Kodal Minerals PLC (AIM:KOD) expects to become the UK’s first-listed lithium producer later this year when production from Bougouni in Mali gets underway.
Bernard Aylward, chief executive, said: “The past 12 months have been truly transformational for Kodal as the Bougouni lithium project has advanced in Mali and transitions from developer to producer.
“Stage 1 first production is firmly on track for the fourth quarter 2024, which would make Bougouni the first London-listed lithium producer.”
Partner Hainan has now taken a 51% stake in Bougouni for a US$100 million investment with Kodal having a 49% interest.
Aylward added the achievement is a testament to Kodal’s strong capital discipline in maintaining capex within the US$65 million estimate from the 2020 feasibility study.
Strong community relations in Mali thanks to Kodal’s inclusive ESG programme and operational expertise onsite, were also hailed by Aylward.
Construction of all roads, earthworks and civil engineering has been completed with plant equipment such as the DMS and crushing modules scheduled to arrive in the country this week.
A review of Kodal’s gold prospects was also carried out during the past year with Fatou and Niéllé prioritised as core projects.
Operating losses in the year to end March 2024 were £3.3 million (2023: £517,000) with cash at the year-end of £16.3 million.