Kodal Minerals announced it has signed a Memorandum of Understanding with Sinohydro Corporation Limited to work together to develop the Bougouni Project. Importantly for the company's Bougouni Project, Sinohydro is currently active in the Bougouni region. It has undertaken a site visit to the Bougouni Project with a number of its technical team, looking at the geology, engineering, logistics and corporate aspects of the Bougouni Project, in addition to having access to the feasibility study dataroom, and has provided initial feedback on the high quality of the work undertaken to date, and the development potential. The focus of the MoU is for Kodal Minerals and Sinohydro to work together to develop the Bougouni Project. The key objectives are: Sinohydro will conduct at its own expense a review of the development proposed for the Bougouni Project and provide input in particular on procurement and civil engineering aspects of the feasibility study; Sinohydro will review the financing requirements for the project and, subject to satisfactory review, assist in sourcing financing for the project. Sinohydro acknowledges the experience of, and will work with, the company's large shareholder, Suay Chin International Pte Ltd, and in turn Shandong Ruifu Lithium Industry Co Ltd, which operates a lithium carbonate and lithium hydroxide production plant in Tai'An, China and is expected to be an end user of the spodumene product produced by the Bougouni Project; Following completion of the feasibility review and development plan and demonstration of project financing, Kodal Minerals and Sinohydro will use reasonable endeavours to negotiate a mutually acceptable EPC contract; and Kodal Minerals has granted Sinohydro an initial six-month exclusivity period to review and advise on financing for the Bougouni Project and develop an EPC contract proposal.