REG - Kodal Minerals PLC - Interim Results for 6 months to 30 September 2025
19/12/2025 07:00
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RNS Number : 2040M Kodal Minerals PLC 19 December 2025
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK Market Abuse
Regulation.
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
19 December 2025
Kodal Minerals plc
('Kodal', 'Kodal Minerals' or the 'Company')
Interim Results for the six months to 30 September 2025
Kodal Minerals (AIM: KOD), the West African lithium producer, mineral
exploration and development company, announces its unaudited interim results
for the six months ended 30 September 2025 ('H1 2025' or the 'Period').
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.
Bougouni Lithium Project
At the start of the Period, mining activities continued on site, grading on
average 1.17% Li(2)0, in line with the preliminary feasibility study (the
"PFS"). During the seasonal wet season from July to September the pit filled
with water, as was expected, and the mining fleet was unable to access the
base of the pit. Activity transferred to the preparation for the full
extension of the pit area, repair and maintenance of the haul roads and
preparation for the re-commencement of mining activities in November 2025.
The Bougouni mining team has prepared a mining schedule that will deliver
over 100,000 tonnes of ore to the run-of-mine ("ROM") pad each month, to
ensure a full feed supply is available for the processing plant during 2026.
From late August to late September, the Bougouni processing plant underwent a
series of maintenance checks, engineering improvements and 'de-bottlenecking'
initiatives to improve the plant performance. These items were identified
during the initial commissioning and ramp-up process of the plant operation,
and the August/September period presented an optimal time given the wet season
slow down. The plant re-commenced in late September and treated low grade and
transitional ore for a period to ensure all engineering and improvements
operated effectively. The plant subsequently shut while the operation
focussed on the transport of the spodumene stockpile that had built up around
the plant area and had limited area for additional material to be produced to
the port of San Pedro in Côte d'Ivoire.
During the Period, approximately 45,000 tonnes of lithium spodumene product,
grading an average lithium oxide content of 5.39%, was produced on site, in
preparation for export. In September, we were pleased to announce that the
export permit had been granted by the Mali government for an initial 125,000
tonnes of spodumene concentrate. Following receipt of the permit, the team
at Bougouni worked tirelessly with Direction Nationale de Geologie et des
Mines ("DNGM") agents and customs officials on site to set up the necessary
export procedures.
Since the Period end, the first truckloads of lithium spodumene concentrate
left Bougouni and the first shipment of 28,950 tonnes is now en route to the
destination port in Hainan Province, China, via the port of San Pedro,
Côte d'Ivoire. The Bougouni operation team has continued to focus on
transportation of the stockpile to San Pedro to ensure that material is
available at the port for further shipping and we expect to complete the
export of 125,000 tonnes of product during the next twelve months. This
regular export of product, coupled with the strength of our relationship with
the Mali government, means that we expect the export permit to be renewed as
required.
Post Period end, Stage 1 of the Project was officially opened by General
Assimi Goïta, President of the Republic of Mali in a ceremony held in
November. The ceremony was hosted by General Ousmane Wele, Governor of the
Bougouni Region, and was attended by Professor Amadou Keita, the Mali Minister
of Mines, community leaders including the Village Chief of Ngoulana, and
national and local media. The ceremony signified the continued supportive
relationship Kodal shares with the Mali Government as it advances the Project,
delivering direct and indirect benefits to both the local community, many of
whom work on site, as well as nationally to the wider Malian economy.
All assay results have been received for the Boumou prospect diamond drilling
completed in 2025. These assay results, published in December 2025 post
Period end, confirms the geological interpretation of the previous exploration
work and highlights the consistent thickness and width of the multiple
pegmatite veins intersected in the drilling completed to date. This bodes well
for the future development of Bougouni and the development of the Stage 2
flotation plant by KMUK, which we aim to advance in 2026.
Over recent months, Mali has faced a sharply deteriorating security
environment as militant groups have launched increasingly coordinated attacks
across the north and centre of the country. Southern Mali, where the Project
is situated, has historically been more stable. However, violence has
started to shift into southern areas and regrettably the Bougouni site was
subject to a security incident in August. Our priority remains ensuring the
safety and wellbeing of all our employees. We continue to work closely
with Mali government officials, and the military security presence in the
Bougouni area and on site has been increased to ensure the security and safety
of staff and contractors at the mine.
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."
Chairman's Statement
I am very pleased to provide an update on the Company, following a six-month
period where we have witnessed the Project transform into a commercial
operation.
Over the past six months, the global lithium market has experienced continued
volatility amid an evolving policy landscape. After a period of sharp price
corrections in early 2024, lithium prices have increased and began to
stabilise in mid-2025 as demand from electric vehicle and energy storage
sectors showed steady recovery and the price has continued to rise further in
recent months. However, market sentiment remains cautious due to fluctuating
battery demand forecasts, high inventories in parts of the supply chain, and
the ongoing uncertainty surrounding global trade policy. Despite the risk of
near-term pressures, long-term prospects remain robust, supported by energy
transition commitments and advances in battery technology.
The Board has continued a targeted M&A strategy to explore new
opportunities in critical minerals / precious metals in West Africa and is
well-placed to take advantage of any prospects that may arise. We are
continuing to work on a strategy to maximise the value of the Company's
remaining gold assets in Mali and Côte d'Ivoire, however work on our gold
assets has been delayed due to ongoing uncertainty regarding licence renewals.
In the six-month period ended 30 September 2025, the Group recorded a loss of
£1,131,000 compared to losses of £1,486,000 for the six months to 30
September 2024 and a loss of £2,446,000 for the year to 31 March 2025. The
loss for this Period includes the Company's share of KMUK's profit for the
corresponding period of £218,000.
Cash balances as at 30 September 2025 were £15,629,000 compared to
£18,108,000 at 30 September 2024 and £16,888,000 at 31 March 2025. Cash as
at 17 December 2025 was £15,049,000.
As announced on 1 September 2025, the financial year end of the Company has
been changed to 31 December. Accordingly, audited accounts for the
nine-month period ending 31 December 2025 will be published by 30 June
2026. We have a very exciting period ahead of us and I look forward to
reporting on our progress in 2026 as the Project transitions into a
fully-fledged revenue generating mining operation.
Robert Wooldridge
Non-Executive Chairman
Contact details:
For further information, please visit www.kodalminerals.com or contact the
following:
Kodal Minerals plc
Bernard Aylward, CEO via Burson Buchanan
Allenby Capital Limited, AIM 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 Tel: 020 7466 5000
Bobby Morse / Abigail Gilchrist kodal@buchanancomms.co.uk (mailto:kodal@buchanancomms.co.uk)
KODAL MINERALS PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 September 30 September 31 March
2025 2024 2025
£ £ £
Continuing operations
Administrative expenses (696,594) (566,623) (1,587,795)
Share based payments (60,338) (276,331) (217,468)
Impairment of exploration and evaluation assets 6 - - (640,818)
OPERATING LOSS (756,932) (842,954) (2,446,081)
Finance income 184,162 188,798 413,095
Share of profit / (loss) of an associate 217,751 (831,819) (8,993,392)
LOSS BEFORE TAX (355,019) (1,485,975) (11,026,378)
Taxation - - -
LOSS FOR THE PERIOD/YEAR (355,019) (1,485,975) (11,026,378)
OTHER COMPREHENSIVE INCOME
Items that may be subsequently reclassified to profit and loss
Currency translation loss (775,960) (2,365,348) (1,075,844)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD/YEAR (1,130,979) (3,851,323) (12,102,222)
Loss per share from continuing operations
Basic - pence per share 3 (0.0018) (0.0074) (0.0545)
Diluted - pence per share (0.0018) (0.0071) (0.0545)
KODAL MINERALS PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
Unaudited Unaudited Audited
as at as at as at
30 September 30 September 31 March
2025 2024 2025
Note £ £ £
NON-CURRENT ASSETS
Intangible assets 6 1,782,678 2,259,711 1,622,924
Property, plant and equipment 7 44,713 55,471 51,721
Investment in associated undertaking 9 20,894,851 28,206,561 21,402,327
Amounts due from associated undertaking 4,072,251 4,312,785 4,215,265
26,794,493 34,834,528 27,292,237
CURRENT ASSETS
Trade and other receivables 2,214,309 1,059,141 1,611,403
Cash and cash equivalents 15,628,896 18,108,383 16,888,231
17,843,205 19,167,524 18,499,634
CURRENT LIABILITIES
Trade and other payables (59,792) (93,122) (208,324)
NET ASSETS 44,577,906 53,908,930 45,583,547
EQUITY
Attributable to owners of the parent:
Share capital 10 6,337,719 6,327,302 6,327,302
Share premium account 10 32,700,452 32,645,868 32,645,869
Share based payment reserve 1,422,101 1,453,911 1,361,763
Translation reserve (1,835,942) (2,349,486) (1,059,982)
Retained profit 5,953,576 15,831,335 6,308,595
TOTAL EQUITY 44,577,906 53,908,930 45,583,547
KODAL MINERALS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Share capital Share premium account Retained profit Total equity
Share based payments reserve
Translation
reserve
£ £ £ £ £ £
At 31 March 2024 (audited) 6,325,349 32,624,071 1,147,664 15,862 17,317,310 57,430,256
Comprehensive income
Loss for the period - - - - (1,485,975) (1,485,975)
Currency translation (loss) - - - (2,365,348) - (2,365,348)
Total comprehensive income for the period - - - (2,365,348) (1,485,975) (3,851,323)
Transactions with owners
Proceeds from exercise of share options 1,953 21,797 - - - 23,750
Share based payment - - 306,247 - - 306,247
At 30 September 2024 (unaudited) 6,327,302 32,645,868 1,453,911 (2,349,486) 15,831,335 53,908,930
Comprehensive income
Loss for the period - - - - (9,522,740) (9,522,740)
Currency translation gain - - - 1,289,504 - 1,289,504
Total comprehensive income for the period - - - 1,289,504 (9,522,740) (8,233,236)
Transactions with owners
Reserves movement for exercised / lapsed share options - - (17,663) - - (17,663)
Share based payment - - (74,485) - - (74,485)
At 31 March 2025 (audited) 6,327,302 32,645,869 1,361,763 (1,059,982) 6,308,595 45,583,547
Comprehensive income
Profit for the period - - - - (355,019) (355,019)
Currency translation gain - - - (775,960) - (775,960)
Total comprehensive income for the period - - - (775,960) (355,019) (1,130,979)
Transactions with owners
Proceeds from exercise of share options 10,417 54,583 - - - 65,000
Share based payment - - 60,338 - - 60,338
At 30 September 2025 (unaudited) 6,337,719 32,700,452 1,422,101 (1,835,942) 5,953,576 44,577,906
KODAL MINERALS PLC
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Unaudited Unaudited Audited
6 months to 6 months to Year ended 31 March
30 September 30 September 2025
2025 2024
£ £ £
Cash flows from operating activities
Loss before tax (355,019) (1,485,975) 11,026,378)
Adjustments for non-cash items:
Impairment of exploration and evaluation assets - 640,818
Share of (profit)/loss from associate (217,751) 831,819 8,993,392
Interest income (184,162) (188,799) (413,095)
Share based payments 60,338 276,331 217,468
Operating cash flow before movements in working capital (696,594) (566,624) (1,587,795)
Movement in working capital
(Increase) in receivables from the associate (490,209) - (927,595)
(Increase)/decrease in receivables (42,275) (536,868) 7,581
Increase/(decrease) in payables (148,533) (67,753) 69,022
Net movements in working capital (681,017) (604,621) (850,992)
Net cash inflow / (outflow) from operating activities (1,377,611) (1,171,245) (2,438,787)
Cash flows from investing activities
Interest income 102,717 107,492 247,482
Purchase of tangible assets - (55,471) (67,372)
Purchase of exploration and evaluation assets (95,346) (101,727) (101,849)
Disposal of exploration and evaluation assets - 76,905 -
Loan repayments from associated undertaking - 2,901,581 2,901,581
Net cash inflow from investing activities 7,371 2,928,780 2,979,842
Cash flow from financing activities
Net proceeds from exercise of share options 65,000 23,751 23,751
Net cash inflow from financing activities 65,000 23,751 23,751
Increase/(decrease) in cash and cash equivalents (1,305,240) 1,781,286 564,806
Cash and cash equivalents at beginning of the period 16,888,231 16,326,507 16,326,507
Exchange gain / (loss) on cash 45,605 590 (3,082)
16,888,231
Cash and cash equivalents at end of the period 15,628,896 18,108,383
KODAL MINERALS PLC
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
General information
Kodal Minerals plc is a public limited company incorporated and domiciled in
England & Wales. The Company's shares are publicly traded on the AIM
market of the London stock exchange. Kodal Minerals Plc and its subsidiaries
are involved in the exploration and evaluation of mineral resources in West
Africa.
Basis of preparation
These unaudited condensed consolidated interim financial statements for the
six months ended 30 September 2025 were approved by the board and authorised
for issue on 18 December 2025.
The basis of preparation and accounting policies set out in the Annual Report
and Accounts for the year ended 31 March 2025 have been applied in the
preparation of these condensed consolidated interim financial statements.
These interim financial statements have been prepared in accordance with the
historical cost convention and in accordance with International Accounting
Standards in conformity with the requirements of the Companies Act 2006 that
are expected to be applicable to the consolidated financial statements for the
year ending 31 December 2025 and on the basis of the accounting policies
expected to be used in those financial statements.
The figures for the six months ended 30 September 2025 and 30 September 2024
are unaudited and do not constitute full accounts. The figures for the
associated undertaking have been extracted from unaudited management accounts
which have been provided to us by the associated undertaking and which we have
not verified. The comparative figures for the year ended 31 March 2025 are
taken from the 2025 audited accounts, which are available on the Group's
website, and have been delivered to the Registrar of Companies, and do not
constitute full accounts.
The Group has not earned revenue during the period to 30 September 2025 as it
is still in the exploration and development phases of its business. The
operations of the Group are currently being financed from funds which the
Company has raised from the issue of new shares.
The directors have prepared cash flow forecasts for the next 12 months. The
forecast includes the costs of targeted exploration of some of the company's
gold assets, and the ongoing overheads of the Group. The forecast shows that
the Group has sufficient cash resources available to allow it to continue as a
going concern and meet its liabilities as they fall due for a period of at
least 12 months from the date of the approval of these interim results.
Accordingly, the interims have been prepared on a going concern basis.
KODAL MINERALS PLC
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
1. SEGMENTAL REPORTING
The operations and assets of the Group are focused in the United Kingdom and
West Africa and comprise one class of business: the exploration and evaluation
of mineral resources. The parent Company acts as a holding company. At 30
September 2025, the Group had not commenced commercial production from its
exploration sites and therefore had no revenue for the period.
Six months to 30 September 2025 (Unaudited) West African Gold West African Lithium UK Total
£ £ £ £
Administration expenses (79,172) - (617,422) (696,594)
Share based payments - - (60,338) (60,338)
Finance income - - 184,162 184,162
Share of profit of associate - 217,751 - -
Loss for the period (79,172) 217,751 (493,598) (355,019)
At 30 September 2025
Intangible assets - exploration and evaluation expenditure 1,782,678 - - 1,782,678
Property plant and equipment 44,713 - - 44,713
Investment in associated undertaking - 20,894,851 - 20,894,851
Amount due from associated undertaking - 4,072,251 - 4,072,251
Trade and other receivables - 2,214,309 - 2,214,309
Cash and cash equivalents 28,854 - 15,600,042 15,628,896
Trade and other payables - - (59,792) (59,792)
Net assets 1,856,245 27,181,411 15,540,250 44,577,906
Six months to 30 September 2024 (Unaudited) West African Gold West African Lithium UK Total
£ £ £ £
Administration expenses (56,495) - (510,128) (566,623)
Share based payments - - (276,331) (276,331)
Finance income - 81,307 107,491 188,798
Share of loss of an associate - (831,819) - (831,819)
Loss for the period (56,495) (750,512) (678,968) (1,485,975)
At 30 September 2024
Intangible assets - exploration and evaluation expenditure 2,259,711 - - 2,259,711
Property plant and equipment 55,471 - - 55,471
Investment in associated undertaking - 28,206,561 - 28,206,561
Amount due from associated undertaking - 4,312,785 - 4,312,785
Trade and other receivables - 1,059,141 - 1,059,141
Cash and cash equivalents 86,672 - 18,021,711 18,108,383
Trade and other payables - - (93,122) (93,122)
Net assets 2,401,854 33,578,487 17,928,589 53,908,930
Year to 31 March 2025 (Audited) West African Gold West African Lithium UK Total
£ £ £ £
Impairment of exploration and evaluation assets (640,818) - - (640,818)
Administration expenses (290,022) - (1,297,773) (1,587,795)
Finance income - - 413,095 413,095
Share based payments - - (217,468) (217,468)
Share of loss from associate - (8,993,392) - (8,993,392)
Loss for the year (930,840) (8,993,392) (1,102,146) (11,026,378)
At 31 March 2025 (Audited)
Intangible assets - exploration and evaluation expenditure 1,622,924 - 1,622,924
-
Tangible assets 51,721 - - 51,721
Investment in associated undertaking - -
21,402,327 21,402,327
Trade and other receivables - -
5,826,668 5,826,668
Cash and cash equivalents 106,155 - 16,782,076 16,888,231
Trade and other payables - - (208,324) (208,324)
Net assets 1,780,800 27,228,995 16,573,752 45,583,547
2. OPERATING LOSS
The operating loss before tax is stated after charging:
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 September 30 September 31 March
2025 2024 2025
£ £ £
Impairment of exploration and evaluation assets - - 640,818
Audit services - - 112,500
Share based payment 60,338 276,331 217,468
Directors' salaries and fees 199,498 165,499 385,998
Employer's National Insurance 1,424 3,881 15,521
3. LOSS PER SHARE
Basic loss per share is calculated by dividing the loss for the period
attributable to ordinary equity holders of the parent by the weighted average
number of ordinary shares outstanding during the period.
The following reflects the loss and share data used in the basic EPS
computations:
Profit / (loss) Weighted average number of shares Diluted weighted average number of shares Basic profit / (loss) per share (pence) Diluted profit / (loss) per share (pence)
£
Six months to 30 September 2025 (355,019) 20,263,759,703 20,263,759,703 (0.0018) (0.0018)
Six months to 30 September 2024 (1,485,975) 20,025,859,562 20,791,692,896 (0.0074) (0.0071)
Year ended 31 March 2025 (11,026,378) 20,246,629,959 20,246,629,959 (0.0545) (0.0545)
Diluted loss per share is calculated by dividing the loss attributable to
ordinary equity holders of the parent by the weighted average number of
ordinary shares outstanding during the period plus the weighted average number
of ordinary shares that would be issued on conversion of all the dilutive
potential ordinary shares into ordinary shares. Options in issue are not
considered diluting to the earnings per share as the Group is currently loss
making. Diluted loss per share is therefore the same as the basic loss per
share.
4. SHARE BASED PAYMENTS
The share-based payment reserve is used to recognise the value of
equity-settled share-based payments provided to employees, including key
management personnel, as part of their remuneration.
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 September 30 September 31 March
2025 2024 2025
Share options outstanding
Opening balance 326,666,667 352,500,000 352,500,000
Lapsed in the period (47,500,000) (12,500,000) (25,833,333)
Issued in the period - - -
Exercised in the period - - -
Closing balance 279,166,667 339,999,999 326,666,667
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 September 30 September 31 March
2025 2024 2025
Performance share rights outstanding
Opening balance 160,000,000 160,000,000 160,000,000
Lapsed in the period (25,000,000)
Issued in the period - - -
Exercised in the period - - -
Closing balance 135,000,000 160,000,000 160,000,000
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30 September 30 September 31 March
2025 2024 2025
Share warrants outstanding
Opening balance 293,333,334 299,583,334 299,583,334
Lapsed in the period (52,500,000) - -
Issued in the period - - -
Exercised in the period (33,333,334) (6,250,000) (6,250,000)
Closing balance 207,500,000 293,333,334 293,333,334
5. TAXATION
There is no taxation charge for the period to 30 September 2025 (6 months to
30 September 2024: £nil, year to 31 March 2025: £nil) as the group continues
to incur losses.
No deferred tax asset has been recognised in respect of losses as the timing
of their utilisation is uncertain at this stage.
6. INTANGIBLE ASSETS
Exploration and evaluation
£
COST
2,162,452
At 31 March 2024
Additions in the period 139,667
Effects of foreign exchange (42,408)
2,259,711
At 30 September 2024
Effects of foreign exchange (4,031)
Licences impaired in the year (640,818)
1,622,924
At 31 March 2025
Additions in the period 95,346
Effects of foreign exchange 64,409
1,782,679
At 30 September 2025
AMORTISATION
-
At 31 March 2024 and 30 September 2024 and 31 March 2025 and 30 September 2025
NET BOOK VALUES
At 30 September 2025 (Unaudited) 1,782,679
At 30 September 2024 (Unaudited) 2,259,711
At 31 March 2025 (Audited) 1,622,922
7. PROPERTY, PLANT AND EQUIPMENT
Plant and machinery
£
COST
At 31 March 2024 27,555
Additions in the period 62,848
Effects of foreign exchange (19)
At 30 September 2024 90,384
Additions in the period 4,524
Effects of foreign exchange 370
At 31 March 2025 95,278
Effects of foreign exchange 1,883
At 30 September 2025 97,162
DEPRECIATION
26,889
At 31 March 2024
Charge in the period 8,024
At 30 September 2024 34,913
Charge in the period 8,643
At 31 March 2025 43,556
Charge in the period 8,893
At 30 September 2025 52,449
NET BOOK VALUES
At 30 September 2025 (Unaudited) 44,713
At 30 September 2024 (Unaudited) 55,471
At 31 March 2025 (Audited) 51,721
8. SUBSIDIARY ENTITIES
The consolidated financial statements include the following subsidiary
companies:
Country of Equity holding Nature of
Company Subsidiary of incorporation Business
Kodal Norway (UK) Limited Kodal Minerals Plc United Kingdom 100% Dormant company
International Goldfields (Bermuda) Limited Kodal Minerals Plc Bermuda 100% Holding company
International Goldfields Mali SARL International Goldfields (Bermuda) Limited Mali 100% Mining exploration
International Goldfields Cȏte d'Ivoire SARL International Goldfields (Bermuda) Limited Cȏte d'Ivoire 100% Mining exploration
Jigsaw Resources CIV Limited International Goldfields (Bermuda) Limited Bermuda 100% Holding company
Corvette CIV SARL Jigsaw Resources CIV Limited Cȏte d'Ivoire 100% Mining exploration
9. ASSOCIATED UNDERTAKING
Since 15 November 2023, Kodal has held a 49% interest
in KMUK, which operates the Bougouni Lithium Project in southern Mali.
Summarised financial information of KMUK, based on management accounts for the
corresponding period, and reconciliation with the carrying amount of the
investment, are set out below:
30 September 2025 31 March 2025
Assets
Cash and cash equivalents 1,119,856 8,430,235
Other debtors 7,197,871 5,258,970
Property, plant and equipment 647,799 579,963
Mine development asset 65,213,896 51,897,994
Inventory 27,359,468 12,693,652
Liabilities
Rehabilitation provision (2,506,792) (2,594,829)
Trade and other payables (56,443,918) (32,642,139)
Net Assets 42,588,180 43,623,846
Group's share in equity - 49% 20,868,208 21,375,684
Goodwill 26,643 26,643
Group's carrying value of the investment 20,894,851 21,402,327
Carrying value at the start of the year 21,402,327 31,260,186
Group's share of profit / (loss) 217,751 (8,993,392)
Foreign exchange movement on reserves
(725,227) (864,467)
Carrying value at the end of the year 20,894,851 21,402,327
The Company's share of KMUK's profit for the period of £218,000 included a
foreign exchange gain of £4,395,000 arising on the consolidation of KMUK
group intercompany balances denominated in the West African CFA franc.
10. ORDINARY SHARES
Allotted, issued and fully paid:
Nominal Value Number of Ordinary Shares Share Capital Share Premium
£ £
Note
At 30 September 2024 20,247,366,260 6,327,302 32,645,868
At 31 March 2025
20,247,366,260 6,327,302 32,645,868
Share issue a 0.0003125 33,333,334 10,417 54,583
At 30 September 2025 20,280,699,594 6,337,719 32,700,451
Notes:
a) On 3 July 2025, a total of 33,333,334 new ordinary shares were issued
following the exercise of warrants. Total subscription proceeds for the
Company from the exercise was £65,000.
11. RELATED PARTY TRANSACTIONS
Transactions with related parties
During the period ended 30 September 2025, the Group incurred expenses on
behalf of the associated undertaking of £488,635 (6 months to 30 September
2024: £759,282, year to 31 March 2025: £1,218,718). The balance due to the
Group at 30 September 2025 was £6,236,324 (30 September 2024: £5,371,927, 31
March 2025: £5,924,188) including a non-current loan due from the associate
of £4,072,251 (30 September 2024: £4,312,785, 31 March 2025: £4,215,265).
The Directors represent the key management personnel of the Group and details
of their remuneration are provided in note 4.
Robert Wooldridge, a Director, is a member of SP Angel Corporate Finance LLP
("SP Angel") which acts as financial advisor and broker to the Company.
During the six months to 30 September 2025, SP Angel received fees of £20,000
(6 months to 30 September 2024: £20,000, year to 31 March 2025:
£40,000). The balance due to SP Angel at 30 September 2025 was £nil (30
September 2024: £nil, 31 March 2025: £nil).
Matlock Geological Services Pty Ltd ("Matlock"), a company wholly owned by
Bernard Aylward, a Director, provided consultancy services to the Group during
the six months to 30 September 2025 and received fees of £112,500 (6 months
to 30 September 2024: £112,500, year to 31 March 2025: £225,000). The
balance due to Matlock at 30 September 2025 was £nil (30 September 2024:
£nil, 31 March 2025: £nil).
Zivvo Pty Ltd ("Zivvo"), a company wholly owned by Steven Zaninovich, a
Director, provided consultancy services to the Group during the six months to
30 September 2025 and received fees of £105,000 (period to 30 September 2024:
£105,000, year to 31 March 2025: £210,000). The balance due to Zivvo at
30 September 2025 was £nil (30 September 2024: £nil, 31 March 2025:
£nil).
12. CONTROL
No one party is identified as controlling the Group.
13. CAPITAL COMMITMENTS AND CONTINGENCIES
The Group had capital commitments to exploration and evaluation expenditure of
£nil (30 September 2024: £nil, 31 March 2025: £nil).
Kodal and Hainan are continuing discussions regarding responsibility for the
US$15 million settlement payment under the MoU with the State and will work
together to reach an agreement. Based on legal advice received, the
Directors have judged it unlikely that Hainan will be able to make a
successful claim against Kodal. At the current time the Company cannot
determine the outcome of the discussions, and hence the nature or amount of
any payments or concessions that might be required, if any, and which may
result in an economic outflow from the Company.
With respect to the sale of Bougouni West as agreed with Leo Lithium in April
2023, one of the licences, N'kemene Ouest, has not yet been renewed by
the Mali mining authorities (a sale condition) following the moratorium on
the renewal and transfer of mining concessions. Accordingly, the Company has
not yet recognised the income from the sale proceeds of £1.5 million. The
licence is considered to be of good standing and the renewal is expected to
occur, but no timing of finalisation can be provided.
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