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The other side of the coin though, the exact wording of the RNS is:
These concessions were presented to Kodal by Mohamed Niare who is engaged by Kodal as a consultant in Mali and acts as the Company's logistics and Country Manager and is a director of its Mali subsidiary. Mohamed Niare operates a consulting business in Mali and, with Kodal's consent, provides services to a number of additional clients in the Mali mining industry, and it is through cooperation with one of these additional clients that the concessions were presented to and acquired by Bambara. Mohamed Niare is the sole shareholder of Bambara. Kodal has reviewed the process of acquisition of the concessions by Bambara and believes that the concessions were not available for Kodal to acquire directly and that the Agreement with Bambara represents an excellent opportunity for the Company to gain exclusive access to and the option to acquire the concessions on favourable terms for the benefit of the Company and its shareholders.
I probably shouldn't poke the issue as it will just create further divide on the BB yet I do want the facts to be correct..
Bib, I have just finished reading the Final Report from cover to cover and your understanding of the deal is what I gather also. Except for one detail - Mohamed Niaré is not any old employee or contractor, the exact words in the Final Report are:
"Mohamed Niaré is engaged by Kodal as a consultant in Mali and acts as the Company’s logistics and Country Manager and is a director of Future Minerals"
ARahim, lol...very funny! Thanks for the offer but I was thinking more along the lines of Director of Investor Relations...
Please help my troubled soul as I'm not sure if I am understanding this correctly...it looks to me that an employee (or contractor)of Kodal obtained these Licenses from under the nose of Birmian on 31/12/18 for a fee of circa £27k. A month later Kodal enter an agreement for the right to acquire 80% of the concessions via option payments totalling GBP185,000 in cash and GBP195,000 in Kodal shares with an option to move to 100% ownership through an additional payment of GBP500,000 in cash and the granting of a 2% royalty to Bambara Resources. Is this the case or am I missing something? If this is the case then well done to Niare and I'm sure that shareholders would like to congratulate the BOD for such a gr8 deal (for Naire) Particularly, as the drilling results recently announced were less than impressive. Bravo!!
GFD, glad you have returned. Not so glad that you seem unable to grasp the fundamentals of investing to make a profit. I admire your loyalty though, despite your very significant losses. Your last para says it all really. Needless to say that I totally disagree with what you say and how you choose to say it. If you really have no concern, then that is really concerning imho...This was a fact finding exercise which, as far as I'm concerned, has produced little in the way of confidence.
Sorry for basically talking to myself this evening but I feel the need for balance in my posts so listing the positive aspects of the project, and why I currently still hold all my shares and still see a certain value in top ups:
-> SC tried to buy Birimian for £58 million ($107.5m AUD) at a much less developed stage than we are at now. If they were to say YOLO and offer us the same, that's a ten bagger from these levels. This coupled with their continued support should be evidence enough that our project is likely worth more than that
-> We are in the end game. Yes there may be a CR to keep us afloat, and yes there is still the big elephant in the room of plant finance, but after YEARS of being in this share the light is at the end of the tunnel. ESIA submitted and likely returned by end of October I'd say and then onto Mining license application. Do I think it'll be in by the stated H2? Meh, not really.. but I don't think it'll be later than end of January with all the reports they say are being done. MLL applied on 1st April and received their permit 148 days later on the 27th August. Something tells me ours will take less time, hoping for 100 days? If so we'll be fully permitted by end of April. Either way, we as share holders will FINALLY be able to see the numbers in the feasibility study and it'll be either boom or bust as all these bloomin' question marks get replaced with answers, and a proper offtake agreement can be signed, sealed, delivered. Or if its bust we can at least get on with our lives lol
-> I categorically do not think we will be in MLLs current situation i.e. fully permitted and doing fund raising for a DFS with no clear sign of how and where plant funding cash will come from. I really really do think this is our advantage with SC on board and I really do think (obviously not a given) that the plant will be funded through a mix of forward selling, some debt and an unavoidable tranche of equity issue and that those 100 days between application and submission will not be spent twiddling thumbs but getting on with plant design and plant construction. Whether Any Lithium orders will be successfully completed, hmm not sure - but at least we'll have a clearer picture. If it comes down to a game of time, and we have the permits, the funding and the stuff in the ground I'll probably be buying and buying every step of the way through plant build.
-> We're getting there lads, we're bloody getting there we just need BA and Co to get us over the edge and we're sailing
Thought I'd just share this "Easier to read than the DNGM" map of what the current licenses seem to be, one image for active licenses and one for applications. Doing this makes it much clearer as to what is going on
Essentially the 2 new concessions applied for by Future Minerals and International Goldfields is the Madina concession split into 2 areas rather than one (which was purchased from Gorutumu)
Also I put Timbuktu on the map to show our Aussie neighbours, looks lie they have an application in the pipeline too!
Now I DON't have the 3 Diendio concessions on the map the primary reason being that sod all has happened there, but also because these are the concessions that were "catching my eye" in my last post. As sod all is happening there, and as these concessions were the cheapest of the lot, I have little care for them personally
Thanks for the replies all
ARahim, GFD, in fairness to the others I am the one that brought up the Bambara questions and as I have stated I'm not on a witch hunt, merely fact finding mission. At this stage of the game, with the SP sitting where it and with a cloudy future (we know the goal but the path isn't yet clear) I feel I need more and more information to help me justify my holding. As such I am also now trawling through old RNS to remind myself of happenings.
Right now I'm tracing licenses and obligations which isn't as easy as it sounds. Some things are catching my eye but for the time being I'll keep it to myself
Here we are, with BiB and his magnifying glass leading the team in kod file cabinet looking for a nugget. daza staying behind on his toes ready to reverse. What is all this fuss about team? BiB, if you are planning for the administrator job in kod I will provide you with a reference. that is all I can do for you. god help your troubled soul. Have some faith...
Bambara Resources is a company wholly owned by Niare, our in-country manager so it's not at all surprising that he shares and his company shares the same address as Kodal in Mali. Nor is it surprising that he has created a company to act as an intermediary in his dealings with Kodal and the person(s) from whom the concessions for the additional tenements were bought. This is quite commonplace here in the UK, for Tax reasons. Nothing sinister there, in my view.
Similarly, there's nothing sinister in the Licences/Permits continuing to be held by the companies to which they were originally granted, since (apart from anything else) those companies are wholly-owned subsidiaries of KOD. Tax is usually the factor that predicates these things - it might be quite simple to get the Licences/Permits invested in KOD or another subsidiary of KOD but, by doing that, we might lose the Tax deductibles when we get to the position of having to pay Tax to the authorities in Mali. So far as the UK is concerned, it's not possible for one company to transfer to another it's Tax liabilities and/or deductibles. A company is a legal entity in its own right and it is an individual 'taxable person' and I imagine (without knowing) that Malian corporate and tax laws are the same.
I sincerely hope that those who are making allegations of wrongdoing (or simply fact-finding) attend the AGM in order to get these matters addressed - no Director or other employee of the Company is going to get embroiled in these matters on this or any other BB.
Application APL-I-2595 is replacing APL-I-2592 which has been archived. Looks like a transfer from Future Minerals to IGS ??
sxxswe, I think Registre de Commerce et du Crédit Mobilier (RCCM) is a bit like Companies House and may shed a bit more light on Bambara Resources. I have the following links but unfortunately I can’t seem to open them
I’m not suggesting there is an issue but it would be very good to find out that the individual/s or Company behind Bambara Resources and rule out any affiliation to Kodal.
I believe we still own IGS and assume that the following Company Structure is still relevant.
Page 5 - Group Structure
Page 16 - IGS Corporate Structure
I’m assuming the application for validation is Madina but haven’t got a clue on Sogola-Nord or why Internationnal Goldfields (Mali) SARL are making the application.
Daz as I said probably nothing to be nervous about, just curious.
If anything I'm quite happy to see 2 new concession applications that I guess if approved we'll be owning 100% off
sxx you are making me nervous :(
Kodal attending 121Mining in November:
Just to add a smidge more info that I'm finding on the DNGM, as I said previously Future Minerals (our subsidiary) has made an application for a new concession it seems on the 29 July.
On a stranger note, "Internationnal Goldfields (Mali) SARL also has a Lithium concession application pending from the 29 July called "Sogola-Nord". As far as I know, we still own International Goldfields so why apply through 2 different subsidiaries?
Also looking at International Goldfields contact details, its a different address but the same telephone number
Yes looking at the list of clients on Geodrills webpage shows a lot of known names! Which to me makes it more surprising that they don't have their own dedicated office and seem to be sharing the same proxy office as Kodal and Bambara (unless Kodal and Bambara are renting office space from them directly)
Just to clarify I'm not trying to make allegations, I merely seek answers to normal questions I have as a shareholder in Kodal. The answers are probably simple, and will lay everything to rest, but it is frustrating the lengths that need to be gone to to try and paint a clear picture. Re-reading all the old news and stuff it must be said that yes, thee company is indeed following the steps they have said long ago they would do albeit slowly and unfortunately at the significant expense of market cap
For my age and situation, I have a fair amount in this share (lesson learnt for future ref to not get so emotional and top heavy) and for that reason I am of course rooting for this company to succeed and supporting whenever I can with top ups. That's why I frown a bit when so much has been spent, as a SIDE hustle to the main concessions in time of financial woe, to a company whose only info we know is:
-Incorporated on 3rd May 2017
-Applied for one concession 03/01/2018 which still says "validation"
-Applied for two concession 31/12/2018, got them
-Sold 80% of these concessions to us just 1 month later, for a staggering £380 000 in shares and cash
-Seemingly now does nothing
-Potential to sell the remaining 20% of these concessions for £500 000 + 2% royalty
If they get that last payment, Bambara will have made just under 20% of our current market cap, with practically 0 expenses , 0 debt, 0 drills tunred, 0 overhead, 0 everything...
IRR are using geodril so they seem a legit outfit http://www.morningstar.co.uk/uk/news/AN_1565262025159059900/ironridge-resources-signs-drilling-for-equity-deal-with-geodrill.aspx
To be honest I have a lot of faith in nick mathers companies so this has put me at ease some what.
So to keep going for little, when trying to find any other links between Kodal and Geodrill I came across this article:
The key take away is right at the end:
Do you do the drilling yourself or do you have contractors?
We use a local West African contractor called Geodrill. The company is based in Ghana. The owner, Dave Harper, was one of our first shareholders. Geodrill doesn’t have a base in Mali yet. The company has a fleet of 47 drill rigs and I think all of them are busy at the moment. Many projects are in exploration phase. Things are turning in West Africa.
And as BiB has mentioned, Geodrill has the same address and same phone number too.
The plot thickens.. does anyone fancy a guess at Kodal Minerals subsidiary in Mali's (Future Minerals) address as registered with the DNGM?
Address: Badalabougou, Rue: 136, Porte: 923, BP: 803
Telephone: 76 11 12 37
Ok that sometimes companies use PO boxes, but the same phone number? And isn't Bambara meant to be a "local" company, so why use a PO box address?!
hope it's an office and not just a po box address :(
Not suggesting it's relevant but that's the same address and telephone number of Geodrill Limited who Kodal have used.
Name BAMBARA RESOURCES SARL TIN 082243160G
Registration # MA.BKO2017.B.4362 Type Company
Address Badalabougou, Rue: 136, Porte: 923, BP: 803 City Bamako
Phone 76 11 12 37 Incorporation Date
not much but then I couldn't find much, very strange:
Regarding concessions, I want to know who owns Bambara resources and what the story is. Kodal Minerals seem commited to paying £380 000 in cash and shares to get 80% of these concessions, with well over half having now been given.
Yet on the DNGM site they seem to pretty much only own these concessions, and when searching for them on the Malian company directory all I can find is they were incorporated in 2017.
No address listed
No owner listed
No e-mail listed
No phone number listed
I will keep digging but its a f* ton of cash to be handing over to a ghost of a company, which so far isn't yielding any good Lithoum results. Wonder if its possible to find out where the shares issued are being held? I mean heck, there doesn't even seem to be an agreement in place whereby "Bambara Resources" can't sell their shares for x amount of time!
On another note whilst on the DNGM site I looked up Future Minerals (= Kodal) and see that 2 licenses are active, 1 was "archived " on 29/07/2019 and one is undergoing "validation" also 29/07/2019!
Unfortunately on mobile the map isn't working so not sure if this is a renewal (Diendio?) or a new application? What I can see is under "District" it is NOT listing Bougouni but another one called Faradiélé
Someone must be missing a few brain cells if they have offered £200k at this juncture, in my opinion. I wonder how the 90% ownership and the 10-20% for the Mali Govt will weigh on the projects economics, not forgetting any potential downtime and issues due to the wet season, perhaps a further 10-20%? The quality of the resource is not as good as Goulamina and the fragmented nature will probably lead to issues, particularly if they are determined to fast track without proper investigation. However, if SC are willing to take a punt I'm sure that any offer will reflect this.....