Kodal Minerals PLC (AIM:KOD) highlighted 'significant achievements' as it reported its financial results for the year ended 31 March.
Specifically, it has highlighted the progress at the Bougouni Lithium Project in Mali, where it has completed construction of the Stage 1 Dense Media Separation plant, within its $65 million budget.
First production of spodumene concentrate was achieved in February, and by the end of July over 40,000 tonnes had been produced. Kodal also noted that, in the current financial year, in June, it finalised an offtake agreement with Hainan Mining for all spodumene output from Bougouni.
"This is no small feat for a modest mineral development company, which only acquired this asset in 2016 and has successfully advanced to production in under ten years," said chief executive Bernard Aylward.
"I look forward to witnessing our evolution into a fully-fledged lithium producer in the coming year once we have been granted an export licence from the Mali government and ramping up to nameplate capacity and production by the end of 2025."
In terms of financials, the company group posted an operating loss of £2.45 million, narrowed from a £3.34 million loss in the prior year. And, it ended the year with £57.43 million of cash.
"Lithium prices have had begun to show signs of stabilisation following the depressed commodity price performance in 2024, and with the continued government support for electric vehicles in the Chinese market through government subsidiaries, we look forward to shortly confirming first shipments of spodumene concentrate to supply Hainan's lithium hydroxide plant in China once the export permit has been granted," Aylward added.