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).
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 4 Sept 2026
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat drove revenueBougouni 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 11AndRamp-up of Bougouni to nameplate 10,000 tonnes/month spodumene concentrate
Immediate target for the Bougouni team is to undertake further refinements and modifications to the DMS plant, achieve commercial production and consistently deliver 10,000 tonnes per month of spodumene concentrate
page 7What moved the margintailwindTargeting 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 17AndheadwindSpodumene price volatility with no hedging
The Company and KMUK remain exposed to fluctuations in the price of spodumene for which there is little opportunity to mitigate price risk through forward sales or other financial instruments
page 17One-offs in the year£641k charge: Impairment of exploration and evaluation assets (Côte d'Ivoire gold licences)
page 55What management saidOver 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 7After the year endMining licence transfer to LMLB signed by the President of Mali, announced 17 April 2025
page 7Going concern and the auditUnqualified audit opinion from RSM UK Audit LLP (David Hough, Senior Statutory Auditor): financial statements give a true and fair view; directors concluded going concern basis appropriate based on cash flow forecasts to 31 March 2027; Group had cash at bank of £15,929,000 as at 28 August 2025; sole key audit matter was the carrying value of the investment in associate KMUK (£21.4m); group materiality £498,000 (2024: £637,000)
page 36The risks it names first- Political risk in Mali and Côte d'Ivoire — security situation, government policy, regime change and taxation/export permit uncertainty (High)p.21
- Exploration and new projects risk — statistically few exploration properties become profitable producing mines (High)p.20
- Licensing and regulatory risk — dependence on maintaining and renewing licences, permits and regulatory consents in Mali and Côte d'Ivoire (Medium)p.18
- Climate change risk — regulatory, extreme weather and energy cost impacts on operations (Medium)p.18
Read from C000748-AR-2025-ch.
- FY2022Year to 31 Mar 2022 Opens with a free accountThe report, its reading and its figures
- FY2021Year to 31 Mar 2021 Opens with a free accountThe report, its reading and its figures
- FY2020Year to 31 Mar 2020 Opens with a free accountThe report, its reading and its figures
- FY2019Year to 31 Mar 2019 Opens with a free accountThe report, its reading and its figures
- FY2018Year to 31 Mar 2018 Opens with a free accountThe report, its reading and its figures
- FY2017Year to 31 Mar 2017 Opens with a free accountThe report, its reading and its figures
- FY2016Year to 31 Mar 2016 Opens with a free accountThe report, its reading and its figures