Now Brewer is gearing up for his biggest reset yet: the creation of “New Marula”, the proposed result of a reverse takeover of Marula Mining by Europa Metals, announced last month. He expects the newly combined group to start paying dividends by mid-2026, delivering the kind of cash flow South African shareholders want.

Europa offloaded its Spanish lead–zinc–silver asset last year and brings a useful tax loss, a JSE listing, and a platform that Brewer believes aligns perfectly with Marula’s growth plans. With the Blesberg lithium project in South Africa’s Northern Cape and the Kinusi copper project in Tanzania heading into production, Brewer says the combined cash generation will underpin those dividend payments.

Brewer will stay on the board of the renamed New Marula, reuniting with long-time colleagues Evan Kirby and Myles Campion. Under the deal terms, Marula shareholders will hold 90% of the new entity.

But that’s not the end of the story. The existing Marula listing on the Aquis Stock Exchange will remain, and Brewer plans to use it to build a new business focused on East African gold refining. His goal: to create a network of local, well-backed refineries that give the region an alternative to routing gold through Dubai, while partnering with key stakeholders to ensure full provenance and responsible sourcing.

“We’ll be long gold. We’ll have gold sitting on our balance sheet,” Brewer says, but emphasises strict controls and full transparency, mirroring LBMA-style standards.

It’s a vision that aligns with broader industry efforts, including the World Gold Council’s push to formalise artisanal production and disrupt illicit supply chains, even though Brewer says he hasn’t yet held discussions with the Council.

A new Marula, a new strategy, and potentially a new model for African junior mining. Brewer is betting the market is ready.

RELATED: Commercial production begins at Newmont’s Ahafo North