Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Kodal Minerals' shares are trading higher on Tuesday after the company said it received correspondence from the Direction Nationale de la Geologie et des Mines (DNGM) in Bamako notifying them of the acceptance of the Feasibility Study for the Mining Licence application at the Bougouni Lithium Project.
They have also received the request to pay the application fee for the delivery of the Mining Licence, which is £135,000.
The AIM-listed company said they would pay the fee promptly to advance the application and maintain communication with the DNGM.
Once the fee is paid, DNGM will draft the mining Licence, which is forwarded to the Ministry of Mines, Energy and Water.
Bernard Aylward, CEO of Kodal Minerals, commented: “Our Mining Licence application is progressing through the final regulatory stages and the receipt of this letter confirming the Feasibility Study for the development of the Bougouni Lithium Project and the request to pay the Mining Licence application fee is a very positive development and brings us significantly closer to a fully permitted project.”
Kodal Minerals' share price is currently trading at 0.292p, up 20% after Monday's 5% gain.
Kodal Minerals shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Kodal Minerals shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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