REG - Kodal Minerals PLC - Bougouni Funding – Extension of Long Stop Date

Kodal MineralsAnnouncement

31/08/2023 07:00

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RNS Number : 9301K  Kodal Minerals PLC  31 August 2023

The information contained within this announcement is deemed by the Company to
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Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

31 August 2023

Kodal Minerals plc

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

 

Bougouni Lithium Project Funding Package - Extension of Long Stop Date

Kodal Minerals, the mineral exploration and development company focused on
lithium and gold assets in West Africa, announces that the Company, Kodal
Mining UK Limited ("KMUK" - the Company's UK registered subsidiary formed to
be the holder of the Mali lithium assets), Hainan Mining Co. Limited
("Hainan") and Hainan's wholly owned UK-incorporated subsidiary Xinmao
Investment Co. Limited ("Xinmao") have approved an extension of the previously
agreed deadline of 31 August 2023 for the completion of the funding package
announced on 19 January 2023.  The deadline has now been extended to 30
September 2023.

Kodal has now completed the majority of items for the restructure of the
Company's Mali subsidiary entities that hold the lithium interests.  The
Company has completed the full registration of the new mining company, Le
Mines de Lithium de Bougouni SA ("LMLB"), that is a 100% subsidiary of KMUK.
In addition, the Company is finalising the transfer of the shareholding of
Future Minerals SARL to also be 100% owned by KMUK.  Kodal is continuing to
work with the Mali Government to finalise the remaining compliance items that
will complete the conditions precedent for the Funding Transaction. Hainan and
Xinmao have confirmed that all approvals obtained from the Chinese Government
remain valid and are ready to complete the transaction as and when the
outstanding conditions precedent are satisfied.

Bernard Aylward, CEO of Kodal Minerals, remarked: "Kodal and Hainan continue
to work together to finalise the transaction as well as continuing the
pre-development work to allow a rapid transition to the construction phase
when the Funding Transaction is complete.  In August, Hainan completed a
pre-payment of US$3.5M to Kodal and these funds are being utilised for
engineering design work and metallurgical testing, and also for the Mineral
Resource update that is being undertaken now. Kodal will be hosting several
senior executives from the Hainan and Fosun groups in Mali during September as
we work towards finalising our agreed work programme.

 

"Kodal's team met with the new Minister of Mines for Mali, Professor Amadou
Keita, in Bamako during August and was able to provide an update of all our
activities.  The Minister of Mines acknowledged the progress and the
investment the partners will be making in Mali and continued to express the
Government's support for the project and all assistance that the Ministry can
provide."

 

**ENDS**

 

For further information, please visit www.kodalminerals
(https://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 UK LLP, Joint Broker

 James Asensio/Gordon Hamilton                                         Tel: 020 7523 4680

 St Brides Partners Ltd, Financial PR                                  Tel: 020 7236 1177

 Susie Geliher/Ana Ribeiro

 

 

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