Kodal Minerals PLC (AIM:KOD) shares moved up, rising close to 5%, after it confirmed receipt of first revenues from the Bougouni lithium project in southern Mali.
The company said a payment of $21.3 million has been received from offtake partner Hainan Mining for the maiden export of spodumene concentrate.
The payment represents 95% of the cargo value from material shipped from the port of San Pedro on 28 November.
Kodal said mining continues at the Ngoualana open pit, with approximately 65,000 tonnes of pegmatite ore currently stockpiled to support processing through 2026.
“We are very pleased to report the receipt of payment from Hainan following the maiden export,” said chief executive officer Bernard Aylward. He added that the Dense Media Separation processing plant has restarted following maintenance and is expected to ramp up to nameplate capacity of around 10,000 tonnes per month.
In London, Kodal shares climbed 4.77% changing hands at 0.32p each, and in earlier exchanges saw as high as 0.35p.