REG - Kodal Minerals PLC - Steven Zaninovich Appointed as Operations Director

Kodal MineralsAnnouncement

27/07/2022 07:16

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RNS Number : 8383T  Kodal Minerals PLC  27 July 2022

27 July 2022

Kodal Minerals plc

('Kodal Minerals' or the 'Company')

Steven Zaninovich Appointed to the Board as Operations Director

Kodal Minerals, the mineral exploration and development company focused on
lithium and gold assets in West Africa, is pleased to announce the appointment
of Mr Steven Zaninovich to the Board as Operations Director, effective from 1
August 2022. Mr Zaninovich has been steering the development of the Company's
flagship Bougouni Lithium Project in southern Mali ("Bougouni") through his
role as Project Manager since November 2018.

Mr Zaninovich brings to the Board more than 30 years of experience in the
mining industry together with extensive knowledge of West Africa, having
worked as Chief Operating Officer with Gryphon Minerals ("Gryphon") and Vice
President of Major Projects at Teranga Gold Corporation, where he was also
part of the Executive Management Team following its acquisition of Gryphon.

An engineer by trade, Mr Zaninovich's career has encompassed all stages of the
project development life cycle including feasibility, construction, operations
and maintenance.  In particular, his experience in the successful delivery
and commissioning of a number of mining projects, including the Bald Hill
Lithium Project in Western Australia, an active lithium mine, will be
invaluable as Kodal continues to advance the Bougouni Lithium Project to
development and construction.  Mr Zaninovich is a Member of the Australasian
Institute of Mining and Metallurgy.

Bernard Aylward, CEO of Kodal Minerals, commented:

 "We are delighted to appoint Steve to the Board, who has worked with Kodal
since 2018 as Project Manager on the Bougouni Lithium Project.  Steve has
performed exceptionally well in this role as a key part of the team that has
successfully achieved the environmental permitting and completed and recently
updated an extensive Feasibility Study that supported approval of the Bougouni
mining licence.

Steve is a high calibre and experienced mining professional and we welcome his
experience and guidance as we look to enter the critical phase of development
of our project.  Steve has worked closely with the Board over these recent
years and we look forward to his assistance as an Executive Board member as we
continue to work together to realise the full potential of the Bougouni
project and Kodal Minerals as a whole."

Following Mr Zaninovich's appointment, the Board of Kodal will be composed of
five members: Non-executive Chairman Robert Wooldridge, Chief Executive
Officer Bernard Aylward, Operations Director Steve Zaninovich and
Non-executive Directors Charles Joseland and Qingtao Zeng.

 

The following information is disclosed pursuant to Rule 17 of the AIM Rules
for Companies.

 

Steven ("Steve") Evan Zaninovich, aged 54, is, or has been, a director of the
following companies during the previous five years:

 

 Current directorships/partnerships  Past directorships/partnerships
 Mako Gold Limited                   Indiana Resources Limited

 Bellavista Resources Ltd            Mukuyu Resources Limited

 Canyon Resources Limited            Indiana Developments Pty Ltd (dissolved)

 Maximus Resources Limited

 Sarama Resources Ltd.

 Zivvo Pty Ltd

 MXR Minerals Pty. Ltd.

 

Mr Zaninovich has a total beneficial interest in 7,142,857 ordinary shares of
0.03125p each in the Company ("Ordinary Shares"). In addition, he has a
beneficial interest in warrants over new Ordinary Shares as set out below:

 Exercise Price per Share  Vested in Nov 2018  Vested in Nov 2021  Vest on commercial production from Bougouni  Total
 0.14p                     13,333,333          16,666,667          30,000,000                                   60,000,000
 0.25p                     13,333,333          16,666,667          30,000,000                                   60,000,000
 0.38p                     13,333,333          16,666,667          30,000,000                                   60,000,000
 Total                     39,999,999          50,000,001          90,000,000                                   180,000,000

 

Each warrant is exercisable into one Ordinary Share of the Company and has a
life of five years from vesting.

 

In addition, an incentive programme has been agreed and Mr Zaninovich (or his
nominee) has been granted the following Options and Performance Share Rights:

 Vesting criteria                                                                Options                          Performance Share Rights
                                                                                 Exercise Price      Number
 Securing of finance for the Bougouni mine                                       £0.00280p           47,500,000   25,000,000  capped at £250,000 value
 Receipt of funds from first sale of spodumene concentrate from Bougouni within  £0.00325p           52,500,000   25,000,000  capped at £250,000 value
 18 months of receipt of finance
 Production of 175,000 tonnes of spodumene concentrate from Bougouni             £0.00380p           70,000,000   25,000,000  capped at £250,000 value
 Total                                                                           £0.00335p average   170,000,000  75,000,000 total capped at £750,000 value

 

Each Option is exercisable into one Ordinary Share of the Company and has a
life of five years from vesting.

 

Under the terms of the Performance Share Rights, subject to the vesting
conditions being satisfied, Mr Zaninovich may call for the applicable number
of Ordinary Shares as set out in the table above to be issued to him at any
time within five years of the vesting condition being met and upon payment by
him of the nominal value for the Ordinary Shares. The number of Ordinary
Shares that can be issued under each tranche of the Performance Share Right is
capped at a monetary value of the Ordinary Shares at the time the relevant
vesting criteria is achieved. Accordingly, the final number of Ordinary Shares
that may be issued following each vesting criteria being met will be
calculated as the 10 day volume weighted average price of the Company's
Ordinary Shares over the period of five business days prior to the vesting
criteria being met and the subsequent five business days. In the event of a
change of control of the Company, 50 per cent. of any unvested Performance
Share Rights will vest immediately, provided that the Company's share price at
the time of the change of control exceeds 0.24 pence, being the share price
when the awards were made.

 

The terms of these Performance Rights are similar to those granted to other
members of Kodal's management team in August 2021.

 

 

**ENDS**

 

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/Liz
Kirchner
Tel: 020 3328 5656

 

SP Angel Corporate Finance LLP, Financial Adviser & Broker

John Mackay/Adam
Cowl
Tel: 020 3470 0470

 

St Brides Partners Ltd, Financial PR

Susie Geliher/Ana Ribeiro
 
Tel: 020 7236 1177

 

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