REG - Kodal Minerals PLC - Appointment of Non-Executive Director

Kodal MineralsAnnouncement

19/03/2024 10:30

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RNS Number : 4257H  Kodal Minerals PLC  19 March 2024

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

 

19 March 2024

Kodal Minerals plc

("Kodal Minerals", "Kodal" or the "Company")

 

Appointment of Non-Executive Director

 

Kodal Minerals, the mineral exploration and development company which is
constructing the fully financed and permitted Bougouni Lithium Project in
South West Mali ("Bougouni"), is pleased to announce that Lei ("David") Teng
has today joined the board of directors of the Company (the "Board") as
a Non-Executive Director.

 

David qualified as a certified practising accountant ("CPA") in Australia and
has over 15 years' experience working in the natural resource division (Fosun
Resource Group) of Fosun Group. At Fosun Resource Group, David has held
various senior positions, including but not limited to, investment director,
senior investment director, executive director, managing director and
co-chairman with a focus on investment, strategy and management in the global
resource sector. Most recently, David was appointed president and vice
chairman of Hainan Mining Co Ltd ("Hainan" or "Hainan Mining"), a publicly
listed subsidiary of Fosun Group, and he is the non-executive board chairman
of ROC Oil Company Pty Ltd, an Australia-based petroleum company also
controlled by Fosun Group. David is also a global partner at the Fosun Group
where he is responsible for global natural resource investment and management.

 

David's appointment to the Board follows the completion of the funding
transaction for US$117.75 million (the "Funding Package") with Hainan and its
wholly owned UK-incorporated subsidiary Xinmao Investment Co. Limited
("Xinmao" and together the "Hainan Group"), who in-turn hold 14.72% of the
issued share capital of the Company.

 

The appointment further consolidates the strong working relationship with
Kodal's Bougouni joint venture partner, Hainan Group. The construction of
Bougouni is fully funded by the US$100 million cash investment into Kodal's UK
subsidiary company, Kodal Mining UK Limited ("KMUK"), by the Hainan Group.
KMUK is 49% owned by Kodal and 51% by the Hainan Group. The construction of
Bougouni is anticipated to cost US$65million and production is expected to
commence in Q4 2024. The funding available to KMUK also includes further
exploration and infill drilling programmes to significantly increase
Bougouni's current JORC Mineral Resource estimate of 31.9 million tonnes at
1.06% lithium oxide.

 

Kodal will be providing a development update on the Bougouni lithium project
next week and will be hosting an investor presentation and Q&A for
shareholders, details of which are expected to be announced with the Bougouni
lithium project update.

 

Commenting on the appointment, Bernard Aylward, CEO of Kodal Minerals, stated:

 

"The appointment of Mr Teng to the Board marks another major step forward for
the further integration of our joint venture partners, Hainan Group, into the
Kodal organisation structure for the development of Bougouni following
completion of the US$117.75m funding transaction in November 2023.  David's
significant knowledge and experience in the mining sector will be a valuable
asset to the Board as we advance Bougouni in 2024 to full production by
year-end. We welcome David to the Board and we look forward to a fruitful year
ahead as we progress to becoming London's first quoted Lithium producer in
West Africa."

 

AIM disclosures

 

Lei ("David") Teng, aged 44, is, or has been during the last five years, a
director or partner of the following companies and partnerships:

 

 Current:                            Past:
 Hainan Mining Shareholding Co. Ltd  Hainan Xingshao Enterprise Management LP
 Hainan Mining Co Ltd
 Roc Oil Company Pty Ltd
 Kodal Mining UK Limited
 Xinmao Investment Co., Limited
 Hainan Mining Shareholding Co. Ltd

 

Lei Teng does not hold any ordinary shares in the Company.

 

**ENDS**

 

For further information, please visit www.kodalminerals
(http://www.kodalminerals.com) .com or contact the following:

 

 Kodal Minerals plc

 Bernard Aylward, CEO                                                  Tel: +61 418 943 345

 Allenby Capital Limited, Nominated Adviser

 Jeremy Porter/Vivek Bhardwaj/Nick Harriss                             Tel: 020 3328 5656

 SP Angel Corporate Finance LLP, Financial Adviser & Joint Broker

 John Mackay/Adam Cowl                                                 Tel: 020 3470 0470

 Canaccord Genuity Limited, Joint Broker

 James Asensio/Gordon Hamilton                                         Tel: 0207 523 4680

 Buchanan, Financial PR

 Bobby Morse/Oonagh Reidy                                              Tel: +44 (0)20 7466 5000

                                                                       kodal@buchanancomms.co.uk

 

 

 

 

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