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BiB, sxxswe ... Yes it is very good to dig into the company transactions as there are no angels there. This is why SC put his man there, there is always a difference between what disclosed to the market and what is know by insiders. This is what drives some to invest more and others to sell at a loss. I've being suspended from this board for one day or so for just saying we are not getting all the information we need regarding what is assessed by Assays and what is proven by drills.
Having said that, continuous criticism of the company behavior is not going to benefit anyone here.
we should be cautious with the wordings when addressing these issues.
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"
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...
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
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
Hi SorB
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:
https://www.miningafricaonline.co.za/index.php/mining-features/personality-profiles-new/3553-in-conversation-with-bernard-aylward-leading-the-lithium-charge
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?!
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