COMPANY UPDATE LITHIUM AND GOLD DEVELOPMENT

COMPANY UPDATE

LITHIUM AND GOLD

DEVELOPMENT

0MARCH 2021

CONFERENCE PRESENTATIONCOMPANY UPDATE | MARCH 2021

1 DE-RISKED FLAGSHIP BOUGOUNI LITHIUM PROJECT POISED FOR DEVELOPMENT

350km2 PROJECT AREA WITH POTENTIAL TO HOST MULTIPLE OPEN PIT LITHIUM OPERATIONS

JORC MINERAL RESOURCE OF 21.3Mt AT 1.11% Li2O11.6Mt AT 1.13% Li2O INDICATED & 9.7Mt AT 1.08% Li2O INFERRED

MULTIPLE PEGMATITE VEINS REQUIRING FURTHER DRILL TESTING FOR RESOURCE ESTIMATION, WITH ONLY THREE PROSPECTS INCLUDED IN RESOURCE TO DATE

Minimum 8.5-year mine life from three open pits:

➢ Producing on average 220,000 tonnes of 6% spodumene

concentrate per annum

➢ 2Mtpa conventional flotation processing plant

➢ Life of mine average lithium recovery of 71%

➢ Current LOM estimated production of 1.94Mt of concentrate

➢ LOM revenue exceeding USD$1.4bn

Capital requirement for development estimated to be USD$117M plus

contingency:

➢ Forecast payback period of 1.7 years

➢ IRR of 58% (51% post tax)

➢ Pre-tax Project NPV7% of approximately US$300M (US$200M

post-tax)

Feasibility Study: attractive fundamentals

MOU WITH SINOHYDRO TO WORK TOGETHER ON DEVELOPMENT & FINANCING OF BOUGOUNI


2

An MoU signed with Mali Lithium to explore avenues to obtain synergiesthrough economies of scale as both Companies look to develop operations. Keypotential benefits include;

➢ joint strategy for transport and shipping;

➢ joint approach to community development;

➢ pre-development, sharing facilities in the closest town of Bouguoni,where both companies currently have separate facilities to supportexploration and fieldwork;

➢ establishment of common workshop, servicing, storage and cateringfacilities;

➢ establishment of common supply chains for spares, reagents, fueland other consumables.

➢ In addition to exploring operating synergies, the companies intend tonegotiate an access agreement for the N’Kemene Ouest and MafeleOuest concessions (together the ‘Bougouni West Project’) that areowned by Kodal Minerals via the Bambara option agreement

EXPLORING DEVELOPMENT SYNERGIES

MoU signed with Mali Lithium Limited MoU signed with Sinohydro Corporation Ltd

An MoU signed with Sinohydro, a specialist engineering, infrastructure, powerdeveloper and construction contractor to work together to develop Bougouni.Key objectives include;

➢ Sinohydro will conduct a review of the development proposed for theBougouni Project and provide input in particular on procurement andcivil engineering aspects of the feasibility study;

➢ Sinohydro will review the financing requirements for Bougouni andassist in sourcing Project financing. Sinohydro will work with Suay ChinInternational Pte Ltd, and Shandong Ruifu Lithium Industry Co Ltd,which is expected to be an end user of the spodumene productproduced by the Bougouni Project;

➢ Following completion of the feasibility review and development planand demonstration of project financing, Kodal and Sinohydro willendeavour to negotiate a mutually acceptable EPC contract; and

➢ Kodal has granted Sinohydro an initial six-month exclusivity period toreview and advise on financing for the Bougouni Project and developan EPC contract proposal.


3 GOING GREEN : LITHIUM SUPPLY

Product Utilisation Economical


4 GOING GREEN : ELECTRIC VEHICLES

IMPROVED BATTERY COSTS AND PERFORMANCE LEADING TO GREATER UPTAKE OF EVS

Demand for EVs is increasing

Government action

Public interest

Environmental improvements

Reliability and performance


5 EXPANDED GOLD PORTFOLIO TARGETING RESOURCE DELINEATION

Gold exploration assets in highly prospective Mali and Cote d’Ivoire

KEY PROJECTS

Major acquisition of new Fatou project located close to existing Kodal exploration projects• Acquiring two concessions, subject to completion, totalling 300km2 of prospective ground• Previous exploration by Canadian listed explorer with a NI43-101 completed for 325,000 ounces gold defined• Mineralisation open and expansion exploration campaign to commence targeting major increase in Mineral Resource

Kodal Minerals 100% ownership of a large, strategic landholding in Cote d’Ivoire• 100% ownership of Nielle concession following termination of Resolute Joint Venture• Confirmation and extension drilling planned to target new mineralised zone• High grade surface geochemical anomalies up to 6.14g/t gold at 100% owned Dabakala concession• Extensive surface anomaly extending over 8km strike and up to 3km width• Infill sampling planned to define for maiden drilling

FATOU PROJECT

Southern MaliResource definition and expansion

NIELLE PROJECT

Northern Cote d’IvoireConfirmation and extension of mineralisation, targeting maiden JORC resource

DABAKALA PROJECT

Central Cote d’IvoireInfill and definition of extensive

surface anomaly for reconnaissance drilling

FATOU GOLD PROJECT SUMMARY6

COMPANY UPDATE | MARCH 2021

Exploration programme planned to define and extend mineralisation at key prospects and target new area looking to build significant resource within the project

Region is host to major gold mines including:• Morilla 10Mozs Gold• Syama 8Mozs Gold• Tongon 5Mozs Gold

Extensive exploration database available with exploration activitycompleted by Anglogold Ashanti and Canadian listed entity.

Historic drilling targeted gold mineralisation at two key prospects-Fatou and Fininko.

Preliminary NI43-101 completed for Fatou prospect with over350,000ozs gold

Birrimian Sequence of West Africa, located on northern extension of the ‘Boundiali Belt’ of Cote d’Ivoire

Exploration commenced in December 2020

Future exploration will target:

FATOU PROJECT – HISTORY AND PROPOSED EXPLORATION7

COMPANY UPDATE | NOVEMBER 2020

Exploration drilling has focussed on the Fatou Main and Fininko prospects, with total drilling:

Diamond Drill Core 144 holes for 29,1148m

Reverse Circulation drill hole 256 holes for 27,466m

RAB drill hole 120 holes for 4,469m

TOTAL 520 holes for 61,083m

Auger drilling 986 holes for 9,083m

Gold anomalies along strike and at depth to extend mineralisation

Geological targets defined by new interpretation including structural targets and geochemical anomalies that remain untested

Large areas of the project remain untested by reconnaissance exploration

NIELLE PERMIT - N’GOLOPE PROSPECT DISCOVERY8

➢ Concession is located 50km north of the Tongon mine

➢ Exploration completed includes:

➢ Geological mapping, trenching and geochemical sampling

➢ Aircore drilling of surface anomalies

➢ RC drilling identified mineralised zone, intersections include:

➢ Mineralisation identified over 1km strike and remains open in all directions

COMPANY UPDATE | NOVEMBER 2020

➢ 26m at 1.95g/t gold




Exploration completed by Resolute has discovered a new zone of gold mineralisation in northern Cote d’Ivoire

NIELLE PERMIT – PROPOSED EXPLORATION9


N’Golope main

Gap

Extension

Step backdepth drilling

Extension

•Demonstrated potential for 200,000 ounces gold

Preliminary Exploration

•Brittle-ductile shear zones in basalt host rock

•Modelling highlights sigmoidal shaped (along NE structure) of the mineralisation

Interpretation

•Aiming for resource definition to confirm and expand zone of 3,000m RC drilling proposed

•Target of 500,000 to 1,000,000 ounces of gold

• Infill of previous RC drilling, first diamond drill hole to test depth and validate interpretation

•Extension drilling targeting northern and southern strike extensions of geochemical anomaly planned

•Aiming for preliminary metallurgical assessment

Exploration Targets

DABAKALA PERMIT – PROPOSED EXPLORATION10


High grade surface geochemistry up to 6.1g/t gold, extensive anomalous zone with multiple trends

Artisanal workings with no previous drilling

Infill and definition sampling planned prior to reconnaissance drill testing

KODAL MINERALS – LITHIUM DEVELOPMENT AND GOLD EXPANSION11


➢ Approaching fully permitted mining project, with defined lithium resourceand exploration upside

➢ Feasibility Study indicates robust project with strong economicfundamentals, secure off take partner and major shareholder

➢ Lithium market poised for strong increase due to expected supply shortageand incentive driven demand spike

➢ Project attracting interest of developers to assist in development andpotential financing

➢ Reviewing opportunities in region for expansion

Bougouni Lithium Project Kodal Gold Assets

➢ Assets located in the world class Birimian sequence of West Africa

➢ Acquisition proposed in Mali with immediate mineral resource potentialexceeding 350,000ounces gold

➢ Advanced Nielle Project with immediate exploration drilling proposed totarget discovery

➢ Kodal targeting significant gold resource of 1,000,000 ounces gold throughfocussed exploration

➢ Kodal controls extensive, highly prospective exploration projects in Mali andCote d’Ivoire with an highly experience team looking to develop the projects

➢ Expect major value for Kodal shareholders

CONTACTS

BERNARD AYLWARD | CHIEF EXECUTIVE OFFICERE: [email protected]

SP ANGEL | BROKERE: [email protected]

ST BRIDES PARTNERS | FINANCIAL PR & IRE: [email protected]: [email protected]

COMPANY UPDATE LITHIUM AND GOLD DEVELOPMENT

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