Kodal Minerals provided update on the Mining Licence application that is in progress for the Bougouni Lithium Project ('Bougouni' or the 'Bougouni Project'). The Company reported that a committee meeting has been held in Bamako, Mali, at the Direction Nationale de la Geologie et des Mines ("DNGM") to review the feasibility study and proposed mining development for Bougouni. The meeting was attended by the Company's representatives, including its Country Manager, Senior Geologist, Environmental Consultant and economic advisors. The Company has received confirmation that the feasibility study and mining development plan have been ratified and approved by the DNGM committee, subject to the Company making some minor corrections to bring the mining licence application in line with the new Mali Mining Code of 2019. The Company then expects to receive a formal notification from the DNGM requesting payment of the Mining Licence fee prior to the formal production of the "Exploitation Decree" (Mining Licence) for approval by the Prime Minister. Further details of the next steps to granting the Mining Licence are set out below. Mining Licence Application: The ratification and approval of the Company's lodged feasibility study and mining development plan is a major step toward the granting of the Mining Licence for Bougouni. The next steps are summarised below: Kodal to finalise minor changes to the lodged licence application to bring it in line with new Mining Code 2019, which is expected to be completed this week; After filing the updated application, Kodal is expected to then receive a formal notification from the DNGM with a request to pay the fee for the Mining Licence of 100,000,000 XOF (approximately £135,000); Upon payment of the fee, the DNGM will then draft the Exploitation Decree (Mining Licence) which is forwarded to the Ministry of Mines, Energy and Water; If all is in order, the Ministry of Mines, Energy and Water will then forward the Exploitation Decree to the office of the Prime Minister for formal signing, which is the final step in the process; at the completion of this process, the timing of which is uncertain, a new Mining Licence would be issued to Kodal Mineral's subsidiary company in Mali, Future Minerals SARL. At this point Bougouni will be fully permitted for development, with the Environmental Permit having previously been granted in November 2019 following approval of the Company's ESIA study; eparate to the granting of the Mining Licence and as required by local law, the Company will subsequently negotiate a shareholders agreement and operators contract ("Mining Agreements") with the Government to establish a new company that will be the mining entity. It is noted that the Government cannot take its position in the mining entity until the Mining Agreements have been finalised and approved by the Mali Government Assembly. Summary of the Bougouni Project Feasibility Study: The Bougouni Lithium project feasibility study has demonstrated the potential for a robust mining operation with attractive economic fundamentals. Further studies continue with a particular focus on optimising the processing plant flow sheet to further improve lithium recovery and lower capital and operating costs. The key highlights of the Bougouni Project Feasibility Study are: Minimum 8.5-year mine life, producing on average approximately 220,000 tonnes of approximately 6% spodumene concentrate per annum, at life of mine lithium average metallurgical recovery of 71%, based on laboratory metallurgical recoveries of 75%; Total life of mine production of 1.94Mt of concentrate and revenue exceeding $1.4 billionn, with an initial assumed concentrate sale price of $680/t increasing 2% year-on-year; Proposed 2Mtpa processing plant utilising a conventional flotation circuit to maximise spodumene recovery; Estimated C1 cash costs of $431 per tonne of concentrate ($466 including royalties and sustaining capital); Capital requirement for development estimated to be $117 million plus contingency; and Forecast payback period of 1.7 years and IRR of 58% (51% post tax).