Kodal Minerals plc
Kodal Minerals plc is a UK-incorporated, AIM-listed mineral exploration and development company. Its principal asset is a 49% interest in the Bougouni Lithium Project in Mali, held via associate Kodal Mining UK Limited (KMUK, 51% owned by Hainan Mining Co Ltd), which completed construction of its Stage 1 Dense Media Separation (DMS) plant within its US$65m budget and produced first lithium spodumene concentrate in February 2025. Kodal also retains a portfolio of gold exploration licences in Mali and Côte d'Ivoire. The Group generated no third-party revenue in the year as it remains in the exploration/development phase and does not consolidate KMUK (equity-accounted as an associate).
FY2025 in sixty seconds
year to 31 Mar 2025 · approved 28 Aug 2025 · 70 pages · Companies House
Kodal Minerals is a mining company whose main asset is a 49% stake in the Bougouni lithium project in Mali. It had no revenue in the year to 31 March 2025 and made a loss after tax of £11.0m, against a profit of £27.2m the year before.
Last year's profit came from a one-off accounting gain on a deal that brought in Hainan Mining as majority owner of the project. This year Kodal took an £8.99m share of the project company's loss, which included a US$15m payment to the State of Mali, and wrote off gold licences in Côte d'Ivoire. The plant produced its first lithium concentrate in February 2025.
Cash at the year end was £16.9m, up from £16.3m, with no borrowings. £24k was raised from new shares and no dividend was paid. Management aims to reach steady production of 10,000 tonnes a month and advance a second-stage plant in 2026. The auditor's opinion was clean and the directors consider the company a going concern, but the report rates political risk in Mali as high, and an export permit was still pending.
Bougouni spodumene concentrate sales under the Hainan offtake agreement
Offtake agreement finalised for 100% of spodumene concentrate produced at Bougouni, priced off the Shanghai Metals Market SC6 CIF China price, 4-year initial term, minimum 8,000 wmt shipped per month expected
page 11Targeting cost of production in lowest quartile versus peer producing mines
KPI adopted by the Board: targeting cost of production to be in lowest quartile compared to a range of producing mines and operations
page 17Over the next year, the team will continue to focus on expanding the growing resource at Bougouni towards our target of 50Mt of Li2O... studies for a stage 2 flotation plant at Bougouni are being updated, with the aim of advancing the next stage of the project in 2026
page 711 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 245 confirmed, 10 differ.
No figure has been restated: every figure a later report printed again, it printed the same.