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Kodal Minerals (KOD) — Accounts published 23 June 2026 — What Actually Matters

A) The audited accounts for the nine months to 31 December 2025 are now out and the headline that matters most is this: the audit opinion is completely clean and unqualified, with no going concern caveat. Last year's accounts carried a going concern emphasis. That caveat is now gone entirely. That is a meaningful step forward, not a minor formality.

B) On the $15 million arbitration, the accounts confirm it is disclosed as a contingent liability only — no provision has been made against cash. More importantly, the directors state on the basis of legal advice that it is "unlikely" Hainan will be able to make a successful claim against Kodal. That is the strongest public statement the board has made on this dispute to date, and it is now on the formal record.

C) The export permit question — which some have raised as a concern — is actually a sign of the operation's success. The current 125,000 tonne permit was applied for before production was fully established. With over 69,000 tonnes already shipped and production running at 10,000 tonnes per month, Kodal is in a strong negotiating position to secure a significantly larger renewal permit. This is a growing operation making the case for itself with output figures.

D) Cash stands at £13.6 million as of 19 June 2026 with no equity raise signalled and going concern confirmed through December 2027 without further financing. SC6 lithium prices have recovered to well over $2,000 per tonne — confirmed in the accounts themselves — which means the next period's figures should show meaningful improvement at the operating level. The fundamentals are building in the right direction.

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Kodal is looking very good; I was most concerned with the arbitration point, and other 'going-concern' issues which have now gone. Therefore, I believe the future for Kodal is looking very positive and we will be in profits from 2026.

Good luck to all and take care.

ClearView

Hi All,

Thanks for your messages, sorry not responded to each all individually. I had an some update this morning and looks like the firm I was speaking is not 'technically' up to the job, so I was given two other firm names to consider - we need the investor numbers for this to work.

As such, I am happy to share more on that and build our 'Action Group'; therefore, if you have Signal or Telegram app, we can connect and do group chat?

Let me know thanks.

Hi All,

Thank you for your input/ response.

So far, I’ve counted around five people who fall within the FCA‑identified period (2022 to mid‑2024). I fully appreciate there are many more shareholders who may have been affected outside that window — this initial count is purely indicative, based on what the solicitors asked me to gather first.

When I spoke with the firm, I explained that a wider “campaign” would be needed to reach the full shareholder base. They agreed. Their PR reach will be far broader than this platform, respectfully.

Important point:

Some of you have correctly highlighted that each shareholder’s circumstances may differ slightly. The FCA findings relate to misleading financial reporting, but the impact of that can extend beyond a strict date window. So even if you purchased outside the FCA timeframe, you may still feel you were affected — and that is still relevant. The key issue is whether shareholders relied on information that was later found to be inaccurate.

My first step was simply to gauge interest within the FCA window, as requested by the solicitors. The next step is to ensure that anyone who believes they were affected has the opportunity to be included when the firm begins their formal outreach.

I’ve now sent my documents to the firm, and because Wood is Scotland‑based, their Scottish team will likely need to be involved. That’s being explored.

Please continue to come forward if you purchased during the FCA period or if you believe you were affected more broadly. I’ll keep updating you as things progress.

CV

Dear All,

Following my discussions with litigation specialists last week, I’ve been asked to gather a rough indication of how many shareholders may have been affected during the period covered by the FCA’s findings (2022 to mid‑2024).

If you purchased Wood shares at any point in that window, could you please reply with:

- the year you bought

- the approximate amount invested (a range is fine, e.g., “£5k–£10k”)

- whether you still hold

No personal details needed — just broad figures so we can understand the scale of potential losses across the group.

This will help determine whether a coordinated action is viable and worth pursuing further.

I will check in on THIS POST in few days - thanks.

CV

Hi Pete97

My understanding is that this Board remain active as this is no directly associated with Trading of actual equities. So I will come back to here as I have seen another stock get delisted and the chat-board continued. I am planning to speak to the Director and Partner next week just so you and others aware. This will be a first for me because normally a lot of companies that go understand seem to be hard to track the actual Shareholder damage; but Wood have a habit and history of very serious conduct issues.

As a side note - what should happen on here is a note bar at the top saying: "This share is currently suspended. It was suspended at a price of £XYZ"

Hey LLT1,

So my understanding is FCA cannot pursue Wood on our behalf as they would have to remain independent. I guess the reason they can use the term 'deliberate' because they would almost be stepping in to the shoes of Commercial Litigation and the advice they would have got as part of the final findings meeting would be to use selective wording - mainly because they are nation Regulator so need to have a level of segregation of duty.

I do agree with subtle underlying issues, especially as UK Laws is so afraid to hold wrong-doers accountable with endless red-tape etc. However, I believe Wood is not the usual case of stock manipulation and financial accounts misrepresation.

For now, I just wanted you all to be aware the basis of where stand, is very strong in my view but we just need the numbers of shareholders to build up as that is what makes the overall merits stronger.

Thank you.

Agree MIKODX, thank you.

The FCA findings materially strengthen the position.

This isn’t speculation anymore; the regulator has confirmed that Wood’s financial reporting misled the market during the period many of us bought in.

Anyone who bought during the affected period should at least stay engaged — the foundations for a group claim are now much clearer.

Thank you,

CV

UPDATE ON THIS MATTER

Dear All,

A quick update for anyone genuinely interested in a joint shareholder action.

Since my last post, I’ve been actively reviewing Wood’s conduct over the past few years and engaging with litigation specialists. I first spoke with a class‑action funder, and as of today I have been formally introduced to one of the UK’s leading commercial litigation firms. A Partner and a Legal Director will be reviewing my case shortly as part of an initial fact‑find to understand where I — and anyone in a similar position — stand.

The FCA’s findings could not be clearer: Wood misled the market. For those of us who bought shares during the affected period, this is a serious matter and provides a real foundation for potential action.

Today is also a key date with the High Court reviewing the Wood–Sidara deal. It will likely proceed, but I hope the wider context of how UK investors have been treated is not ignored.

I’ll share further updates once I have an early view on the merits.

Stay well,

CV

The FCA has confirmed Wood Group misled the market with incorrect financial statements.

Anyone who bought shares during 2022–2024 (including when Wood rejected the £2.20 offer) may have bought at an inflated price based on false

information. This is exactly the basis for a shareholder class action.

We bought on the basis of false and misleading information.

The FCA has confirmed:

- Profits were overstated

- Losses were concealed

- Accounting judgments were inappropriate

- Governance and controls failed

- The market was misled

This directly impacted the share price and the decisions shareholders made. This is exactly the foundation required for a shareholder class action.

With the takeover going through at ~30p, after Wood previously claimed £2.20 was “undervalued”, the scale of the damage is obvious now.

If you bought during the affected period, you may have a valid claim for losses. Therefore, I strongly believe our efforts need to be on joint claim, as Wood and Sid will need to pay up now for what they have done.

Has anyone initiated any action or progress with law firms at present? Thank you.

It has been noted that the second export load is currently in progress; approx. 20 tn, with a 3rd export due in April 2026.

Payment of 95% due on shipment load.

African countries being in civil war like this is nothing NEW.

I saw the opening celebration yesterday of Bougouni Project - Stage 1 - by Kodal CEO and the Mali President and General who was heavily guarded.

This shows they are still moving ahead and the first stage was delivered on time and within budget - this is important for us.

I also noted the speech by the President of why Kodal is so important to them - 35% stake, i.e. they are due to make billions by his own words and also making hundreds of jobs for the people of Mali. For that reason, the Government of Mali has no choice but to go all out and protect their state and economic projects which will benefit the country.

The price drop in past few days is simply because not enough public investors understand the full situation over there so fire-sell is usually what happens. I strongly believe Kodal is just starting to prove material value, this year particularly that it will be very profitable.

Those who dare, wins.

Good day all.

Good morning All,

Short Update For Shareholders per News:

- In just five days, Wood has raised ~$240m in cash from two disposals:

- $105m net from selling the North America T&D business to Qualus (31 Oct).

- $135m cash agreed from selling its 50% stake in RWG to Siemens (3 Nov).

- These are non‑core assets, yet they’ve delivered nearly a quarter of a billion dollars in liquidity.

- At Sidara’s 30p offer, the entire company is valued at only ~£207m (≈$250m) of equity — barely more than the proceeds from these two small sales alone.

- That means Sidara wants to buy the whole group — including Energy, Consulting, Projects, and the rest of the portfolio — for little more than the price of two disposals.

Bottom line: If non‑core units can fetch $240m in a week, selling the entire Wood Group for 30p is indefensible. Shareholders should demand a fair price, not a fire‑sale. They are not going to fool us with all the nonsense in the past. I still think there is a Civil case against some of the management for what damages they have done.

This will impact many companies and management in Africa is just poor. The Governments over there made terms and conditions and Kodal agreed to them. The police and military need to get a grip with Mali before no country wants to do any business there!

Dear All,

Just look at this - our case gets even more stronger per the News Release yesterday (via Wood) - CASH PROCEEDS ~$105 Millions.

In short, Wood need to come up with something else because all they are doing is able to SHOW US that they are raising cash, so why do they need to a cheap ridiculous buyout from Sidara that COMPLETELY wipes out all existing shareholders?!!

This sale demonstrates that Wood still has valuable, saleable assets and can generate meaningful cash. That undermines the board’s narrative that the company is in such distress that 30p is the only option. For your campaign, Monir, it’s another strong point: if Wood can raise $105m from one non‑core disposal, why should shareholders accept a fire‑sale valuation for the entire group?

Recent disposal value realised

- North America T&D sale: Wood completed the sale to Qualus for $110m EV, delivering approximately $105m net cash proceeds.

- Nature of asset: A non‑core engineering services unit within Transmission & Distribution, not the group’s flagship growth platforms.

- Signal: Wood can convert discrete business units into significant cash today, contradicting a distressed “only 30p” narrative.

Why this undermines a 30p take‑private

- Transfer of upside: If sub‑scale/non‑core units fetch strong prices, the acquirer benefits most from remaining portfolio upside post‑deal.

- Mismatch with prior indications: The board previously rejected offers >£2.20 per share; accepting 30p now while still monetizing assets implies shareholders are selling the residual portfolio too cheaply.

- Liquidity strengthening: Cash from disposals reduces near‑term financing stress, weakening the case that only a cut‑price, immediate sale preserves value.

I firmly believe now that if they want to go down the fraud route it will be too easy to take action, and if they want to do their job like we appointed them to do, then they need to do that because they are getting paid for it. 30p a share is utter stupidity - it needs to be back in the £1.50 plus!!

I hope Kodal are all over this.

They should move in and press hard to get what they can before anyone else from the West does!!

@The Accountant.

I spoke to HL now as looks like same issue with my HL holdings. Basically because Wood has been offline from so long that their systems need live feedback to instate the portfolio pricing and position.

Hope that helps.

CV

I AGREE - @GRaff.

The trading price and fair value price of Wood won't be realised in the Stock Market - to buy a company is based on its future prospects, whereas we should know by now that Stock Market can easily be manipulated by Book Makers, so if they want to keep the price down, they can do that.

Whereas to buy a company from one set of owners (US) and take it all for themselves (SID and Wood BoD) means they MUST PAY the future value simply because they are COMPLETELY REMOVING US NOW.

That's my view and I think all of us shareholders needs to stick with this fundamental position. The two major Inst. Investors need to do the same (unless they are getting paid off some other day)?!

The Essentials

- Wood Group has now published its audited 2024 accounts and its H1 2025 interim results.

- These documents were a critical condition for the Sidara takeover to move forward.

- A Supplementary Circular will be sent to shareholders, incorporating these financials, at least 14 days before the rescheduled shareholder meetings (now expected in the week of 17 November 2025).

- The accounts and results have also been filed with the FCA’s National Storage Mechanism and posted on Wood’s investor website.

Why It Matters

- Audit hurdle cleared (or not): One of Sidara’s “Exceptional Conditions” was that the FY24 audit opinion must not be modified. Now that the accounts are out, the spotlight is on whether the auditors gave a clean opinion.

- If clean: Sidara can proceed with the 30p offer.

- If modified: Sidara has the right to walk away or re‑bid at a lower price.

- For shareholders: You now have the hard numbers to judge whether 30p is remotely fair. If results are broadly stable compared to 2024, it strengthens the case that 30p is a fire‑sale price

I do not see any way possible to justify the stupid 30p because the order book is up, and Revenue is not a major issue and Debt is relatively the same. These were the similar Results to when Apollo made offers of £2.20 plus.

SO.... Why the Earth should we accept 30p. All this is clearly telling us that these thieves in both companies see the value and want to REMOVE ALL SHAREHOLERS TO GET FAIR VALUE FOR OUR INVESTMENT!!

Hi All,

I will make it short, if the Wood still try to push forward with the ridiculous Sidara deal for £30p, then we can say for certain this is a complete fraud and corrupt deal!!

Yes, they made some losses in the published account but that is ONLY because of useless Wood management and Board - NOT the company. Wood can easily be turned around and get to the £1.50 plus; we just need some good people who are not corrupt thieves!!

Class Action Required!!

Just a shout out to the guys who specifically responded to my Q, much appreciated.

Noted the below, and I hope Kodal will start to make great headway soon as they have been hanging around the 0.30 to 0.45pm for sometime now, expect that one time when it broke to nearly 1p. Hopefully we can get past this initial barrier to enter in to a new price range!