Kodal Minerals Plc has issued an operations update from its Bougouni Lithium Project, confirming a strong start to commercial shipments and cash generation.
The company reported the full receipt of US$27.25 million from its first shipment of spodumene concentrate. The cargo totalled 28,735 dry metric tonnes (DMT) and achieved a realised sales price of US$989.50 per tonne CIF.
A second shipment of approximately 20,000 tonnes is currently being loaded, with Kodal expecting an initial 95% payment shortly after completion.
Operationally, January 2026 production reached 9,141 DMT at an average grade of 5.26% Li₂O, while mining activities extracted 643,829 tonnes of material during the month.
Kodal also corrected its full-year 2025 production figure to 41,916 DMT at an average grade of 5.33% Li₂O.
Looking ahead, the company plans to establish a steady export schedule, targeting regular shipments of 15,000 to 20,000 DMT throughout 2026, with a third shipment expected in April.
The update highlights Bougouni’s transition into consistent production and revenue generation as Kodal scales up operations in the global lithium supply chain.
Bernard Aylward, chief executive of Kodal Minerals Plc, said the Bougouni Lithium Project is now operating at the mining and processing rates anticipated in its development studies, as ongoing plant upgrades improve reliability and availability.
He noted that open-pit mining at Ngoualana continues to perform strongly, with pegmatite mineralisation aligning closely with initial resource modelling. Improvements in blasting during January are expected to increase the flow of higher-grade ore to the run-of-mine pad and into the processing plant.
Aylward also confirmed that Kodal received the final 5% payment for its first spodumene concentrate shipment following the vessel’s arrival in Hainan, China, marking full receipt of initial revenues totalling US$27.25 million. He highlighted the sharp rise in spodumene concentrate prices, pointing to a 270% increase in the SC6 Index since July 2025, with prices recently exceeding US$2,000 per tonne, which he said is highly supportive for Bougouni’s ramp-up through 2026.
Looking ahead, Aylward said the engineering and geology teams are assessing near-mine opportunities to add further ore sources at Ngoualana, while also progressing plans for a final feasibility study on the Phase 2 flotation plant. Work throughout 2026 will include further drilling at the Boumou and Sogola-Baoule prospects, geotechnical assessments for mine planning, metallurgical studies, and detailed processing plant design.
The company also intends to complete an environmental study covering the expanded Boumou resource area in preparation for future mining approvals, with further updates expected later this year.
