Kodal Minerals provided an update on project development activities atits Bougouni Lithium Project in Southern Mali("Bougouni" or the "Project"). The Project is fully funded following completion of the US$117.5m Hainan funding transaction as previously announced by the Company on 15 November 2023, with the construction of Bougouni Stage 1 Dense Media Separation ("DMS") processing plant and onsite activity progressing on schedule, ahead of first production planned for the fourth quarter of 2024 ("Q4 24").   Manufacture of the DMS processing plant and crushing circuit is progressing as scheduled with shipping of equipment from China to West Africa expected to take place on or around 5 June 2024 ·   Structural steelwork fabrication advancing with initial shipping to project site also expected on or around 5 June 2024 ·   A consortium of mining contractors comprising Auxin Mining Services Mali SARL("Auxin")and Enterprise Générale Traoré et Fréres SARL ("EGTF") (the "Mining Contractors") was mobilised to Bougouni in April 2024 and site clearing is complete, ahead of plant construction due to commence in early June ·   The contract for the site civil construction has been awarded to Bambara Resources SARL ("Bambara") together with established and experienced Malian-based company with a China parent, GZB Mali, part of the Gezhouba Group (GZB), and is expected to mobilise to the site to commence work in early June ·   Resource definition and extension drilling is continuing apace at the Project's Boumou prospect located within the granted mining licence.

Geological logging of the drill holes indicates continuity of the pegmatite bodies over a strike length of 970m. All assay results for the drilling are pending with 2,128 samples awaiting testing by ALS Global laboratories ·   First production of the Bougouni Stage 1 DMS, with a total output of 125ktpa, is on schedule for Fourth Quarter 24 and is within the capital expenditure ("Capex") guidance of US$65m.