REG - Kodal Minerals PLC - Bougouni Funding Package: Long Stop Date Extension

Kodal MineralsAnnouncement

28/09/2023 15:00

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RNS Number : 0448O  Kodal Minerals PLC  28 September 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

28 September 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 30 September 2023 for the completion of the funding package
announced originally on 19 January 2023.  The deadline has now been extended
to 31 October 2023.

Further to the announcement on 31 August 2023, Kodal has completed the
restructure of the Company's Mali subsidiary entities that hold the lithium
interests.  As previously announced, the Company has completed the full
registration of the new mining company, Le Mines de Lithium de Bougouni SA
("LMLB"), which is a 100% subsidiary of KMUK, and the Company has now
finalised the transfer of the shareholding of Future Minerals SARL to also be
100% owned by KMUK.  In addition, Kodal has finalised the registration of
Bougouni Mining SA, the company that will be the operator of the Bougouni
lithium mine and which is also a 100% owned subsidiary of KMUK.

Kodal is continuing to work with the Mali Government to finalise the remaining
compliance items that will complete the conditions precedent to complete the
funding package.  As previously announced, Kodal and Hainan representatives
recently met with the Director General of the Direction Nationale de la
Geologies et des Mines ("DNGM") to discuss progress of the Bougouni Lithium
project and support of the mine development.

Bernard Aylward, CEO of Kodal Minerals, remarked: "Kodal and Hainan continue
to work together to finalise the funding transaction and during September 2023
the parties completed site visits to Mali and had discussions with Mali
Government officials regarding the development of the Bougouni Lithium mine.
The parties involved have continued to receive strong support for the
development and acknowledgement of the good standing of the Bougouni Mining
(Exploitation) licence and the ability of the parties to commence development.

 

"The parties have commenced site work, beginning with road upgrades to provide
access for the start of construction of site infrastructure.  Kodal is
working with Hainan executives on site in Bougouni as the parties finalise the
planning for the development to the Bougouni Lithium mine."

 

**ENDS**

 

For further information, please visit www.kodalminerals
(http://www.kodalminerals) .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

 Susie Geliher/Ana Ribeiro                                             Tel: 020 7236 1177

 

 

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