Kodal Minerals Share News (KOD)

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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88 Energy Ltd - Australia-based, Alaska-focused oil explorer - Plans to raise AUD5.0 million, around GBP2.6 million, via a placing at AUD0.029 per share. 88 Energy intends that investors will be granted options exercisable at AUSD0.0435 per share. Trading in shares has been halted on the ASX pending the release of an announcement in relation to the completion of the placing, and will continue to trade on AIM during this period. In the UK placing, investors will be granted warrants exercisable at GBP0.02262 per share. Warrants will be granted to subscribers in the UK placing on the basis of one warrant for every two placing shares. The placing is being conducted through a bookbuilding process which is being managed by Cavendish Capital Markets Ltd and H&P Advisory Ltd.

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Cobra Resources PLC - South Australian mineral exploration and development company - Raises GBP4.5 million via placing and subscription at 4.0 pence per share. Chief Executive Rupert Verco says: "With the fundraise now successfully closed, Cobra is entering its next phase with the financial backing required to accelerate activity across the Company's assets. This year's work programmes have the potential to establish Cobra as a significant copper and rare earths developer in South Australia." "We are delighted with investor demand to back this dual project work programme and appreciate the strong support shown," he adds.

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Medpal AI PLC - London-based digital health and AI company - Raises GBP105,160 via WRAP retail offer plus a further GBP300,000 via a subscription agreement at 2.5 pence per share. With the proceeds of the placing of GBP527,000 announced on March 20, in aggregate the company has therefore raised GBP932,160.

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Kodal Minerals PLC - West Africa-focused mineral explorer and developer - Notes the 2025 performance report recently published by its operating partner, Hainan Mining Co Ltd, which refers to a significantly increased reserves assessment of spodumene resources for the Bougouni Lithium project. Hainan is the 51% shareholder with Kodal holding 49% of KMUK Ltd which ultimately has an interest in 65% of the project. Kodal notes whilst Hainan is claiming an additional 15.5 million tons or spodumene resources, it understands that the statements made are based on an internal estimate that was prepared by Hainan and based on previously announced drill results from 2025. At this stage, Kodal has not completed a review of this internal estimate and is not aware that it has been subject to an independent audit and validation to confirm JORC compliance. Kodal notes that the previously announced drill results for Boumou, the key prospect of the project, announced in December, indicated potential growth of the prospect, however, geological interpretation is ongoing. The results require an independent audit and JORC assessment prior to declaring any increase in the mineral resource estimate, Kodal points out.

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Ironveld PLC - London-based mining company targeting South Africa - Confirms that final sign off from its UK auditors is expected imminently, which will enable the company to publish its full-year 2025 accounts prior to the end of March. Also confirms that its interim results will be published on the same date.

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Surface Transforms PLC - producer of carbon-ceramic automotive brake discs - Confirms that a second notice of intention has on Wednesday been filed at the High Court to appoint Michael Magnay, Jonathan Marston, and Joanna Bull of Alvarez & Marsal Europe LLP as Joint Administrators. The NOI protects the company against any creditor enforcement action for a further period of 10 working days. This filing follows the company launching a strategic review and formal sale process. It continues to work with Alvarez & Marsal to explore all options and is engaged in discussions with potential interested parties. The second NOI provides time for the company and Alvarez & Marsal to progress discussions with the aim of maximising value for all stakeholders.

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By Jeremy Cutler, Alliance News reporter

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