Kodal Minerals Plc · LSE:KOD
Kodal Minerals — Investor Presentation (November 2025)
21 slides from Kodal Minerals's investor presentation, November 2025
Slide 1: Kodal Minerals plc Investor Presentation – November 2025
Kodal Minerals plc Investor Presentation – November 2025
Slide 2: Disclaimer
Disclaimer The information contained in this document (“Presentation”) and the presentation made to you verbally has been prepared by Company’s results of operations, performance, financial condition, prospects, growth, strategies and the industry in which the Kodal Minerals PLC (the “Company”). Kod
Slide 3: Kodal - at a glance (AIM: KOD)
Kodal - at a glance (AIM: KOD) West African-focused lithium producer, explorer & developer Key milestones so far: • Co-developer & operator of 2013: Kodal Minerals 2016: acquired Bougouni 2021: mining licence granted Lithium project Bougouni Lithium Project, Mali admitted to trading on AIM • 49% sha
Slide 4: Kodal: From Developer to Critical Metals Producer in 12 Months
Kodal: From Developer to Critical Metals Producer in 12 months Fast-tracked low-cost lithium mine from development into production in 2025 ✓ Completed construction of Stage 1 Bougouni Lithium Project DMS on schedule & within US$65m capex budget ✓ Achieved first production in February 2025 with conce
Slide 5: Leadership
Leadership Strong senior team with African mining development and operational experience BERNARD AYLWARD STEVEN ZANINOVICH ROBERT WOOLDRIDGE CHARLES JOSELAND DAVID TENG CHIEF EXECUTIVE OFFICER OPERATIONS DIRECTOR NON-EXECUTIVE CHAIRMAN NON-EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR • Geologist with 2
Slide 6: Bougouni Stage 1 – Dense Media Separation (DMS) Plant
DMS Tail Stockpile DMS Plant Thickening Filtration MCC Bldg Concentrate Stockpile Crushing Circuit Bougouni Stage 1 –Dense ROM Pad Media Separation (DMS) Plant 6
Slide 7: Ngoualana Open Pit with Central Spodumene Orebody
Ngoualana Open Pit with 7Central Spodumene Orebody
Slide 8: Bougouni Stage 1 DMS
Bougouni Stage 1 DMS Direct Media Separation plant in production 2025-28 ….with potential to extend mine life via Boumou deposit BOUGOUNI LITHIUM DMS c.125,000 tpa ✓ Both coarse and fine grained spodumene observed in diamond core from Boumou CAPEX $65M $647/t of concentrate OPEX AISC ✓ Coarse graine
Slide 9: Exploration at Bougouni: Extending LoM to 2038
Exploration at Bougouni: Extending LoM to 2038 • 2024/25 diamond drilling exploration campaign at Boumou, Sogola-Baoulé & Kola deposits aiming to increase the LoM of Stage 1 and Stage 2 • Exploration – Diamond drill rigs completed 19 holes for 4,297m targeting infill and definition of pegmatite bodi
Slide 10: Bougouni Lithium Project: 2-Stage Development (2025-38)
Bougouni Lithium Project: 2-Stage Development (2025-38) Staged development strategy to maximise future production Stage 1 DMS • c.125ktpa production from Ngoualana Pit • Initial 4-yr LOM • Low capex c.$65M • Simple process • Potential to expand LOM Stage 2 - Flotation Plant • c.230ktpa output from B
Slide 11: Bougouni Lithium Project – potential to scale
Bougouni Lithium Project – potential to scale Mineral Resources • Current JORC mineral resource estimate of 31.9Mt at 1.06% Li2O; 10.6Mt added in 2024 vs 2019 MRE • Significant upside potential from Sogola-Baoulé, Boumou plus under-explored Kola & Bougouni South deposits • Exploration to increase Lo
Slide 12: Mine Production 2025 – 2026 (Stage 1 DMS)
Mine Production 2025 – 2026 (Stage 1 DMS) Mined Ore and Waste Production & Cumulative Spodumene Production Profile (SC 5.5) Spodumene Product 1400000 Total Target 230,000 250,000 Tonnes by end of 2026 1200000 200,000 1000000 Ore and Waste Tonnes Spodumene Tonnes 150,000 800000 600000 100,000 400000
Slide 13: About Hainan Mining
Hainan Mining & Bougouni: From Africa to China About Hainan Mining • Hainan Mining is a subsidiary of Fosun International, a US$45bn Hong Kong listed conglomerate with US$112 billion in assets 100% offtake with supportive development partner, creating vertically integrated supply chain • In December
Slide 14: Lithium Export – Next Stop China
Lithium Export – Next Stop China Proven export route to San Pedro, Côte d’Ivoire • Export permit granted in September 2025 for initial 125kt of spodumene concentrate • Trucking of spodumene product from site to ports contracted to Malian transportation company • Options to export product from either
Slide 15: Why Lithium?
Why Lithium? EVs and Battery Energy Storage Systems (ESS) driving global demand for ‘white gold’ in next decade Chinese demand for EVs outpacing global BESS demand to grow 15-fold by 2030 SC6 Price, US$, CIF China, June 2024 – Nov 2025 trends ❑ Demand for BESS - mainly lithium-ion ❑ Lithium SC6 pric
Slide 16: Sustainability Strategy
Sustainability Strategy Responsibly addressing the global energy transition whilst delivering positive socio-economic outcomes for the people of Mali Bougouni presents an opportunity to mine and Kodal/KMUK is mindful of its responsibilities as a Kodal/KMUK has ensured that value creation is focused
Slide 17: Operating in Mali
Operating in Mali • Strong relationship with Malian Government continues – Mali President Goïta officially opened Bougouni in November 2025 alongside Minister of Mines and Governor of Bougouni • Kodal’s operations and trucking to Côte d’Ivoire unaffected by recent security issues with over 30,000t o
Slide 18: Summary
Kodal Minerals Summary
Slide 19: Why Kodal Minerals
Why Kodal Minerals West African-focused lithium producer, explorer & developer company with strong future upside One of the first lithium producers in West Africa with flagship Bougouni Lithium Project produced over 45Kt Li₂O to date Strong forecasted free cash flow in late 2025/26 following first s
Slide 20: Next steps for Kodal Minerals plc
Next steps for Kodal Minerals plc 2026 2026+ 2028 Transition into a ESG – maiden Solidify position as fully fledged Commence Stage 2 Sustainability critical minerals Bougouni revenue generating Report to be producer with miner following first producing published targeted M&A exports; ramp up to c.23
Slide 21: Bernard Aylward, Chief Executive Officer – Contact
BERNARD AYLWARD Chief Executive Officer www.kodalminerals.com ALLENBY CAPITAL LTD BURSON BUCHANAN CANACCORD GENUITY SP ANGEL Nominated Adviser Financial PR & IR Joint Broker Financial Adviser & Joint Broker j.porter@allenbycapital.com kodal@buchanancomms.co.uk jasensio@cgf.com stuart.gledhill@spange
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