TIDMKOD
RNS Number : 5283T
Kodal Minerals PLC
15 November 2023
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
15 November 2023
Kodal Minerals plc
("Kodal Minerals", "Kodal" or the "Company")
Completion of US$117.75 million Bougouni Lithium Project funding
transaction
and
Investor Presentation
Kodal Minerals, the mineral exploration and development company
focused on lithium and gold assets in West Africa, is pleased to
announce the completion of the funding transaction for US$117.75
million originally announced on 19 January 2023 (the "Funding
Transaction"), paving the way for the opportunity for Kodal to be
the first London-quoted lithium producer .
The Funding Transaction was agreed with Hainan Mining Co.
Limited ("Hainan" or "Hainan Mining") and its wholly owned
UK-incorporated subsidiary Xinmao Investment Co. Limited ("Xinmao"
and together the "Hainan Group"), and provides full funding for the
development and commencement of production at the Bougouni Lithium
Project in Mali ("Bougouni" or the "Project"), as well as
supporting ongoing exploration and development programmes designed
to continue the expansion of the Project.
Bougouni is an advanced lithium project which has a mining
permit for an initial twelve-year period, renewable in ten-year
blocks until all resources are mined, covering 97 km(2) of highly
prospective lithium deposits, which to date has a JORC Mineral
Resource Estimate of 31.9Mt of Li(2) O at 1.06%. Bougouni will be
developed through a two-stage development strategy: Stage 1 through
processing ore from the Ngoualana deposit through a Dense Media
Separation ("DMS") process plant (currently under construction);
and Stage 2 through processing ore from the Boumou and
Sogola-Baoulé deposits through a flotation plant.
The Funding Transaction consists of a US$17.75 million equity
subscription by the Hainan Group into Kodal, with these new
ordinary shares having been admitted to trading on AIM today. As a
result, the Hainan Group now holds 14.72% of the issued share
capital of the Company. The Funding Transaction also includes a
US$100 million investment into Kodal's UK subsidiary company, Kodal
Mining UK Limited ("KMUK"), by the Hainan Group, primarily to
provide the financing to construct the Bougouni lithium production
operation. KMUK is 49% owned by Kodal and 51% by the Hainan
Group.
Investor presentation
The management of Kodal will hold an online presentation today,
Wednesday, 15 November 2023 at 9:00am GMT. The presentation will be
hosted on the Investor Meet Company platform. Those interested in
joining the online presentation can do so using the following
link:
https://www.investormeetcompany.com/kodal-minerals-plc/register-investor
Commenting on the completion of the Funding Transaction, Bernard
Aylward, CEO of Kodal Minerals, stated:
"This is a major milestone in our progress towards the
construction of Bougouni and becoming a producer of high-grade
lithium spodumene concentrates. Throughout the process of
completing the Funding Transaction, Kodal and the Hainan Group
worked closely together to advance key project development
activities whilst completing all necessary conditions precedent to
finalise the funding. We have developed a strong relationship with
the Hainan Group and we will work together to achieve our shared
goal of production within twelve months from now.
"An active work programme has been planned for Bougouni, with
Kodal's Operations Director, Steve Zaninovich, and Hainan's
technical representative, Jerry Gao, currently finalising the
design of the DMS operations at the Johannesburg offices of our
engineering consultant DRA Global, and commencing the procurement
of long lead items. In Mali, our development team, led by our
General Manager, Yushen Caiy, is building our internal capacity for
the construction phase and future operations of Bougouni, whilst
continuing with the access road development and site preparations
which commenced in October 2023.
"We are also looking to the future with an exploration programme
proposed for further drilling at the Boumou prospect as a priority,
in addition to further drilling and assessment of the many
pegmatite bodies already identified within our mining licence
area".
Further Information
Kodal Subscription Agreement
To finalise the Kodal Subscription agreement, the Company
received US$17.75 million (approximately GBP14.5 million) from the
Hainan Group and the Hainan Group has been issued with
2,937,801,971 new ordinary shares of 0.03125 pence each in the
capital of the Company (the "New Ordinary Shares") at a price of
0.4912 pence per New Ordinary Share in accordance with the terms of
the Funding Transaction. As stated in the Company's announcement on
14 November 2023, all funds for the Subscription have been received
and the New Ordinary Shares were admitted to trading on AIM today,
15 November 2023. The Hainan Group, and registered holder Xinmao
have agreed to not dispose of any New Ordinary Shares for a period
of 12 months following Admission and, for a further period of 12
months, to only dispose of the New Ordinary Shares through the
Company's broker(s) on an orderly market basis.
KMUK Funding
As announced on 14 November 2023, the funds for the Hainan Group
investment into KMUK have been received in KMUK's bank account. The
KMUK project team has prepared a development plan and budget to be
presented to the KMUK Board for approval. This plan will allow the
commencement of ordering major items such as the proposed DMS
modular units and crushing circuits. These are critical items to
secure in order to achieve our fast-track development timeline.
KMUK have commenced an update to the Ngoualana open pit
optimisation plan following expansion of the Mineral Resource
estimate (refer to announcement of 14 November 2023) and associated
mine design that will provide the project team with the information
necessary to procure a mining contractor for the mining and site
earthworks required for the construction works to commence.
**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/Vivek Bhardwaj/Nick Harriss Tel: 020 3328
5656
SP Angel Corporate Finance LLP, Financial
Adviser & Joint Broker Tel: 020 3470
John Mackay/Adam Cowl 0470
Canaccord Genuity Limited, Joint Broker
James Asensio/Gordon Hamilton Tel: 0207 523
4680
Buchanan, Financial PR
Bobby Morse/Oonagh Reidy Tel: +44 (0)20
7466 5000
kodal@buchanancomms.co.uk
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END
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