REG - Kodal Minerals PLC - Interim Results
23/12/2022 07:00
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RNS Number : 6837K Kodal Minerals PLC 23 December 2022
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ("MAR"). With the publication of this announcement via a
Regulatory Information Service, this inside information is now considered to
be in the public domain.
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
23 December 2022
Kodal Minerals plc ('Kodal', 'Kodal Minerals' or the 'Company')
Interim Results
Kodal Minerals plc, the mineral development and exploration company focused on
its Bougouni Lithium Project ('Bougouni', the 'Bougouni Project' or the
'Project') in southern Mali, announces its unaudited interim results for the
six months ended 30 September 2022.
Overview:
Bougouni Lithium Project
The Company has continued to look for and review opportunities to accelerate
the development of the Bougouni Project so that it can take advantage of the
near-term high price environment in the lithium market.
To this end, the Company is proposing the development of the Project through a
faster and lower capital cost dense media separation ("DMS") processing plant
option, with lithium ore sourced from the Ngoualana deposit which, due to its
coarse grain properties, delivers high DMS recoveries.
Once financing is secured, the Kodal team will progress to construction and
commissioning of the plant. The expected capital cost of the DMS plant of
US$65 million compares favourably to the previously published Feasibility
Study update in June 2022 which showed a capital cost of over US$154 million
for operations based on a flotation plant.
The DMS strategy allows the Company to commence production more quickly once
sufficient funding is secured, exploiting the near-term advantage of high
lithium concentrate prices, to generate positive cash flows which can be used
to fund a downstream flotation plant in the future.
Highlights of the DMS option include:
· Capital development cost for the DMS plant and all associated
infrastructure and commencement of mining is estimated at US$65 million,
generating an estimated NPV(7%) of approximately US$557 million (US$420
million post-tax) and, based on full equity funding, a short payback of 2
months from commencement of operations.
· The DMS option is based on:
o processing material from the Ngoualana deposit feeding 1Mtpa of lithium
ore to a DMS processing plant
o utilising a conventional circuit to maximise spodumene recovery of over
130,000 tonnes per annum of spodumene concentrate
o an initial 4 year mine life.
· DMS operation revenue forecast to exceed US$1.05 billion in less than
4 years, based on prevailing broker consensus pricing averaging US$2,080 per
tonne (FOB basis).
· The DMS operation targets production of a 5.5% Li(2)O spodumene
concentrate product which is consistent with other producers currently active
in the market.
· Future expansion of the Project is expected to continue with the
construction and commissioning of a down-stream flotation plant expected to be
supported by utilising the DMS plant cash flows in order to exploit the
resources at Sogola-Baoulé and Boumou, as well as longer term exploration
prospects.
The Company is finalising the engineering and environmental work in connection
with the DMS option to support discussions to secure the funding for the
development of the Bougouni lithium project. This work will be incorporated
in the formal notice to be submitted to the Mali Government for a variation of
commencement of mining ("Change Notification") to be submitted in early 2023
to formally update the Government on the changes associated with the DMS
option. The Company has completed the DMS plant designs, has completed the
tailing storage and concept designs and is finalising the environmental
studies for the variation documents.
The Company is currently undertaking metallurgical testing at the Nagrom
testwork laboratory in Perth, Western Australia, with a programme of
confirmatory testwork to provide additional data related to the ore
characteristics and DMS recovery from the Ngoualana deposit.
Forward Plan
Kodal will progress the formulation of the Change Notification for submission
to the Mali authorities in the coming weeks. It is anticipated that the Change
Notification will be submitted to the Direction Nationale de la Geologies et
des Mines (DNGM) early in the new year.
The exploration upside at Bougouni is positive, with a number of drill ready
targets providing opportunity to expand on both the DMS material and flotation
material. Post period, Kodal announced the appointment of Mr George
Michaelides as Exploration Manager in Mali, to lead the pre-development site
activities, with a focus on investigating opportunities for increasing the
Company's lithium resources. George led the exploration activities which
discovered the lithium resources at Bougouni, and after three-years at
Kinross, has returned to Kodal.
The Ngoualana, Sogola-Baoulé and Boumou pegmatite veins comprise the current
Mineral Resources at Bougouni but represent only three of the ten lithium
spodumene prospects identified to date and highlights the opportunity for the
Company to expand lithium resources across the Company's 350 sq. km project
area.
Company Concessions
The Company is the 100% owner of the Bougouni Project in Mali consisting of
granted concessions. The concessions include the Mining Licence granted
under the 2019 Mining Code and extending over 97.2 sq. km covering the
proposed open-pit mining and processing operation at Bougouni (as announced on
8 November 2021). The Mining Code has provision for a notification of change
which will be required for obtaining approval for the DMS option. Kodal has
conducted initial discussions with the DNGM to seek their endorsement for the
change and has commenced formulating the notification.
On 28 November 2022, the Mali Ministry of Mines announced that it has
suspended the allocation of new mining titles. This does not impact the
Company as all mining licences have been granted and are in good standing.
The Company is free to continue with its development activities unencumbered.
Kodal has maintained the tenure of all other gold project in Mali and Cote
d'Ivoire in good standing and continues to evaluate exploration programmes to
advance these projects.
Bernard Aylward, CEO of Kodal Minerals, said: "Kodal has continued to
undertake studies and engineering work to optimise the development of the
Bougouni project and provide the Company with the opportunity to take
advantage of the high demand, high price lithium market currently
prevailing. By opting for the construction of the DMS plant as the starting
plant, we are increasing our chances of achieving our goal of becoming the
first operational lithium mine in Mali. In addition, the reduced capital, and
operating costs of the DMS development option provides Kodal with a near-term
solution to take full advantage of the continuing buoyant lithium market once
sufficient funding is secured."
"To support the Company's fast track development timeline, Kodal has commenced
building the team that will drive the development and has re-appointed
experienced Exploration Manager George Michaelides. George was responsible
for the Company's initial exploration and drilling programmes at Bougouni,
from which our 21.3Mt Resource was defined. George will be tasked with
expanding our resource base with the objective of extending the life of mine.
"The lithium market remains strong and our Bougouni Project continues to
attract considerable interest. The DMS development option has been well
received by the wider market, and Kodal is progressing discussions with market
operators and potential financing partners. The Company will provide further
updates as discussions progress."
Chairman's Statement
I am pleased to report that Kodal is in a very strong position as it continues
its strategy for the fast-track development of the flagship Bougouni
Project. The Company has demonstrated an extremely attractive economic
outcome with the proposed DMS development of the Bougouni Project and is
continuing with negotiations for financing and ongoing support of the
development. The Company is very well placed to become a significant
producer of high demand lithium spodumene concentrate as the Bougouni Project
has all necessary permits in place and the Company has maintained the
continued support of the Mali Government and regional officials for the mine's
development.
The very strong lithium market has continued throughout 2022 with the current
broker consensus for the sale price of spodumene concentrate at above US$5,000
per tonne. This compares favourably with the life of mine average concentrate
price used in the assessment of the fast track DMS proposal of US$2,080/t for
spodumene concentrate. The Company has always maintained a conservative
approach in its studies to ensure that the proposed development is viable and
provide confidence in meeting and potentially exceeding our economic targets.
In the 6-month period ended 30 September 2022, the Group has recorded a loss
of £490,856 compared to losses of £373,000 for the 6 months to 30 September
2020 and £903,000 for the year to 31 March 2022.
Cash balances as at 30 September 2022 were £2,628,334 compared to £3,085,000
at 30 September 2021 and £1,046,000 at 31 March 2022. Cash as at 21
December 2022 was £1,821,000.
Kodal continues to monitor the lithium market and we note the strong increase
in demand for our proposed product that is underpinned by a supply deficit as
well as a major increase in the battery market and in particular the uptake of
electric vehicles ("EVs"). The consensus view is that this supply gap will
remain for the next few years and Kodal is well positioned to enter the market
in a very positive phase.
I look forward to reporting on our progress in the Company's Annual Report for
the year ending 31 March 2023.
Robert Wooldridge
Non-Executive Chairman
Contact details:
For further information, please visit 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 / Nick Harriss / Vivek Bhardwaj Tel: 020 3328 5656
SP Angel Corporate Finance LLP, Financial Adviser & Joint Broker
John Mackay / Laura Harrison Tel: 020 3470 0470
Canaccord Genuity UK Limited, Joint Broker
James Asensio/Gordon Hamilton Tel: 0207 523 4680
St Brides Partners Ltd, Financial PR Tel: 020 7236 1177
Susie Geliher / Ana Ribeiro
KODAL MINERALS PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 September 30 September 31 March
2022 2021 2022
£ £ £
Continuing operations
Revenue - - -
Administrative expenses (368,850) (226,153) (540,655)
Share based payments (122,006) (124,781) (342,876)
OPERATING LOSS (490,856) (350,934) (883,531)
Finance costs - (22,330) (19,556)
LOSS BEFORE TAX (490,856) (373,264) (903,087)
Taxation - - -
LOSS FOR THE PERIOD/YEAR (490,856) (373,264) (903,087)
OTHER COMPREHENSIVE INCOME
Items that may be subsequently reclassified to profit and loss
Currency translation (loss)/gain 259,162 61,298 (108,167)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD/YEAR (231,694) (311,966) (1,011,254)
Loss per share
Basic and diluted - loss per share on total earnings - pence per share 3 (0.0029) (0.0024) (0.0057)
KODAL MINERALS PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
Unaudited Unaudited Audited
as at as at as at
30 September 30 September 31 March
2022 2021 2022
Note £ £ £
NON-CURRENT ASSETS
Intangible assets 6 12,788,905 9,994,766 11,442,403
Property, plant and equipment 7 1,356 6,889 3,309
12,790,261 10,001,655 11,445,712
CURRENT ASSETS
Other receivables 18,700 11,631 5,769
Cash and cash equivalents 2,628,334 3,085,708 1,045,515
2,647,034 3,097,339 1,051,284
CURRENT LIABILITIES
Trade and other payables (598,543) (592,143) (406,341)
TOTAL LIABILITIES (598,543) (592,143) (406,341)
NET ASSETS 14,838,752 12,506,851 12,090,655
EQUITY
Attributable to owners of the parent:
Share capital 10 5,282,416 4,941,475 4,947,595
Share premium account 10 18,456,035 15,874,194 15,933,071
Share based payment reserve 1,272,684 932,583 1,150,678
Translation reserve (59,466) (149,162) (318,627)
Retained deficit (10,112,917) (9,092,239) (9,622,062)
TOTAL EQUITY 14, 838,752 12,506,851 12,090,655
KODAL MINERALS PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Share capital Share premium account Retained deficit Total equity
Share based payments reserve Translation
reserve
£ £ £ £ £
At 31 March 2021 (audited) 4,916,364 15,841,134 807,802 (210,460) (8,718,975) 12,635,865
Comprehensive income
Loss for the period - - - - (373,264) (373,264)
Currency translation gain - - - 61,298 - 61,298
Total comprehensive income for the period - - - 61,298 (373,264) (311,966)
Transactions with owners
Proceeds from shares issued 25,111 33,060 - - - 58,171
Share based payment - - 124,781 - - 124,781
At 30 September 2021 (unaudited) 4,941,475 15,874,194 932,583 (149,162) (9,092,239) 12,506,851
Comprehensive income
Loss for the period - - - - (529,823) (529,823)
Currency translation gain - - - (169,465) - (169,465)
Total comprehensive income for the period - - - (169,465) (529,823) (699,288)
Transactions with owners
Proceeds from shares issued 6,120 58,877 - - - 64,997
Share based payment - - 218,095 - - 218,095
At 31 March 2022 (audited) 4,947,595 15,933,071 1,150,678 (318,627) (9,622,062) 12,090,655
Comprehensive income
Loss for the period - - - - (490,855) (490,855)
Currency translation gain - - - 259,161 - 259,161
Total comprehensive income for the period - - - 259,161 (490,855) (231,694)
Transactions with owners
Proceeds from shares issued 334,821 2,522,964 - - - 2,857,785
Share based payment - - 122,006 - - 122,006
At 30 September 2022 (unaudited) 5,282,416 18,456,035 1,272,684 (59,466) (10,112,917) 14,838,752
KODAL MINERALS PLC
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
Unaudited Unaudited Audited
6 months to 6 months to Year ended 31 March
30 September 30 September 2022
2022 2021
£ £ £
Cash flows from operating activities
Loss before tax (490,856) (373,264) (903,087)
Adjustments for non-cash items:
Finance costs - 22,330
Share based payments 122,006 124,781 342,876
Operating cash flow before movements in working capital (368,850) (226,153) (560,211)
Movement in working capital
(Increase)/decrease in receivables (12,931) 13,494 10,244
Increase/(decrease) in payables 192,202 (54,804) (218,275)
Net movements in working capital 179,271 41,310 (208,031)
Net cash outflow from operating activities (189,579) (267,463) (768,242)
Cash flows from investing activities
Purchase of tangible assets - (1,600) (1,600)
Purchase of intangible assets (1,045,662) (954,842) (2,474,768)
Net cash outflow from investing activities (1,045,662) (956,442) (2,476,368)
Cash flow from financing activities
Net proceeds from share issues 2,857,785 1,887,954 1,962,064
Net cash inflow from financing activities 2,857,785 1,887,954 1,962,064
Increase/(decrease) in cash and cash equivalents 1,622,544 664,049 (1,282,546)
Cash and cash equivalents at beginning of the period 1,045,515 2,432,807 2,432,807
Exchange (loss) / gain on cash (39,725) (11,148) (104,746)
Cash and cash equivalents at end of the period 2,628,334 3,085,708 1,045,515
KODAL MINERALS PLC
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
General information
Kodal Minerals plc is a public limited company incorporated and domiciled in
England & Wales. The Company's shares are publicly traded on the AIM
market of the London stock exchange. Kodal Minerals Plc and its subsidiaries
are involved in the exploration and evaluation of mineral resources in West
Africa.
Basis of preparation
These unaudited condensed consolidated interim financial statements for the
six months ended 30 September 2022 were approved by the board and authorised
for issue on 22 December 2022.
The basis of preparation and accounting policies set out in the Annual Report
and Accounts for the year ended 31 March 2022 have been applied in the
preparation of these condensed consolidated interim financial statements.
These interim financial statements have been prepared in accordance with the
historical cost convention and in accordance with International Accounting
Standards in conformity with the requirements of the Companies Act 2006 that
are expected to be applicable to the consolidated financial statements for the
year ending 31 March 2023 and on the basis of the accounting policies expected
to be used in those financial statements.
The figures for the six months ended 30 September 2022 and 30 September 2021
are unaudited and do not constitute full accounts. The comparative figures
for the year ended 31 March 2022 are taken from the 2022 audited accounts,
which are available on the Group's website, and have been delivered to the
Registrar of Companies, and do not constitute full accounts.
The Group has not earned revenue during the period to 30 September 2022 as it
is still in the exploration and development phases of its business. The
operations of the Group are currently being financed from funds which the
Company has raised from the issue of new shares.
The directors have prepared cash flow forecasts for the next 12 months. The
forecast includes the costs of further refining the feasibility study at the
Bougouni Lithium Project, discretionary expenditure on additional targeted
exploration of some of the company's gold assets, and the ongoing overheads of
the Group. The forecast also includes cash inflows from corporate activity
and/or other fundraising transactions of which the directors have a reasonable
expectation of receipt. On this basis, the forecast shows that the Group has
sufficient cash resources available to allow it to continue as a going concern
and meet its liabilities as they fall due for a period of at least 12 months
from the date of the approval of these interim results. Accordingly, the
interims have been prepared on a going concern basis.
KODAL MINERALS PLC
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022
1. SEGMENTAL REPORTING
The operations and assets of the Group are focused in the United Kingdom and
West Africa and comprise one class of business: the exploration and evaluation
of mineral resources. The parent Company acts as a holding company. At 30
September 2022, the Group had not commenced commercial production from its
exploration sites and therefore had no revenue for the period.
Six months to 30 September 2022 (Unaudited) West African Gold West African Lithium Corporate Total
£ £ £ £
Administration expenses (293) (9,986) (358,570) (368,849)
Share based payments - - (122,006) (122,006)
Loss for the period (293) (9,986) (480,576) (490,855)
At 30 September 2022
Trade and other receivables 17,088 806 806 18,700
Cash and cash equivalents 23,049 311 2,604,974 2,628,334
Trade and other payables (4,645) (481,624) (112,274) (598,543)
Intangible assets - exploration and evaluation expenditure 3,068,268 9,720,637 - 12,788,905
Property plant and equipment 338 1,018 - 1,356
Net assets 3,104,098 9,241,148 2,493,506 14,838,752
Six months to 30 September 2021 (Unaudited) West African Gold West African Lithium Corporate Total
£ £ £ £
Administration expenses (1,115) (32) (225,006) (226,153)
Share based payments - - (124,781) (124,781)
Loss for the period (1,115) (32) (349,787) (350,934)
At 30 September 2021
Trade and other receivables - - 11,631 11,631
Cash and cash equivalents 22,106 21,750 3,041,852 3,085,708
Trade and other payables - (298,683) (293,460) (592,143)
Intangible assets - exploration and evaluation expenditure 2,078,176 7,916,590 - 9,994,766
Property plant and equipment 5,484 1,405 - 6,889
Net assets 2,105,766 7,641,062 2,760,023 12,506,851
Year to 31 March 2022 (Audited) West African Gold West African Lithium Corporate Total
£ £ £ £
Finance costs - - (19,556) (19,556)
Administration expenses (866) (1,164) (538,625) (540,655)
Share based payments - - (342,876) (342,876)
Loss for the year (866) (1,164) (901,057) (903,087)
At 31 March 2022 (Audited)
Other receivables - - 5,769 5,769
Cash and cash equivalents 38,481 57,184 949,850 1,045,515
Trade and other payables - (305,382) (100,959) (406,341)
Tangible assets - 3,309 - 3,309
Intangible assets - exploration and evaluation expenditure 2,410,787 - 11,442,403
9,031,616
Net assets 2,449,268 8,786,727 854,660 12,090,655
2. OPERATING LOSS
The operating loss before tax is stated after charging:
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 September 30 September 31 March
2022 2021 2022
£ £ £
Audit services - - 40,000
Share based payment 122,006 124,781 342,876
Directors' salaries and fees 80,530 78,925 167,980
Employer's National Insurance - - 5,980
3. LOSS PER SHARE
Basic loss per share is calculated by dividing the loss for the period
attributable to ordinary equity holders of the parent by the weighted average
number of ordinary shares outstanding during the period.
The following reflects the loss and share data used in the basic EPS
computations:
Loss Weighted average number of shares Basic loss per share (pence)
£
Six months to 30 September 2022 (490,855) 16,715,347,911 0.0029
Six months to 30 September 2021 (373,264) 15,791,967,987 0.0024
Year ended 31 March 2022 (903,087) 15,809,383,877 0.0057
Diluted loss per share is calculated by dividing the loss attributable to
ordinary equity holders of the parent by the weighted average number of
ordinary shares outstanding during the period plus the weighted average number
of ordinary shares that would be issued on conversion of all the dilutive
potential ordinary shares into ordinary shares. Options in issue are not
considered diluting to the earnings per share as the Group is currently loss
making. Diluted loss per share is therefore the same as the basic loss per
share.
4. SHARE BASED PAYMENTS
The share-based payment reserve is used to recognise the value of
equity-settled share-based payments provided to employees, including key
management personnel, as part of their remuneration.
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 September 30 September 31 March
2022 2021 2022
Share options outstanding
Opening balance 250,000,000 205,000,000 205,000,000
Issued in the period 640,000,000 45,000,000 45,000,000
Lapsed in the period (85,000,000) -
Closing balance 805,000,000 250,000,000 250,000,000
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 September 30 September 31 March
2022 2021 2022
Performance share rights outstanding
Opening balance 175,000,000 - -
Issued in the period 75,000,000 175,000,000 175,000,000
Lapsed in the period - - -
Closing balance 250,000,000 175,000,000 175,000,000
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 September 30 September 31 March
2022 2021 2022
Share warrants outstanding
Opening balance 205,000,000 285,355,663 285,355,663
Issued in the period - - -
Exercised in the period - (80,355,663) (80,355,663)
Closing balance 205,000,000 205,000,000 205,000,000
Options, performance share rights and warrants issued in the period to 30
September 2022
On 27 July 2022 the Company granted Performance Share Rights of up to
75,000,000 ordinary shares to Steven Zaninovich. The Performance Share
Rights carry vesting conditions that are linked to achievement of the
following milestones critical to the development of the Bougouni Project:
· Securing of finance for the Bougouni mine
· Receipt of funds from first sale of spodumene concentrate from
Bougouni within 18 months of receipt of finance
· Production of 175,000 tonnes of spodumene concentrate from Bougouni
Subject to the vesting conditions being satisfied, the holders of the
Performance Share Rights may call for Ordinary Shares to be issued to them at
any time within five years of the vesting condition being met and upon payment
by them of the nominal value for the Ordinary Shares:
On 18 August 2022 the Company granted Share Options to certain directors and
senior management in accordance with its Management Incentive Award Plan.
Options over 130,000,000 Ordinary Shares were issued to Bernard Aylward and
over 25,000,000 to Mohamed Niaré (Country Manager). The Share Options are
exercisable at between 0.3 pence and 0.38 pence per share and carry vesting
conditions that are linked to the achievement of the following milestones
critical to the development of the Bougouni Project:
· Securing of finance for the Bougouni mine and completion of all Mali
Government Agreements, Update and Variation of Mining Licence and Environment
permitting in relation to the Project
· Receipt of funds from first sale of spodumene concentrate from
Bougouni within 18 months of receipt of finance
· Production of 175,000 tonnes of spodumene concentrate from Bougouni
On 18 August 2022, options over Ordinary Shares were granted to Robert
Wooldridge (Chairman), Charles Joseland (Non-Executive Director) and Qingtao
Zeng (Non-Executive Director). as set out in the table below. The Share
Options will vest in equal tranches with the first one third vesting
immediately and exercisable at £0.0030 per share, and the remaining two
thirds vesting in two equal tranches on the first and second anniversaries of
the grant and exercisable at £0.0034 per share.
Recipient
Share Option Awards
Robert Wooldridge 100,000,000
options
Charles Joseland
75,000,000 options
Qingtao
Zeng
130,000,000 options
5. TAXATION
There is no taxation charge for the period to 30 September 2022 (6 months to
30 September 2021: £nil, year to 31 March 2022: £nil) as the group continues
to incur losses.
No deferred tax asset has been recognised in respect of losses as the timing
of their utilisation is uncertain at this stage.
6. INTANGIBLE ASSETS
Exploration and evaluation
£
COST
8,964,089
At 31 March 2021
Additions in the period 958,344
Effects of foreign exchange 72,333
9,994,766
At 30 September 2021
Additions in the period 1,588,342
Effects of foreign exchange (140,705)
11,442,403
At 31 March 2022
Additions in the period 1,047,742
Effects of foreign exchange 298,760
12,788,905
At 30 September 2022
AMORTISATION
-
At 31 March 2021 and 30 September 2021 and 31 March 2022 and 30 September 2022
NET BOOK VALUES
At 30 September 2022 (Unaudited) 12,788,905
At 30 September 2021 (Unaudited) 9,994,766
At 31 March 2022 (Audited) 11,442,403
7. PROPERTY, PLANT AND EQUIPMENT
Plant and machinery
£
COST
26,079
At 31 March 2021
Additions in the period 1,600
Effects of foreign exchange 114
27,793
At 30 September 2021
Additions in the period -
Effects of foreign exchange (160)
At 31 March 2022 27,633
Additions in the period -
Effects of foreign exchange (127)
At 30 September 2022 27,761
DEPRECIATION
At 31 March 2021 17,402
Charge for the period 3,502
20,904
At 30 September 2021
Charge for the period 3,420
24,324
At 31 March 2022
Charge in the period 2,081
At 30 September 2022 26,405
NET BOOK VALUES
At 30 September 2022 (Unaudited) 1,356
At 30 September 2021 (Unaudited) 6,889
At 31 March 2022 (Audited) 3,309
8. SUBSIDIARY ENTITIES
The consolidated financial statements include the following subsidiary
companies:
Country of Equity holding Nature of
Company Subsidiary of incorporation Business
Kodal Norway (UK) Limited Kodal Minerals Plc United Kingdom 100% Dormant company
International Goldfields (Bermuda) Limited Kodal Minerals Plc Bermuda 100% Holding company
International Goldfields Mali SARL International Goldfields (Bermuda) Limited Mali 100% Mining exploration
International Goldfields Cȏte d'Ivoire SARL International Goldfields (Bermuda) Limited Cȏte d'Ivoire 100% Mining exploration
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9. ORDINARY SHARES
Allotted, issued and fully paid:
Nominal Value Number of Ordinary Shares Share Capital Share Premium
£ £
At 30 September 2021 15,812,719,175 4,941,475 15,874,194
November 2021 (a) 19,583,212 6,120 58,877
At 31 March 2022 15,832,302,387 4,947,595 15,933,071
May 2022 (b) 1,071,428,569 33,821 2,522,964
At 30 September 2022 16,903,730,956 5,282,416 18,456,035
Share issue costs have been allocated against the Share Premium account.
Notes:
a) On 5 November 2021, a total of 19,583,212 shares were issued pursuant
to the Company's agreement with Bambara Resources SARL at 0.3319p per share.
b) On 4 May 2022, raised £3,000,000 (before expenses) via a
subscription for 130,142,857 shares and a placing of 941,285,712 shares at a
price of 0.28 pence per share.
10. RELATED PARTY TRANSACTIONS
Transactions with related parties
Robert Wooldridge, a Director, is a member of SP Angel Corporate Finance LLP
("SP Angel") which acts as financial advisor and broker to the Company.
During the six months to 30 September 2022, SP Angel received fees of
£157,005 (6 months to 30 September 2021: £15,000, year to 31 March 2022:
£30,000). The balance due to SP Angel at 30 September 2022 was £nil (30
September 2021: £nil, 31 March 2022: £nil).
Matlock Geological Services Pty Ltd ("Matlock"), a company wholly owned by
Bernard Aylward, a Director, provided consultancy services to the Group during
the six months to 30 September 2022 and received fees of £61,754 (6 months to
30 September 2021: £48,563, year to 31 March 2022: £97,450). The balance
due to Matlock at 30 September 2022 was £13,270 (30 September 2021: £nil,
31 March 2022: £nil).
Geosmart Consulting Pty Ltd ("Geosmart"), a company wholly owned by Qingtao
Zeng, a Director, provided consultancy services to the Group during the six
months to 30 September 2022 and received fees of £18,948 (6 months to 30
September 2021: £7,165, year to 31 March 2022: £27,136). The balance due
to Geosmart at 30 September 2022 was £10,311 (30 September 2021: £nil, 31
March 2022: £nil).
Zivvo Pty Ltd ("Zivvo"), a company wholly owned by Steven Zaninovich, a
Director, provided consultancy services to the Group. Steven Zaninovich was
appointed as a Director on 1 August 2022 and between that date and 30
September 2022, Zivvo received fees of £37,370. The balance due to Zivvo at
30 September 2022 was £37,370.
11. CONTROL
No one party is identified as controlling the Group.
12. EVENTS AFTER THE REPORTING PERIOD
There are no significant events to report subsequent to the reporting period
end.
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