Bougouni Lithium Project Mining Licence Update

Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulations. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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

8 June 2021

Kodal Minerals plc

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

Bougouni Lithium Project Licence Application Update and Mali Update

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 an update on the Mining Licence application for the Bougouni Lithium Project in southern Mali.

Kodal has received formal correspondence from the Direction Nationale de la Geologie et des Mines ("DNGM") in Bamako providing notification of acceptance of the Feasibility Study for the Mining Licence application at the Bougouni Lithium Project and has received the request to pay the application fee for the delivery of the Mining Licence.  Kodal will pay the £135,000 application fee promptly to continue to advance the application process and maintain communication with the DNGM to monitor progress.

Bernard Aylward, CEO of Kodal Minerals, commented: "Our Mining Licence application is progressing through the final regulatory stages and the receipt of this letter confirming the Feasibility Study for the development of the Bougouni Lithium Project and the request to pay the Mining Licence application fee is a very positive development and brings us significantly closer to a fully permitted project." 

Further updates will be provided as matters progress.

Further Information

Mining Licence Application and Mali Government

The licence application process remains the same as previously announced on 17 May 2021 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 - COMPLETED.

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) - RECEIVED and PAYMENT TO BE MADE PROMPTLY.

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.

Update on Mali Transitional Government

On Monday 7 June, President Assimi Goita was sworn into office as the new Interim President of the Republic of Mali.  President Goita has announced Choguel Maiga as Prime Minister of the transitional government and it is expected that a new ministry will be formed promptly. 

President Goita has maintained the Government's intentions to reform the constitution by October 2021 and hold new Government elections in February 2022.

**ENDS**

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