Kodal Minerals (KOD) H1 2026 earnings summary

Executive summary

• Achieved first full period of commercial production at Bougouni, producing 53,195 DMT of spodumene concentrate at 5.34% Li₂O.

• Exported over 69,000 tonnes of concentrate to date, generating approximately US$93 million in revenue for LMLB.

• Transitioned to profitability with a Group profit of £3.5 million for H1 2026, compared to a £3.7 million loss in H1 2025.

• Cleared all group debt post-period, supported by strong operational cash flows and robust lithium prices.

Financial highlights

• Profit for the six months to 30 June 2026 was £3,496,000, compared to a loss of £3,660,000 in the prior year period.

• Share of KMUK's profit was £4,586,000, up from a loss of £2,406,000 in H1 2025.

• Cash balance at 30 June 2026 was £13,391,000, down from £14,875,000 at 31 December 2025.

• Net assets increased to £47,639,874 from £43,669,087 at year-end 2025.

• Basic EPS for H1 2026 was 0.0172p, compared to a loss per share of 0.0181p in H1 2025.

Outlook and guidance

• Focus remains on continuous operational improvement at Ngoualana open pit and DMS plant, with strict cost control.

• Advancing Phase 2 flotation processing plant, with ESIA updates and engineering design underway.

• Evaluating new West African mining opportunities leveraging strong cash position.