Kodal Minerals PLC (KOD.L) Gold Exploration & Lithium Mining Licence Update

Update on Cote d’Ivoire Gold Exploration Activity and Bougouni Lithium Project Licence Application

Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project and its gold assets in West Africa, is pleased to provide this update on the exploration programme for its Cote d’Ivoire gold assets and provides a further update on the Bougouni Lithium Project mining licence application.

Highlights

Cote d’Ivoire

· Kodal has secured two drill rigs for the Nielle Project in northern Cote d’Ivoire.

· Drilling programme will consist of 5,000m of aircore drilling to commence within the week, targeting the strike extensions of the gold mineralised zone and test for parallel zones defined by Resolute Mining Limited (“Resolute”).

· RC drilling is an initial 1,000m to define mineralisation and follow up drill intersections including 26m at 1.95g/t gold and 26m at 1.79g/t gold.

· Infill geochemical sampling at the Dabakala project has commenced with sampling targeting the high-grade anomalism up to 6.14g/t gold. Sampling is targeting definition of the new gold anomalism in preparation for first phase reconnaissance aircore drilling.

Bougouni Lithium Project Mining Licence Application

· Kodal confirms it has finalised the changes to the previously lodged Feasibility Report and will file this update with the Direction Nationale de la Geologie et des Mines (“DNGM”) in Mali imminently.

· Next stage is for DNGM to send Kodal a confirmation letter formally requesting payment of the application fee for the mining licence prior to the formal production of the Mining Licence for approval by the Prime Minister.

· Mali Interim Government undergoing a ministerial reorganisation to create a “broad-based” representation and reduce military influence.

Bernard Aylward, CEO of Kodal Minerals, commented: “We are very excited with the exploration programmes on our gold projects in Cote d’Ivoire. The Dabakala project is at an early stage, however, the extensive surface gold anomalism and repeated high grade gold mineralisation give confidence to continue with exploration here. This is a new gold zone defined in Cote d’Ivoire and offers the Company the opportunity to make a significant gold discovery. In addition, the drilling programmes planned for the Nielle project are expected to add definition to the gold mineralisation outlined by our former JV partner, Resolute. We expect a busy time over the next few months as these projects develop, as well as commencing ground exploration on our advanced Fatou project in southern Mali.

“As previously announced, our Mining licence application for the Bougouni Lithium Project is advancing, and we have completed all requested changes for filing the updated Feasibility Report with the DNGM in Mali. We expect to continue to work through this process with the Mali Government as previously announced.”

Further updates will be provided as matters progress as outlined in previous announcements.

Further Information

Gold Exploration – Cote d’Ivoire

At the Nielle project Kodal has secured two drilling rigs to undertake planned exploration drilling, targeting the extensive zone of gold mineralisation defined by previous exploration completed by former JV partner, Resolute. The mineralised zone remains open along strike and at depth and Kodal’s initial 1,000m RC drilling is aimed at confirming and extending the mineralised zone and to provide confidence in the geological interpretation prior to undertaking a maiden mineral resource assessment.

The second phase of the programme is 5,000m of aircore drilling that will target extensions to the defined mineralised zone along strike, as well as test for parallel zones to the east and west. The Nielle project is in an underexplored region of Cote d’Ivoire and the initial reconnaissance exploration completed by Resolute has highlighted numerous targets that have not yet been fully tested. Kodal’s exploration is aimed at testing the priority anomalies to attempt to locate new additional zones of gold mineralisation.

The drilling will commence with the aircore drill rig and is expected to begin by the end of May 2021 and drilling is expected to continue throughout June.

At the Dabakala project, Kodal has commenced an infill surface geochemical sampling programme with over 750 samples to be collected to add definition to the wide-spread high grade gold anomalism. Prior to the programme Kodal’s geologist undertook a field reconnaissance visit to focus particularly on the high-grade gold anomalism previously reported and possible extensions to these zones. The aim of the infill sampling is to confirm the geological controls on the anomalism and define the trends of possible bedrock mineralisation. All samples are pending assay with results expected in June 2021.

Following this phase of surface sampling and geological mapping, it is expected the Company will plan a reconnaissance aircore drilling programme to test this new discovery that has not been previously drill tested. Kodal will focus on infill geochemical sampling to define the key targets for reconnaissance drill testing.

Mining Licence Application and Mali Government

Kodal has completed the changes to the previously lodged Feasibility Study and has updated the application for the 2019 Mining Code as requested and will lodge it with the DNGM imminently. The Company continues to work closely with the DNGM in this application and expects to receive the letter of formal notification and licence fee payment request from the DNGM promptly. The licence application process remains the same as previously announced and is summarised below:

i. Kodal has completed and will lodge the minor changes to the lodged Feasibility Report to bring it in line with new Mining Code 2019.

ii. After filing the updated application, Kodal is expected to then receive a formal notification from the DNGM with a request to pay the fee for the Mining Licence of 100,000,000 XOF (£135,000).

iii. Upon payment of the fee, the DNGM will then draft the Exploitation Decree (Mining Licence) which is forwarded to the Ministry of Mines, Energy and Water.

iv. If all is in order, the Ministry of Mines, Energy and Water will then forward the Exploitation Decree to the office of the Prime Minister for formal signing, which is the final step in the process.

On Friday, 14 May 2021, the Interim Prime Minister of Mali, Moctar Ouane, resigned but was immediately reappointed and is set to form a new “broad-based” ministry and reduce the influence of the military in the Interim Government. This process is not expected to delay the Kodal licence application as we continue to work with the DNGM in the next stages of the process.

In April, Mali’s Interim Government announced that it would hold a constitutional referendum on 31 October 2021, with Government elections to follow in February 2022.

Update on Cote d’Ivoire Gold Exploration Activity and Bougouni Lithium Project Licence Application

Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project and its gold assets in West Africa, is pleased to provide this update on the exploration programme for its Cote d’Ivoire gold assets and provides a further update on the Bougouni Lithium Project mining licence application.

Highlights

Cote d’Ivoire

· Kodal has secured two drill rigs for the Nielle Project in northern Cote d’Ivoire.

· Drilling programme will consist of 5,000m of aircore drilling to commence within the week, targeting the strike extensions of the gold mineralised zone and test for parallel zones defined by Resolute Mining Limited (“Resolute”).

· RC drilling is an initial 1,000m to define mineralisation and follow up drill intersections including 26m at 1.95g/t gold and 26m at 1.79g/t gold.

· Infill geochemical sampling at the Dabakala project has commenced with sampling targeting the high-grade anomalism up to 6.14g/t gold. Sampling is targeting definition of the new gold anomalism in preparation for first phase reconnaissance aircore drilling.

Bougouni Lithium Project Mining Licence Application

· Kodal confirms it has finalised the changes to the previously lodged Feasibility Report and will file this update with the Direction Nationale de la Geologie et des Mines (“DNGM”) in Mali imminently.

· Next stage is for DNGM to send Kodal a confirmation letter formally requesting payment of the application fee for the mining licence prior to the formal production of the Mining Licence for approval by the Prime Minister.

· Mali Interim Government undergoing a ministerial reorganisation to create a “broad-based” representation and reduce military influence.

Bernard Aylward, CEO of Kodal Minerals, commented: “We are very excited with the exploration programmes on our gold projects in Cote d’Ivoire. The Dabakala project is at an early stage, however, the extensive surface gold anomalism and repeated high grade gold mineralisation give confidence to continue with exploration here. This is a new gold zone defined in Cote d’Ivoire and offers the Company the opportunity to make a significant gold discovery. In addition, the drilling programmes planned for the Nielle project are expected to add definition to the gold mineralisation outlined by our former JV partner, Resolute. We expect a busy time over the next few months as these projects develop, as well as commencing ground exploration on our advanced Fatou project in southern Mali.

“As previously announced, our Mining licence application for the Bougouni Lithium Project is advancing, and we have completed all requested changes for filing the updated Feasibility Report with the DNGM in Mali. We expect to continue to work through this process with the Mali Government as previously announced.”

Further updates will be provided as matters progress as outlined in previous announcements.

Further Information

Gold Exploration – Cote d’Ivoire

At the Nielle project Kodal has secured two drilling rigs to undertake planned exploration drilling, targeting the extensive zone of gold mineralisation defined by previous exploration completed by former JV partner, Resolute. The mineralised zone remains open along strike and at depth and Kodal’s initial 1,000m RC drilling is aimed at confirming and extending the mineralised zone and to provide confidence in the geological interpretation prior to undertaking a maiden mineral resource assessment.

The second phase of the programme is 5,000m of aircore drilling that will target extensions to the defined mineralised zone along strike, as well as test for parallel zones to the east and west. The Nielle project is in an underexplored region of Cote d’Ivoire and the initial reconnaissance exploration completed by Resolute has highlighted numerous targets that have not yet been fully tested. Kodal’s exploration is aimed at testing the priority anomalies to attempt to locate new additional zones of gold mineralisation.

The drilling will commence with the aircore drill rig and is expected to begin by the end of May 2021 and drilling is expected to continue throughout June.

At the Dabakala project, Kodal has commenced an infill surface geochemical sampling programme with over 750 samples to be collected to add definition to the wide-spread high grade gold anomalism. Prior to the programme Kodal’s geologist undertook a field reconnaissance visit to focus particularly on the high-grade gold anomalism previously reported and possible extensions to these zones. The aim of the infill sampling is to confirm the geological controls on the anomalism and define the trends of possible bedrock mineralisation. All samples are pending assay with results expected in June 2021.

Following this phase of surface sampling and geological mapping, it is expected the Company will plan a reconnaissance aircore drilling programme to test this new discovery that has not been previously drill tested. Kodal will focus on infill geochemical sampling to define the key targets for reconnaissance drill testing.

Mining Licence Application and Mali Government

Kodal has completed the changes to the previously lodged Feasibility Study and has updated the application for the 2019 Mining Code as requested and will lodge it with the DNGM imminently. The Company continues to work closely with the DNGM in this application and expects to receive the letter of formal notification and licence fee payment request from the DNGM promptly. The licence application process remains the same as previously announced and is summarised below:

i. Kodal has completed and will lodge the minor changes to the lodged Feasibility Report to bring it in line with new Mining Code 2019.

ii. After filing the updated application, Kodal is expected to then receive a formal notification from the DNGM with a request to pay the fee for the Mining Licence of 100,000,000 XOF (£135,000).

iii. Upon payment of the fee, the DNGM will then draft the Exploitation Decree (Mining Licence) which is forwarded to the Ministry of Mines, Energy and Water.

iv. If all is in order, the Ministry of Mines, Energy and Water will then forward the Exploitation Decree to the office of the Prime Minister for formal signing, which is the final step in the process.

On Friday, 14 May 2021, the Interim Prime Minister of Mali, Moctar Ouane, resigned but was immediately reappointed and is set to form a new “broad-based” ministry and reduce the influence of the military in the Interim Government. This process is not expected to delay the Kodal licence application as we continue to work with the DNGM in the next stages of the process.

In April, Mali’s Interim Government announced that it would hold a constitutional referendum on 31 October 2021, with Government elections to follow in February 2022.


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