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KOD Kodal Minerals Plc

0.415
-0.015 (-3.49%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Kodal Minerals Plc LSE:KOD London Ordinary Share GB00BH3X7Y70 ORD 0.03125P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.015 -3.49% 0.415 0.40 0.43 0.44 0.415 0.43 79,440,144 15:26:45
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Misc Nonmtl Minrls, Ex Fuels 0 -1.46M -0.0001 -41.00 82.99M

Kodal Minerals PLC Interim Results (4555K)

14/12/2018 7:00am

UK Regulatory


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TIDMKOD

RNS Number : 4555K

Kodal Minerals PLC

14 December 2018

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

14 December 2018

Kodal Minerals plc ("Kodal Minerals", the "Company" or the "Group")

Interim Results

Kodal Minerals, the mineral development and exploration company focused on the Bougouni Lithium Project, announces to shareholders today its unaudited interim results for the six months ended 30 September 2018.

Overview:

-- Significant progress made towards delivering maiden lithium production at flagship Bougouni Lithium Project in southern Mali ("Bougouni");

-- Publication of Maiden Mineral Resource, placing Bougouni in the top 15 lithium projects globally with substantial exploration upside remaining;

-- Potential for low cost production demonstrated by initial processing review - estimated production cost of US$400 per tonne of spodumene concentrate which compares to a current market selling price of between US$800 and US$900 per tonne;

-- Appointment of experienced Project Manager to drive development at Bougouni with initial production targeted in 2020;

-- Additional upside potential through exposure to gold projects being advanced through a joint venture with Resolute Mining Limited;

-- Cash balance of GBP2,375,000 as at 30 September 2018 (GBP4,093,000 at 30 September 2017) and current cash balance of GBP1,706,000; and

-- Loss for the 6-month period to 30 September 2018 of GBP343,000 (GBP529,000 for the 6 months to 30 September 2017)

Bernard Aylward, CEO of Kodal Minerals, said: "2018 has been a year of intense activity and delivery as we move closer to becoming West Africa's newest lithium producer. Since acquiring our Bougouni Lithium Project in late 2016, the Board and operational team have implemented an ambitious development strategy aimed at delivering a high quality, low capex and low opex lithium mine in as short a timeframe as practicable. To this end, 2018 has culminated in the achievement of several key milestones which have added tangible value to our asset, including declaring our maiden JORC-compliant Resource of 17.3 Mt at 1.2% Li2O, and propelling it closer to a decision to mine in 2019.

"Our work on site has resulted in the identification of three initial priority targets, Sogola-Baoule, Ngoualana and Boumou, and a further five earlier stage exploration prospects. However, we believe that this is just the beginning for Bougouni, with all indications pointing to considerable additional upside through further exploration across our extensive 450km(2) project area. We are following a clear strategy that focuses on establishing a profitable mining operation as soon as practicable and to achieve this we have adopted a parallel exploration and development approach aimed at achieving lithium concentrate production in the near term.

"Our work to date has highlighted that the Bougouni project has sufficient size and scale to produce attractive returns for investors with our Maiden Resource and associated initial engineering studies, both published in September 2018, pointing to a minimum 10-year mine life. Of equal importance, with this quantum in mind and with a relatively simple mining and processing route identified, it is expected that capital required to construct a mining and processing operation will be modest compared to some of our lithium peers and that our proposed plant is well understood and amenable to rapid construction.

"I look forward to providing updates throughout 2019 as we move through our feasibility phase and into the planning and construction stages."

Chairman's Statement

We have made excellent progress throughout recent months towards the delivery of our first mining operation at the Bougouni Lithium Project.

A key point of difference for Kodal Minerals compared to other lithium juniors, remains our strategic investor and offtake partner, Suay Chin International Pte ("Suay Chin"), a Singapore-based lithium and chemical trader. Since initially participating in a private placing in March 2017, Suay Chin has consistently supported our development initiatives - both financially and also operationally through its provision and facilitation of metallurgical test work by the Shandong Ruifu Lithium Co Ltd in China. We are extremely grateful to Suay Chin for their backing and look forward to continuing a long and mutually beneficial relationship as we work to de-risk further both the operational and corporate aspects of Bougouni and gear up to maiden production.

Finally, I would like to comment on our strong technical and corporate team that has been instrumental in the advancement of our project and most recently, we were delighted to welcome Steve Zaninovich as the Project Manager of Bougouni. Steve is a highly accomplished senior executive in the resources sector with more than 25 years' experience in project management encompassing all stages of mine development. In particular, his recent experience of guiding a lithium mine into production is extremely relevant for Kodal Minerals and his appointment demonstrates our commitment to delivering a lithium mine in as short a timeframe as possible.

Steve joins our operational team that includes our Mali Exploration Manager George Michaelides and our Mali Country Manager Mohamed Niare. We have now assembled a dynamic and highly experienced team which is capable of getting Bougouni through the feasibility and permitting phases during 2019 and preparing for development to commence.

Our strategy is designed to deliver maximum value for shareholders within a practical time horizon. The Kodal Minerals team is focused on delivering on this objective by rapidly progressing the execution phase of our Bougouni project in order to become a significant new West African focused lithium producer.

Financial Overview

The Group has recorded a loss for the 6-month period to 30 September 2018 of GBP343,000 compared to GBP529,000 for the 6 months to 30 September 2017 and GBP857,000 for the year to 31 March 2018.

Cash balances as at 30 September 2018 were GBP2,375,000 compared to GBP4,093,000 at 30 September 2017 and GBP3,123,549 at 31 March 2018. Current cash as 13 December 2018 is GBP1,706,000.

Contact details:

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 / Laura Harrison                         0470 
                                                    ------------------- 
 St Brides Partners Ltd, Financial PR                Tel: 020 7236 
  Susie Geliher / Cosima Akerman                      1177 
                                                    ------------------- 
 

KODAL MINERALS PLC

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHSED 30 SEPTEMBER 2018

 
                                         Unaudited       Unaudited       Audited 
                                          6 months        6 months        Year ended 
                                          to              to              31 March 
                                          30 September    30 September    2018 
                                          2018            2017 
                                         GBP             GBP             GBP 
 Continuing operations 
 Revenue                                 -               -               - 
 
 Impairment charge                       -               (8,442)         - 
 Administrative expenses                 (319,848)       (220,692)       (517,184) 
 Share based payments                    (38,210)        (300,207)       (341,372) 
                                        --------------  --------------  ------------ 
 
 OPERATING LOSS                          (358,058)       (529,341)       (858,556) 
 
 Finance income                          3,079           -               1,499 
                                        --------------  --------------  ------------ 
 
  LOSS BEFORE TAX                        (354,979)       (529,341)       (857,057) 
 
 Taxation                                -               -               - 
 
 
 LOSS FOR THE PERIOD/YEAR                (354,979)       (529,341)         (857,057) 
 
 
 OTHER COMPREHENSIVE INCOME 
 
 Items that may be subsequently 
  reclassified to profit and loss 
 
 Currency translation (loss)/gain        11,785          14,635          (18,002) 
 
 TOTAL COMPREHENSIVE INCOME FOR 
  THE PERIOD/YEAR                        (343,194)       (514,706)       (875,059) 
                                        ==============  ==============  ============ 
 
 Loss per share 
 Basic and diluted - loss per 
  share on total earnings - pence 
  per share                          4   (0.0044)        (0.0086)        (0.0136) 
 

KODAL MINERALS PLC

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2018

 
                                     Unaudited       Unaudited       Audited 
                                      as at           as at           as at 
                                      30 September    30 September    31 March 
                                      2018            2017            2018 
                              Note   GBP             GBP             GBP 
 NON-CURRENT ASSETS 
 Intangible assets            3      5,355,000       2,419,996       3,508,499 
 Property, plant and 
  equipment                          17,170          3,548           3,085 
 
 
                                     5,372,000       2,423,544       3,511,584 
                                    --------------  --------------  ------------ 
 CURRENT ASSETS 
 Other receivables                   23,061          11,107          8,765 
 Cash and cash equivalents           2,375,229       4,093,007       3,123,549 
                                    --------------  --------------  ------------ 
 
                                     2,398,290       4,104,114       3,132,314 
                                    --------------  --------------  ------------ 
 
 TOTAL ASSETS                        7,770,460       6,527,658       6,643,898 
                                    --------------  --------------  ------------ 
 
 
 CURRENT LIABILITIES 
 Trade and other payables            (282,967)       (226,931)       (331,391) 
 
 TOTAL LIABILITIES                   (282,967)       (226,931)       (331,391) 
                                    --------------  --------------  ------------ 
 
 
 NET ASSETS                          7,487,493       6,300,727       6,312,507 
 
 EQUITY 
 Attributable to owners 
  of the parent: 
 Share capital                5      2,399,480       2,011,684       2,038,903 
 Share premium account        5      11,586,729      10,234,238      10,467,337 
 Share based payment 
  reserve                            619,566         469,541         581,356 
 Translation reserve                 (9,813)         11,038          (21,599) 
 Retained deficit                    (7,108,469)     (6,425,774)     (6,753,490) 
                                    --------------  --------------  ------------ 
 
 TOTAL EQUITY                        7,487,493       6,300,727       6,312,507 
                                    ==============  ==============  ============ 
 

KODAL MINERALS PLC

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHSED 30 SEPTEMBER 2018

 
                                                              Share 
                                         Share                 based        Translation 
                     Note   Share         premium              payments     reserve         Retained       Total 
                             capital      account              reserve                       deficit        equity 
                            GBP          GBP                  GBP                           GBP            GBP 
 At 31 March 
  2017 (audited)            1,683,206    6,784,682            169,334      (3,597)          (5,896,433)    2,737,192 
 
 Comprehensive 
  income 
 Loss for the 
  period                    -            -                    -            -                (529,341)      (529,341) 
 Currency 
  translation 
  gain                      -            -                    -            14,635           -              14,635 
                           ----------   ---------------      ----------   -------------    ------------   ---------- 
 Total 
  comprehensive 
  income for the 
  period                    -            -                    -            14,635           (529,341)      (514,706) 
 
 Transactions 
  with owners 
 Proceeds from 
  share issue       5       328,478      3,449,556            -            -                -              3,778,034 
 Share based 
  payment                   -            -                    300,207      -                -              300,207 
                           ----------   ---------------      ----------   -------------    ------------   ---------- 
 At 30 September 
  2017 
  (unaudited)               2,011,684    10,234,238           469,541      11,038           (6,425,774)    6,300,727 
 
 
   Comprehensive 
   income 
 Loss for the 
  period                    -            -                    -            -                (327,716)      (327,716) 
 Currency 
  translation 
  loss                      -            -                    -            (32,637)         -              (32,637) 
                                                                                           ------------ 
 Total 
  comprehensive 
  income for the 
  period                    -            -                    -            (32,637)         (327,716)      (360,353) 
 
 Transactions 
  with owners 
 Proceeds from 
  shares issued             27,219       520,011              -            -                -              547,230 
 Share issue 
  expenses                               (286,912)            -            -                -              (286,912) 
 Share based 
  payment                   -            -                    111,815      -                -              111,815 
                           ----------   ---------------      ----------   -------------    ------------   ---------- 
 At 31 March 
  2018 (audited)            2,038,903          10,467,337        581,356      (21,599)      (6,753,490)    6,312,507 
 
 Comprehensive 
  income 
 Loss for the 
  period                    -            -                    -            -                (354,979)      (354,979) 
 Currency 
  translation 
  loss                      -            -                    -            11,786           -              11,786 
                           ----------   ---------------      ----------   -------------    ------------   ---------- 
 Total 
  comprehensive 
  income for the 
  period                    -            -                    -            11,786           (354,979)      (343,193) 
 
 Transactions 
  with owners 
 Proceeds from 
  shares issued             360,577      1,119,392            -            -                -              1,479,969 
 Share based 
  payment                   -            -                    38,210       -                -              38,210 
                           ----------   ---------------      ----------   -------------    ------------   ---------- 
 At 30 September 
  2018(unaudited)           2,399,480    11,586,729           619,566      (9,813)          (7,070,259)    7,487,493 
                           ----------   ---------------      ----------   -------------    ------------   ---------- 
 
 

KODAL MINERALS PLC

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHSED 30 SEPTEMBER 2018

 
                                            Unaudited       Unaudited       Audited 
                                             6 months        6 months        Year ended 
                                             to              to              31 March 
                                             30 September    30 September    2018 
                                             2018            2017 
                                   Note     GBP             GBP             GBP 
 Cash flows from operating 
  activities 
 Loss before tax                            (354,978)       (529,341)       (857,057) 
 Adjustments for non-cash 
  items: 
 Impairment charge                          -               8,442           - 
 Share based payments                       38,210          300,207         341,372 
 Operating cash flow before 
  movements in working 
  capital                                   (316,768)       (220,692)       (515,685) 
 
 Movement in working capital 
 (Increase)/decrease in 
  receivables                               (14,296)        5,122           7,464 
 Increase/(decrease) in 
  payables                                  (36,639)        (83,648)        6,178 
                                           --------------  --------------  ------------ 
 Net movements in working 
  capital                                   (50,935)        (78,526)        13,642 
 
 Net cash outflow from 
  operating activities                      (367,703)       (299,218)       (502,043) 
 
 Cash flows from investing 
  activities 
 (Purchase)/disposal of 
  property, plant and equipment             (20,014)          (3,548)       (3,702) 
 Purchase of intangible 
  assets                                    (1,829,153)     (1,083,010)     (2,190,105) 
 
   Net cash outflow from 
   investing activities                     (1,849,167)     (1,086,558)     (2,193,807) 
 
 Cash flow from financing 
  activities 
 Net proceeds from share 
  issues                                    1,479,969       3,778,035       4,109,002 
 
 Net cash inflow from 
  financing activities                      1,479,969       3,778,035       4,109,002 
                                           --------------  --------------  ------------ 
 
 Increase/(Decrease) in 
  cash and cash equivalents                 (736,901)         2,392,259     1,413,152 
 Cash and cash equivalents 
  at beginning of the period                3,123,549         1,722,950     1,722,950 
 Exchange loss on cash                      (11,419)        (22,202)        (12,553) 
 
 Cash and cash equivalents 
  at end of the period                      2,375,229         4,093,007     3,123,549 
                                           ==============  ==============  ============ 
 
 

KODAL MINERALS PLC

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHSED 30 SEPTEMBER 2018

General information

Kodal Minerals plc is a public limited company incorporated and domiciled in England & Wales. The Company's shares are publicly traded on the AIM market of the London stock exchange. Kodal Minerals plc and its subsidiaries are involved in the exploration and evaluation of mineral resources in West Africa and Norway.

Basis of preparation

These unaudited condensed consolidated interim financial statements for the six months ended 30 September 2018 were approved by the board and authorised for issue on 13 December 2018.

The basis of preparation and accounting policies set out in the Annual Report and Accounts for the year ended 31 March 2018 have been applied in the preparation of these condensed consolidated interim financial statements. These interim financial statements have been prepared in accordance with the recognition and measurement principles of the International Financial Reporting Standards ('IFRS') as adopted by the EU that are expected to be applicable to the consolidated financial statements for the year ending 31 March 2019 and on the basis of the accounting policies expected to be used in those financial statements.

The figures for the six months ended 30 September 2018 and 30 September 2017 are unaudited and do not constitute full accounts. The comparative figures for the year ended 31 March 2018 are taken from the 2017 audited accounts, which are available on the Group's website, and have been delivered to the Registrar of Companies, and do not constitute full accounts.

The Group has not earned revenue during the period to 30 September 2018 as it is still in the exploration and development phases of its business. The Group has to date financed its activities from funds raised from the issue of new shares and it will need to continue to finance its operations in this way in the near term.

Having made enquiries, the Directors have a reasonable expectation that the Group will have access to adequate resources to continue its operations for the foreseeable future. Accordingly, the interim financial statements have been prepared on a going concern basis.

KODAL MINERALS PLC

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHSED 30 SEPTEMBER 2018

   1.      SEGMENTAL REPORTING 

The operations and assets of the Group are focused in the United Kingdom, West Africa and Norway and comprise one class of business: the exploration and evaluation of mineral resources. The parent Company acts as a holding company. At 30 September 2018, the Group had not commenced commercial production from its exploration sites and therefore had no revenue for the period.

 
 Six months to 30 September      West African   West African   Norway   Corporate 
  2018 (Unaudited)                Gold           Lithium                            Total 
                                 GBP            GBP            GBP      GBP         GBP 
 Finance income                  -              -              -        3,079       3,079 
 Administration expenses         (275)          (36,301)       (30)     (283,242)   (319,848) 
 Share based payments            -              -              -        (38,210)    (38,210) 
                                -------------  -------------  -------  ----------  ---------- 
 Loss for the period             (275)          (36,301)       (30)     (318,373)   (354,979) 
                                -------------  -------------  -------  ----------  ---------- 
 
 At 30 September 2018 
 Trade and other receivables     10,255         -              -        12,806      23,061 
 Cash and cash equivalents       17,262         29,846         97       2,328,024   2,375,229 
 Trade and other payables        -              (241,861)      -        (41,106)    (282,967) 
 Intangible assets - 
  exploration and evaluation 
  expenditure                    1,015,245      4,339,755      -        -           5,355,000 
 Property plant and equipment    -              17,170         -        -           17,170 
                                -------------  -------------  -------  ----------  ---------- 
 Net assets                      1,042,762      4,144,910      97       2,299,724   7,487,493 
                                -------------  -------------  -------  ----------  ---------- 
 
 
 Six months to 30 September      West African   West African   Norway    Corporate 
  2017 (Unaudited)                Gold           Lithium                             Total 
                                 GBP            GBP            GBP       GBP         GBP 
 Impairment                      -              -              (8,442)   -           (8,442) 
 Administration expenses         (953)          (115)          (43)      (219,581)   (220,692) 
 Share based payments            -              -              -         (300,207)   (300,207) 
                                -------------  -------------  --------  ----------  ---------- 
 Loss for the period             (953)          (115)          (8,485)   (519,788)   (529,341) 
                                -------------  -------------  --------  ----------  ---------- 
 
 At 30 September 2017 
 Trade and other receivables     -              -              -         11,107      11,107 
 Cash and cash equivalents       11,962         64,705         29        4,016,311   4,093,007 
 Trade and other payables        -              (193,426)      -         (33,505)    (226,931) 
 Intangible assets - 
  exploration and evaluation 
  expenditure                    833,524        1,586,472      -         -           2,419,996 
 Property plant and equipment    -              3,548          -         -           3,548 
                                -------------  -------------  --------  ----------  ---------- 
 Net assets                      845,486        1,461,299      29        3,993,913   6,300,727 
                                -------------  -------------  --------  ----------  ---------- 
 
 
 
 Year to 31 March 2018           West African   West African 
  (Audited)                       Gold           Lithium       Norway     Corporate   Total 
                                 GBP            GBP            GBP        GBP         GBP 
 Finance income                  -              -              -          1,499       1,499 
 Administration expenses         (7,283)        (3,143)        (13,939)   (492,819)   (517,184) 
 Share based payments            -              -              -          (341,372)   (341,372) 
 Loss for the year               (7,283)        (3,143)        (13,939)   (832,692)   (857,057) 
                                -------------  -------------  ---------  ----------  ---------- 
 
 
 
 
   At 31 March 2018 (Audited) 
 Other receivables               -              -              -          8,765       8,765 
 Cash and cash equivalents       25,437         23,761         26         3,074,325   3,123,549 
 Trade and other payables        -              (295,042)      (32)       (36,317)    (331,391) 
 Tangible assets                 -              3,085          -          -           3,085 
 Intangible assets - 
  exploration and evaluation 
  expenditure                    977,192        2,531,307      -          -           3,508,499 
 Net assets                      1,002,629      2,263,111      (6)        3,046,773   6,312,507 
                                -------------  -------------  ---------  ----------  ---------- 
 
   2.      OPERATING LOSS 

The operating loss before tax is stated after charging:

 
                                 Unaudited       Unaudited       Audited 
                                  6 months        6 months        Year ended 
                                  to              to              31 March 
                                  30 September    30 September    2018 
                                  2018            2017 
                                 GBP             GBP             GBP 
 Impairment charge (see note     -               8,442           - 
  3) 
 Audit services                  -               -               29,500 
 Share based payment             38,210          300,207         341,372 
 Directors' salaries and 
  fees                           83,078          52,852          101,903 
 
   3.      LOSS PER SHARE 

Basic loss per share is calculated by dividing the loss for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.

The following reflects the loss and share data used in the basic EPS computations:

 
                                Loss        Weighted        Basic loss 
                                             average         per share 
                                             number of       (pence) 
                                             shares 
                                GBP 
 Six months to 30 September 
  2018                          (354,979)   7,133,104,973   (0.0050) 
 Six months to 30 September 
  2017                          (529,341)   6,121,284,447   (0.0087) 
 Year ended 31 March 
  2018                          (857,057)   6,324,339,191   (0.0136) 
 

Diluted loss per Share is calculated by dividing the loss attributable to ordinary equity holders of the parent by the weighted average number of ordinary Shares outstanding during the period plus the weighted average number of ordinary Shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary Shares. Options in issue are not considered diluting to the earnings per Share as the Group is

currently loss making.   Diluted loss per Share is therefore the same as the basic loss per Share. 
   4.      SHARE BASED PAYMENTS 

The share-based payment reserve is used to recognise the value of equity-settled share-based payments provided to employees, including key management personnel, as part of their remuneration.

 
                               Unaudited       Unaudited       Audited 
                                6 months to     6 months        Year ended 
                                30 September    to              31 March 
                                2018            30 September    2018 
                                                2017 
 Share options outstanding 
 Opening balance               195,000,000     40,000,000      40,000,000 
 Issued in the period          -               145,000,000     155,000,000 
                              -------------- 
 
   Closing balance               195,000,000     185,000,000     195,000,000 
                              ==============  ==============  ============== 
 
 
                                Unaudited       Unaudited       Audited 
                                 6 months to     6 months        Year ended 
                                 30 September    to              31 March 
                                 2018            30 September    2018 
                                                 2017 
 Share warrants outstanding 
 Opening balance                25,000,000      -               - 
 Issued in the period           -               25,000,000      25,000,000 
                               -------------- 
 
   Closing balance                25,000,000      25,000,000      25,000,000 
                               ==============  ==============  ============= 
 

A share based payment charge of GBP38,210 for the period to 30 September 2018 (6 months to 30 September 2017: GBP300,207, year to 31 March 2018: GBP341,372) has been recognised in the profit and loss in relation to these options and warrants.

The fair values of the options and warrants granted were calculated using the Black-Scholes valuation model. The inputs into the model were:

 
                                                 8 May 2017          22 May 2017  20 November 2017 
                       Strike price              0.38p               0.38p        0.38p 
                       Share price               0.31p               0.32p        0.205p 
                       Volatility                143%                143%         129% 
                       Expiry date               8 May 2022          22 May 2022  20 November 2022 
                       Risk free rate            0.87%               0.80%        1.09% 
                       Dividend yield            0.0%                0.0%         0.0% 
 
 
   5.      TAXATION 

There is no taxation charge for the period to 30 September 2018 (6 months to 30 September 2017: GBPnil, year to 31 March 2018: GBPnil) as the group continues to incur losses.

No deferred tax asset has been recognised in respect of losses as the timing of their utilisation is uncertain at this stage.

   6.      INTANGIBLE ASSETS 
 
                                  Exploration 
                                   and evaluation 
                                  GBP 
 COST 
 
   At 31 March 2017               5,460,552 
 Additions in the period          1,083,164 
 Effects of foreign exchange      22,048 
                                 ---------------- 
 
   At 30 September 2017           6,565,764 
                                 ---------------- 
 Additions in the period          1,106,941 
 Effects of foreign exchange      (26,880) 
 
   At 31 March 2018               7,645,825 
 Additions in the period          1,823,224 
 Effects of foreign exchange      31,719 
                                 ---------------- 
 
   At 30 September 2018           9,500,768 
                                 ---------------- 
 
 
 AMORTISATION 
 
   At 31 March 2017               4,137,326 
 Amortisation charge for 
  the period                      8,442 
 At 30 September 2017 
  and 31 March 2018 and 
  30 September 2018               4,145,768 
                                 ---------------- 
 
 NET BOOK VALUES 
 
 At 30 September 2018 
  (Unaudited)                     5,355,000 
                                 ================ 
 
 At 30 September 2017 
  (Unaudited)                     2,419,996 
                                 ================ 
 
 At 31 March 2018 (Audited)       3,508,499 
                                 ================ 
 
   7.      PROPERTY, PLANT AND EQUIPMENT 
 
                                      Plant and 
                                       machinery 
                                      GBP 
 COST 
 At 31 March 2017                     - 
 Additions in the period              3,702 
                                     ----------- 
 
   At 30 September 2017 and 
   31 March 2018                      3,702 
 Additions in the period              20,014 
                                     ----------- 
 At 30 September 2018                 23,716 
                                     ----------- 
 
 DEPRECIATION 
 At 31 March 2017                     - 
 Charge for the period                154 
 
   At 30 September 2017               154 
 Charge for the period                463 
                                     ----------- 
 
   At 31 March 2018                   617 
 Charge in the period                 5,929 
 At 30 September 2018                 6,546 
                                     ----------- 
 
 NET BOOK VALUES 
 
 At 30 September 2018 (Unaudited)     17,170 
                                     =========== 
 
 At 30 September 2017 (Unaudited)     3,548 
                                     =========== 
 
 At 31 March 2018 (Audited)           3,085 
                                     =========== 
 
 
   8.      SUBSIDIARY ENTITIES 

The consolidated financial statements include the following subsidiary companies:

 
                                                 Country of       Equity     Nature of 
   Company                 Subsidiary of          incorporation    holding    Business 
 Kodal Norway (UK)       Kodal Minerals          United Kingdom   100%       Operating company 
  Limited                 Plc 
 Kodal Mining AS         Kodal Norway            Norway           100%       Mining exploration 
                          (UK) Limited 
 Kodal Phosphate         Kodal Norway            Norway           100%       Mining exploration 
  AS                      (UK) Limited 
 International           Kodal Minerals          Bermuda          100%       Holding company 
  Goldfields (Bermuda)    Plc 
  Limited 
 International           International           Mali             100%       Mining exploration 
  Goldfields Mali         Goldfields (Bermuda) 
  SARL                    Limited 
 International           International           C te d'Ivoire    100%       Mining exploration 
  Goldfields C te         Goldfields (Bermuda) 
  d'Ivoire SARL           Limited 
 Jigsaw Resources        International           Bermuda          100%       Mining exploration 
  CIV Limited             Goldfields (Bermuda) 
                          Limited 
 Corvette CIV SARL       International           C te d'Ivoire    100%       Mining exploration 
                          Goldfields (Bermuda) 
                          Limited 
 Future Minerals         International           Bermuda          100%       Mining exploration 
  Limited                 Goldfields (Bermuda) 
                          Limited 
 
   9.      ORDINARY SHARES 

Allotted, issued and fully paid:

 
                         Nominal         Number of                         Share Premium 
                          Value           Ordinary         Share Capital    GBP 
                                          Shares           GBP 
 At 31 March 2017                        5,386,254,850   1,683,206         6,784,682 
 May 2017 - note (a)     GBP0.0003125    868,421,052     271,382           2,863,618 
 July 2017 - note 
  (b)                    GBP0.0003125    182,709,973     57,096            515,288 
 At 30 September 2017                    6,437,385,875   2,011,684         10,163,588 
 November 2017 - note 
  (c)                    GBP0.0003125    87,096,953      27,218            303,749 
                                        --------------  ----------------  -------------- 
 As at 31 March 2018                     6,524,482,828   2,038,903         10,467,337 
 June 2018 - note 
  (d)                    GBP0.0003125    1,153,846,149   360,577           1,119,392 
                                        --------------  ----------------  -------------- 
 As at 30 September 
  2018                                   7,678,328,977   2,399,480         11,586,729 
                                        --------------  ----------------  -------------- 
 

Share issue costs have been allocated against the Share Premium account.

Notes:

a) On 8 May 2017, a total of 868,421,052 shares were issued in a subscription at an issue price of 0.38 pence per share.

b) On 31 July 2017, a total of 182,709,973 shares were issued in a subscription at an issue price of 0.38 pence per share.

c) On 3 November 2017, a total of 87,096,953 shares were issued to Suay Chin International Pte Ltd at an issue price of 0.38 pence per share.

d) On 26 June 2018, a total of 1,153,846,149 shares were issued to Suay Chin International Pte Ltd at an issue price of 0.13 pence per share.

   10.    RELATED PARTY TRANSACTIONS 

Transactions with related parties

Robert Wooldridge, a Director, is a member of SP Angel Corporate Finance LLP ("SP Angel") which acts as Financial Adviser and Broker to the Company. During the six months ended 30 September 2018, the Company has paid fees to SP Angel of GBP27,500 (6 months to 30 September 2017: GBP15,809, year to 31 March 2018: GBP31,052) for its services as broker.

Novoco Mine Engineering Limited ("Novoco"), a company wholly owned by Luke Bryan, a Director, provided consultancy services to the Group during the six months to 30 September 2018 and received fees of GBP12,075 (6 months to 30 September 2017: GBP13,400, year to 31 March 2018: GBP13,400).

Matlock Geological Services Pty Ltd ("Matlock"), a company wholly owned by Bernard Aylward, a Director, provided consultancy services to the Group during the six months to 30 September 2018 and received fees of GBP45,257 (6 months to 30 September 2017: GBP47,376, year to 31 March 2018: GBP82,982).

   11.    CONTROL 

No one party is identified as controlling the Group.

   12.    EVENTS AFTER THE REPORTING PERIOD 

Subsequent to the period end, the Company entered into entered into a consultancy contract with Zivvo Pty Ltd ("Zivvo"), a company controlled by Mr Zaninovich, under which Mr Zaninovich will provide services as Project Manager initially on a part-time basis but within three months becoming substantially a full-time role. The Company has entered into a warrant agreement with Zivvo under which up to 180 million warrants may be issued to Zivvo in three tranches as follows:

 
 Exercise price    Tranche 1    Tranche 2    Tranche 3         Total 
  per share 
 0.14p            13,333,333   16,666,667   30,000,000    60,000,000 
                 -----------  -----------  -----------  ------------ 
 0.25p            13,333,333   16,666,667   30,000,000    60,000,000 
                 -----------  -----------  -----------  ------------ 
 0.38p            13,333,333   16,666,667   30,000,000    60,000,000 
                 -----------  -----------  -----------  ------------ 
 Total            39,999,999   50,000,001   90,000,000   180,000,000 
                 -----------  -----------  -----------  ------------ 
 

Tranche 1 vests and becomes exercisable from the date the services are provided on a full time basis (within three months from now), Tranche 2 from the date on which a mining licence for the project is awarded to the Company and Tranche 3 from the date on which commercial production commences at Bougouni.

Each warrant is exercisable into one ordinary share of the Company and has a life of 5 five years from vesting. If the warrants are all exercised it would result in the issue of 180 million new ordinary shares which represents approximately 2.34% of the current issued share capital of the Company.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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