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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 Shares Traded Last Trade
  0.00 0.0% 0.395 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
0.39 0.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining -0.90 -0.01 67
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.395 GBX

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Date Time Title Posts
02/2/202318:41Kodal Minerals - Exciting Lithium Play10,275
24/1/202308:10Kodal Chinese Rumours3
18/4/202218:34big few weeks ahead, plently more to come2
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Posted at 02/2/2023 08:20 by Kodal Minerals Daily Update
Kodal Minerals Plc is listed in the Mining sector of the London Stock Exchange with ticker KOD. The last closing price for Kodal Minerals was 0.41p.
Kodal Minerals Plc has a 4 week average price of 0.24p and a 12 week average price of 0.20p.
The 1 year high share price is 0.46p while the 1 year low share price is currently 0.20p.
There are currently 16,903,730,956 shares in issue and the average daily traded volume is 360,629,492 shares. The market capitalisation of Kodal Minerals Plc is £66,769,737.28.
Posted at 23/1/2023 11:10 by the chairman elect
Kodal Minerals* (KOD LN) 0.37p, Mkt Cap £62m – Terms on joint venture show how keen Chinese processors are for raw materials

Amendment to valuation

BUY

(Kodal Minerals holds 100% of the Bougouni lithium project. The Mali government has the right to a free carry on 10 of the project and an option to acquire a further 10%)

Kodal Minerals reported its acceptance of an offer by Hainan Mining for $100m of funding for the Bougouni lithium project in Mali yesterday.

Hainan Mining is backed by Fosun which holds a 45.9% alongside the province of Hainan which holds around 20%.

The joint venture arrangement is interesting in that Hainan is committing $100m into the new joint venture for its 51% stake.

In more detail, Hainan are also buying 51% of the jv for $94.34m in cash + a $5.66m loan to the jv which is being partially used to compensate Kodal for its expenses to date on the project.

Valuation: The deal effectively values the joint venture company at $188.68m with Kodal holding a 49% stake worth $92.45m on the Hainan valuation.

Cash Flow valuation:

Valuing the jv company on its estimated cash flow shows :

Sales of >$1bn of revenues over 4 years .

NPV $420m at a 7% discount rate on a post-tax basis.
Assumptions:

$2,080/t for 5.5% spodumene concentrate.

Production of 120,000tpa

Trucking: 10 trucks carrying 350t per day at a cost of under $100/t.

Valuation: Kodal’s 49% of $420m is estimated to be worth some $206m (£166m) at a spodumene concentrate price of $2,080/t spodumene concentrate.

Kodal shares at 0.37p represent around a third of the value offered in the NPV estimate indicating to us that Kodal shares should be worth at least 0.42p based on 50% of the value of the NPV.

When the $100m + $17.75m lands in Kodal’s jv and corporate bank accounts the funding will be secured.

We should then reduce our 50% discount to NPV to around a 25% discount to account for potential construction, commissioning and trucking issues and add the $17.75m cash subscription into the Kodal valuation.

This could raise our valuation to around 0.70p/s representing a significant uplift on the share price. We therefore rate the shares as a buy on the assumption the deal will consummate.

Management: Kodal are managing the joint venture with Steve Zaninovich (Kodal operations directo) running the day-to-day activities

Break fee: Hainan are paying US$7m into an escrow account within 10 days of their signing as a non-refundable deposit.

Conclusion: The Hainan deal is extraordinary in that Kodal are entitled to their 49% of the profit from the joint venture through their simple addition contribution of the project.

We assume the joint venture will pay all related costs out of the $100m of cash provided by Hainan. There does not appear to be any preferential repayment of capital to Hainan.

We are not aware of any expensive royalty, streaming or peculiar loan note arrangements draining the cash flow making this possibly the simplest and cleanest deal we have seen.

*SP Angel acts as financial advisor and broker to Kodal Minerals.

Posted at 20/1/2023 19:02 by travis walton
deanmatlazin 19 jan ?23 11:02 last time it took 3 days for share price to propel to 0.46p from 0.3p.This will go up to 0.4p before close and 0.45 tomorrow. ==============================*0.45 tomorrow*. (i.e. today) Can someone remind me if the share price is 0.45pha haa ha ha ha haaa has ha ha haa ha ha ha haa ha ha ha haaa has ha ha haa ha ha ha haa ha ha ha haaa has ha ha haa ha ha ha haa ha ha ha haaa has ha ha haa ha ha ha haa ha ha ha haaa has ha ha haa ha ha ha haa ha ha ha haaa has ha ha haa ha ha ha haa ha ha ha haaa has ha ha haa ha ha ha haa ha ha ha haaa has ha ha haa ha ha [mad hysterical laughing]
Posted at 20/1/2023 13:33 by the chairman elect
Valuation: Kodal’s 49% of $420m is estimated to be worth some $206m (£166m) at a spodumene concentrate price of $2,080/t spodumene concentrate.

Kodal shares at 0.37p represent around a third of the value offered in the NPV estimate indicating to us that Kodal shares should be worth at least 0.5p based on 50% of the value of the NPV.

When the $100m + $17.75m lands in Kodal’s jv and corporate bank accounts the funding will be secured.

We should then reduce our 50% discount to NPV to around a 25% discount to account for potential construction, commissioning and trucking issues and add the $17.75m cash subscription into the Kodal valuation.

This could raise our valuation to around 0.88p/s representing a 138% uplift on today’s share price. We therefore rate the shares as a buy on the assumption the deal will consummate.

SP Angel acts as financial advisor and broker to Kodal Minerals.

Posted at 20/1/2023 10:55 by the chairman elect
Kodal Minerals* (KOD LN) 0.37p, Mkt Cap £62m – Terms on joint venture show how keen Chinese processors are for raw materials

BUY

(Kodal Minerals holds 100% of the Bougouni lithium project. The Mali government has the right to a free carry on 10 of the project and an option to acquire a further 10%)

Kodal Minerals reported its acceptance of an offer by Hainan Mining for $100m of funding for the Bougouni lithium project in Mali yesterday.

Hainan Mining is backed by Fosun which holds a 45.9% alongside the province of Hainan which holds around 20%.

The joint venture arrangement is interesting in that Hainan is committing $100m into the new joint venture for its 51% stake.

In more detail, Hainan are also buying 51% of the jv for $94.34m in cash + a $5.66m loan to the jv which is being partially used to compensate Kodal for its expenses to date on the project.

Valuation: The deal effectively values the joint venture company at $188.68m with Kodal holding a 49% stake worth $92.45m on the Hainan valuation.

Cash Flow valuation:

Valuing the jv company on its estimated cash flow shows :

Sales of >$1bn of revenues over 4 years .

NPV $420m at a 7% discount rate on a post-tax basis.

Assumptions:

$2,080/t for 5.5% spodumene concentrate.

Production of 120,000tpa

Trucking: 10 trucks carrying 350t per day at a cost of under $100/t.

Valuation: Kodal’s 49% of $420m is estimated to be worth some $206m (£166m) at a spodumene concentrate price of $2,080/t spodumene concentrate.

Kodal shares at 0.37p represent around a third of the value offered in the NPV estimate indicating to us that Kodal shares should be worth at least 0.5p based on 50% of the value of the NPV.

When the $100m + $17.75m lands in Kodal’s jv and corporate bank accounts the funding will be secured.

We should then reduce our 50% discount to NPV to around a 25% discount to account for potential construction, commissioning and trucking issues and add the $17.75m cash subscription into the Kodal valuation.

This could raise our valuation to around 0.88p/s representing a 138% uplift on today’s share price. We therefore rate the shares as a buy on the assumption the deal will consummate.

Management: Kodal are managing the joint venture with Steve Zaninovich (Kodal operations directo) running the day-to-day activities

Break fee: Hainan are paying US$7m into an escrow account within 10 days of their signing as a non-refundable deposit.

Conclusion: The Hainan deal is extraordinary in that Kodal are entitled to their 49% of the profit from the joint venture through their simple addition contribution of the project.

We assume the joint venture will pay all related costs out of the $100m of cash provided by Hainan. There does not appear to be any preferential repayment of capital to Hainan.

We are not aware of any expensive royalty, streaming or peculiar loan note arrangements draining the cash flow making this possibly the simplest and cleanest deal we have seen.

*SP Angel acts as financial advisor and broker to Kodal Minerals.

Posted at 19/1/2023 12:39 by bazza521
Kodal Minerals* (KOD LN) â€" BUY â€" Hainan Mining agrees to fund Kodal’s Bougouni lithium project for $100m + $17.75m subscription in shares at 0.5pConclusion: The Hainan deal highlights the desperation of lithium processors and their client Gigafactories to lock in lithium supply. Kodal’s decision to go for a quick 12-month DMS plant has attracted >$100m of financing with a don’t-spare-the-horses deal to get lithium concentrates to China for further processing. This is a great deal for Kodal and is also a great deal for Hainan which is locking in yet another supply source for China Inc.*SP Angel acts as financial advisor and broker to Kodal Minerals.
Posted at 19/1/2023 10:45 by the chairman elect
Kodal Minerals* (KOD LN) – BUY – Hainan Mining agrees to fund Kodal’s Bougouni lithium project for $100m + $17.75m subscription in shares at 0.5p

Conclusion: The Hainan deal highlights the desperation of lithium processors and their client Gigafactories to lock in lithium supply. Kodal’s decision to go for a quick 12-month DMS plant has attracted >$100m of financing with a don’t-spare-the-horses deal to get lithium concentrates to China for further processing. This is a great deal for Kodal and is also a great deal for Hainan which is locking in yet another supply source for China Inc.

*SP Angel acts as financial advisor and broker to Kodal Minerals.

Posted at 19/1/2023 10:15 by the chairman elect
Kodal Minerals* (KOD LN) – BUY – Hainan Mining agrees to fund Kodal’s Bougouni lithium project for $100m + $17.75m subscription in shares at 0.5p

BUY

CLICK FOR FLASH NOTE

(Kodal Minerals holds 100% of the Bougouni lithium project. The Mali government has the right to a free carry on 10 of the project and an option to acquire a further 10%)

Kodal Minerals has accepted an offer by Hainan Mining for $100m of funding for their wholly-owned Bougouni lithium project in Mali.

Fosun holds a 45.9% stake in Hainan Mining alongside the province of Hainan which holds around 20% of the company.

The $100m investment is being made into a new joint venture vehicle which will be 51% owned by Hainan with the work being managed by Kodal Minerals.

$100m is more than sufficient to advance the DMS ‘Dense Media Separation’ plant being planned by Kodal.

Capex for the DMS is estimated at $65m leaving $35m to working capital, further extension drilling, related exploration and cover cost overruns etc….

The DMS will start processing material from the Ngoualana resource which has separated well in DMS testing.

The Bougouni license area contains multiple pegmatite veins offering ample opportunity for further discovery.

Bougouni joint venture: the new Bougouni joint venture will be managed by Steve Zaninovich (Kodal operations director) who will run the day-to-day activities and oversee the construction of the DMS plant.

Subscription: Hainan have also agreed to subscribe for $17.75m worth of Kodal Minerals shares at a 108% premium to last night’s share price giving Hainan a 14.8% stake in Kodal Minerals.

Suay Chin also have a right to also subscribe for shares to maintain their 14.18% stake in Kodal Minerals rather than being diluted down by Hainan.

Kodal will use the $17.75m to further define and explore their gold portfolio as well as assess other opportunities in the region.

Construction: The new DMS plant should take around 12 months to complete with geotechnical drilling already underway for the plant foundations.

Production: Hainan have tested some 600kg of spodumene samples in China as part of their due diligence

Timing: The $100m of funds are expected to be paid into the new joint venture with the subscription for $17.75m worth of new shares paid at the same time. The long-stop date for the payment is 30th April.

Conditions: The deal is subject to the creation of the internal reorganisation of Kodal Minerals to put the Bougouni asset into the joint venture subsidiary Kodal Minerals UK and Approvals from the Chinese government. The scale of the deal is relatively small by international mining standards and we think this should require approval at the regional level.

Project value: .

Modelling shows >$1bn of revenues over 4 years .

NPV $420m at a 7% discount rate on a post-tax basis.

Assumes: Lithium price of $2,080/t spodumene concentrate.

Production of 120,000tpa

Trucking: 10 trucks carrying 350t per day at a cost of under $100/t

Conclusion: The Hainan deal highlights the desperation of lithium processors and their client Gigafactories to lock in lithium supply. Kodal’s decision to go for a quick 12-month DMS plant has attracted >$100m of financing with a don’t-spare-the-horses deal to get lithium concentrates to China for further processing. This is a great deal for Kodal and is also a great deal for Hainan which is locking in yet another supply source for China Inc.

*SP Angel acts as financial advisor and broker to Kodal Minerals.

Posted at 19/1/2023 08:23 by the chairman elect
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining



Major funding package for development of the Bougouni Lithium Project:

US$100 million (£82 million) to be invested into Project Company and

US$17.75 million (£14.6 million) subscription for ordinary shares in Kodal; and

proposed sale of Bougouni West Project for a consideration of £2 million in cash



Kodal Minerals, the mineral exploration and development company focused on lithium and gold assets in West Africa, is pleased to announce it has agreed a conditional funding package of US$117.75 million which will provide full financing for the development and commencement of production at the Bougouni Lithium Project in Mali and support a major exploration and development programme.



The funding package has been agreed with Hainan Mining Co. Limited ("Hainan" or "Hainan Mining") and its wholly owned UK-incorporated subsidiary Xinmao Investment Co. Limited ("Xinmao" and together the "Hainan Group"). Hainan is a subsidiary of Fosun International Limited ("Fosun") and is the industrial platform for mining and resources within Fosun. The Hainan Group are highly experienced mining and development professionals and will be working in partnership with Kodal which will continue to provide the Mali and project expertise to develop the Bougouni Lithium Project ("Bougouni Project", "Bougouni" or the "Project").



Highlights:



· US$100 million committed to Kodal's newly incorporated UK subsidiary, Kodal Mining UK Limited ("KMUK"), by the Hainan Group to, inter alia, acquire 51% of KMUK to finance the construction of the mine at the Bougouni Lithium Project.

· US$17.75 million equity subscription by Hainan Group into Kodal at a price of 0.5p per share, being a premium of approximately 100% to the previous 10-days' VWAP (the "Subscription").

· KMUK would be fully funded for the US$65 million capital cost of the Dense Media Separation ("DMS") development scenario at Bougouni and is targeting delivery of first production within 12 months of receipt of funds.

· The additional funds received by KMUK beyond the DMS funding will be directed to expansion activities to increase the Bougouni Project JORC compliant resource inventory currently at 21Mt @1.11% Li2O and extend production beyond the initial four-year mine life.

· The US$17.75 million raised from the Subscription will be used to advance the Company's portfolio of gold exploration assets in Mali and Cote d'Ivoire, as well as the assessment of new exploration and development opportunities in West Africa.



Closing of the funding transactions is conditional on approval of certain authorities and regulators in China.



Bernard Aylward, CEO of Kodal Minerals, commented: "This is a great outcome for Kodal following a competitive and complex process to ensure we received appropriate recognition for the underlying value of this asset.



"We are very pleased to welcome the Hainan Group as investors into Kodal and as partners for the development of the Bougouni Lithium Project. This investment provides us with a great opportunity to fast track to production of spodumene concentrate in a very strong market. The level of funding will allow us to fully fund the dense media separation plant with mining planned to commence at the high grade Ngoualana deposit as well as to support major drilling and exploration campaigns to discover and define additional lithium mineralisation to seek to increase the life of the mining operation at Bougouni.



"The Hainan Group have completed extensive due diligence of the Bougouni Project and confirmed the potential of this quality project leading to this new partnership.



"The lithium sector remains very buoyant with high demand and market prices for spodumene concentrate. The demand is supported by the increasing take-up of electric vehicles ('EVs') and the demand for secure supply is very high. Kodal will be looking to complete an off-take agreement for the amount of product that it is free to sell outside of existing arrangements and will also review the potential to become involved in downstream processing to enhance the value of the product if viable."



Liu Mingdong, Chairman of Hainan Mining, commented : "This investment in Kodal and Kodal Mining UK Ltd is in line with Hainan Mining's strategy of improving the level of resource and feedstock security, and commencing the building of our lithium hydroxide supply chain. It is a milestone for Hainan Mining's African footprint and globalisation. We are looking forward to working closely with our partner and jointly developing the Bougouni Lithium Project in an effective way, aiming to start production and reach full scale operations as quickly as possible and create value for both partners shareholders and the people of Mali."

Posted at 16/12/2022 10:55 by the chairman elect
Kodal Minerals* (KOD LN) 0.23p, Mkt Cap £39m – Kodal completes concept design modules for lithium mine and process plant in Mali

Kodal Minerals reports on work progress it is Bougouni Lithium Project in southern Mali.

The team have completed the DMS plant concept and tailings storage layout and concept designs.

Progress is also being made on the environmental studies required for the addition of a DMS ‘Dense Media Separation’ plant into the process flow sheet.

Kodal has also reappointed George Michaelides as exploration manager to lead all exploration and pre-development activities around the Bougouni site.

The addition of a DMS plant should enable the processing of an expanded resource at Bougouni and from the surrounding license area.

The Mali Ministry of Mines recently suspended the issuance of new mining permits which is said not to impact Kodal’s development plans for Bougouni.

Kodal plans to truck spodumene concentrates around 884km from the Bougouni mine site to the port of San Pedro in the Ivory Coast. The drive is relatively simple with just one boarder crossing and takes some 14 hours and 20 minutes according to our good friends at Google.

While trucking 5.5-6% spodumene concentrate over large distances is far from ideal, the large number of empty trucks travelling from Mali to ports in the Ivory Coast should reduce the overall social impact and cost of road freight for the mine.

Key economic parameters for the DMS feasibility update (DMSU) include:

3.9mt at 1.13% Li2O mining inventory to be processed over 3.9y LOM;

1.0mtpa DMS plant processing capacity, down from 2mtpa estimated originally;

DMS recoveries assumed at 63.5%, a 10pp reduction given no milling/flotation;

130ktpa SC5.5 forecast annual production, down from ~240ktpa reflecting lower scale;

On site unit costs (mining/processing/G&A) estimated at $436/SC, up on $362/SC,

reflecting lower economies of scale from smaller mining/throughput rates;

TCC (on site plus selling costs) estimated at $561/SC, up on $474/SC.

Post tax NPV7% and IRR are estimated at $420m and 274% using an average spodumene price of $2,080/t FOB (price starts at $2,950 in first year and ends at $1,400/t in the last year).

*SP Angel acts as financial advisor and broker to Kodal Minerals

Posted at 29/9/2022 06:45 by the chairman elect
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining



Bougouni Project DMS Development Opportunity



Kodal Minerals, the mineral exploration and development company focused on lithium and gold assets in West Africa, is pleased to provide an update on the potential for initial rapid development of its Bougouni Lithium Project in southern Mali ("Bougouni" or the "Project"). The Company continues to review opportunities to accelerate the development of the Project through a faster and lower capital cost dense media separation ("DMS") processing plant option, that will provide an opportunity for the Company to take advantage of the near-term high price environment in the lithium market.



Highlights of the DMS option:

· Capital development cost for the DMS plant and all associated infrastructure and commencement of mining is estimated at US$65 million, generating an estimated NPV7% of approximately US$557 million (US$420 million post-tax) and, based on full equity funding, a short payback of 2 months from commencement of operations.

· The DMS option is based on:

o processing material from the Ngoualana deposit feeding 1Mtpa of lithium ore to a DMS processing plant

o utilising a conventional circuit to maximise spodumene recovery of over 130,000 tonnes per annum of spodumene concentrate

o an initial 4 year mine life.

· DMS operation revenue forecast to exceed US$1.05 billion in less than 4 years, based on prevailing broker consensus pricing averaging US$2,080 per tonne (FOB basis).

· The DMS operation targets production of a 5.5% Li2O spodumene concentrate product which is consistent with other producers currently active in the market.

· Future expansion of the Project is expected to continue with the construction and commissioning of a down-stream flotation plant expected to be supported by utilising the DMS plant cash flows in order to exploit the resources at Sogola-Baoulé and Boumou, as well as longer term exploration prospects.



Bernard Aylward, CEO of Kodal Minerals, remarked: "The DMS plant scenario provides Kodal with a fast-track option towards achieving our goal of becoming the first operational lithium mine in Mali. At much reduced capital and operating costs, and an expected construction timeline of around 12 months, the DMS development option provides Kodal with a near-term solution to take full advantage of the continuing buoyant lithium market.



"The DMS option has a current mine life of nearly 4 years. This is based on mining all resources at the Ngoualana pit which boasts the highest grade ore of all deposits, with potential to supply additional DMS ore feed from adjacent exploration prospects where previous drilling has intersected with high grade pegmatite veins at Bougouni South, Marigo and Orchard. Importantly, the existing upside from the Sogola-Baoulé and Boumou deposits would be retained and processed in a future flotation plant which can be funded from the DMS operation project cash flows.



"This update utilises prevailing broker consensus pricing for the sale price of spodumene concentrate which has recently traded at spot prices above US$5,000 per tonne. The life of mine average concentrate price for the fast track DMS proposal is US$2,080/t.



"The lithium market continues to be very strong and our Bougouni Project continues to attract strong interest. The DMS development option has attracted interest from the wider market, and Kodal is progressing discussions with market operators and potential financing partners. The Company will provide further updates as discussions progress."

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