Exercise of Options and Performance Share Rights

Kodal Minerals PLC

29 January 2026

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")

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

Kodal Minerals plc

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

29 January 2026

Exercise of Options and Performance Share Rights,

change to director shareholding

and change to Total Voting Rights

Kodal Minerals (AIM: KOD), the West African lithium producer, mineral exploration and development company, announces that it has received notices of exercise for options ("Options") and Performance Share Rights from Bernard Aylward, Chief Executive Officer, and Mohamed Niare, Country Manager - Mali and Cote d'Ivoire for the Company.  The notices relate to the subscription for a total of 92,500,000 new ordinary shares of 0.03125 pence each in the Company ("Ordinary Shares") (together, the "exercise(s)") with total subscription proceeds for the Company from the exercises representing £49,062.50.

Bernard Aylward is subscribing for 75,000,000 new Ordinary Shares at a subscription price of 0.03125 pence per new Ordinary Share through exercising his Performance Share Rights. Mohammed Niare is subscribing for 10,000,000 new Ordinary Shares at a subscription price of 0.03125 pence per new Ordinary Share through exercising his Performance Share Rights as well as exercising his Options over 7,500,000 new Ordinary Shares at 0.3 pence per new Ordinary Share.

Following the exercises, Bernard Aylward will own 416,364,799 Ordinary Shares representing 2.04% of the Company's enlarged issued share capital on Admission (as defined below).

Details of the exercises 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.

Admission and total voting rights

Application will be made to the London Stock Exchange plc for the 92,500,000 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the new ordinary Shares will commence on AIM at 8.00 a.m. on or around 4 February 2026.

Upon Admission, the issued share capital of the Company will consist of 20,373,199,594 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 20,373,199,594. 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.

**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/Oonagh Reidy/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

Director/PDMR UK MAR disclosures

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Directors: Bernard Aylward CEO
2	Reason for the notification
a)	Position/status	See 1 a) above
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kodal Minerals plc
b)	LEI	213800VKFS7TS32EGI81
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	ordinary shares of 0.03125p GB00BH3X7Y70
b)	Nature of the transaction	Exercise of Performance Share Rights
c)	Price(s) and volume(s)	Name Exercise Volume Exercise Price Bernard Aylward Performance Rights 75,000,000 0.03125p
d)	Aggregated information - Aggregated volume - Price	75,000,000 Ordinary Shares £23,437.50
e)	Date of transaction	29 January 2026
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	PDMR: Mohamed Niare Country Manager - Mali and Cote d'Ivoire
2	Reason for the notification
a)	Position/status	See 1 a) above
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Kodal Minerals plc
b)	LEI	213800VKFS7TS32EGI81
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	ordinary shares of 0.03125P  GB00BH3X7Y70
b)	Nature of the transaction	Exercise of Options and Performance Share Rights
c)	Price(s) and volume(s)	Name Rights Volume Exercise Price Mohamed Niare Performance Rights Options 10,000,000 7,500,000 0.03125p 0.3p
d)	Aggregated information - Aggregated volume - Price	17,500,000 Ordinary Shares £25,625
e)	Date of transaction	29 January 2026
f)	Place of the transaction	Outside a trading venue

 

END