corporate presentation - kodal minerals · chartered accountant qualified from pwc in 1989...

C O R P O R AT E P R E S E N TAT I O N

JULY

2016

W E S T A F R I C A N

G O L D E X P LO R AT I O N

IMPORTANT NOTICE

This presentation has been prepared by Kodal Minerals plc (“Kodal Minerals” or the “Company”) and does not constitute an offer or invitation for the sale or purchase ofany securities, nor does it, nor does it purport to, set out or refer to all or any of the information an investor might require or expect in making a decision as to whether ornot to deal in shares in the Company.

This presentation does not constitute and is not a prospectus or listing particulars (under either the Prospectus Regulations 2005 (as amended), the Financial Services andMarkets Act 2000 (“FSMA”) or the Prospectus Rules of the Financial Conduct Authority) nor does it comprise an AIM admission document for purposes of the AIM Rulesfor Companies published by the London Stock Exchange plc and should not be construed as such. No representation or warranty or other assurance, express or implied, ismade by or on behalf of the Company or any of its respective directors, officers, employees, advisers or any other persons as to the fairness, accuracy or completeness ofthe information or estimates or opinions or other statements about the future prospects of the Company or any of its respective businesses contained in or referred to inthe presentation given in connection therewith and no responsibility, liability or duty of care whatsoever is accepted by any such person in relation to any suchinformation, projection, forecast, opinion, estimate or statement.

This presentation has not been approved as a financial promotion for the purposes of section 21 of FSMA or otherwise. Accordingly, it is being delivered for informationpurposes only to a very limited number of persons and companies who are persons who have professional experience in matters relating to investments and who fallwithin the category of person set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or are high net worthcompanies within the meaning set out in Article 49 of the Order or are otherwise permitted to receive it. Any other person who receives this presentation should not relyor act upon it. By accepting this presentation and not immediately returning it, the recipient represents and warrants that they are a person who falls within the abovedescription of persons entitled to receive the presentation.

This presentation may not be (i) taken or transmitted into the United States of America, (ii) distributed, directly or indirectly, in the United States of America or to any USperson (within the meaning of regulations made under the Securities Act 1933, as amended), (iii) taken or transmitted into or distributed in Canada, Australia, the Republicof Ireland or the Republic of South Africa or to any resident thereof, or (iv) taken or transmitted into or distributed in Japan or to any resident thereof. Any failure tocomply with these restrictions may constitute a violation of the securities laws or the laws of any such jurisdiction. The distribution of this document in other jurisdictionsmay be restricted by law and the persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.This presentation must not be copied, reproduced, published, distributed, disclosed or passed to any other person at any time without the prior written consent theCompany.

SP Angel Corporate Finance LLP (the "Broker") is acting in the provision of corporate finance business to the Company, within the meaning of the Financial ConductAuthority’s Conduct of Business Sourcebook (“COBS”), and no-one else in connection with the proposals contained in this presentation. Accordingly, recipients shouldnote that the Broker is neither advising nor treating as a client any other person and will not be responsible to anyone other than the Company for providing theprotections afforded to clients of the Broker under the COBS nor for providing advice in relation to the proposals contained in this presentation.

Please note that the information in this presentation has yet to be announced or otherwise made public and as such constitutes relevant information for the purposes ofsection 118 of FSMA and non-public price sensitive information for the purposes of the Criminal Justice Act 1993. You should not therefore deal in any way in thesecurities of the Company until after the formal release of an announcement by the Company as to do so may result in civil and/or criminal liability.

By accepting a copy of the presentation you agree to be bound by the foregoing provisions.

Forward-looking StatementsThis presentation may contain forward-looking statements. These statements relate to the future prospects, developments and business strategies of the Company and itssubsidiaries (the “Group”). Forward-looking statements are identified by the use of such terms as “believe”, “could”, “envisage”, “estimate”, “potential”, “intend”, “may”,“plan”, “will” or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements contained in thepresentation are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed orimplied by those statements. If one or more of these risks or uncertainties materialises, or if underlying assumptions prove incorrect, the Group’s actual results may varymaterially from those expected, estimated or projected. Given these risks and uncertainties, potential investors should not place any reliance on forward-lookingstatements. These forward-looking statements speak only as at the date of the presentation.

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 2

P r o v e n t e a m

KODAL SNAPSHOT


W e s t A f r i c a f o c u s e d E x c e l l e n t J V p a r t n e r sS i g n i f i c a n t e x p o s u r e t o a

p r o s p e c t i v e p o r t f o l i o o f g o l d

e x p l o r a t i o n p r o j e c t s i n C o t e

d ’ I v o i r e a n d M a l i – a p l a t f o r m f o r

o r g a n i c g r o w t h a n d v a l u e

a c c r e t i v e c o r p o r a t e a c t i o n s

J o i n t v e n t u r e a g r e e m e n t s i n

p l a c e w i t h m a j o r g l o b a l g o l d

p r o d u c i n g c o m p a n i e s –

s i g n i f i c a n t l y d e - r i s k s p r o j e c t s

O p p o r t u n i s t i c a c q u i s i t i o n

s t r a t e g y

U p s i d e

N e w s f l o w

P r o s p e c t i v e p o r t f o l i o o f g o l d

e x p l o r a t i o n p r o j e c t s i n C o t e

d ’ I v o i r e a n d M a l i a n d u p s i d e

f r o m c o p p e r - z i n c a n d

p h o s p h a t e / i r o n c o n c e n t r a t e

p r o j e c t s i n N o r w a y

N e a r - t e r m e x p l o r a t i o n r e s u l t s

f r o m W e s t A f r i c a n p r o j e c t s w i t h

w o r k p r o g r a m m e s o n - g o i n g

t h r o u g h o u t 2 0 1 6 a n d p r o j e c t

p i p e l i n e g e n e r a t i o n

A c t i v e & e x p e r i e n c e d

m a n a g e m e n t t e a m w i t h a b i l i t y t o

e n s u r e c o n t i n u e d s u c c e s s f u l

i m p l e m e n t a t i o n o f s t r a t e g y

A c t i v e a p p r a i s a l s t r a t e g y t a r g e t i n g

a d v a n c e d p r o j e c t s a n d s t r a t e g i c

m i n e r a l s i n W e s t A f r i c a – a s s e s s i n g

p o t e n t i a l f o r l i t h i u m m i n e r a l i s a t i o n

o n e x i s t i n g t e n e m e n t s p l u s w i d e r

o p p o r t u n i t i e s

THE MODEL


Target prospective

geological region -

identify areas with

limited exploration

but with artisanal

mining

Compare targets to

other mines in the

region

Geological mapping,

geochemical

sampling and

reconnaissance

drilling

Prioritise areas for

more detailed

exploration to prove

prospectivity

Identify JV Partner -

mining & E&P

companies with a

strong technical

focus

Negotiate farm-in

terms and build a

portfolio of projects

that have JV partners

Develop pipeline to

evaluate and

implement strategy

This model has resulted in JV and

farm-out agreements on four

l icence areas with exploration

spend of up to

US$4.7 mill ion providing Kodal

with a free-carry and upside

P ro v e n a n d e f f e c t i v e l o w - c o s t d e v e l o p m e n t m o d e l

t h a t c r e a t e s va l u e

KEY DATA


T i c k e r M a r k e t C a pS h a r e

P r i c e

S h a r e s

i n I s s u e

5 2 W e e k

R a n g eB r o k e r N o m a d

K O D . L £ 1 . 3 8 m 0 . 0 3 7 p 3 , 7 7 4 , 8 5 4 , 8 4 9 0 . 2 3 - 0 . 0 3 p S P A n g e lA l l e n b y

C a p i t a l

1 Year Share Price Graph

23.7

6.6

5.3

Key Shareholders

Pelamis & D Steinepreis Tetra Minerals Directors

BOARD OF DIRECTORS


Robert Wooldridge – Non Executive DirectorChartered Accountant qualified from PWC in 1989 following a degree in Natural Sciences from Cambridge

University. He joined the international equity capital markets division of HSBC Investment Bank in 1994 where he was

responsible for completing a number of landmark equity transactions across Europe, India and the Middle East &

Africa. Robert is currently a partner at SP Angel (founding partner). SP Angel is an independent corporate finance

and broking operation which focuses on advising small and mid cap companies in the mining, oil and gas and

technology sectors.

Luke Bryan – Chief Technical OfficerLuke is a mining engineer with over 20 years of international experience. Most recently he was chief executive officer

of North River Resources, an AIM quoted mineral exploration company and prior to that he worked as

an independent consultant. Luke has worked throughout Africa, Australia, the Former Soviet Union and Europe. He

holds degrees in Mining Engineering and Economics from Auckland University.

Bernard Aylward – Chief Executive OfficerGeologist and Manager who has over 20 years experience across West Africa, Australia and Europe. Bernard has

relevant extensive experience in West Africa project acquisition, exploration and development. He was a founding

Director of ASX listed Taruga Gold Limited and has been instrumental in Kodal’s acquisition of the International

Goldfields (Bermuda) Limited projects.

WEST AFRICAN PROJECT LOCATIONS


M A L I

C O T E

D ’ I V O I R E

W E S T A F R I C A – H O S T

T O S I G N I F I C A N T G O L D

M I N E S :

• A H A F O – G H A N A ,

O P E R A T E D B Y

N E W M O N T M I N I N G

C O R P .

• T O N G O N – C O T E

D ’ I V O I R E , O P E R A T E D B Y

R A N D G O L D R E S O U R C E S

L I M I T E D

• S Y A M A – M A L I ,

O P E R A T E D B Y R E S O L U T E

M I N I N G L I M I T E D

• L O U L O – M A L I ,

O P E R A T E D B Y

R A N D G O L D R E S O U R C E S

L I M I T E D

• O B O U A S I – G H A N A ,

O P E R A T E D B Y

A N G L O G O L D A S H A N T I

L I M I T E D

KODAL’S WEST AFRICAN PORTFOLIO

WEST AFRICAN OPPORTUNITY

• Africa has high discovery rate per exploration dollar invested

• Projects located in proven gold mineralised districts with highly prospective geology

• Excellent locations with access to infrastructure and cost efficient exploration

• Under-explored region highly leveraged to early stage exploration success

• Increasing corporate activity from other gold operators• Perseus Mining Limited acquisition of Amara Mining Plc• Additional exploration in the region e.g. Randgold Resources in Cote

d’Ivoire


Source MinEX Consulting, July 2013Source USGS Mineral Commodity Summary, 2009

Country % Birimian Greenstone Gold Discovered % Gold

Cote d’Ivoire 35% 8Moz 4%

Burkina Faso 22% 12Moz 7%

Ghana 19% 110Moz 62%

Guinea 11% 12Moz 7%

Mali 10% 33Moz 19%

Senegal 3% 3Moz 2%

We s t A f r i c a n

B i r i m i a n

G re e n s t o n e

s e q u e n c e h a s a

g o l d

e n d o w m e n t o f

o v e r 1 7 0

m i l l i o n o u n c e s Region Exploration Spend Number Discoveries

Latin America $28 (23%) 118 23%

Canada $22 (18%) 65 12%

China and Rest of World $22 (19%) 77 15%

Africa $17 (14%) 116 22%

Australia $12 (10%) 83 16%

USA $9 (8%) 20 4%

Pacific / SE Asia $6 (5%) 23 4%

Western Europa $3 (3%) 22 4%

PORTFOLIO


KODALPROJECTS

JOINT VENTUREPROJECTS

PIPELINEPROJECTS

N A N G A L A S S OG o l d i n M a l i

K O R H O G OG o l d i n C o t e

d ’ I v o i r e

B O U N D I A L IG o l d i n C o t e

d ’ I v o i r e

S L A MG o l d i n M a l i

N I E L L EG o l d i n C o t e

d ’ I v o i r e

T I E B I S S O UG o l d i n C o t e

d ’ I v o i r e

M’BAHA I KOG o l d i n C o t e

d ’ I v o i r e

D A B A K A L AG o l d i n C o t e

d ’ I v o i r e

G R I M E L I C o p p e r - Z i n c i n

N o r w a y

K O D A LP h o s p h a t e & i r o n

i n N o r w a y

A D D I T I O N A L

W E S T A F R I C A N

O P P O R T U N I T I E S

Tota l spend

commitments

of US$4 .7

mi l l ion on

the West

A f r i can Go ld

P ro ject s

MALI PROJECTS –NANGALASSO


Tw o l i c e n c e a r e a s l o c a t e d i n a

h i g h l y - m i n e r a l i s e d d i s t r i c t a n d

j u s t 3 0 k m f r o m R e s o l u t e ’ s S y a m a

m i n e

• Concessions held under option

agreements

• Reconnaissance drilling returned 3m at

7.12g/t gold within 21m at 1.25g/t gold,

1m at 7.8g/t gold and 3m at 7.84g/t gold

• High-grade mineralised results from

reconnaissance trench sampling of 7m at

4.3g/t gold in quartz veining and alteration

located 200m north of previous drilling

• Vertical sampling targeting the profile of

the trench returned assays up to 2.9 g/t

gold from surface

• Extensive artisanal workings not previously

targeted by further testing

• 2016 work programme:

• Trenching results in July

• Air core drilling in

September/October

• RC drilling to follow

COTE D’IVOIRE PROJECTS –WHOLLY OWNED


L o c a t e d i n g o l d m i n e r a l i s e d

b e l t s , w i t h e a r l y s t a g e

e x p l o r a t i o n r e t u r n i n g g o l d

a n o m a l i s m

• Additional wholly owned projects in central

and northern Cote d’Ivoire

• Korhogo

• First pass geochemical sampling

completed

• Additional geochemical sampling

planned in 2016

• Boundiali

• Application in process

• Geochemical sampling planned

once licence awarded

MALI PROJECTS –SLAM


R i g h t s t o t w o l i c e n c e s a r e a s ,

K a m b a l i a n d D j e l i b a n i ,

a c q u i r e d f r o m N e w m o n t

M i n i n g C o r p .

• Licence areas held under option agreements

• Extensive artisanal workings highlight near surface gold mineralisation

• Located in “Siguiri Basin” sequence, host to extensive gold mineralisation including Siguiri Mine (AngloGold Ashanti Limited), Lefa Gold Mine (Nord Gold N.V.) and Tri-K Project (Avocet Mining plc)

• Extensive geochemical anomalies, with surface samples up to 6g/t gold returned. Anomalous zones of greater than 1g/t gold extend for over 500m

• Wide-spaced reconnaissance drilling at Kambali returns highly encouraging results including:

• 3m at 5.64g/t gold from 3m within a zone of 6m at 2.88g/t gold from 3m

• 6m at 1.12g/t gold from 30m to end of hole within a broad zone of 15m at 0.62g/t from 21m

• Work programme in 2016• Geochemical sampling at Djelibani Sud• Follow up drilling at Kambali

COTE D’IVOIRE PROJECTS –RESOLUTE JOINT VENTURE


• Agreement signed February 2015

• Following completion of earn-in phase (to Feb 2019), Kodal will have continued 25% interest in projects with a free carry through to completion of feasibility studies

• Exploration activity commenced at Tiebissou:• Geological mapping• Geochemical sampling• First-pass Aircore drilling in February 2016

• Minimum spend of US$500,000

Expenditure commitment of US$3.0

million by Resolute

Earning a 75% interest in three

licences – Tiebissou and Nielle

exploration licences and the M’Bahaikro licence application

Two licence areas located in a

highly-mineralised district just

30km from Resolute’s Syama mine

COTE D’IVOIRE PROJECTS –NEWCREST FARM-IN


• Agreement signed December 2015

• Newcrest confirmed anomalous gold trends through regional stream sediment, rock chip and laterite sampling programme as part of its project review

• Major exploration campaign planned to infill strong geochemical anomalies prior to drilling

Expenditure of US$1.7 million by

Newcrest

Earning a 75% interest in Dabakala

Project

US$750,000 minimum spend in first

12 months (by 14 December 2016)

NORWEGIAN PROJECTS


K o d a l M i n e r a l s h a s t w o

l i c e n c e g r o u p s i n N o r w a y ,

t h e G r i m e l i P r o j e c t i n t h e

w e s t a n d t h e K o d a l P r o j e c t

i n t h e s o u t h

• The Grimeli Project is a copper-zinc

exploration project 150km north of Bergen

• The Grimeli Project licences cover three

historic copper mines

• The Kodal Project is an advanced resource

project which has the potential to produce

phosphate and iron concentrates

• The Kodal Project has a JORC compliant

resource of:

• 14.6Mt at 2.26% P (5.18% P2O5)

and 24.12% Fe (Indicated)

• 34.3Mt at 2% P (4.59% P2O5) and

20.38% Fe (Inferred)

ACTIVE NEWSFLOW

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | 16

RESULTS FROM

NANGALASSOTRENCHING

AIRCORE DRILLING RESULTS FROM NANGALASSO

GEOCHEMISTRY RESULTS FROM COTE D’IVOIRE

RESULTS FROM

NEWCREST JVWORK

RC DRILLING AT NANGALASSO

GEOCHEMICAL SAMPLING AT SLAM

INVESTMENT CASE


Significant gold

mines

Clear Strategy

Low cost

exploration &

expansion potential

Team

Capital structure

& newsJV & Farm-In

Both Mali & Cote d’Ivoire host significant gold mines and have supporting infrastructure

Low cost exploration methods to highlight value and significant upside potential from large strategic licence areas

Clear strategy to acquire prospective ground and develop through joint venture partnerships

Expansion and strengthening of management team

Operating Joint Venture and Farm-In with major gold producing companies in Cote d’Ivoire

Recent capital raising to support ongoing exploration activity and drive strong pipeline of news through 2016

CONTACTS

JUN

E 2

016

K O D A L M I N E R A L S

B E R N A R D AY L W A R D

T: +61 418 943 345

E: [email protected]

L U K E B R Y A N

T: 020 3470 0470


S P A N G E L

R I C H A R D P A R L O N S / E L I Z A B E T H J O H N S O N

T: 020 3470 0472 / 0471

E: richard.parlons @spangel.co.uk


S T B R I D E S PA R T N E R S

L O T T I E B R O C K L E H U R S T / S U S I E G E L I H E R

T: 020 7236 1177


JUN

E 2

016

APPENDIX


• Resolute mining is a global gold producer, explorer and developer. The company is

listed on ASX and has a market cap of AUD $368.91mn (c. £195mn).

• The Company has 25 years of experience of gold production and has operated 9

gold mines across Australia and Africa, producing over 7mn oz of gold.

• Currently, Resolute operates 2 gold mines, the Syama mine in Africa and the

Ravenswood mine in Australia.

• The company is also expecting to complete the feasibility study of the Bibiani Gold

Project in Ghana by June 2016. The scoping study derived a mining inventory of

4.3Mt @ 4.2g/t Au for 574,000 ounces for a 5.5 year mine life from the indicated

resource.

2015 highlights:

• Over 328,000oz of gold produced at AUD $845 per oz.

• Record gold production achieved at Syama mine, demonstrating solid asset base

and robust cash generation capabilities.

• Golden Pride Project closure handover to the Government of Tanzania completed.

FY2016 guidance:

• Production: 315,000oz Au

• Cash cost: AUD $990 per oz.

• All-in-sustaining cost: AUD $1,280 per oz

RESOLUTE MINING

Share price: 1 year

RESOLUTE MINING


COTE D’IVOIRE PROJECTS –RESOLUTE JOINT VENTURE


E x p e n d i t u r e o f U S $ 3 . 0 m i l l i o n b y R e s o l u t e

t o e a r n 7 5 % i n t e r e s t i n 3 l i c e n c e s –

T i e b i s s o u a n d N i e l l e e x p l o r a t i o n l i c e n c e s

a n d t h e M ’ B a h a i k r o l i c e n c e a p p l i c a t i o n

• Agreement signed February 2015

• Following completion of earn-in

phase (to Feb 2019), Kodal will have

continued 25% interest in projects

with a free carry through to

completion of feasibility studies

• Exploration activity commenced at

Tiebissou:

• Geological mapping

• Geochemical sampling

• First-pass Aircore drilling

completed

• Minimum spend of US$500,000

KODAL’S JV CONCESSIONS WITH RESOLUTE


• Newcrest mining is the largest ASX-listed gold producer with a

market capitalisation of AUD $13.30bn (c. £6.87bn). The Company

is also listed on the Port Moresby Stock Exchange.

• The Company is well-known for operating and owning a portfolio

of low cost, long-life mines. Newcrest also has a significant

pipeline of brownfield and greenfield exploration projects.

• Newcrest’s mines are located in Australia, Papua New Guinea

(PNG), Indonesia, and in Côte d’Ivoire, West Africa. Current

operations include:

Cadia Valley Operations (near Orange, New South Wales)

Telfer (Pilbara Region, Western Australia)

Gosowong (Halmahera Island, Indonesia)

Lihir (New Ireland Province, PNG)

Hidden Valley (Morobe Province, PNG)

Bonikro (Côte d’Ivoire, West Africa)

NEWCREST MINING

Share price: 1 year

NEWCREST MINING



NEWCREST MINING

• F Y 2 0 1 5 h i g h l i g h t s :

• G o l d p r o d u c t i o n : 2 . 4 2 m o z

( u p 1 % o n F Y 2 0 1 4 )

• C o p p e r p r o d u c t i o n : 9 6 , 8 1 6 t n

( u p 1 2 % o n F Y 2 0 1 4 )• G r o u p A I S C : U S $ 7 8 9

p e r o z

( d o w n 1 2 % o n F Y 2 0 1 4 )• G r o u p A I S C m a r g i n

i n c r e a s e d t o U S $ 4 4 7 p e r o z

• N e t d e b t r e d u c t i o n o f A U D $ 1 7 4 m ( c . £ 9 2 m )

2 0 1 6 P r o d u c t i o n G u i d a n c e

NEWCREST MINING


COTE D’IVOIRE PROJECTS –NEWCREST FARM-IN


E x p e n d i t u r e o f U S $ 1 . 7

m i l l i o n b y N e w c r e s t t o e a r n

7 5 % i n D a b a k a l a P r o j e c t

• Agreement signed December 2015

• Newcrest confirmed anomalous gold

trends through regional stream

sediment, rock chip and laterite

sampling programme as part of its

project review

• Major exploration campaign planned

to infill strong geochemical

anomalies prior to drilling

• Preliminary results expected in H2

2016

• US$750,000 minimum spend in first

12 months (by 14 December 2016)

CONCESSION SUMMARY

Details of Licences

NAME HolderSize

km2 Expiry DateRenew-

ableComment

Cote d'Ivoire

Korhogo IGS CIV SARL 360.6 07/01/2017 Y

Dabakala IGS CIV SARL 394.5 07/01/2017 Y Newcrest JV

Niele Corvette CIV SARL 388 11/03/2017 Y Resolute JV

Tiebissou-Didievi Corvette CIV SARL 306.7 30/09/2018 Y Resolute JV

Mali

Nangalasso Gold Corporation Mali SARL 95 03/02/2020 Y Held under Option

Sotian La Societe Drame et Freres SARL 250 29/04/2017 n Held under Option

Djelibani Sud Gold Corporation Mali SARL 106 28/10/2016 Y Held under Option

Kambali Tourekounda SARL 33 13/07/2016 n Held under Option


Option Agreements Nangalasso and Sotian (Nangalasso

Project)

Exclusive access rights for exploration and devlopment

Annual fees of US$40,000 (Nangalasso) and US$30,000 (Sotian)

Option to acquire for US$500,000 each

Payment of NSR

royalty:

- Nangalasso 3%

- Sotian 2%

Option Agreements Djelibani Sud and Kambali (SLAM Project)

Exclusive access rights for exploration and devlopment

Will attain full ownership on payment of final amounts:

- Djelibani Sud US$25,000

- Kambali US$80,000 (reduction under negotiation)

COMPETENT PERSONS’ STATEMENT


The information in this presentation that relates to geological information and exploration results concerning the IGS assets is based oninformation compiled by Mr Bernard Aylward. Mr Aylward is the Managing Director of Taruga Gold Limited and is a full-time employee. MrAylward is a proposed director of the Company. Mr Aylward is a member of The Australasian Institute of Mining and Metallurgy and hassufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he isundertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves’. Mr Aylward consents to the inclusion in this presentation of the matters based on information in theform and context in which it appears.

The Grimeli Project drilling results contained in this presentation have been reviewed by Mr. Galen White - Principal Geologist, CSA Global(UK) Ltd. Mr White is a Fellow in good standing of the Australasian Institute of Mining and Metallurgy (FAusIMM) and a Fellow of theGeological Society of London (FGS) with sufficient experience to act as Competent Person under the JORC Code (2012). Mr White hasreviewed the information contained herein, alongside drill logs, sampling information, core photography and SGS laboratory analysis data.Mr White consents to the disclosure of drilling results in the form and context in which they appear.

corporate presentation - kodal minerals · chartered accountant qualified from pwc in 1989...

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