Aim-listed Kodal Minerals’ Bougouni project, in Mali, is progressing to its feasibility, planning and construction stages.
CEO Bernard Aylward on Friday commented that 2018 had been a year of intense activity, with the company having declared a maiden resource of 17.3-million tonnes at 1.2% lithium oxide, propelling it closer to a decision to mine in 2019.
The work on site, to date, has resulted in the identification of three initial priority targets – Sogola-Baoule, Ngoualana and Boumou – and five earlier-stage exploration prospects.
The company’s cash balance as at end-September was £2.3-million, compared with £4.09-million in the prior comparable period, and £3.1-million at end-March.
Kodal reported a current cash balance of £1.7-million.