REG - Kodal Minerals PLC - Bougouni Lithium Project Update

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RNS Number : 0288D  Kodal Minerals PLC  05 May 2026

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

 

5 May 2026

Kodal Minerals plc

("Kodal Minerals", "Kodal" or the "Company")

 

Bougouni Lithium Project Update

 

Kodal Minerals (AIM: KOD), the West African lithium producer, mineral
exploration and development company, provides an update on operations, export
and receipt of revenue at the Bougouni Lithium Project ("Bougouni" or the
"Project").

 

Kodal maintains its involvement and interest in Bougouni via its 49 per cent.
shareholding in Kodal Mining UK Limited ("KMUK") in partnership with Hainan
Mining Co. Ltd ("Hainan"), which as the 51 per cent. shareholder has ultimate
control.  KMUK holds a 65 per cent. shareholding of Les Mines de Lithium de
Bougouni SA ("LMLB"), which owns the Project in partnership with the Mali
Government, and KMUK provides the management oversight and operational control
of mining activities at the Project.

 

Highlights:

·    Final payment for the second shipment of spodumene concentrate to
Hainan received and LMLB has been paid a total amount of US$27.6 million for
the shipment following, inter alia, confirmation of grade, tonnage and
moisture content.

·    The second shipment delivered approximately 19,738 dry metric tonnes
("DMT") of spodumene concentrate and a calculated spodumene concentrate 6%
Li(2)O ("SC6") equivalent average price of US$1,681.3 per tonne of
concentrate.

·    The third shipment of approximately 20,480 DMT of spodumene
concentrate, which departed from the port of San Pedro, Côte d'Ivoire on 12
April, is currently in transit to Hainan. LMLB has received an interim payment
of US$34.4 million dollars representing 95% of the estimated value of the
cargo including adjustment for grade and shipping and insurance costs.

·    The third shipment is expected to arrive in Hainan in July,
triggering the calculation process for the final payment for the shipment.

·    The Project continues to mine and process lithium mineralisation and
is currently transporting spodumene concentrate to the port of San Pedro,
Côte d'Ivoire, in preparation for the next shipment.

·    Bougouni remains unaffected by recent security incidents and unrest
in parts of Mali and operations are continuing as usual.

 

Bernard Aylward, CEO of Kodal Minerals, commented: ""Over the past couple of
weeks, the safety and security of staff at Bougouni has been a priority, and
the township of Bougouni has remained unaffected by recent security incidents.
The Project team, mining contractors and support teams continue to be well
supported by security services and local Government official,s and their
safety remains the utmost priority. Operations at Bougouni have continued,
with the site continuing to receive deliveries, including fuel and the
necessary spare parts needed on site. Furthermore, the export of spodumene
concentrate to the port of San Pedro remains unaffected and on schedule."

 

"The receipt of the final payment for the second shipment and the interim
payment for the third shipment highlights the strengthening spodumene
concentrate price and the growing demand from the lithium market. The
operation has now received revenue of over approximately US$89 million from
its first three shipments, and we expect shipments to continue at regular
intervals targeting cargoes of up to 20,000 DMT."

 

For further information, please visit www.kodalminerals.com
(http://www.kodalminerals.com) or contact the following:

 

 Kodal Minerals plc                                                    via Burson Buchanan

 Bernard Aylward, CEO

 Allenby Capital Limited, AIM Nominated Adviser                        Tel: 020 3328 5656

 Jeremy Porter/Vivek Bhardwaj

 SP Angel Corporate Finance LLP, Financial Adviser & Joint Broker      Tel: 020 3470 0470

 Stuart Gledhill/Adam Cowl

 Canaccord Genuity Limited, Joint Broker                               Tel: 020 7523 4680

 James Asensio/Charlie Hammond

 Peel Hunt LLP, Joint Broker                                           Tel: 0207 418 8900

 Ross Allister/David McKeown/Georgia Langoulant

 Burson Buchanan, Financial PR                                         Tel: +44 (0)20 7466 5000

 Bobby Morse/ Abigail Gilchrist                                        kodal@buchanancomms.co.uk

About Kodal Minerals

 

Kodal Minerals plc, the AIM-quoted West African lithium explorer, developer
and producer, is the co-developer of its flagship Bougouni Lithium
Project in Southern Mali alongside its partner Hainan Mining Co. Ltd, a
subsidiary of Hong Kong-listed Fosun International.

 

The Bougouni Lithium Project covers 350km² in the world-class Birimian
terrain of West Africa, located approximately 180km south
of Mali's capital Bamako. The Stage 1 Dense Media Separation ("DMS")
processing plant achieved first spodumene concentrate production in February
2025 and made its first shipment of concentrate in December 2025. A Stage 2
Flotation plant is planned in future years to process the finer-grained
resources within the Bougouni deposit.

 

Bougouni is operated by Les Mines de Lithium de Bougouni SA ('LMLB'), a
subsidiary of Kodal Mining UK Limited ('KMUK') which owns the project and in
which Kodal has a 49 per cent shareholding. The Company also has a number of
early-stage gold assets in its diverse portfolio located in West Africa.

For more information on Kodal, please visit kodalminerals.com
(https://kodalminerals.com/)

 

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