Kodal Minerals PLC - London-headquartered West Africa-focused lithium and gold-focused exploration and development company - On Wednesday said final assay results at Bougouni lithium project confirm high-grade mineralisation with additional high-grade lithium mineralised intersections at the Boumou, Bougouni South and Ngoualana prospects. Boumou is a high-priority target for further drilling to extend and define pegmatite bodies and allow for new resource estimate. Company also confirms further extension to June 30 of deadline for completion of funding package announced on January 19, agreed with Kodal Mining UK Ltd, Hainan Mining Co Ltd and its UK subsidiary Xinmao Investment Co Ltd. Hainan had agreed to acquire 51% of Kodal Minerals for $100 million plus $17.75 million equity subscription at 0.5p per share. Original deadline was April 30, first extended to May 31. Conditions still not yet satisfied include the transfer of Bougouni to a new Mali mining company owned by Kodal Mining.

Chief Executive Officer Bernard Aylward says all parties ‘continue to work together to finalise all conditions precedent for the completion of the funding package. While it is disappointing that we have not yet finalised this process...the parties remain committed to the transaction and are working together on the preliminary engineering and development processes required to ensure we move quickly into development upon completion and receipt of funds.’

Current stock price: 0.63 pence, down 0.9% in London on Friday

12-month change: up from 0.28p on June 6, 2022

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