Kodal Minerals has recorded its first revenue after receiving a US$21.3 million payment from Hainan for the maiden export of spodumene concentrate from the Bougouni Lithium Project, representing 95% of the cargo’s total value.
The company said the Dense Media Separation processing plant has restarted following scheduled maintenance and is expected to return to nameplate capacity in the near term. Mining continues at the Ngoualana open pit, supported by a run-of-mine stockpile of around 65,000 tonnes.
Kodal plans a second shipment of between 20,000 and 30,000 tonnes of spodumene concentrate in the first quarter of 2026. Separately, assay results from the Boumou prospect have confirmed high-grade lithium mineralisation, with further drilling scheduled for early 2026.
Highlights:
· The Dense Media Separation (“DMS”) processing restarted this week after a planned maintenance and engineering works for the resolution of bottlenecking issues and adjustments to optimise plant performance as well as the build-up of the run-of-mine (“ROM”) stockpile, with management expecting the DMS processing plant to be operating at nameplate capacity in the near future.
· Payment from the Project’s offtake partner, Hainan, for the sum of $21.3 million has been received by KMUK, marking 95% of the cargo value of the spodumene concentrate exported from the port of San Pedro on 28 November 2025, in accordance with the offtake agreement.
· Mining continues at the Ngoualana open pit mine with pegmatite ore currently being blasted and mined from the middle level of the pit.
· Pegmatite ore is being hauled to the ROM stockpile with current stockpile levels of approximately 65,000 tonnes. The current mining plan provides for continued building of the stockpile with the aim of ensuring uninterrupted supply to the DMS processing plant throughout 2026.
· De-watering of the pit is continuing, and it is expected that access to the base of the pit for blasting and mining of the main pegmatite ores will soon be available. This is not impacting on mine access as pit de-watering is an ongoing standard operation required for mining activity.
· Transport of spodumene concentrate to the port of San Pedro is continuing and a second shipment of spodumene concentrate to China of 20,000-30,000 tonnes is planned for the first quarter of 2026.
· Boumou prospect assay results received confirm the continuation of wide, high-grade pegmatite mineralisation. The drilling intersected multiple pegmatite bodies with a further drilling campaign planned for early 2026. Significant drilling results include:
o 54m at 1.57% Li2O from 104.5m in drill hole KLDH067;
o 37m at 1.60% Li2O from 62.5m in drill hole KLDH060; and
o 20m at 1.41% Li2O from 86m;
9.5m at 1.73% Li2O from 110.5m; and
20.5m at 1.23% Li2O from 219m in drill hole KLDH056.
Bernard Aylward, CEO of Kodal Minerals, remarked:
“We are very pleased to report the receipt of payment from Hainan following the maiden export by Lithium Mines de Bougouni SA (“LMLB”) (a subsidiary of KMUK which owns the mining licence) of the spodumene concentrate from the port of San Pedro on 28 November 2025, marking first revenues for KMUK. Following the successful transport and shipment of the first export of spodumene concentrate, the Bougouni mining operation has continued with the build-up of the ROM stockpile ahead of the full recommencement of production, which should ensure that the DMS processing plant is able to produce approximately 10,000 tonnes per month.
“Over recent months, the operation has focused on maintenance and engineering optimisation of the DMS processing plant planned from late August and into September. Following completion of the main improvements, the plant recommenced operations in late September, treating low-grade and transitional ore to ensure that the optimisation work was successful in upgrading the plant to reach its targeted production profile of 125,000 tonnes of spodumene concentrate per annum. Processing of ore material was then halted while the operation focussed on the export of finished product and resumption of ore mining from the open pit mine ahead of full processing resumption this week.
“We continue to have full support from our contractors and confirm that the operation has full fuel supply, and our blasting contractor continues to operate at full capacity.
“The high grade drilling intersection returned from the Boumou prospect highlight the potential growth of this prospect and continue to demonstrate the long-life potential of the Bougouni operation. The next stage of work to the Boumou prospect will include further drilling, metallurgical testing and geotechnical assessment to allow the team to develop a mining plan. In addition, we are completing an update to the previously approved Environmental and Social Impact Assessment (“ESIA”) due to the enlargement of this prospect area. We expect to undertake this work throughout 2026 with the aim of completing the Feasibility Assessment and Investment Decision by the end of 2026.
“As KMUK’s Bougouni operation moves to a steady state producer, the Company expects to provide a quarterly update covering key aspects of the operation including mining, processing, transport and shipping and including exploration and development drilling, with the first update expected in April 2026.”
