Kodal Minerals PLC (AIM:KOD) chief executive Bernard Aylward speaks to Thomas Warner from Proactive after the mineral exploration and development company announced the agreement of an extension to the deadline to complete the Bougouni lithium project funding package with Hainan Mining.
Aylward explains that Kodal Minerals has extended its long stop date by another month to finalise the funding agreement. The collaboration is set to fully fund the project's development and inject capital into Kodal Minerals PLC for future growth.
While Aylward describes the need for an extension disappointing, he says that both parties are dedicated to making the transaction a reality.
Aylward clarified that the hold-up primarily pertains to compliance items during the restructure of subsidiary family companies.
Despite this delay, the company is actively advancing the project, using the $3.5 million prepayment received from Hainan Mining for key activities like engineering design, mineral resource estimates, and consulting with authorities.
Additionally, Aylward mentioned positive relations with the new Minister of Mining in Mali, Professor Amadou Keita, who has expressed support for Kodal Minerals' project.