Kodal Minerals PLC (AIM:KOD), the West African lithium producer, has described its latest reporting period as transformational, having moved from developer to producer in just 12 months.
The shift centres on the Bougouni Lithium Project in southern Mali, which Kodal holds through a 49% stake in Kodal Mining UK Limited, with Chinese partner Hainan owning the controlling balance.
Looking ahead, the company is targeting consistent output of roughly 10,000 tonnes of spodumene concentrate a month through its first full year of production.
That goal is underpinned by a strong recovery in lithium prices, with the benchmark SC6 concentrate climbing from a mid-2025 low near $617 a tonne to well above $2,000.
Bougouni reached the nameplate capacity of 10,000 tonnes a month in December, following maintenance and de-bottlenecking work earlier in the year.
To date, the operation has exported three shipments and generated $89 million in revenue, with more than 69,000 tonnes of concentrate shipped and sold under the Hainan offtake deal.
The mine was officially opened by Mali's President Goïta in November, the same month the maiden cargo of 28,735 tonnes left the Port of San Pedro.
Chief executive Bernard Aylward called the commencement of production a landmark achievement and pointed to the strength of the Hainan partnership.
The results for the nine months to 31 December covered the transition period and remain largely historic.
The group reported an operating loss of £1.43 million, narrowed from £2.45 million a year earlier, and held cash of £14.88 million at the period end.
Net assets edged down 4% to £43.67 million.
The company is also advancing its Boumou prospect, seen as central to a planned second-stage flotation plant, with a feasibility assessment and investment decision targeted by the end of 2026.
