Loan Conversion and Change to Total Voting Rights

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

9 October 2020

Kodal Minerals plc ('Kodal Minerals' or the 'Company')

Loan Conversion and Change to Total Voting Rights

Kodal Minerals, the mineral exploration and development company, announces that it has received a conversion notice in relation to its US$1.5 million unsecured convertible loan agreement (the 'Loan Agreement') with Riverfort Global Opportunities PCC Limited and YA II PN Ltd (the 'Investors'), details of which were announced on 15 July 2020.

The Investors have elected to convert a total amount of $102,352.31 (equivalent to £79,271.86), made up of a principal amount of US$100,004.40 and accrued interest of $2,347.91, into 125,034,486  new ordinary shares of 0.03125p each in the Company ('Ordinary Shares'), at a price of 0.06340 pence per Ordinary Share.

Application will be made for the 125,034,486 new Ordinary Shares being issued on exercise to be admitted to trading on AIM and it is expected that admission will take place on or around 15 October 2020 ('Admission').

Total Voting Rights and AIM Rule 17

Upon Admission, the issued share capital of the Company will consist of 11,464,229,052 Ordinary Shares. The Company does not hold any shares in treasury. Therefore, the total number of voting rights in the Company from Admission will be 11,464,229,052.  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 FCA's Disclosure Guidance and Transparency Rules.

Pursuant to AIM Rule 17, the Company announces that the shareholding of Suay Chin International Pte Ltd remains at 2,290,471,568 ordinary shares but will represent 19.98% of the Company's issued share capital on Admission.

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

About Kodal Minerals

Kodal Minerals' primary focus is on the rapid advancement towards production of its flagship Bougouni Lithium Project in Southern Mali.  The JORC Resource Estimate places the Bougouni Project in the top 15 hard rock lithium projects globally and was calculated using only three of the eight currently recognised prospects demonstrating the significant exploration upside potential remaining across the 450km² project area.  The Mineral Resource estimate for the Ngoualana, Sogola-Baoule and Boumou prospects are tabulated below.  These mineral resources are reported in accordance with the JORC Code:

Notes:  Mineral resources are reported using a 0.5%Li₂O cut-off.  Figures may not sum due to rounding.  The contained metal is determined by the estimated tonnage and grade.

The Bougouni Project and recently acquired 200km² Bougouni West project are located in an emerging lithium province that is already attracting the attention of investors and off-take partners interested in securing a long-term supply of lithium.  With the support of its strategic investor and off-take partner Suay Chin International Pte, a Singapore-based lithium and chemical trader, Kodal Minerals is well positioned to continue its ambitious development programme at Bougouni.

Further to this, Kodal Minerals is the manager of additional lithium and gold projects that are undergoing low cost exploration programmes in addition to JV funded gold properties in Cote d'Ivoire that offer potentially significant long-term value.