REG - Kodal Minerals PLC - First Shipment of Spodumene Concentrates

Kodal MineralsAnnouncement

01/12/2025 07:00

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RNS Number : 6395J  Kodal Minerals PLC  01 December 2025

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ("MAR")

 

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

 

Kodal Minerals plc

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

 

1 December 2025

 

 Bougouni Project First Shipment of Spodumene Concentrates Departs Port of
San Pedro

 

Kodal Minerals (AIM: KOD), the West African lithium producer, mineral
exploration and development company, announces that the Company's maiden
shipment of 28,950 tonnes of lithium spodumene concentrate (vessel capacity)
has completed loading onto a dedicated bulk cargo vessel at the Port of San
Pedro in Côte d'Ivoire. The vessel arrived on 29 November 2025 and the loaded
vessel subsequently departed on 30 November 2025 bound for the destination
port in Hainan Province, China.

 

Following completion of loading, our local Mali registered mining company, Les
Mines de Lithium de Bougouni ("LMLB") (a subsidiary of Kodal Mining UK Limited
("KMUK") in which Kodal has a 49% shareholding), will submit an invoice for
the initial 95% of the cargo value with the offtake partner, Hainan Mining Co.
Ltd ("Hainan"). LMLB are subsequently due to receive the first payment from
this shipment for a total expected value of c. US$24 million.

 

The focus of LMLB's operations over the recent weeks has been the transport of
over 30,000 tonnes of lithium spodumene concentrate from the Bougouni Lithium
Project ("Bougouni" or the "Project") in Southern Mali to its dedicated
stockpile facility at the Port of San Pedro, a c. 880km road journey, ahead of
first shipment. This successful transport operation as well as the subsequent
loading and departure of the vessel from the port highlights the effectiveness
of the transport route.  To date, the Stage 1 Dense Media Separation ("DMS")
processing plant at Bougouni has produced over 45,000 tonnes of lithium
spodumene product, grading an average lithium oxide content of 5.39%.

 

Bernard Aylward, CEO of Kodal Minerals, remarked:

"The completion of the loading and the departure of our first shipment of
lithium spodumene concentrate to our joint development and offtake partner,
Hainan, is a major milestone for our team and will result in the receipt of
the first revenues from the Project.

 

"Additionally, the significant improvement in the lithium pricing environment
in recent weeks will be reflected in the sale price for our spodumene
concentrate as per the terms of the Offtake Agreement.  The final sale price
for the lithium spodumene product will be adjusted to account for the actual
grade and quality of product delivered and deducting the cost of sea freight,
the Company expects the price to exceed US$930 per dry metric tonne ("DMT") of
spodumene concentrate.

 

"I would like to thank all of our stakeholders who have made this critical
step possible - our loyal shareholders, dedicated workforce, supportive Malian
stakeholders, including the Malian Government, the office of the Governor of
the Bougouni Region and the entire Bougouni community, many of whom are
amongst the 650-strong team on site at Bougouni. Additionally, I would like to
thank Hainan for its unwavering support of the Project as our joint
development and offtake partner, without which today's, momentous achievement
would not have been possible."

 

Bougouni Lithium Project background

The Bougouni Project commenced construction in mid-2024 and announced first
production of high-grade lithium spodumene concentrate at grades of 5.53%
Li(2)O in February 2025 (see announcement released on 11 Feb
(https://polaris.brighterir.com/public/kodal_minerals/news/rns/story/xjz417r)
ruary 2025
(https://polaris.brighterir.com/public/kodal_minerals/news/rns/story/xjz417r)
) during the plant commissioning phase and has produced over 45,000 tonnes of
spodumene, to date. The Stage 1 DMS processing plant processes coarse-grained
spodumene material sourced from the Ngoualana Mine, with a planned feed of 1
million tonnes per annum of lithium ore into the DMS processing plant. The DMS
processing plant utilises a conventional circuit to maximise spodumene
recovery.  The targeted annual production at the Project is 125,000 tonnes at
average grade of 5.5% Li(2)O.

 

The Project is the second-only lithium mine in Mali. The Company recently
commenced and successfully completed first transportation of spodumene product
from site to the Port of San Pedro in Côte d'Ivoire, which will subsequently
be exported to its JV and offtake partner's, Hainan, refinery in China.

 

 

**ENDS**

 

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

 

 Kodal Minerals plc

 Bernard Aylward, CEO                                                  via Burson Buchanan

 Allenby Capital Limited, Nominated Adviser

 Jeremy Porter/Vivek Bhardwaj                                          Tel: 020 3328 5656

 SP Angel Corporate Finance LLP, Financial Adviser & Joint Broker

 Stuart Gledhill/Adam Cowl                                             Tel: 020 3470 0470

 Canaccord Genuity Limited, Joint Broker

 James Asensio/Charlie Hammond                                         Tel: 0207 523 4680

 Burson Buchanan, Financial PR

 Bobby Morse/Oonagh Reidy/Abigail Gilchrist                            Tel: +44 (0)20 7466 5000

                                                                       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 joint venture partner Hainan Mining, 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, which
achieved first spodumene concentrate production in February 2025, has a target
output of 125ktpa Li₂O spodumene concentrate. Stage 2 Floatation plant is
expected to commence operations in 2028 with a forecast output of 230ktpa
Li₂O.

 

Bougouni is operated by Les Mines de Lithium de Bougouni SA ('LMLB'), a
subsidiary of Kodal Mining UK Limited ('KMUK'), in which Kodal has a 49 per
cent shareholding. The company also has a number of highly prospective 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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