Kodal Minerals, the mineral exploration and development company focused on its Bougouni Lithium Project in southern Mali (the ‘Project’, ‘Bougouni’, or the ‘Bougouni Project’), is pleased to announce its audited final results for the year ended 31 March 2019.
The Company’s Annual Report and Accounts is being posted to shareholders later this week and will be made available on the Company’s website www.kodalminerals.com. It will contain notice of the Annual General Meeting of the Company to be held at 12.00pm on Monday 30 September 2019 at Fieldfisher LLP, 9th Floor, Riverbank House, 2 Swan Lane, London, EC4R 3TT.
I am pleased to present the Annual Report of Kodal Minerals plc (“Kodal” or the “Company” and together with its subsidiaries the “Group”) for the year ended 31 March 2019.
This has been a very significant year for the Group with our focus on advancing our flagship Bougouni Lithium Project in southern Mali towards development. We have completed and documented all technical and social requirements for our Environmental and Social Impact Assessment (“ESIA”) and lodged this report with the environmental control department within the Mali government in August 2019. There is now a process of review and discussion with the government department following which an updated and final EISA report will be submitted with a final decision to be delivered within the statutory 45-day approval period from this final submission date. The Group has developed strong relations with the local community and relevant government departments, and this is reflected in the very positive feedback the Group has received to its activities at, and plans for, the Bougouni Lithium Project.
Importantly, in addition to the ESIA, the Group has been continuing to work towards completing the feasibility study for the development of a mining and processing operation at Bougouni to support the Group ‘s application for a mining licence. The feasibility work is based on the updated JORC Mineral Resource estimate that was announced in March 2019 as well as extensive engineering reviews, processing assessments and metallurgical studies undertaken by the Group utilising leading consultants with expertise in lithium mining and processing. The metallurgical test work programme has taken longer to complete than initially expected as the Group has expanded the testing to de-risk the project as we look to finalise the preferred processing plant design. These activities have been overseen by our Project Manager Steve Zaninovich who was appointed in November 2018. This has been a key appointment for Kodal as we look to transition to a development and mining company. The feasibility study will form the basis of our submission for a mining licence at Bougouni, which we expect to file before the end of 2019.
The Group has continued with a limited exploration work programme to seek to expand the JORC resource at Bougouni as well as target new exploration targets both at Bougouni and within the new “Bougouni West” licence areas acquired in January 2019.
In addition to our technical work, the Company has strengthened its Board of Directors as it looks to evolve into a development and mining company. The appointment of Charles Joseland as non-executive director and Chair of our Audit and Risk Committee adds extensive corporate, accounting and financial experience to our team, and the appointment of Mark Pensabene as a non-executive director further adds current technical expertise in lithium mine development. The Board would also like to thank Luke Bryan, who stepped down as a director after the year end, for all his efforts on behalf of the Company.
The Group has continued to maintain its suite of West African gold projects and has been able to announce an update of successful gold exploration by our Joint Venture partner in Cote d’Ivoire and we look forward to reporting further exploration results.
Kodal has been able to maintain its funding through the support of its shareholders and we look forward to being able to report back to you during the year as our Group proceeds through the approval and permitting phase of the Bougouni Lithium Project and then the exciting phase of project development and mining.