What does Kodal Minerals do?
Kodal Minerals PLC (LON:KOD) is a junior explorer with a focus on West Africa, and in particular lithium and gold. The company is run by experienced exploration geologist Bernard Aylward, helped by mining engineer Luke Bryan, who has 20 years’ experience in the business, and Robert Wooldridge, who is a partner in UK broking house SP Angel.
What it owns
The company’s primary focus is on the Bougouni lithium project in Southern Mali. The current resource stands at 21.3mln tonnes grading 1.11% Li2O, with more than half of that in the indicated category.
Kodal also owns the 109 square kilometre Diendio project, which is comprised of three contiguous licence areas located approximately 280 kilometres south of Bamako, the capital of Mali. Access to the project is by sealed road from Bamako, then good access throughout the licence area by local road and track.
Kodal also holds a highly prospective suite of gold assets in Mali and Cote D’Ivoire.
Active joint ventures in Cote d’Ivoire are ensuring that funds are spent advancing exploration the company’s projects without detracting from the focus on Bougouni.
How it is doing
Kodal Minerals continues to pursue its mining licence application for the Bougouni lithium project in Mali, which is enforcing restrictions to prevent the spread of coronavirus.
In light of the travel restrictions, the company said it cannot at this stage provide guidance for the timing of the meeting or the overall mining licence application process.
In April it raised £500,000 via a financing agreement with Riverfort Global Opportunities PCC Limited and YA II PN to ensure it has enough liquidity. To save more cash, directors will be paid in shares rather than cash for all fees owing over the six months to March.
- Approval for Bougouni
- Well-funded, but all junior explorers return to the market for more cash in due course