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Only the shares from Steve Zaninovich were exercised warrants and those shares were created and added to the existing KOD shares giving a new total that is mentioned in the RNS from 02 July 2025

Application will be made to the London Stock Exchange plc for the 33,333,334 New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence on AIM at 8.00 a.m. on or around 7 July 2025.

From this RNS:

Upon Admission, the issued share capital of the Company will consist of 20,280,699,594 ordinary shares of 0.01325p each. The Company holds no shares in treasury. The total number of voting rights in the Company from Admission will therefore be 20,280,699,594. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in or a change to their interest in the Company under the Disclosure Guidance and Transparency Rules of the UK Financial Conduct Authority.

DYOR

GLA

@GeorgH1987

There are no shares issued to the directors so no extra shares were created because that would give a new total of existing shares of Kodal Minerals PLC and so it would be needed to be mentioned in the RNS.

BA and Woolridge just bought shares on London Stock Exchange, XLON as mentioned in the RNS

DYOR

GLA

Video is recently taken, comments are pieces taken from a video from 04 March 2025 (Visit Gov Bougouni at site)

DYOR

GLA

Selling cost in the AISC of $647 is $125

DYOR

GLA

Ganfeng started loading trucks (60TON load) half April, first trucks arrived 7 May in Abidjan.

They exported 35,000 ton

DYOR

GLA

Agreed in 2023 or 2024?

From Jan 2020:

These operating and capital costs were then assembled into the proposed mining and processing operation based on Indicated and Inferred Resources to develop a financial model in order to evaluate the economics of the operation. The estimate for revenue is based on a year-on-year estimated sliding scale lithium selling price for a 6% concentrate, Free on Board at the Port of San Pedro in Côte d'Ivoire. Concentrate selling price is based on a start price of $680/t for the first year of production (second half of 2021), which is considered reasonable under current market conditions, then increasing 2% year-on-year for the LOM. Summaries of the cash flow model inputs and the resulting cash flow model are tabled below

So, for LTH, not $650 but starting at $680 and increasing every year LOM at 2%

DYOR

GLA

More info about these costs in the RNS from 29 SEP 2022.

And yes, this is not very detailed but enough to have an idea of what costs are fixed in % (Royalties) and what costs can variate (contractors/wages staff/quantity of staff/energy/transport/....)

https://polaris.brighterir.com/public/kodal_minerals/news/rns/story/xpnnvqr

DYOR

GLA

The AISC of 647 is transport, royalties and sustaining capital costs included

3.6% of sales prices are royalties included in the AISC

DYOR

GLA

Ups, typo

LMLM must be LMLB

Sorry, but still DYOR & GLA

Yes, I think we will receive export permit soon, nothing to do with nameplate or such thing. LMLM/KMUK have an agreement about this in the MOU with MG and for what I read (and by that, my thinking/conclusions), next month the Export Permit will be delivered.

But, once received, we still have to transport our SC to Abidjan to get it on a ship. That will take time again.

How much time, depends on what cargo Hainan wants to send to their plant as first delivery and how many trucks/trip available.

Ganfeng did their first transport of 35,000 tons in about maximum 70 days (time between loading first trucks in April and the ship leaving Abidjan). That are +/- 600 loads/trucks of 60ton but question is, how big are the convoys and what is traveling time to Abidjan and back to Goulamina.

More questions but most important point for Kodal, next month the LMLB SC transport needs to start.

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GLA

Laverda

Do you have a link to something official like a RNS, Q&A or a presentation where Kodal or a Kodal official is saying that they need or want to reach nameplate before exporting the SC

DYOR

GLA

@Bfdinvestor

Indeed, it's all that simple.

Western companies are currently allowed to operate in Mali, but if they don't do what the Malian government imposes or demands of them, then the Malian government will find a way to shut down the activity or even transfer it directly to Chinese or Russian companies. It's that simple indeed.

The Malian government is really not trying to attract Western companies to invest in mining. In recent years, this has simply turned into a real anti-Western attitude. Yes, welcome, but only if you follow the simple Malian rules (Mining Code 2023) and probably a new mining code in the coming years.

The Malians know that there is wealth in the ground and are busy with discussions/negotiations to process those raw materials locally (just look at their gold refinery under construction) and yes, also Lithium.

Yes, all simple and clear situations, but still more complicated every time. Hopefully the export permit will follow next month, then all talk about this will be over but we don't know if there is a date stipulated for this export permit in the Mou with the Malian Gov.

There is just not enough communication from Kodal to their shareholders and that can be for several reasons.

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GLA

@Bfdinvestor

Mali gets 10% for free and pays peanuts for another 20% + 5% from a Lithium mining company LMLB and will most likely withhold that payment for this 25% from future dividends from LMLB

Mali has received a payment of $15 million from KMUK and Mali decide what will happen to the SC produced by LMLB and when.

Can you explain how Mali has the most to lose?

DYOR

GLA

You wrote "Money back"

Kodal did not invest a lot more than $15 millions in this project? They received already a partial payback of historical costs from KMUK. So $15 million is already more than "Money back"

Is it worth more?

YES

How much?

Difficult to say

DYOR

GLA

Money back?

So you would be satisfied with a bod of less than $15 million offer for KMUK?

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GLA

@GeorgeH1987

Nice calculation but missing some things

Who paid the $14 million to Suay Chin?

You talk about stockpile concentrate but you forget the stockpile ore on the ROM

Also forgotten by most people, in our AISC of $647/ton SC, there is a factor we can recalculate because it is based on the expected sell price of our SC. The royalties included in our AISC are 3,6%. At current SC6 price, our AISC is now below $600/ton SC

DYOR

GLA

The way I look at Kodal now is different than 3-5 years ago.

For me Kodal is still an explorer and will remain an explorer. An explorer that has a participation in a JV: KMUK (49%) that is 100% owner of Future Minerals an Bougouni Mining, but only 65% owner of the Malian mining company LMLB.

Kodal is in any part of this construction the smallest shareholder (if you take the Malian participation in LMLB as one part)

For me now Hainan is in charge of KMUK and the Malian Gov are dictating what they "can" do and when.

I expect an offer from Hainan for a KMUK buy out this year or beginning next year.

That is my view, no guarantee that is correct but many reasons to believe Hainan is going to try to take control 100% of KMUK ( Look at their history in participations and taking over or taking control of the company in which they participate, here it is KMUK in which they have already 51% and they talk as it's 100% theirs).

Time will tell us but t the moment the price of SC is low, to low, and hopefully that will change for the better soon.

DYOR

GLA

@ GeorgeH1987

which CAPEX do you actually mean?

The Capex of construction is not included in the AISC that KMUK uses and in principle does not have to be reimbursed to anyone (is not a loan).

The Capex for mining, producing the end product and some other services related to the mining activities, are included in the AISC that we know from the DMS FS of Sep 2022. (possibly already outdated, but we have not yet seen an adjusted FS with a possible new AISC)

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@ Doublesix

The $750 floor price appeared first in the first Feb presentation and that presentation is still available on the Kodal Minerals PLC website.

Pg 6 & Pg 8

https://kodalminerals.com/wp-content/uploads/2025/02/Kodal-Presentation-Feb-2025-FINAL-1.pdf

Product pricing based on Shanghai Metal Market Spodumene Con (CIF China); offtake price set with floor at US$750/t (SC5.5)

DYOR

GLA