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LONDON (Alliance News) - Kodal Minerals PLC on Wednesday said it secured exclusive rights to explore two new concessions in Mali, where the firm is advancing its Bougouni lithium project.
The agreement is with a local Malian company, Bambara Resources SARL, and covers the newly granted concessions Mafele Ouest and Nkemene Ouest that form the Bougouni West project.
The agreement also grants Kodal the right to acquire 80% of the concessions via option payments totalling GBP185,000 in cash and GBP195,000 in Kodal shares.
Kodal also has the option to move to 100% ownership through an additional payment of GBP500,000 in cash and the granting of a 2% royalty to Bambara.
Chief Executive Officer Bernard Aylward said: "While our primary focus continues to be the development of our Bougouni Lithium Project, this new option agreement is a fantastic opportunity for Kodal to expand in this highly prospective region.
"Kodal has negotiated attractive terms that allow us to explore and potentially discover new zones of lithium mineralisation that would complement our existing project and further enhance our long-term position in this region."
Kodal shares were trading up 1.6% at 0.19 pence each.