Kodal to explore Asamankese Lithium Project Ghana

Kodal Minerals PLC

19 October 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

19 October 2026

Kodal Minerals plc

(“Kodal Minerals”, “Kodal” or the “Company”)

Kodal to explore the Asamankese Lithium Project in Ghana

Initial field mapping and rock-chip sampling underway

Kodal Minerals (AIM: KOD), the West African lithium producer, mineral exploration and development company, announces that it has entered into a binding agreement (the “Agreement”) with GH Geo-Consult Limited ("GGCL") in relation to the Asamankese Lithium Project in Ghana (“Asamankese” or the "Project"). Under the terms of the Agreement, Kodal has the right to earn up to an 80% interest in the Project through a staged earn-in structure comprising cash payments, exploration expenditure commitments and technical project development milestones over five years.

Highlights:

• Strategic Expansion into Ghana: Binding Agreement to earn up to an 80% interest in the 156 km² Asamankese Lithium Project, located 75km by road from Accra within the Birimian geological sequence.
• High-Grade Lithium Assays: Historical rock-chip sampling returned up to 3.02% Li₂O. Kodal’s initial sampling has confirmed high-grade spodumene mineralisation with assays up to 2.49% Li₂O, with 95 of 164 samples returning values exceeding 1.0% Li₂O.
• Priority Prospects Defined by Historic Exploration:
  • Amantra: Mapped pegmatite system extending over 3km with coarse to very coarse spodumene observed in outcrop.
  • Nfranta: Multiple pegmatite bodies with an aggregate mapped strike extent exceeding 4km.
• Earn-In Commercial Structure: Kodal has acquired an initial 10% interest in the Project following an exclusivity period for US$300,000 with a three-stage earn-in over five years (Stage 1: US$1.25m minimum spend for 30% interest; Stage 2: US$4.0m minimum spend and Mineral Resource Estimate (“MRE”) for 60% interest; Stage 3: US$7.5m minimum spend and Definitive Feasibility Study (“DFS”) for 80% interest - see ‘Further Details’ below.
• Experienced Local Team and Immediate Drilling: In-country technical team appointed with extensive Ghanaian lithium experience. Exploration active on site with initial diamond drilling planned to commence before the end of 2026.

Bernard Aylward, CEO of Kodal Minerals, commented: "Asamankese represents a strategic expansion of Kodal’s lithium footprint in West Africa and provides an exciting new growth opportunity in Ghana. Exploration to date has identified well-developed pegmatite trends at Amantra and Nfranta, with high-grade rock-chip sampling returning up to 3.02% Li₂O. Our ongoing field programme is focused on refining target zones to guide our upcoming reconnaissance diamond drilling, with the results guiding the next stages of exploration.

“Through the successful development and operation of the Bougouni Lithium Project, our team have gained deep technical and operational expertise in lithium project development in West Africa. We look forward to applying this experience to Asamankese while evaluating the Project on its own geological merits. At this stage, our focus is on a systematic exploration programme, with subsequent work and investment guided by the results.”

Further Details:

Joint Venture Agreement

Kodal has entered the Asamankese project through a newly registered operating company in Ghana, Kodal Lithium Ghana Limited (“KLGL”), which it owns through its wholly owned subsidiary Kodal Lithium Exploration Limited (“KLEL) which is registered in England. 

Kodal and GGCL have established a joint venture company, Asamankese Lithium Ghana Limited (“Asamankese Ltd”), with initial shareholdings of 90% to GGCL and 10% to KLGL. Following execution of the Agreement, GGCL will apply to the Minerals Commission of Ghana to transfer the Asamankese Prospecting licence to Asamankese Ltd.

Execution of the formal Agreement follows completion of a six-month exclusivity period (which Kodal secured through an initial US$50,000 payment) during which Kodal undertook initial field, technical and legal due diligence and secured required regulatory approvals in Ghana.

Under the Agreement, Kodal and GGCL have agreed an earn-in structure that granted KLGL its initial 10% interest in Asamankese Ltd for $300,000 (including the initial $50,000 payment for exclusivity) with the right to earn up to 80% ownership from GGCL through staged investment and technical milestones. Kodal has the option to progress to each stage at its sole discretion. The Agreement stages are summarised below:

• Stage 1 – A six-month period from execution of the Agreement allowing Kodal to undertake field exploration, including drilling, with minimum expenditure and a stage completion payment totalling US$1.25 million.  At completion of Stage 1 Kodal will have a 30% interest in Asamankese Ltd.
• Stage 2 – Kodal has the right to elect to continue with the Agreement and Stage 2 is a 24 month period with a milestone target of an initial MRE following minimum expenditure and a stage completion payment totalling US$4.0 million.  At completion of Stage 2 Kodal will have a 60% interest in Asamankese Ltd.
• Stage 3 – If Kodal elects to continue, Stage 3 is a 30 period with a milestone target of completion of a DFS with Kodal investing minimum expenditure and a stage completion payment totalling US$7.5 million.  At completion of Stage 3 Kodal will have an 80% interest in Asamankese Ltd with GGCL retaining a 20% interest.

Kodal has the right at any time to cease further expenditure on the Project and will retain any interest in Asamankese earned up to that point.

During the earn-in phase of the Agreement, KLGL will manage all exploration, technical work programmes, budgets and operational execution.  KLGL has appointed Abdul-Razak Shaih Ballah as Country Manager in Ghana and in addition, is appointing a Ghana-based geological team to work with Kodal’s existing West African exploration team to take full advantage of the teams’ lithium exploration expertise.  The Ghana Country Manager and geological team have all previously worked on the Ewoyaa lithium project and have experience in exploration, development, environmental management and community relations within the Ghanaian mining industry.

Project Overview and Geological Summary

Asamankese is a greenfield lithium exploration project in Ghana’s Eastern Region.  The Project area is located approximately 75km by road from the capital city of Accra with access via the Accra-Kade highway.  The Project area is serviced by grid electric power and has excellent communication access covering the site.  The region is within a tropical savannah climate with distinct wet and dry seasons.

The licence area covers 156 km² within the Birimian geological sequence, a globally significant geological province known for gold, base metals and lithium bearing pegmatites.  The local geology of the project area consists of granitoid intrusions and Birimian sequence metavolcanic and metasedimentary rocks.  Pegmatite bodies have been identified intruding along geological boundaries and intruding along structural corridors.

Historical exploration within the Asamankese project area has identified multiple pegmatite bodies with 42 major and 27 minor pegmatite bodies mapped.  Initial rock chip sampling has returned high grade lithium assays ranging from 0.43% Li₂O to a maximum of 3.02% Li₂O.  The pegmatite bodies have been identified as muscovite deficient, with spodumene mineralisation identified from coarse grained (>20cm mineral length) to fine grained.  The pegmatite bodies contain accessory minerals including tantalite, garnet and tourmaline.  Multi-element analysis of rock chip samples demonstrates a strong lithium-caesium-rubidium correlation that confirms a LCT pegmatite intrusion.

Exploration has defined two immediate prospects for further work:

• Amantra Prospect is an expansive pegmatite system with coarse to very coarse grained spodumene mineralisation recognised in outcropping rock.  The initial mapping has identified a strike length exceeding 3 km with multiple southeast dipping pegmatite veins.  The Amantra prospect is a priority target for follow-up field exploration and definition of drill targets.
• Nfranta Prospect has been defined as a zone of multiple pegmatite veins extending over a strike length of over 4km, with interpreted northwest dipping veins that remain open along strike. 

Exploration Programme

Kodal has commenced field exploration with initial field mapping, reconnaissance rock chip sampling and commencing of a surface geochemical sampling programme to evaluate the broader Asamankese concession area. 

Kodal’s initial work confirms the presence of spodumene bearing pegmatite bodies and initial rock chip sampling confirms high grade mineralisation.  Kodal has collected 164 rock chip samples, and analysis at the Intertek Mineral laboratory Tarkwa, Ghana, has returned assay results up to a maximum of 2.49% Li₂O, with a total of 95 samples of the initial 164 collected returning assay values exceeding 1.0% Li₂O.  Kodal is assessing the multi-element geochemistry to assist in determining priority zones for initial drill testing.

Kodal has contracted a local drilling company with small diamond drill rigs to allow access to selected areas with minimal site disturbance for the initial drilling programme and expects to commence drilling before the end of 2026.

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 Louise Mason-Rutherford / Barry Archer / Jude Stokes	Tel: [phone] [e-mail]

About Kodal Minerals

Kodal Minerals plc (AIM: KOD) is a West African focused lithium producer, mineral exploration and development company.

Its flagship asset is the Bougouni Lithium Project in Southern Mali, developed in partnership with Hainan Mining Co. Ltd. Bougouni is operated by Les Mines de Lithium de Bougouni SA ("LMLB"), owned 65% by Kodal Mining UK Limited ("KMUK") and 35% by the Malian State. Kodal holds a 49% interest in KMUK, giving it an approximate 32% ultimate economic interest in Bougouni.

In Ghana, Kodal holds an agreement to acquire up to an 80 per cent. interest in the Asamankese Lithium Project, a 156 km² prospective lithium exploration asset located in the Eastern Region.

Kodal also holds a portfolio of prospective gold exploration assets in Mali and Côte d'Ivoire.

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.

 

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