Kodal Minerals Plc Kodal Minerals Plc is a United Kingdom-based mineral exploration, development and production company focused on lithium and gold assets in West Africa. The company operates through three segments including West African Lithium projects, West African Gold projects and UK administration; its flagship Bougouni Lithium Project in southern Mali spans over 350 square kilometers and produces spodumene concentrate via a Stage 1 dense media separation plant targeting 125,000 tonnes annually at 5.53% Li2O grade for electric vehicle batteries, alongside gold exploration at projects such as Fatou, Nielle, Nangalasso, Slam, Dabakala and Korhogo in Mali and Cote d’Ivoire. Founded in 2010 and headquartered in London, Kodal Minerals Plc maintains a 49% interest in the Bougouni project through joint venture entity Les Mines de Lithium de Bougouni alongside partner Hainan Mining Co Ltd, a Fosun International subsidiary, with operations emphasizing open-pit mining, chemical-free processing and exports via Cote d’Ivoire ports to Asian markets. Recent developments include first production at Bougouni in February 2025 on schedule and within a US$65 million capex budget, ramp-up to approximately 45,000 tonnes year-to-date with 25,000 tonnes readied for shipment, a four-year offtake agreement signed in June 2025 granting Hainan 100% purchase rights for Stage 1 output at Shanghai Metal Market pricing, transition of the mining license to Mali's 2023 Mining Code, official project opening by Mali's President in November 2025, Hainan's US$100 million investment for 51% Bougouni stake in 2023 plus US$17.75 million for 14.7% equity in Kodal Minerals Plc, and ongoing exploration at Boumou, Sogola-Baoulé and Kola deposits to expand the JORC resource from 31.9 million tonnes at 1.06% Li2O toward 50 million tonnes while planning Stage 2 flotation expansion to 230,000 tonnes per annum by 2028.