Mali Lithium Ltd (ASX:MLL) has refocused its activities and its strategic gold holding during the March quarter due to the global COVID-19 pandemic while taking the flagship lithium project as far as possible in the current climate.
Activities during the quarter focused on drilling at Goulamina Lithium Project in southern Mali, the Goulamina definitive feasibility study (DFS), a scoping study investigating potential processing of spodumene (lithium) concentrates from Goulamina.
The March quarter also saw MLL increase its focus on gold by beginning a strategic review of its gold assets in southern Mali.
Corporate pursuits[hhmc]
The company has reduced its board in size from 5 to 3, managing director Chris Evans has resigned, Noel OBrien has resigned as a non-executive director and overheads have been reduced throughout the business.
Alistair Cowden has been appointed executive chairman due to his extensive experience in gold and major transactions.
Board fees and Australian staff salaries have been reduced by 20% to reflect the need to preserve cash held by the company.
No new equity was issued or cancelled during March, however, Mali Lithium has provided a mechanism for unmarketable parcels to be sold.
This resulted in more than 1.04 million shares held by 663 shareholders being sold.
On April 22, funds from the sale of these shares were returned to shareholders and the company now has 2,021 shareholders reducing costs in servicing shareholders.
As of March 31, 2020, the group had $2.488 million in cash at bank.
Gold assets[hhmc]
Mali Lithium has renewed its focus on the company's gold assets.
The company has had significant gold tenure in Mali for many years, with the principal asset being the 90%-owned Massigui Project comprising 674 square kilometres surrounding the 6.8 million ounce Morila gold camp in southwest Mali.
Mali Lithium also holds a royalty interest over the Viper and Ntolia deposits mined by Morila last year.
High-grade drill intersections were reported from the Koting prospect near the Morila Gold Mine last year.
The company is actively investigating opportunities that arise froRead More – Source
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