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

5 May 2026

Kodal Minerals plc

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

Bougouni Lithium Project Update

Kodal Minerals (AIM: KOD), the West African lithium producer, mineral exploration and development company, provides an update on operations, export and receipt of revenue at the Bougouni Lithium Project ("Bougouni" or the "Project").

Kodal maintains its involvement and interest in Bougouni via its 49 per cent. shareholding in Kodal Mining UK Limited ("KMUK") in partnership with Hainan Mining Co. Ltd ("Hainan"), which as the 51 per cent. shareholder has ultimate control.  KMUK holds a 65 per cent. shareholding of Les Mines de Lithium de Bougouni SA ("LMLB"), which owns the Project in partnership with the Mali Government, and KMUK provides the management oversight and operational control of mining activities at the Project.

Highlights:

·    Final payment for the second shipment of spodumene concentrate to Hainan received and LMLB has been paid a total amount of US$27.6 million for the shipment following, inter alia, confirmation of grade, tonnage and moisture content.

·    The second shipment delivered approximately 19,738 dry metric tonnes ("DMT") of spodumene concentrate and a calculated spodumene concentrate 6% Li₂O ("SC6") equivalent average price of US$1,681.3 per tonne of concentrate.

·    The third shipment of approximately 20,480 DMT of spodumene concentrate, which departed from the port of San Pedro, Côte d'Ivoire on 12 April, is currently in transit to Hainan. LMLB has received an interim payment of US$34.4 million dollars representing 95% of the estimated value of the cargo including adjustment for grade and shipping and insurance costs.

·    The third shipment is expected to arrive in Hainan in July, triggering the calculation process for the final payment for the shipment.

·    The Project continues to mine and process lithium mineralisation and is currently transporting spodumene concentrate to the port of San Pedro, Côte d'Ivoire, in preparation for the next shipment.

·    Bougouni remains unaffected by recent security incidents and unrest in parts of Mali and operations are continuing as usual. 

Bernard Aylward, CEO of Kodal Minerals, commented: ""Over the past couple of weeks, the safety and security of staff at Bougouni has been a priority, and the township of Bougouni has remained unaffected by recent security incidents. The Project team, mining contractors and support teams continue to be well supported by security services and local Government official,s and their safety remains the utmost priority. Operations at Bougouni have continued, with the site continuing to receive deliveries, including fuel and the necessary spare parts needed on site. Furthermore, the export of spodumene concentrate to the port of San Pedro remains unaffected and on schedule."

"The receipt of the final payment for the second shipment and the interim payment for the third shipment highlights the strengthening spodumene concentrate price and the growing demand from the lithium market. The operation has now received revenue of over approximately US$89 million from its first three shipments, and we expect shipments to continue at regular intervals targeting cargoes of up to 20,000 DMT."

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

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 its partner Hainan Mining Co. Ltd, 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 achieved first spodumene concentrate production in February 2025 and made its first shipment of concentrate in December 2025. A Stage 2 Flotation plant is planned in future years to process the finer-grained resources within the Bougouni deposit.

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 early-stage gold assets in its diverse portfolio located in West Africa.

For more information on Kodal, please visit kodalminerals.com