Battery metals miner Marula Mining has advised of an amendment to its subscription agreement with a subsidiary of investment fund Q Global Commodities.

The company last year entered into an investment and co-development partnership with Q Global, which includes a subscription agreement whereby the subsidiary, K2020273872, will subscribe for up to £3.75-million worth of shares.

It said at the time that the funds would be used to accelerate development of Marula’s portfolio of battery metal mining projects in Africa.

The subscription agreement has now been amended with the subscription to be advanced through AUO Commercial Brokerage, which is an affiliate of Q Global in Dubai.

AUO has the option to subscribe for up to £4.78-million of shares, in whole or in part before December 31, 2026.

In the event of AUO holding 51% or more of Marula’s ordinary issued share capital, Marula will take reasonable steps to offer AUO a right of first refusal in respect of any issuances of new ordinary shares by the company to maintain its ownership status – with the exception of new ordinary shares issued to directors or employees under option plans or other incentivisation plans.

Additionally, the co-development agreement and relationship agreement announced on February 16, 2023, with Q Global’s subsidiary has been novated to AUO.

Marula CEO Jason Brewer explains that, in recent months, with the support of Q Global, Marula has been able to invest heavily in the Blesberg lithium and tantalum mine, in South Africa, with the supply of new major mining equipment that Q Global was able to secure from Bell Equipment.

The company has further secured new sensor-based X-ray fluorescence ore sorters and started an exploration and mining works programme at Blesberg through funds already advanced by Q Global, which will be offset against the subscription funds to be received from AUO, following approval of the subscription agreement and a Rule 9 waiver to be granted at a general meeting of the company.

“The scale and pace of our investment at the Blesberg project in 2023, as well our plans to similarly do so at our other projects in Tanzania, has been possible through this relationship with Q Global and their broad technical and strategic support to our management team,” Brewer states.