Kodal Minerals PLC (KOD.L) Gold Exploration and Mali Update

Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project and gold projects in West Africa, provides this update on its gold exploration activities.

In addition, the Company provides comment on its Mali operations and confirms lodgement of the updated Bougouni Feasibility Study with the Direction Nationale de la Geologie et des Mines (‘DNGM’) for the Mining Licence application.

Gold Exploration

Kodal has commenced aircore drilling at the Nielle Project in northern Cote d’Ivoire. The programme is designed to test for gold mineralisation along the interpreted strike extensions of the defined gold mineralised zone, as well as complete reconnaissance of surface geochemical anomalies surrounding the mineralised structures. The 5,000m drilling programme is expected to take two weeks to complete and samples will be submitted for assay at completion.

Kodal confirms that the second drill rig, a reverse circulation (‘RC’) drill rig, has also arrived on site and is expected to commence drilling as soon as all checks and preparations are complete. The RC drilling programme is designed to confirm previously intersected gold mineralisation, provide confidence in the geological interpretation and to extend the defined gold mineralised zone. The RC drilling programme is expected to take approximately two weeks to complete and consists of a planned 1,000m programme with samples to be sent for analysis following the completion of the programme.

At the Dabakala project, located in central Cote d’Ivoire, Kodal has completed the infill sampling programme and has submitted all samples for analysis to the ALS Laboratory in Bamako. Full details of the programme including interpretation of results and proposed follow-up will be announced when final assays are received and checked.

Bougouni Lithium Project – Mining Licence Application

Further to the Company’s announcement on 17 May 2021, Kodal confirms that the updated Feasibility Study has been lodged with the DNGM in Bamako. The study has been updated to refer to the new Mali 2019 Mining Code and make other minor amendments. Kodal representatives have been liaising with the DNGM and the Company now awaits a request for payment of the Mining Licence fee, which upon payment would trigger drafting of the Mining Licence decree for final ministerial approval, as set out in the Company’s announcement on 17 May 2021.

Mali Update

Kodal notes the recent political unrest and reporting in Mali and continues to monitor closely the developments in country. Kodal’s country representatives and employees are all reporting that the situation remains calm and that commercial activities in the country are continuing as normal. As noted above, Kodal representatives have been liaising with the DNGM and understand that it is continuing to process the Company’s Mining Licence application. The Company’s operations in Mali are currently continuing uninterrupted.

Further announcements will be made in due course as appropriate.

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