Mali Lithium has acted to reduce expenditure, preserve cash and direct more management focus towards the company’s gold tenements as the Goulamina Lithium Project Feasibility Study (PFS) draws to its conclusion.
The Board of Mali Lithium has been reduced from five to three members.
Effective immediately, Dr Alistair Cowden will assume the position of Executive Chairman, Chris Evans will resign as MD and Mr Noel O’Brien will resign as a Non-executive Director.
The Board will now comprise Mark Hepburn, Brendan Borg and Dr Alistair Cowden.
There will be a renewed focus on our gold assets. Given Dr Cowden’s gold experience and that there is no need for a full time MD, Evans has agreed to step down and Dr Cowden will act as Executive Chairman on a part time basis.
Mali Lithium has had significant gold tenure in Mali for many years. The principal Project is the 90% owned Massigui Project comprising some 674 km2 surrounding the 6 million ounce Barrick/Anglogold Morila gold camp in southwestern Mali.
The Company also holds a royalty interest over the Viper and N’tolia deposits mined by Morila last year. High grade drill intercepts were reported from the Company’s Koting prospect near the Morila Gold Mine last year.
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The Company also has a 100% interest in the 199 km2 Dankassa Project elsewhere in Southern Mali. The Company is now actively investigating opportunities that arise from its strategic position in the Malian gold industry.
The Goulamina Lithium Project Definitive Feasibility Study (DFS) is almost complete and technical activity on the project will be minimal for the balance of 2020.
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Receipt of assay results has been slow in the current environment and a Resource upgrade will be published when available and prior to the release of the DFS.
Mali Lithium notes that China has extended subsidies and tax incentives for electric vehicles for an additional two years, until the end of 2022.
The increase in lithium demand is still expected to grow strongly on recovery of world markets.
On completion of the DFS the Company will pursue various avenues to generate value for shareholders from this fully permitted world class asset.