Response to report published by Hainan

Kodal Minerals PLC

25 March 2026

 

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

25 March 2026

Kodal Minerals plc

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

Response to report published by Hainan Mining Co. Ltd

Kodal Minerals (AIM: KOD), the West African lithium producer, mineral exploration and development company, notes the 2025 Performance Report (the "Report") recently published by its operating partner, Hainan Mining Co. Ltd ("Hainan"), which refers to a significantly increased reserves assessment of spodumene resources for the Bougouni Lithium Project ("Bougouni" or the "Project"). Hainan is the 51 per cent. shareholder and Kodal the 49 per cent. shareholder of KMUK Limited which ultimately has an interest in 65 per cent. of the Project.

Whilst Hainan are claiming an additional 15.47 million tons or spodumene resources, Kodal understands that the statements made in the Report are based on an internal estimate that was prepared by Hainan and based on previously announced drill results from 2025, the most recent being on 17 December 2025. At this stage, Kodal has not completed a review of this internal estimate and is not aware that it has been subject to an independent audit and validation to confirm JORC compliance.

Kodal notes that the previously announced drill results for Boumou (the key prospect of the Project), announced on 17 December 2025, indicated potential growth of the prospect, however, geological interpretation is ongoing and the results require an independent audit and JORC assessment prior to declaring any increase in the mineral resource estimate ("MRE").

Any JORC-compliant change in the MRE will be announced by the Company through the London Stock Exchange's Regulatory News Service ("RNS") when available, which is not expected in the short term.

**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

 

END