Kodal Minerals Plc has reported interim results for the six months ended 30 September 2025, showing a reduced loss as the company moves into the early stages of production at its Bougouni Lithium Project.
The company recorded a loss of £1.13 million for the period, an improvement on the £1.49 million loss reported in the same period last year. Kodal’s share of its associated undertaking, Kodal Mining UK Limited, swung to a profit of £218,000, largely driven by a £4.4 million foreign exchange gain.
Cash balances stood at £15.6 million at 30 September 2025, compared with £18.1 million a year earlier.
Operationally, Kodal said the Bougouni Lithium Project was granted an export permit covering up to 125,000 tonnes of spodumene concentrate. The first shipment of 28,950 tonnes took place after the period end, with an initial payment of US$21.3 million already received. The company also highlighted enhanced security at the Bougouni site, including increased military presence, and confirmed the continuation of high-grade lithium mineralisation at the Boumou prospect.
Highlights
Operational
· During the Period, the Company’s operational focus has been the mining and production of spodumene concentrate through the Stage 1 Dense Media Separation (“DMS”) processing plant at the Bougouni Lithium Project in southern Mali (“Bougouni” or the “Project”), within our associated undertaking Kodal Mining UK Limited (“KMUK”).
· Export permit for an initial 125,000 tonnes of spodumene concentrate from Bougouni was received in September 2025, allowing maiden transport of product to the port of San Pedro in Côte d’Ivoire to commence, with the first shipment of 28,950 tonnes of concentrate leaving the port post Period end in November 2025.
· Following ongoing discussions with Mali government officials, military presence in the Bougouni area and on site has been increased to ensure the security of staff and contractors at the Project.
· Post Period end, the Company announced its final assay results for the 2025 drilling programme at the Boumou prospect, which confirmed the continuation of wide, high-grade pegmatite mineralisation. The drilling intersected multiple pegmatite bodies with a further drilling campaign planned for early 2026.
Financial
· For the 6 months to 30 September 2025, the Company made a loss of £1,131,000 (H1 2024: £1,486,000).
· The Company’s share of KMUK’s profit for the Period was £218,000 (H1 2024: loss of £832,000), which included a foreign exchange gain of £4,395,000.
· The carrying value of Kodal’s investment in KMUK at 30 September 2025 was £20,895,000 (H1 2024: £28,207,000).
· Kodal’s cash balances at 30 September 2025 were £15.6 million (H1 2024: £18.1 million) and cash as at 17 December 2025 was £15.0 million.
· Post Period end, Les Mines de Lithium de Bougouni SA (“LMLB”), a subsidiary of KMUK, received initial payment for the maiden export of 28,950 tonnes of concentrate from Hainan Mining Co. Limited (“Hainan”), totalling US$21.3m.
Bernard Aylward, CEO of Kodal Minerals, said:
“I am delighted with our achievements at Bougouni over the last six months, as commissioning of the plant nears completion and first export and receipt of first revenues was achieved post Period end. The granting of the export license was a critical next step for the development of the Project as well as for Mali’s burgeoning spodumene industry. The permit further underpins the continued support of the Mali Ministry of Mines and the Government and their interest in the further development and expansion of Bougouni.
As export and sales are now underway, I look forward to continuing our evolution into a revenue-generating producer and reporting on our progress in the transformational period ahead of us.”
