Kodal Minerals Regulatory News (KOD)

Kodal Minerals plc ("Kodal Minerals" or the "Company")

Notice of General Meeting

Kodal Minerals, the mineral exploration and development company, announces that it has today posted to shareholders a circular containing a notice of general meeting ("General Meeting"), to be held at 12.30 p.m. on 6 July 2020, in order to propose resolutions to renew the directors' authority to issue and allot new ordinary shares, including on a non-pre-emptive basis.

As a result of the current measures implemented by the UK Government, shareholders will not be permitted to attend the General Meeting but are strongly encouraged to submit their votes by proxy as soon as possible. Voting at the General Meeting will be carried out by way of poll so that votes cast in advance and the votes of all shareholders appointing the chairman of the General Meeting as their proxy can be taken into account. Relevant questions related to the General Meeting from shareholders can be raised in advance of the General Meeting via the "Contact" section of the Company's website, and in so far as is relevant to the business of the General Meeting, will be responded to by email and taken into account as appropriate at the General Meeting itself.

The circular containing the notice of the General Meeting will be made available later today on the Company's website, www.kodalminerals.com.

Background to the General Meeting

As announced on 28 May 2020, the Company continues to focus on the development of its Bougouni Lithium project in southern Mali. Following approval of its Environmental and Social Impact Assessment in November 2019, the Company submitted its Mining Licence application to the Mali authorities in January 2020. The Mining Licence application is underpinned by a Feasibility Study which demonstrates robust economics for an open pit mining and processing operation at Bougouni. Following receipt of approval of the Mining Licence application the Company will have a fully permitted project ready to move to development.

The process and timing of the approval of the Mining Licence application by the Malian government has been affected by the coronavirus pandemic. However, as recently announced, the Company has been informed that the Feasibility Study accompanying the Mining Licence application has been accepted by the Ministry of Mines and Petroleum and that no further technical and financial meetings are required prior to Mining Licence approval. The new Mining Licence area and new permit boundary have been agreed and encompass all the Company's defined resources at Bougouni and all the proposed mining and associated infrastructure areas.

The Company is still awaiting formal issuance of the final Mining Licence documents and the timing of this remains uncertain. Kodal Minerals is continuing to review the proposed mining study as well as working to improve the optimisation of the operation and finalising the processing plant design.

In addition, the Company has reviewed its portfolio of gold assets in Mali and Cote d'Ivoire which has highlighted the potential for a focussed exploration programme at the Nangalasso project in Mali and the Dabakala project in Cote d'Ivoire to explore these prospective projects further. This work would be undertaken by the Company's highly experienced local geological team.

In order to progress these plans, the Company will need continued access to capital markets. Following recent fundraising activities, the directors of the Company ("Directors") have utilised the large majority of their existing authorities to issue new shares on a non-pre-emptive basis. Given the uncertainties and disruption caused by the coronavirus pandemic, the Directors believe that it is prudent and in the best interests of shareholders to renew these authorities to provide greater financial and operational flexibility. The date for the Company's 2020 annual general meeting has not yet been set and, due to the coronavirus pandemic, may be delayed. Accordingly, the Board has convened the General Meeting and unanimously recommends that shareholders vote in favour of the resolutions to be proposed at the meeting.

For further information, please visit www.kodalminerals.com or contact the following: