Kodal Minerals (LSE:KOD) reported production of 27,234 dry metric tonnes of spodumene concentrate at its Bougouni Lithium Project in Mali during the quarter ended 30 September 2026, bringing year-to-date output to 80,429 tonnes.
The AIM-listed mining company said concentrate produced during the quarter averaged 5.29% lithium oxide (Li2O), while maintaining its full-year production guidance of between 105,000 and 115,000 tonnes.
Kodal also reiterated its expected unit production cost range of US$600 to US$610, as operations continued at the project’s Stage 1 dense media separation (DMS) processing facility.
During the reporting period, the project completed its fourth and fifth export shipments through the port of San Pedro in Côte d’Ivoire, which serves as the export route for spodumene concentrate produced at Bougouni.
The fourth shipment generated approximately US$47 million in revenue, bringing total revenue from the first four shipments to around US$142.8 million.
The company also confirmed that the project’s operating vehicle had fully repaid an external loan provided by Hainan Mining, using cash generated from operations.
The repayment removes the outstanding obligation associated with that loan, following the commencement of commercial concentrate production and export shipments from Bougouni.
Mining activities at the Ngoualana open pit were affected during the quarter by seasonal rainfall and equipment availability, resulting in reduced mining volumes and a lower grade of ore supplied to the processing plant.
Kodal said these conditions affected the availability and quality of feed material, although the processing facility continued operating during the period.
To address the mining constraints, additional equipment and a new mining contractor have been mobilised to support ore extraction and transportation.
The measures are intended to improve the consistency of ore deliveries to the processing plant and maintain sufficient stockpiles to support ongoing production.
The company reported continued recovery performance at the DMS facility, although specific recovery rates were not provided in the supplied update.
Kodal also recorded no lost-time injuries or medically treated incidents during the quarter.
Alongside Stage 1 production, the company is progressing technical studies for a proposed Stage 2 flotation expansion at Bougouni.
The development work includes feasibility assessments, environmental studies and metallurgical testing to evaluate the proposed expansion and its processing requirements.
The Stage 2 project is intended to increase Bougouni’s production capacity beyond the existing DMS operation, although the supplied update did not specify a revised production target or development timetable.
Bougouni is operated through a partnership involving Kodal Mining UK, Hainan Mining and the Government of Mali. Kodal Minerals holds an ultimate economic interest of approximately 32% in the project.
The partnership structure provides Kodal with exposure to lithium production and associated cash flows while the operating entity manages mining, processing and export activities.
The company’s current operational priorities include maintaining production at the Stage 1 facility, addressing mining equipment and ore supply constraints, and advancing the technical work required for the proposed expansion.
With 80,429 tonnes of concentrate produced year to date, Kodal has maintained its annual production guidance of 105,000 to 115,000 tonnes, subject to operational performance during the remainder of the financial year.
The company continues to develop Bougouni as a lithium concentrate production operation, with further expansion dependent on the outcome of its ongoing technical and environmental assessments.
About Kodal Minerals
Kodal Minerals is an AIM-listed mining and mineral exploration company focused on lithium production and resource development in West Africa.
Its principal asset is the Bougouni Lithium Project in Mali, where spodumene concentrate is produced through a Stage 1 dense media separation processing facility.
The project is operated through a partnership involving Kodal Mining UK, Hainan Mining and the Government of Mali, with Kodal holding an ultimate economic interest of approximately 32%.
Bougouni produces spodumene concentrate for export, using transport infrastructure connecting the project to the port of San Pedro in Côte d’Ivoire.
The company is also evaluating a Stage 2 flotation processing expansion, with feasibility, metallurgical and environmental studies forming part of the proposed development programme.
Kodal’s activities include lithium mining, processing, mineral exploration and project development, with its operations focused on supplying raw materials used in the battery manufacturing sector.
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