Kodal Minerals PLC – Interim Results

Kodal Minerals PLC – Interim Results

Kodal Minerals Plc (“Kodal Minerals” or the “Company” and, with its subsidiaries, the “Group”), the mineral development and exploration company focused on its Bougouni Lithium project in southern Mali, announces to shareholders today its unaudited interim results for the six month period ended 30 September 2019.

 

Overview:

·    Environmental Permit for the development of the Bougouni Lithium project granted post period in November 2019, following completion of Environmental and Social Impact Assessment (“ESIA”);

·    Bulk sample of 800 tonnes of Ngoualana prospect lithium mineralisation arrived in China for process testing on production scale programme;

·    Open pit mine scheduling and process plant design complete and technical reports for Mining Licence application near finalisation. Application expected to be submitted in December 2019;

·    New exploration licences of Fariedele and Sogola Nord granted covering approximately 150km2 within the Bougouni project and registered directly in the names of Kodal Minerals’ subsidiaries. The licences provide certainty of title for a further seven years; and

·    All licences of the Bougouni Lithium project now registered in Kodal Minerals’ subsidiary company names covering a total area of approximately 350km2.

 

Bernard Aylward, CEO of Kodal Minerals, said: “Kodal Minerals is focused on the development of the Bougouni Lithium project in southern Mali, West Africa.  The Company has continued to advance to our objective and critically we received our Environmental Permit for the development of the project in November 2019.  This permit was granted following the extensive ESIA that had been undertaken by the Company, and had received strong support from the local community, stakeholders and Government officials.  The granting of the Environmental Permit is the first approval required and needed to be received prior to the Company lodging its Mining Licence application.

 

“The Company has undertaken extensive mining and engineering studies to support the preparation of a Mining Licence application for the Bougouni Lithium project and intends to lodge this as soon as possible.  The final technical reports are under review and translation to be attached as appendices to the application with key areas of metallurgical testing and mineral processing, process plant engineering and open pit mine optimisation and scheduling completed.

 

“In November 2019 the bulk sample of lithium mineralisation from the Ngoualana prospect (within the Bougouni project) arrived at the processing plant in the Shandong province of China.  The bulk sample will be tested at a production plant with a processing flowsheet and design layout similar to the plant proposed for our Bougouni Lithium project.  This testing will provide valuable first-hand knowledge of the behaviour of the mineralisation to crushing and processing and will allow the Company to make final updates to the process design prior to undertaking construction.  The bulk sample will be treated when there is availability at the processing plant, with a full report and analysis of the treatment expected in the New Year.

 

“Kodal Minerals continues to monitor the security of its tenure over the whole Bougouni Lithium project and, as part of the ongoing work with the Mali Government, has secured new licences valid for up to a further seven years and now have all licences within the Bougouni project registered in the names of its subsidiary companies.”

 

Chairman’s Statement

 

Kodal Minerals continues to make great strides towards our goal of developing the Bougouni Lithium project.  The recent receipt of the Environmental Permit post period is very positive for the Company and is a reflection of the dedicated focus of our technical team as well as the support of our consultants who all contributed greatly to this effort.  The granting of the Environmental Permit follows the completion of the ESIA that involved environmental monitoring and research as well as extensive community and Government engagement.  The successful result highlights Kodal Minerals strong relationships in Mali that our team continues to develop.

 

The next stage of our progress is achieving the granting of a Mining Licence to develop the Bougouni Lithium project.  The Company has continued to finalise its application lead by our Project Manager Steve Zaninovich and a team of expert mining consultants to ensure that we achieve the best possible outcome for the future mining operation. 

 

The Company expects to achieve a fully permitted Bougouni Lithium project in the first half of 2020 and looks forward to providing regular updates to shareholders of all activities surrounding our project and development work.

 

Robert Wooldridge

Non-Executive Chairman

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