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(Alliance News) - Kodal Minerals PLC on Monday reported a modestly narrowed loss in its most recent financial year as share based payments made by the company fell more than two thirds.
Kodal's pretax loss for its year ended March 31 was GBP712,611, narrowed from GBP857,057 the year before.
This was due to share based payments, which shrank to GBP109,241 from GBP341,372. This drop was, however, somewhat offset by a rise in administrative expenses to GBP613,450 from GBP517,184.
Kodal has been working to complete a feasibility study for its Bougouni lithium project in Mali but "the metallurgical test work programme has taken longer to complete than initially expected". This is because the programme was expanded to determine a suitable processing plant design.
"The feasibility study will form the basis of our submission for a mining licence at Bougouni, which we expect to file before the end of 2019," said Non-Executive Chair Robert Wooldridge.
Kodal also has a gold mining joint venture in the Ivory Coast with Resolute Mining Ltd.
"The group has continued to maintain its suite of west African gold projects and has been able to announce an update of successful gold exploration by our joint venture partner in [the Ivory Coast] and we look forward to reporting further exploration results," said Wooldridge.
Shares in Kodal were up 2.7% at 0.077 pence in London on Monday.