The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
18 April 2019
Kodal Minerals plc ('Kodal Minerals' or the 'Company')
Board Appointment and Issue of Options
Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project in Southern Mali ('Bougouni'), is pleased to announce the immediate appointment of Mr. Charles Joseland as an independent Non-Executive Director.
Mr. Joseland is a Chartered Accountant and has 32 years' experience with PwC including 20 years of experience as an audit partner, as part of its Energy, Utilities & Mining Group. Charles has been responsible for providing services to many international resources groups, including those with operations in Russia, Kazakhstan and Africa. Mr. Joseland has acted as reporting accountant and advisor for various companies quoted on both the AIM and the LSE Main Market. Charles will chair the Company's Audit Committee with immediate effect and will be proposed for re-election by shareholders at the next Annual General Meeting of the Company.
Bernard Aylward, CEO of Kodal Minerals, remarked: "We are very pleased to welcome Charles to the Board and greatly anticipate the experience and expertise he brings with him. Moving forward, Kodal is continuing with its fast track development and exploration of the Bougouni Lithium Project in Southern Mali, and to accomplish this we have now strengthened our Board with a knowledgeable corporate and financial expert who will support our growth.
Our technical team, led by Project Manager Steve Zaninovich and Exploration Manager George Michaelides, continues to advance the Bougouni Lithium Project with a focus on completing our ESIA and Feasibility studies to support our future mining application. The Company is in a very strong position to reach our target of first lithium production from Bougouni in 2020 with our scalable JORC Resource, strategic investor and offtake partner secured and defined development path in place."
The Company has also entered into an option agreement with Mr. Joseland under which 10 million options have been granted to him which will vest in three tranches, subject to Mr. Joseland's continued appointment, as follows:
Vesting Date |
Exercise Price |
Total |
0.14p |
0.25p |
1st Anniversary of Date of Grant |
1,666,667 |
1,666,667 |
3,333,334 |
2nd Anniversary of Date of Grant |
1,666,667 |
1,666,666 |
3,333,333 |
3rd Anniversary of Date of Grant |
1,666,666 |
1,666,667 |
3,333,333 |
Total |
5,000,000 |
5,000,000 |
10,000,000 |
Each option is exercisable into one ordinary share of the Company and has a life of 5 five years from vesting.
**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/Nick Harriss |
Tel: 020 3328 5656 |
SP Angel Corporate Finance LLP, Financial Adviser & Broker John Mackay, Soltan Tagiev |
Tel: 020 3470 0470 |
St Brides Partners Ltd, Financial PR Catherine Leftley/Cosima Akerman |
Tel: 020 7236 1177 |
About Kodal Minerals
Kodal Minerals' primary focus is on the rapid advancement towards production of its flagship Bougouni Lithium Project in Southern Mali. The JORC Resource Estimate places the Bougouni Project in the top 15 hard rock lithium projects globally and was calculated using only three of the eight currently recognised prospects demonstrating the significant exploration upside potential remaining across the 450km2 project area. The Mineral Resource estimate for the Ngoualana, Sogola-Baoule and Boumou prospects are tabulated below. These mineral resources are reported in accordance with the JORC Code:
Prospect |
Indicated |
Inferred |
Total |
Tonnes (Mt) |
Li2O% Grade |
Contained Li2O (kt) |
Tonnes (Mt) |
Li2O% Grade |
Contained Li2O (kt) |
Tonnes (Mt) |
Li2O% Grade |
Contained Li2O (kt) |
Sogola_Baoule |
8.4 |
1.09 |
91.9 |
3.8 |
1.13 |
42.8 |
12.2 |
1.10 |
134.8 |
Ngoualana |
3.1 |
1.25 |
39.2 |
2.0 |
1.12 |
22.1 |
5.1 |
1.20 |
61.3 |
Boumou |
|
|
|
4.0 |
1.02 |
40.4 |
4.0 |
1.02 |
40.4 |
TOTAL |
11.6 |
1.13 |
131.2 |
9.7 |
1.08 |
105.3 |
21.3 |
1.11 |
236.5 |
Notes: Mineral resources are reported using a 0.5%Li2O cut-off. Figures may not sum due to rounding. The contained metal is determined by the estimated tonnage and grade.
The Bougouni Project and recently acquired 200km2 Bougouni West project are located in an emerging lithium province that is already attracting the attention of investors and off-take partners interested in securing a long-term supply of lithium. With the support of its strategic investor and off-take partner Suay Chin International Pte, a Singapore-based lithium and chemical trader, Kodal Minerals is well funded to continue its ambitious development programme at Bougouni.
Further to this, Kodal Minerals is the manager of additional lithium and gold projects that are undergoing low cost exploration programmes in addition to JV funded gold properties in Cote d'Ivoire that offer potentially significant long-term value.
Disclosures under Schedule 2g of the AIM Rules for Companies
Name - Charles Lansley Joseland
Age - 56
Mr. Joseland is, or has during the last five years been, a director or partner of the following companies and partnerships:
Current Directorships/Partnerships:
Carolus Consulting Ltd
Raleigh International Trust (UK charity)
Red Balloon Learner Centre Group (UK charity)
Past Directorships/Partnerships:
PricewaterhouseCoopers LLP
No further disclosures are required.
