Kodal Minerals PLC (AIM:KOD) and Hainan Mining have approved an extension of the previously agreed deadline for the Bouguoni lithium funding package to 31 October 2023.
A restructuring of the company's Mali subsidiary entities that hold the lithium interests has also been completed, it added.
Bernard Aylward, Kodal Minerals' chief executive, said: "Kodal and Hainan continue to work together to finalise the funding transaction and during September 2023 the parties completed site visits to Mali and had discussions with Mali Government officials regarding the development of the Bougouni Lithium mine.
“The parties involved have continued to receive strong support for the development and acknowledgement of the good standing of the Bougouni Mining (Exploitation) licence and the ability of the parties to commence development.
"The parties have commenced site work, beginning with road upgrades to provide access for the start of construction of site infrastructure.
“Kodal is working with Hainan executives on site as the parties finalise the planning for the development of the Bougouni Lithium mine."