Kodal Minerals (KOD) Transition period summary

Executive summary

• Transitioned from developer to critical metals producer within 12 months, achieving commercial production at Bougouni Lithium Project in Mali.

• Exported over 69,000 tonnes of spodumene concentrate, generating US$89 million in revenue by period end.

• Secured a four-year offtake agreement with Hainan for 100% of spodumene output.

• Bougouni officially opened in November 2025, with strong government and community engagement.

Financial highlights

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

• Net assets decreased by 4% to £43.7 million; cash balance fell 11.9% to £14.9 million.

• Share of KMUK’s loss for the period was £594,000, including a US$1.1m currency exchange loss.

• Impairment of exploration and evaluation assets totaled £68,000, mainly due to gold licence expiries.

• Interest income from cash deposits and loans to KMUK totaled £243,704.

Outlook and guidance

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

• Lithium prices rebounded in late 2025 and early 2026, but outlook remains volatile due to supply and demand dynamics.

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

• Focus remains on Bougouni’s ramp-up and evaluating new lithium opportunities in West Africa.