TIDMKOD
RNS Number : 5594W
Kodal Minerals PLC
18 April 2019
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
---------- ----------
1(st) Anniversary
of Date of
Grant 1,666,667 1,666,667 3,333,334
---------- ---------- -----------
2(nd) Anniversary
of Date of
Grant 1,666,667 1,666,666 3,333,333
---------- ---------- -----------
3(rd) 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 Tel: 020 3470
John Mackay, Soltan Tagiev 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 450km(2) 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
Contained Contained Contained
Li(2) Li(2) Li(2) Li(2) Li(2) Li(2)
Tonnes O% O Tonnes O% O Tonnes O% O
(Mt) Grade (kt) (Mt) Grade (kt) (Mt) Grade (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%Li(2) O
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 200km(2) 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.
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contact rns@lseg.com or visit www.rns.com.
END
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