Kodal Minerals (KOD) Q3 2026 earnings summary

Executive summary

• Transitioned from developer to critical metals producer within 12 months, with Bougouni Lithium Project reaching commercial production and first shipment in November 2025.

• Over 69,000 tonnes of concentrate shipped, generating US$89 million in revenue by period end.

• Strong partnership with Hainan Mining and ongoing support from the Malian government.

Financial highlights

• Group operating loss of £1,428,000 for the nine months to 31 December 2025, down from £2,446,000 year-over-year.

• Net assets decreased by 4% to £43,669,000 (from £45,584,000 as of 31 March 2025).

• Cash balance at period end was £14,875,000, an 11.9% decrease from the previous period.

• Share of KMUK’s loss for the period was £594,000, compared to £9.0 million in the prior year.

• Impairment of exploration and evaluation assets totaled £68,000 (prior year: £641,000).

Outlook and guidance

• Targeting consistent delivery of 10,000 tonnes of spodumene concentrate per month.

• Lithium prices recovered strongly in late 2025 and early 2026, but outlook remains volatile.

• Arbitration ongoing regarding a US$15 million settlement payment; no impact on operations or partnership.

• Continued focus on Bougouni and evaluation of new lithium opportunities in West Africa and beyond.