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Annual Results

Kodal Minerals losses widen

28 September 2017 08:01

Pre-tax losses at Kodal Minerals rose to £1.2m in the year to the end of March - up from £465,622 last time.

The group booked an impairment of exploration and evaluation assets of £675,236 compared with £50,426 a year ago and administrative expenses rose to £488,376 from £374,651.

Revenue was nil - unchanged from last time.

Non-executive chairman Robert Wooldridge said: 'We are looking forward to the year ahead as we have a very busy exploration programme planned, which is concentrated on our lithium Bougouni and Diendio projects.

'We will continue drilling at Bougouni with the aim of targeting extensions and providing definition to the known mineralised zones and looking to identify new prospects.

'With the support of our major shareholder, we will continue with the metallurgical testing of our lithium mineralised zones and review the plant and processing requirements to allow the production of a spodumene concentrate suitable for marketing to China-based end users.

'This will be a very exciting year for development at Bougouni and we anticipate being able to continue to add significantly to the value of the Lithium projects.'

At 8:01am: (LON:KOD) Kodal Minerals share price was -0.01p at 0.26p

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