Kodal Minerals PLC (LON:KOD) made a £255,000 loss in the six months to September 30, 2020, down from the £339,000 loss it booked for the corresponding period a year earlier.
Cash as at September 30, 2020, was £870,000. Cash as at October 31, 2020, was £1,316,000, following a further fundraise.
During the period Kodal continued with its licence application for the Bougouni lithium project in Mali.
It also signed a memorandum of understanding with Sinohydro Corporation, to work together to develop the Bougouni Lithium Project.
“The company is well supported by our major shareholder and off-take partner, Suay Chin, and we continue to develop new relationships that will improve our options for financing and developing the Bougouni Lithium Project in the future,” said Kodal chairman Robert Wooldridge in the results statement.
“The company maintains its confidence in the future of the lithium market and recognises the increasing support of various governments to provide incentives to accelerate the move towards the electric battery future. Kodal is well-positioned to take advantage of the expected increase in demand for battery metals, with lithium being an irreplaceable part of this future.”