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

20 March 2023

Kodal Minerals plc

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

Exercise of Options, Warrants and Performance Share Rights to raise approximately £342,375

Total Voting Rights

Kodal Minerals, the mineral exploration and development company focused on lithium and gold assets in West Africa, announces that it has received notices of exercise for options ("Options"), warrants ("Warrants") and Performance Share Rights from certain directors, senior management and consultants of the Company to subscribe for a total of 106,250,000 new ordinary shares of 0.03125 pence each in the Company ("New Ordinary Shares") (together, the "exercise(s)"). Total subscription proceeds for the Company from these exercises is approximately £342,375.

Following the exercises, the directors will hold the following shareholdings in the Company as a result of exercising Options:

Details of the Options exercises in which directors are interested in are set out in the table at the end of this announcement, which has been provided in accordance with the requirements of the UK Market Abuse Regulation.

Exercise of Performance Share Rights

On 27 August 2021, the Company announced, amongst other matters, the award of Performance Share Rights to Bernard Aylward (CEO) and Mohamed Niare (Country Manager, Mali), the exercise of which is subject to certain vesting conditions being satisfied and upon payment of the nominal value for the New Ordinary Shares.

The Company has received notice from Mohamed Niare to exercise his Performance Share Rights over 10 million New Ordinary Shares, resulting in the issue to him of 10 million New Ordinary Shares at a subscription price of 0.03125 pence per share. This follows the satisfaction of the vesting condition for the successful grant of the mining licence pertaining to the Bougouni Lithium Project in Mali ("Bougouni").

Details of this Performance Share Rights exercise are set out in the table at the end of this announcement, which has been provided in accordance with the requirements of the UK Market Abuse Regulation.

Application for admission to trading and total voting rights

Application has been made for the 106,250,000 New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 23 March 2023.

Upon Admission, the issued share capital of the Company will consist of 17,009,980,956 ordinary shares of 0.01325p each.  The Company holds no shares in treasury. The total number of voting rights in the Company from Admission will therefore be 17,009,980,956. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in or a change to their interest in the Company under the Disclosure Guidance and Transparency Rules of the UK Financial Conduct Authority.

For further information, please visit www.kodalminerals.com or contact the following: