What does Kodal Minerals do?
Kodal Minerals PLC (LON:KOD) is a junior explorer with a focus on West Africa, and in particular lithium and gold. The company is run by experienced exploration geologist Bernard Aylward, helped by mining engineer Luke Bryan, who has 20 years’ experience in the business, and Robert Wooldridge, who is a partner in UK broking house SP Angel.
What Kodal Minerals owns
The company’s primary focus is on the Bougouni lithium project in Southern Mali. Recent resources drilling has returned attractive lithium grades, and will be used in the compilation of a new JORC resource. An environmental and social impact assessment (ESIA) is currently underway.
Kodal also owns the 109 square kilometre Diendio project, which is comprised of three contiguous licence areas located approximately 280 kilometres south of Bamako, the capital of Mali. Access to the project is by sealed road from Bamako, then good access throughout the licence area by local road and track.
Kodal also holds a highly prospective suite of gold assets in Mali and Cote D’Ivoire.
Active joint ventures in Cote d’Ivoire are ensuring that funds are spent advancing exploration the company’s projects without detracting from the focus on Bougouni.
How it is doing
The year ended in March was closed with cash balances of £1.4mln, while by the end of August cash stood at £570,000, after significant spending on Bougouni.
In October it raised £250,000 to plug a funding gap following the collapse of stockbroker SVS Securities, which went into administration in August defaulting its commitment to buy 250mln shares following an earlier placing.
What the boss says: Bernard Aylward, chief executive
"We are making a lot of advances here [at Bougouni]."
"Our priority is advancing Bouguni at a mining stage... the progress on the ESIA is fantastic."
- JORC resource for Bougouni
- Well-funded, but all junior explorers return to the market for more cash in due course
- Metallurgical test work will provide further detail on the viability of Bougouni
- Design engineering is ongoing for the proposed processing plant