Announcement • Jul 17

Kodal Minerals plc Provides Bougouni Lithium Project Quarterly Update for the Three Months Ended 30 June 2026

Kodal Minerals plc provided an update on mining, processing, export and development activities at the Bougouni Lithium Project for the three months ended 30 June 2026. Quarterly production was 26,174 dry metric tonnes of spodumene concentrate grading 5.34% Li2O, with year to date production of 53,195 dry metric tonnes of spodumene concentrate. The mining operator, Les Mines de Lithium de Bougouni SA, paid an initial USD 13 million to Kodal Mining UK Limited, representing the first repayment of loans advanced to finance capital expenditure. The third shipment of approximately 20,400 dry metric tonnes of spodumene concentrate arrived at Hainan port on 27 June 2026, bringing completed exports of spodumene concentrate to over 69,000 tonnes to date. The spodumene concentrate price calculated for the third shipment is equivalent to USD 2,304 per dry metric tonne concentrate based on the agreed averaging and weighting of the Shanghai Metal Market China CIF Index and African CIF Index for SC6 (6% Li2O spodumene concentrate). The actual price received will be adjusted to reflect the verified grade of concentrate and for the costs of insurance and freight; an interim payment of USD 34.4 million has already been received for 95% of the estimated final value. Bougouni operation continued open pit mining at the Ngoualana open pit, with additional equipment mobilised by the mining contractors leading to an improvement of mining activity. The stage 1 Dense Media Separation processing plant performed below budget in May due to maintenance and breakdown issues connected to the crushing circuit, lowering feed to the processing plant. Operations returned to normal throughput in June. Health, Safety and Environment assessment indicates one medically treated incident reported during the quarter. The operation continues to prioritise training and staff awareness of all HSE requirements. Post-quarter, a fourth shipment of approximately 24,200 dry metric tonnes of spodumene concentrate departed the port of San Pedro, Côte d'Ivoire on 11 July 2026 and is expected to arrive in Hainan in late August 2026. The Ngoualana open pit mining continued to operate during the quarter with additional mining equipment mobilised and work commenced in the pit. Operations at the Ngoualana open pit were behind plan for the quarter with mining initially impacted by the availability of machinery and the blasting efficiency. The open pit mining contractors have mobilised additional equipment to site and operations improved in May and June. The Company actively manages the supply of key input materials at its operations and has suffered no issues with respect to either fuel or explosives availability. Spodumene production was below management's budget for the quarter, mainly caused by maintenance and breakdown issues of the crushing circuit in May 2026. The site team completed repairs of the crushing circuit and significant improvement was noted in June 2026. The site team is continuing to monitor the processing plant and crushing circuit and is continuing a regular maintenance and repair programme to ensure consistent performance. The third export shipment arrived in Hainan on 27 June 2026, and final confirmation of the shipment is being completed prior to finalisation of the payment for the shipment. The calculated price of the shipment based on the off-take agreement utilising the market price published by Shanghai Metal Markets and a blend of the China SC6 CIF index and the African SC6 CIF index indicated a SC6 price of USD 2,304 per dry metric tonne. As usual, the final payment is pending confirmation of adjustment for grade, shipping and insurance costs; an interim payment of USD 34.4 million has already been received for 95% of the estimated final value. Post-quarter end, a fourth export shipment was loaded and departed the port of San Pedro on 11 July 2026 with a further approximately 24,200 tonnes of spodumene concentrate and is expected to arrive in Hainan in late August 2026. The operation is continuing to generate a strong margin from the production of spodumene concentrate and is benefiting from the strong lithium price environment and high demand for the spodumene concentrate. The operation is generating cashflow and expects to continue repayments to Kodal Mining UK Limited. The Bougouni operation reported zero lost time injury incidents and one medically treated incident during the quarter. The operation reported minor malaria cases, minor first aid treatment incidents and property and environmental incidents. The site continues to monitor the health and safety of the workforce closely, and all incidents are reviewed at the site safety meetings. The operation continues to prioritise staff training, the review of all HSE issues and notes that the site has continued to demonstrate improved safety performance during the quarter. The work programme for the proposed Phase Two Floatation Plant development continued during the quarter. The update for the Environmental and Social Impact Assessment is continuing with meetings and discussions with relevant communities progressing as well as assessment of potential compensation payments to the affected communities with the expanded footprint of the Boumou prospect. The development team are working with consultant engineers for the proposed floatation plant design. The team plan to ship an additional 20 tonnes of samples for metallurgical testing and optimisation of plant design. In addition, the testwork will also complete Bond Work Index studies required to finalise the mill selection for the floatation plant crushing circuit. The Phase Two development programme will continue during the year, and update announcements will be provided as necessary and in these quarterly reports.

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