Kodal Minerals Plc (LSE:KOD) is an AIM listed mineral exploration and development company with operations in Mali and Cote d’Ivoire.
Kodal Minerals was admitted to AIM in December 2013 and raised £1 million in new equity through the issue of c. 143 million ordinary shares at a share price of 0.7 pence each.
Following the admission, Kodal had c. 670 million shares in issue and the market capitalisation of the company was £4.7 million.
In August 2023, the company had 17.023 billion ordinary shares in issue and the KOD share price was 0.52 pence, giving it a market cap of c. £88 million.
Overview of the company’s assets
Kodal’s flagship asset is the Bougouni Lithium Project in Mali. The findings from the feasibility study indicate a life of mine (LOM) of 8.5 years and the capital expenditure needed to develop the mine is estimated at US$ 117 million plus contingency.
Bougouni is believed to be in the top 15 of lithium projects on a global basis in terms of resource. Forecast revenues over the LOM are estimated at US$1.4 billion and net present value after tax is estimated at US$200 million (on a NPV7 basis).
The gold exploration assets are 100% owned, considered to be highly prospective and are located in a “world class production region” in west Africa. Kodal has entered into a joint venture arrangement in respect of the Nielle licence which requires its partner to spend US$3 million to acquire a 75% interest in the asset.
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