Goulamina's resource now stands at 64.6 million tonnes grading 1.49% lithium oxide for 960,000t, an increase in measured and indicated resources of 48%.

 

Total resources increased 6% to 109Mt at 1.45%.

 

The company says it expects its confidence in resources to flow through into a planned reserve estimate. 

 

Reserve estimation and mine design are in progress, and the company expects there to be a significant improvement to the results of the 2018 feasibility study and a longer mine life.

 

The PFS outlined a 16-year project, generating 362,000tpa of 6% spodumene concentrate, with low C1 cash costs of $374/t and an expected US$200 million finance needed.

 

The company, which had A$2.4 million at the start of the quarter, had originally hoped to complete its DFS and financing this year, before starting an 18-month construction phase.

 

The DFS was expected in May, and while the company has reported good progress in optimising capital and operating costs, COVID-19 has had an impact in delaying assays, some test results and other work.

 

The company is also conducting a scoping study of spodumene concentrate processing, and is reviewing the best way to benefit from its long-held gold assets in southern Mali.

 

Looking further out, the company says there is potential to increase resources further by drilling the Danaya and Sangar domains.

 

Mali shares were last traded at 14c, valuing the company at $44 million.