As travel restrictions are impacting on Aim-listed Kodal Minerals’ ability to conduct or partake in necessary meetings, the company has advised that it cannot say when its financial and Ministerial review meeting will take place, nor the overall mining licence application process.
The company also advises that it expects field work at the Bougouni lithium project, in Mali, to be limited this year.
Kodal has a budget prepared for work on the project to restart, but this will not be before September.
Kodal is, however, continuing an engineering review and studies focused on improving the proposed mining operation at Bougouni, using internal and external consultants. This workload is also limited and the company has reduced payments to consultants accordingly.
This while the company is reducing corporate overheads and board fees.
Meanwhile, Kodal has decided that a financing facility is needed to provide sufficient monthly funding for the company.
The company entered into a financial facility comprising a subscription for 1.4-million ordinary shares at a price of 0.035p apiece in the company, effectively raising £500 000.