REG - Kodal Minerals PLC - Hainan Announcement on MOU with Mali Government

Kodal MineralsAnnouncement

05/11/2024 09:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241105:nRSE9942Ka&default-theme=true

RNS Number : 9942K  Kodal Minerals PLC  05 November 2024

The information contained within this announcement is deemed by the Company to
constitute

 inside information as stipulated under the UK Market Abuse Regulation

 

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

5 November 2024

 

Kodal Minerals plc

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

Announcement from Hainan Mining Co., Ltd on MOU with Mali Government

Kodal Minerals, the mineral exploration and development company, notes the
announcement made earlier today by Hainan Mining Co., Ltd ("Hainan") in
relation to the binding Memorandum of Understanding (the "MOU") between the
Government of Mali, Kodal Mining UK Limited ("KMUK") and KMUK's subsidiaries,
Future Minerals SARL ("Future Minerals") and Les Mines de Lithium de Bougouni
SA. Kodal summarised the key terms of the MOU in its announcement of 1
November 2024.

Hainan has stated in its announcement today that the US$15 million payment due
to the Mali Government by KMUK and Future Minerals is in respect of taxes due
to the Mali Government. Hainan also notes that, pursuant to the KMUK financing
agreements entered into between the parties on 19 January 2023, taxes arising
from the US$117.5m Hainan funding transaction relating to the Bougouni Lithium
Project located in Southern Mali (the "Hainan Transaction") shall be borne by
Kodal and that KMUK is reserving its rights in respect of any claim against
the Company in relation to the US$15 million payment.

Kodal notes that it was not consulted by Hainan on its announcement released
today and that the position stated by Hainan is not consistent with the
discussions and correspondence between the parties and the Mali Government in
connection with the finalisation of the MOU. Kodal's understanding of the
position reached with Hainan is that all parties acknowledged that the US$15
million payment would be borne by KMUK.

Further announcements will be made as appropriate.

 

**ENDS**

 

For further information, please visit www.kodalminerals.com
(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 Limited, Joint Broker

 James Asensio/Charlie Hammond                                         Tel: 0207 523 4680

 Burson Buchanan, Financial PR

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

                                                                       kodal@buchanancomms.co.uk (mailto:kodal@buchanancomms.co.uk)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCKELBBZFLLFBB