General Discussion, page-10081

Questions I just asked Bernard Aylward of kodal minerals who are currently developing Bougouni lithium.

1: Does the leo lithium situation concern you?

2: Is the transport MOU with Mali lithium ltd still intact?

3: Was the sale of Bougouni West to Leo finalised?

4: Do you concede the Leo will be the first spodumene producer in Mali?

5: $2080/t price is higher than most analysts predict over LOM average, how confident are you?

6: Does the expected 20% throughput increase generate 20% more output or do recovery rates suffer?

7: Is it viable producing 5.5% given todays prices?

8: Can you see a longterm future mining lithium in Mali with a Junta in control?

9: £11m paid to Suay Chin seems excessive considering they only invested £4.5m 7 years ago, why so much?

10: What ownership % do you see Mali taking?

Answers received -

1: yes
2: yes, discussed onsite in February
3: no
4: no reply
5: it does now seem high
6: no idea until running
7: yes
8: expect return to democracy soon
9: a bargain price for 80% offtake transfer
10: licence awarded under 2019 code, expects them to honour it