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Highlights:

  • Over 11,000 tonnes of spodumene concentrate produced, with ramp-up progressing toward full-scale production.
  • Mining Licence transfer nearing completion, pending final approval from Mali’s President.
  • KMUK requests an extension for its US$7.5 million payment due to licensing delays, with a response awaited from the Malian Government.

Kodal Minerals (LSE:KOD), a leading mineral exploration and development company, has provided a key update on its Bougouni Lithium Project in Southern Mali. The project, operated by Kodal Mining (UK) Ltd (KMUK), in which Kodal holds a 49% interest, is approaching full-scale commercial production.

The Bougouni Dense Media Separation (DMS) processing plant has successfully produced over 11,000 tonnes of spodumene concentrate to date. In the last week of March 2025 alone, the plant processed 13,400 tonnes of material, yielding 1,920 tonnes of spodumene concentrate with a lithium oxide grade of 5.63% Li₂O.

Mining Licence Transfer and Export Readiness

While operations continue to ramp up, Kodal is awaiting the final transfer of the Mining Licence, a crucial step before spodumene exports can begin. The licence transfer process, moving ownership from Future Minerals SARL to the Mali-registered Les Mines de Lithium de Bougouni SA (LMLB), is advancing, with all necessary updates to LMLB’s company structure signed off by Mali’s government ministers. The final approval now rests with Mali’s President, Assimi Goïta.

Once approved, the spodumene concentrate will be exported via the Port of Abidjan in Côte d'Ivoire to China, marking a major milestone in Bougouni’s commercialisation.

Request for Payment Extension

Due to delays in the licence transfer, KMUK has formally requested an extension for its second US$7.5 million payment to the State of Mali. This payment, outlined in a binding Memorandum of Understanding signed in November 2024, was originally scheduled to be made upon the finalisation of the mining licence transfer. The Malian Government has acknowledged receipt of KMUK’s request, with a formal response pending.