Kodal Minerals PLC announced a new JORC Mineral Resource estimate (MRE) for the Bougouni Lithium Project located in southern Mali ("Bougouni") of 31.9 million tonnes (Mt) at 1.06% Lithium Oxide (Li2 O), an increase of over 40% from the previous Mineral Resource completed in 2019. The significant increase is specific to the Ngoualana and Boumou deposits following the drilling programmes completed in early 2023. Highlights: The 40% increase in Bougouni's spodumene resource adds 10.6Mt to bring the overall MRE to 31.9Mt at 1.06% Li2O following 3,230 metres of RC/diamond drilling during 2023.

New JORC Mineral Resource estimates have been prepared for the Boumou and Ngoualana prospects: Boumou: 13.1Mt at 1.04% Li2O, an increase of 236% from the 2019 estimate (Boumou Resource reported using a 0.75% Li2O lower cut-off, no top cut-off); Ngoualana: 6.7Mt at 1.00% Li2O, an increased of 9% from the 2019 estimate (Ngoualana MRE reported using 0.5% Li2O lower cut theoff, no top cut applied). The MRE update also improves Kodal management's confidence in the previously defined resource at the Ngoualana prospect ahead of the proposed DMS mining development. With the results from the latest drilling campaign delivering over 10Mt of resource, the company are looking forward to bringing Bougouni into production at the end of 2024, as well as ramping up the drilling programme to include infill and extension definition drilling, and uncovering additional discoveries within extensive mining licence.

"The drilling campaign completed by Kodal between January and May this year was the first programme conducted at the Bougouni lithium Project since 2019. The results of the drilling programme confirm positive view of the prospectivity within project area, while the updated MRE highlights the potential for further resource growth at the project through continued drilling of priority targets. "The Ngoualana prospect has confirmed and expanded the 2019 resource estimate, and the new model has been prepared with a focus on the bulk commodity mining opportunity.

This new model seeks to maximise the recovery of the pegmatite mineralisation during the mining process rather than attempting to selectively mine higher grade ore that may result in leaving mineralisation behind. Estimate completed utilising Surpac software. The geological model of the mineralisation is completed using Leapfrog modelling software.

The Mineral Resource estimation is completed using Leapfrog modeling software. The Mineral Resource estimation are completed using Leapfrog modelling software; The Mineral Resource estimation is completed by Kodal is completed using Leapfrog modelling Software. The Mineral Resource estimation is completing using Surpac software with grades estimated by Ordinary Kriging.