kilifi, driven by strategic long-term contracts, secured ore supply, and strong operational execution. The plant’s pivotal role in manganese production, a key element in steel manufacturing and emerging battery technologies, further highlights its strategic importance within Marula’s growth trajectory.

Blesberg Lithium and Tantalum Project (South Africa): Securing Long-Term Development Potential

Marula Mining’s Blesberg Lithium and Tantalum Mine in South Africa has reached a major milestone with the pending issuance of a new 10-year Mining Right, significantly expanding the project’s operational scope and development potential. The company’s subsidiary, Southern African Lithium and Tantalum Mining (Pty) Ltd, recently received a formal request from South Africa’s Department of Mineral Resources and Energy (DMRE) to lodge a ZAR 11.86 million (approx. £510,000) financial guarantee for environmental rehabilitation, a condition for receiving the final Environmental Authorisation.

The new Mining Right will supersede the previous two-year mining permit, extending over the full 1,051-hectare Blesberg licence area. Once issued, this authorisation will allow Marula not only to continue reprocessing high-grade historical spodumene stockpiles—some grading over 6% Li₂O—but also to commence large-scale open pit mining operations targeting broader lithium, tantalum, feldspar, and additional high-value mineralisation identified during recent drilling campaigns. Importantly, the right also facilitates the potential expansion into adjoining prospecting areas, strengthening Marula’s regional footprint.

To meet the required environmental bond, Marula will draw down £500,000 via its existing equity facility with AUO Commercial Brokerage LLC, issuing 13.3 million new shares at 3.75 pence per share. The company must also finalise a Social Labour Plan and complete a Broad-Based Black Economic Empowerment (BB-BEE) agreement by the end of May 2025—key regulatory steps necessary for full Mining Right issuance.

The broader development strategy at Blesberg includes a proposed joint venture with a Chinese battery manufacturer to finance and construct a lithium acid leaching plant, which would process concentrate into intermediate lithium products for battery-grade applications. Meanwhile, finalisation of the JORC-compliant resource statement and Competent Person’s Report is now underway, incorporating 1,273 assay samples and expected for release in Q2 2025. Once fully authorised, Blesberg stands to become a flagship project in Marula’s battery metals portfolio, offering long-term upside in a market increasingly driven by electric vehicle and energy storage demand.

Capital Structure and Share Performance: Balancing Growth with Dilution Risks

As mentioned, for Marula Mining to fund its development pipeline, the company has actively utilized equity-based financing raising £500,000 through a placement of 13.3 million shares at 3.75p. This drawdown was part of a broader £6.5 million facility from AUO Commercial Brokerage LLC.

Additionally, 1.8 million shares were issued to Takela Mining Tanzania Ltd at a 9.00p premium—significantly higher than Marula’s market price of 6.00p—recognizing the company’s “decision to mine” milestone at Kinusi. This premium issuance was viewed as external validation of the project’s value.

However, dilution concerns remain a point of caution for investors. Marula’s share price has fluctuated between 3.625p and 11.375p over the past year, currently sitting at approximately 5.25p. Sustained operational delivery at Kinusi and Kilifi, coupled with a favourable outcome at Blesberg, will be essential to regain positive share price momentum. That said, with Marula now generating revenue, the absence of a meaningful re-rating would raise questions rather than surprise.

Shuka Minerals: Pivotal Expansion into Zinc, Steadying Coal Output

Shuka Minerals PLC (SKA) is pursuing a dual-track strategy, focusing advancing a high-profile acquisition of the Kabwe Zinc Mine and operational improvements at its Rukwa Coal Project. Both projects offer scale and long-term potential, though execution and funding remain key hurdles.

Kabwe Zinc Mine (Zambia): A Transformative Acquisition in Progress

Shuka Minerals PLC (SKA) is advancing a major strategic move with its proposed acquisition of the historic Kabwe Zinc Mine in Zambia. This acquisition is regarded as a potentially transformative opportunity that could redefine Shuka’s operational profile. The mine, which holds legacy infrastructure and historically verified zinc reserves, once served as one of the largest zinc producers in southern Africa.

To expedite development post-acquisition, Shuka appointed respected geological consultants GeoQuest Limited in January 2024, readying for resource definition, mine planning, and permitting. However, progress has been impacted by regulatory delays. A 90-day extension was granted by the vendor in March 2025 to allow time for approvals and final documentation, reaffirming both parties’ intent to complete the transaction despite Zambia’s complex permitting regime.

Recent site visits by Shuka’s technical team further validate the acquisition rationale, with updated assessments confirming strong remaining infrastructure and near-term development potential. If completed, the acquisition of Kabwe would mark Shuka’s entry into the critical zinc sector, offering long-term commodity diversification and greater exposure to base metal markets. It would also provide the foundation for transitioning from a single-asset junior miner into a broader multi-commodity developer.

Rukwa Coal Project (Tanzania): Improving Operational Efficiency

The Rukwa Coal Project has undergone significant review and refinement. In 2023, coal recovery rates were as low as 20%, driven by inefficiencies in processing and infrastructure. Since then, Shuka has made meaningful adjustments, achieving calorific values above 6,000 kcal/kg—an essential benchmark for commercial sales.

Mining and washing activities are ongoing, and the company is addressing earlier logistical and plant bottlenecks. However, further improvements are required in transportation, on-site infrastructure, and export systems to unlock full value from the project.

Coal remains a key industrial fuel across emerging markets, particularly in Africa and Asia. Rukwa’s success will depend on the company’s ability to deliver consistent output and improve margins.

Financial Position and Governance Enhancements

The company’s leadership overhaul in late 2024 brought Richard Lloyd into the CEO role. Lloyd, who has a long-standing working relationship with Jason Brewer, CEO of Marula Mining, brings corporate development and capital markets experience crucial for navigating Shuka’s growth phase.

Financially, Shuka continues to operate in early-stage territory. Its interim results for the six months ended September 2024 showed a pre-tax loss of £476,000, largely reflecting Rukwa operational costs and corporate overheads. To improve liquidity, Shuka secured £500,000 in loan funding in early 2024, covering working capital and permitting costs.

Investor Outlook: Zinc Opportunity, Coal Stabilisation
Shuka’s evolution from a coal-focused microcap into a diversified base metals player hinges on successful execution of the Kabwe transaction. Regulatory approvals and capital access remain hurdles, but progress has been steady. A completed deal could materially re-rate the company’s valuation, bringing it into contention with larger peers operating in the southern African zinc space.

Meanwhile, continued improvements at Rukwa provide a stabilising operational base. For retail investors with a tolerance for early-stage volatility, Shuka offers a speculative yet strategic entry point into Africa’s mining sector, particularly as Kabwe advances toward potential finalisation in the coming months.

Neo Energy Metals: Building a Uranium-Gold Platform in South Africa

Neo Energy Metals PLC (NEO) is focused on developing a multi-asset platform cantered on uranium and gold—two commodities with strategic importance and growing investor interest. The company’s flagship projects—Henkries and Beisa—position it as a serious player in Southern Africa’s energy metals sector.

Henkries Uranium Project (South Africa): Reviving a Legacy Asset

Neo holds a 70% interest in the Henkries Project in Northern Cape, where historical exploration exceeded US$30 million. The project benefits from existing data, established infrastructure (power, rail, and water), and shallow mineralization, making it attractive for low-cost development.

Neo is conducting an updated feasibility study and an exploration program aimed at expanding the known uranium resource. Early results suggest significant upside, with the project potentially offering near-term production at a competitive cost base.

Beisa Projects (South Africa): World-Class Uranium and Gold Potential

Neo’s Beisa North and South projects contain an estimated 90.24 million pounds of U₃O₈ and 4.17 million ounces of gold. These projects sit in the Witwatersrand Basin, adjacent to producing mines operated by Harmony Gold and Sibanye Stillwater.

Uranium grades of up to 3,400 ppm and gold grades of up to 5.0 g/t make Beisa a high-grade, high-value opportunity. Shallow ore bodies further enhance the economics of early-stage extraction, positioning Neo to deliver cost-efficient output.

Capital Injection and Strategic Realignment

Neo recently secured £3.5 million in equity funding from Q Global Commodities Ltd (QGC), providing a critical capital buffer for exploration and regulatory work. QGC now ranks among Neo’s largest shareholders.

However, Neo’s operational trajectory has not been without setbacks. A temporary trading suspension occurred due to delays in publishing annual accounts. To address this, Neo appointed new auditors and strategic advisers, including Shore Capital and Bacchus Capital, to bolster governance and re-establish market credibility.

The company reported a £3.15 million loss in its latest interim results, driven largely by transaction costs linked to a recent reverse takeover. With financing in place and a clearer strategic roadmap, Neo now seeks to transition from exploration to advanced development.

Conclusion: Strategic Vision, Execution Risks, and Investment Outlook

Marula Mining, Shuka Minerals, and Neo Energy Metals are advancing distinctive yet complementary strategies across Africa’s critical minerals landscape. Each company holds high-impact assets, near-term development potential, and is guided by a common leadership ethos under CEO Jason Brewer as CEO of both Marula Mining and Neo Energy and a major shareholder in Shuka Minerals.

Marula Mining appears to be the closest to achieving sustainable revenue generation, with copper and manganese already entering commercial channels and lithium production pending regulatory approval. Shuka Minerals is focused on improving its coal operations while progressing toward a potentially transformative zinc acquisition, though it still faces notable execution challenges. Meanwhile, Neo Energy Metals is building a distinctive portfolio of uranium and gold assets with significant upside potential, supported by recent funding and strategic operational realignments.

While the opportunities are significant, so too are the risks—ranging from project delays and regulatory hurdles to financing constraints and commodity price volatility. For investors willing to embrace early-stage mining risk in exchange for substantial upside potential, these companies offer differentiated exposure to Africa’s fast-emerging strategic mineral sector.

Disclaimer: The information provided in this article is for informational purposes only and does not constitute investment, legal, or financial advice. Readers should conduct their own due diligence and consult with a professional advisor before making any investment decisions. Investing in small-cap mining stocks carries inherent risks, including volatility, liquidity limitations, and project execution uncertainties. Neither the author nor the publisher accepts responsibility for financial losses resulting from reliance on this content.