Member Info for Accionista

The planned presentation in October to explain the "phase development notification" is not to the Ministry of Mines but to the DNGM

1.5 Which bodies are responsible for enforcing the applicable mining laws and regulations? What powers do they have?

The following bodies are responsible for enforcing the applicable mining laws and regulations:

the Ministry of Mines;

and

the Direction Nationale de la Géologie et des Mines (DNGM), the regulatory authority of the mining sector.

https://www.mondaq.com/energy-and-natural-resources/970502/mining-comparative-guide

GLA

DYOR

Timbuktu (LLL) achieved the transfer in 33/34 working days (Transfer under Mining code 2019!!) counting from the day (included) of receiving the application by the Minister of Mines till the signature by the PM.

https://sgg-mali.ml/JO/2022/mali-jo-2022-10.pdf#page=25

Before the procedure for transfer under Mining Code 2012 was 20 Working days.

New mining code application is not published yet so I don't know what time it will take for a transfer now but I think we are still under 2019 for the transfer.

DYOR

GLA

And are you still convinced that this Jerry Gao in your Linkedin-link is the experienced mining person from Hainan Mining with several years of mining experience in Africa?

So, we need to search for the right Jerry Gao but I think we won't find him for now.

DYOR

GLA

Remember,

Kodal (KMUK) and Hainan (XINMAO) don't have to wait till the decret for the transfer is published in the Mali Journals to send out an RNS about the (hopefully positive) Mali Gov decision. Once the Mali PM makes his decision and signs the decret, the funding is triggered and Bougouni project can start to prepare construction for phase 1.

I don't see the notification giving a problem.

Hopefully also more info from the transfer/notification process and more at the AGM and from questions asked by us if possible!

DYOR

GLA

The Jerry Gao in the LinkedIn-link is definitely NOT the Jerry Gao who visited Kodal/Bougouni in Mali in April and September this year.

After a long search, I suspect that Hainan's Jerry Gao does not have a profile on Linkedin.

DYOR

GLA

Https://canaccordgenuity.bluematrix.com/sellside/EmailDocViewer?encrypt=5a472e22-018d-402e-8de7-1ea3e744b100&mime=pdf&co=Canaccordgenuity&id=CGAU-ResearchDistribution@cgf.com&source=mail

GLA

The license is already with KMUK, but still with Future Minerals. So the transfer to LMLB is still necessary to complete one of the last funding conditions.

How do I get October 17/18/19/20 for RNS Funding triggered? To have a license transfer approved you must go through a process described in the "Application Code Minier 2019" => Art 147 - 152.

https://faolex.fao.org/docs/pdf/mli206401.pdf#page=20

Here it is explained what is needed and what deadlines are provided for in the steps taken by the authorities. The "obstacle" that may have existed has already been partly resolved with the "Change Notification". This Change Notification runs parallel to the transfer, but the information from this Notification is also completely or largely necessary for the transfer of the license to LMLB.

If you then look at the time it took Timbuktu (working days) to get the transfer of the Torakoro license to the specially established Malian subsidiary LMSA approved, then I apply that number of working days to the date that I suspect the Minister of Mines may have received the letter requesting the transfer.

So there are some things about which we have really not received any news, such as when was the letter with the Transfer request sent or received. We don't even know whether it has already been sent, but I assume it has.

Again, this is a personal view and I could be completely wrong. But this is the scenario I'm currently considering. Adjustments will/may be made based on additional information/news that I receive or discover.

DYOR

GLA

So transfer of the license from Future Minerals to LMLB around October 17/18/19/20 and therefore the RNS for "Funding Bougouni project triggered"

DYOR

GLA

My personal idea/conclusion is an additional extension until the end of October and then a possible transfer in order with an RNS "Funding Bougouni project triggered" around October 18-19-20.

This is based on similar transfer in the recent past (=> Goulamina), on Kodals RNS's and on the information about both the "Notification process" and the "transfer process" in the "Code Minier 2019" and "Application du Code minier" for the Code Minier 2019 that can be found

Code Minier 2019

https://www.ilo.org/dyn/natlex/docs/ELECTRONIC/109970/136614/F-752897896/MLI-109970.pdf

Application du Code minier 2019

https://faolex.fao.org/docs/pdf/mli206401.pdf

Transfer Goulamina from Timbuktu to LDM: Decret N°2022-0199 Pg 25

https://sgg-mali.ml/JO/2022/mali-jo-2022-10.pdf#page=25

Of course I also hope that it will come sooner and I know that it could also be later and as I said, this is a personal conclusion and clearly it can be wrong.

DYOR

GLA

We had only one (1) extension of two months, all the others (3 extensions) were 1 month!

DYOR

GLA

No dates have changed, yesterday RNS was an update on some points/processes of the Bougouni project.

Long stop date remains for now 30 Sep 2023

DYOR

GLA

Johnnypc

the not issuing an RNS that finance has been signed off is not a reason to think that there will be an extension but knowing the reasons why the conditions of signing off are not fulfilled yet, that is no big science but it seems to be difficult to you to find/understand them. Just saying simple things like "candidate for the strangest post I've ever seen for a while" just doesn't help people to understand the situation but helps you in becoming more popular to people that read here to see how some people like to only say negative things about a company without knowing what is happening.

Nothing difficult for you, show me why an extension is coming (so why do you think the signing off of the finance hasn't happened yet and won't be happening in the next 8 days) => don't make it more complicated than you can understand.

DYOR

GLA

Just for info,

I also expect an extension but to all people that expect an extension, I ask, can you give me an explanation with links to articles/laws/rules or examples to give me a more insight view in why you think/say another extension.

People following me in other groups like Twitter or Discord know my thoughts about the extension (1) I predict but feel free to give comments or ideas.

I'm not saying I'm right but those people following me in those other groups know why I think 1 extension minimum. But hopefully I'm wrong and we receive the expected funding news before 30 september

DYOR

GLA

@johnnypc

Can you give the reason why you're saying another extension looming and please with some links to articles as reference to prove your statement?

Also why would it be impossible to build a DMS plant in 12 months an achieve 6 months later a volume close to full or full planned capacity?

DYOR

GLA

Price Li2O

https://www.metal.com/Lithium/202304170003

DYOR

GLA

The mining code 2012,2019 and 2023 are for all material mined, so also for Lithium. I don't see where in the new mining code they say that this change doesn't apply to lithium. But as this change is mining code 2023, it will not apply for Bougouni project in his current form.

But we don't know what is in the convention between the Malian Gov and Future Minerals (soon LMLB). We need that agreement to see what conditions we are working under.

Dyor

GLA

Hello

what are people's thoughts on this line in the new mining code:

From Article 78:

L’octroi par l’État du permis d’exploitation lui donne droit à

une participation gratuite fixée à dix pour cent (10%) minimum

du capital de la société d’exploitation.

The granting by the State of the operating permit entitles it to a

free participation set at a minimum of ten percent (10%) of the

capital of the operating company

What do you think this "minimum" means and what consequences could this have for new operations/exploitations?

This is only for a large mine permit!

This does not apply to LMLB but may apply to other future Kodal Minerals operations in Mali

DYOR

GLA

Hello GeorgeH1987

As KMUK is the owner (in future together with Malian Gov) of the Malian subsidiary LMLB and by that also owner of all 4 licences and they have already assets in a "Recherche" licence (Bougouni South and Orchard) with good drill results, both JV partners and also Mali Gov will benefit of these assets once they come in the Exploitation Licence.

And just to be clear for others, Kodal Minerals doesn't own land, they own concessions that give "exclusive access to a Project and rights to explore and mine a Project (which includes any mining permits or licences granted in respect of the Project)

When they changed the Licences in 2019, they lost a part of what before was the "Madina Licence"

https://www.rns-pdf.londonstockexchange.com/rns/1363U_1-2019-11-20.pdf

Than in 2020 they needed to change the Faradiele and Sogola licence area to optimize the area for the exploitation licence Foulaboula.

Nice picture of the new situation Bougouni Project after this last change you can find in the annual report 2022 pg 03

https://kodalminerals.com/wp-content/uploads/2022/09/Annual-Report.pdf

In my opinion, this was one of the reasons why the granting of the Foulaboula license took more time than Kodal and shareholders had expected

If you compare the picture from 2019 with the one from 2022, than you see all the changes in these licences

DYOR

GLA

@GeorgeH1987

Hainan has already 51% of KMUK, no completion of financing package needed to realize that.

KMUK will be the developer of the “Bougouni Lithium project”. This project is one (1) exploitation licence and three (3) “Recherche” licences/permits. So 4 licences in total. KMUK funding package is to develop the complete Bougouni project, not only Foulaboula.

KMUK funding is $65million for DMS, $29.34Million for extra development and $5.66Million as a loan to partially repay to Kodal the loan from Kodal to KMUK representing capital invested by Kodal in the development of Bougouni to date.

“Licence area modified during 2020 to account for the future Foulaboula Mining Licence” was needed to optimize the Foulaboula Exploitation area in order to have all known exploitable assets from the JORC in this Exploitation licence, nothing else. Not to keep licenses out of the exploitation licence but you can not have more than 1 license on an area/asset

After the Xinmao purchase of 2,937,801,971 they will be close to 14.72% of Kodal Minerals but this will go down to +/-14,40% once the BOD takes their warrants/options/extra shares and once production starts even further down to +/- 14,00%. Unless Xinmao buys more shares this will go down to even under 14%

KMUK (49% Kodal Minerals/51 % Xinmao) will be the owner of all the licenses via the Malian subsidiary LMLB in which the Malian gov can take a percentage. (10% free and a possible 10 % extra at an agreed price) The 49/51 relation between Kodal Minerals and Xinmao can only change after an agreement between these two parties an possible others (new parties) but never with the Malian Gov

All assets from the 3 “Recherche” licences can being added to the Exploitation Licence if needed to exploit them.

DYOR

GLA

Paydirt Media Ptycaught up with Simon Hay, managing director of Leo Lithium Ltd, on the sidelines of hashtag#ADU2023

https://www.linkedin.com/posts/paydirt-media-pty-ltd_adu2023-ugcPost-7105802687845208064-0bGw?utm_source=share&utm_medium=member_desktop

DYOR

GLA