REG - Kodal Minerals PLC - Response to report published by Hainan

Kodal MineralsAnnouncement

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RNS Number : 1337Y  Kodal Minerals PLC  25 March 2026

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

 

25 March 2026

 

Kodal Minerals plc

("Kodal Minerals", "Kodal" or the "Company")

 

Response to report published by Hainan Mining Co. Ltd

 

Kodal Minerals (AIM: KOD), the West African lithium producer, mineral
exploration and development company, notes the 2025 Performance Report (the
"Report") recently published by its operating partner, Hainan Mining Co. Ltd
("Hainan"), which refers to a significantly increased reserves assessment of
spodumene resources for the Bougouni Lithium Project ("Bougouni" or the
"Project"). Hainan is the 51 per cent. shareholder and Kodal the 49 per cent.
shareholder of KMUK Limited which ultimately has an interest in 65 per cent.
of the Project.

 

Whilst Hainan are claiming an additional 15.47 million tons or spodumene
resources, Kodal understands that the statements made in the Report are based
on an internal estimate that was prepared by Hainan and based on previously
announced drill results from 2025, the most recent being on 17 December 2025.
At this stage, Kodal has not completed a review of this internal estimate and
is not aware that it has been subject to an independent audit and validation
to confirm JORC compliance.

 

Kodal notes that the previously announced drill results for Boumou (the key
prospect of the Project), announced on 17 December 2025, indicated potential
growth of the prospect, however, geological interpretation is ongoing and the
results require an independent audit and JORC assessment prior to declaring
any increase in the mineral resource estimate ("MRE").

 

Any JORC-compliant change in the MRE will be announced by the Company through
the London Stock Exchange's Regulatory News Service ("RNS") when available,
which is not expected in the short term.

 

**ENDS**

For further information, please visit www.kodalminerals.com
(http://www.kodalminerals.com) or contact the following:

 

 Kodal Minerals plc

 Bernard Aylward, CEO                                                  via Burson Buchanan
 Allenby Capital Limited, AIM Nominated Adviser

 Jeremy Porter/Vivek Bhardwaj                                          Tel: 020 3328 5656
 SP Angel Corporate Finance LLP, Financial Adviser & Joint Broker

 Stuart Gledhill/Adam Cowl                                             Tel: 020 3470 0470
 Canaccord Genuity Limited, Joint Broker

 James Asensio/Charlie Hammond                                         Tel: 020 7523 4680
 Peel Hunt LLP, Joint Broker

 Ross Allister/David McKeown/Georgia Langoulant                        Tel: 0207 418 8900
 Burson Buchanan, Financial PR

 Bobby Morse/ Abigail Gilchrist                                        Tel: +44 (0)20 7466 5000

                                                                       kodal@buchanancomms.co.uk

About Kodal Minerals

Kodal Minerals plc, the AIM-quoted West African lithium explorer, developer
and producer, is the co-developer of its flagship Bougouni Lithium Project in
Southern Mali alongside joint venture partner Hainan Mining, a subsidiary of
Hong Kong-listed Fosun International.

The Bougouni Lithium Project covers 350km² in the world-class Birimian
terrain of West Africa, located approximately 180km south of Mali's capital
Bamako. The Stage 1 Dense Media Separation ('DMS') processing plant, which
achieved first spodumene concentrate production in February 2025, has a target
output of 125ktpa Li₂O spodumene concentrate. Stage 2 Floatation plant is
expected to commence operations in 2028 with a forecast output of 230ktpa
Li₂O.

Bougouni is operated by Les Mines de Lithium de Bougouni SA ('LMLB'), a
subsidiary of Kodal Mining UK Limited ('KMUK') which owns the project and in
which Kodal has a 49 per cent shareholding. The company also has a number of
highly prospective gold assets in its diverse portfolio located in West
Africa.

For more information on Kodal, please visit kodalminerals.com
(https://kodalminerals.com/)

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