Bougouni Lithium Project Quarterly Update

Kodal Minerals PLC

14 April 2026

 

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

14 April 2026

Kodal Minerals plc

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

Bougouni Lithium Project Quarterly Update for the three months ended 31 March 2026

Kodal Minerals (AIM: KOD), the West African lithium producer, mineral exploration and development company, provides an update on mining, processing, export and development activities at the Bougouni Lithium Project ("Bougouni" or the "Project") for the three months ended 31 March 2026 (the "quarter").

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 the subsidiary mining company 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 Bougouni.

Quarter highlights:

·    Quarterly production of 26,981 tonnes spodumene concentrate grading 5.28% Li₂O.

·    March production exceeded 10,900 tonnes at 5.28% Li₂O and is the highest monthly production recorded to date at Bougouni.

·  Following the completion of two shipments to Hainan, Bougouni has exported a total of approximately 49,000 tonnes of spodumene concentrate.

·    Revenue received by LMLB to date exceeded US$51 million with the final balancing payment for the second shipment pending.

·    Ngoualana open pit performing to budget and site team focussed on continued improvement with additional mining equipment mobilised to site.

·    Bougouni operation continues to focus on Health, Safety and Environment ("HSE") with no Lost Time Incidents ("LTI") or Medically Treated Incidents ("MTI") reported during the quarter.

Post-quarter highlights:

·    Third shipment of approximately 20,000 tonnes spodumene concentrate departed the port of San Pedro, Côte d'Ivoire on 12 April.

o  LMLB to issue interim invoice for 95% of the value of the cargo as agreed in the offtake agreement, and finalisation of full payment for the shipment to be completed following completion of transport to Hainan and verification.

Bernard Aylward, CEO of Kodal Minerals, commented: "The March production of over 10,900 tonnes of spodumene concentrate and the recent loading and departure of the third export shipment to Hainan highlights the continued improvement and consistent delivery at the Bougouni operation.  This third shipment increases total export to approximately 69,000 tonnes of spodumene concentrate since November 2025 and the operation continues to benefit from the increasing market price performance of lithium.   

"The Bougouni team continues to focus on improving operations with maintenance and modifications to the dense media separation ("DMS") processing plant and crushing circuit aimed at improved availability and utilisation of the plant and increased throughput.  The open pit mine has also continued to improve blasting performance and access to broken ore stocks. During the quarter, the mining team continued to move waste material to provide ongoing access to the Ngoualana orebody.  The open pit mine plan is focussed on preparing for the wet season with a build-up of the run-of-mine ("ROM") pad ore stocks as well as preparation of additional pit de-watering sumps, boreholes and access roads.

"The Bougouni operation is working to update the Feasibility study for the Phase Two Floatation plant and initial work is focussed on engineering review, metallurgical testing, geotechnical assessment and environmental planning. The work programme is expected to be completed by the end of 2026, and thereafter allowing for an investment decision of Phase Two to be reviewed."

Further Details:

Mining:

Open pit mining continues at the Ngoualana open pit mine and statistics for the quarter are tabled below:

Quarter ended 31 March 2026 Mining	Quarter	Year to Date
Total Tonnes Mined	1,980,784	1,980,784
Total Ore Tonnes Mined	274,227	274,227
Total Ore Grade %	1.15	1.15
Strip Ratio	6:22	6:22

Operations at the Ngoualana open pit were behind plan for January and February 2026 and were impacted by low productivity drill and blast activity, and to a lesser extent, the availability of machinery. The site team has taken measures with the mining contractors to potentially improve performance with additional drilling rigs mobilised to assist the blasting programme and additional diggers mobilised to improve productivity.

The open pit operation remained unaffected by both fuel supply issues and explosives availability during the quarter, and in March the mining operations performed at the planned levels of production.

The open pit mining team have focussed on the expansion of the open pit with waste removal to expose more of the pegmatite orebody and are preparing for additional mining of ore to build up the ROM pad stocks.

Spodumene Production:

The DMS processing plant and crushing circuit operated throughout the quarter and statistics are tabled below:

Quarter ended 31 March 2026 Bougouni Processing Plant	Quarter	Year to Date
ROM feed to processing plant (Tonnes)	314,060	314,060
Average Feed Grade %Li2O	1.00	1.00
Spodumene Concentrate produced (dry metric tonnes)	26,981	26,981
DMS Recovery Rate %	62%	62%
Overall Recovery Rate %	49%	49%
Average Concentrate Grade %Li2O	5.28	5.28

During the quarter the DMS processing plant and crushing circuit were impacted by downtime in the crushing circuit and availability of the DMS circuit resulting in below plan production of spodumene concentrate in January and February. 

The site team has undertaken maintenance and replacement of all conveyor belts in the crushing circuit to improve availability of running hours and reduction of lost time due to breakdown and site maintenance.

The production of over 10,900 tonnes of spodumene concentrate in March was above plan and demonstrates the impact of improvements following maintenance and repair activities.  Initial review of April 2026 performance indicates that production is on track.

Spodumene export and revenue for LMLB:

During the quarter two export shipments were completed - the first shipment departed the port of San Pedro in late November 2025 and arrived in Hainan in early January 2026, and the second shipment departed in early February 2026 and arrived in Hainan in late March 2026.  Following these two shipments, a total of approximately 49,000 tonnes spodumene concentrate has been transported to Hainan to date.

Post-quarter end, a third export shipment was loaded and departed the port of San Pedro on 12 April 2026 with a further approximately 20,000 tonnes of spodumene concentrate, and is expected to arrive in Hainan in June 2026.

To date, the Bougouni operation has received revenue of approximately US$51.3 million, comprising the full payment for the first export shipment and approximately US$24 million as the 95% interim payment for the second shipment.  In accordance with the off-take agreement, the final 5% payment for the second shipment is pending confirmation of grade analysis, moisture content and final weight with the final invoice to be submitted once the amount is agreed.

The calculation of the price per tonne of spodumene concentrate is controlled by the offtake agreement with Hainan, announced by the Company on 30 June 2025.  The agreement references the market price published by Shanghai Metal Markets ("SMM") and utilises a blend of the CIF China 6% spodumene concentrate ("SC6") index and the African SC6 CIF index. The agreement allows for a longer averaging period to calculate a sales price for LMLB that covers the period from when the ore was mined at Bougouni through to processing, transportation and final delivery to Hainan. The final price is determined following arrival in Hainan and verification, however, the agreement provides for an interim payment equivalent to approximately 95% of the value of the cargo on departure from the port of San Pedro.

The final price that the Bougouni operation receives is adjusted to account for the grade of the concentrate, and as the site has exported concentrate of around 5.3%, the price is reduced from the SC6 price in a straight calculation to the product grade.  Further price adjustments occur to account for shipping and insurance costs to reflect a change from the CIF China price to an agreed FOB San Pedro price.

The Bougouni operation monitors the price calculation closely and confirms that all shipments have been paid in line with the offtake agreement.  It is noted that the extended averaging period in the price calculation may result in a "lag effect" in a rising lithium price environment that is currently occurring. However, in a falling market the operation is protected by the calculation and will ensure suitable pricing to support operational decisions.

 HSE and community engagement:

The Bougouni operation had zero reported LTI and MTI incidents during the quarter.

The operation reported minor malaria cases, two small fire incidents and minor first aid treatment incidents. The site continues to monitor closely the health and safety of the workforce, and all incidents are reviewed at the site safety meetings.

A property damage incident occurred involving a contractor vehicle accident, however, no occupants were injured.  The incident is under investigation to determine cause and ensure no similar incidents occur in the future.

Bougouni development plan:

The Bougouni operation is planning an extensive work programme for the proposed Phase Two Floatation Plant development. The site team has started the process for updating the Environmental and Social Impact Assessment ("ESIA"). This revised ESIA is required due to the expanded footprint of the Boumou prospect and the potential expansion of the proposed Phase Two Floatation Plant.

Technical work is also required to complete the updated feasibility assessment, and this is expected to include additional infill and extension drilling, geotechnical drilling and assessment to assist in the open pit optimisation and design, as well as metallurgical testing required for final processing plant design.  This work will be ongoing through the year, and updates will be provided in these quarterly reports.

As announced by Kodal on 25 March 2026, Hainan referenced significant growth in the resource at the Boumou prospect in its annual report, claiming an additional 15.47 million tonnes of mineral resource.  This estimate is Hainan's internal estimate based on previously announced drill results.  This resource estimate has not been reviewed by Kodal, nor has it has been subject to an independent audit and validation to confirm JORC compliance.  The work programme planned for the Phase Two assessment is expected to provide information to support a JORC compliant resource update and any such update will be announced by the Company through the London Stock Exchange's Regulatory News Service ("RNS") as soon as work is completed.

**ENDS**

For further information, please visit 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: [phone]
SP Angel Corporate Finance LLP, Financial Adviser & Joint Broker Stuart Gledhill/Adam Cowl	Tel: [phone]
Canaccord Genuity Limited, Joint Broker James Asensio/Charlie Hammond	Tel: [phone]
Peel Hunt LLP, Joint Broker Ross Allister/David McKeown/Georgia Langoulant	Tel: [phone]
Burson Buchanan, Financial PR Bobby Morse/ Abigail Gilchrist	Tel: [phone] [e-mail]

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

The exploration results and activity reported in this announcement have been reviewed by Mr Bernard Aylward who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Aylward has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Qualified Person as defined in the AIM Note for Mining and Oil & Gas Companies dated June 2009. Mr Aylward consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

 

END