Highlights

  • Canaccord Genuity has issued a speculative buy rating on Kodal Minerals with a target price of GBX 1 per share.
  • The rating coincides with the company releasing its interim results for the six months ended 30 September 2025.
  • Kodal Minerals continues to progress activities at its Bougouni Lithium Project in southern Mali.

Kodal Minerals (LSE:KOD), a West Africa–focused lithium producer and exploration company, has drawn market attention after Canaccord Genuity issued a speculative buy rating on the stock. The brokerage has set a target price of GBX 1 per share, placing the company in focus among investors tracking the lithium and battery materials sector. The rating comes alongside the release of Kodal’s unaudited interim financial results for the first half of the 2025 financial year.

Interim Financial Performance for H1 2025

For the six months ended 30 September 2025, Kodal Minerals reported a loss of GBP 1.13 million, compared with a loss of GBP 1.49 million in the corresponding period last year. The company’s share of profit from Kodal Mining UK Limited amounted to GBP 218,000 for the period, compared with a loss in the prior year, aided by a foreign exchange gain of GBP 4.40 million.

As of 30 September 2025, the carrying value of Kodal’s investment in Kodal Mining UK Limited stood at GBP 20.90 million. Cash balances were reported at GBP 15.6 million at the period end, with cash levels of GBP 15.0 million reported as of 17 December 2025.

Progress at the Bougouni Lithium Project

Operationally, Kodal’s focus during the period remained on mining and production of spodumene concentrate through the Stage 1 Dense Media Separation processing plant at Bougouni. Approximately 45,000 tonnes of spodumene concentrate were produced during the period, with an average lithium oxide grade of 5.39%.

In September 2025, the company received an export permit for an initial 125,000 tonnes of spodumene concentrate. Following the period end, the first shipment of 28,950 tonnes departed from the port of San Pedro in Côte d’Ivoire in November. Subsequent to this shipment, Kodal received an initial payment of USD 21.3 million from Hainan Mining Co. Limited.

Mining, Processing, and Forward Activity

Mining activities at Bougouni continued in line with feasibility expectations, although operations slowed during the seasonal wet period. Processing plant maintenance, engineering upgrades, and debottlenecking initiatives were undertaken during this time. The company has outlined plans to deliver more than 100,000 tonnes of ore per month to the run-of-mine pad in 2026 to support ongoing production.

Post-period developments also included the official opening of Stage 1 of the Bougouni Project in November 2025, attended by senior Malian government officials. In addition, final assay results from drilling at the Boumou prospect confirmed continuity of mineralisation, supporting further development planning.