Kodal and Mali
Mali: A top 10 country for lithium reserves
Mali and West Africa has a long and successful history of developing resource projects and is quickly becoming an attractive destination for lithium exploration and development. Regional studies completed by CSA Global in 2008 identified high-grade lithium bearing pegmatites within the Bougouni-Sikasso region and in Q1 2020, Kodal lodged a Mining Licence application with the Malian Government, which was approved in November 2021.
Bougouni - located in Southern Mali
A highly productive mining region
Kodal’s Bougouni Lithium Project is located in Southern Mali – 180km south of the capital, Bamako.
The region is home to numerous established mining operations including:
• Hummingbird’s Yanfolila Mine; ~100km west
• Firefinch’s Morila Mine (prev. Randgold); ~100km east
• Resolute’s Syama Mine; ~200km south-east
• B2Gold’s Fekola Mine; ~300km west
• Ganfeng’s Goulamina Lithium Project ~ 40km west
Lithium Projects in West Africa
| Company | Project | Estimated Production Date |
|---|---|---|
| Kodal Minerals | Bougouni Lithium Project, Mali | 2025 |
| Ganfeng Lithium | Goulamina Project, Mali | Q3 2024 |
| Atlantic Lithium | Ewoyaa Project, Ghana | 2025 |
| First Lithium | Faraba and Gouna, Mali | N/A |
Strong relations with the Malian Government
Having operated in the country since 2016, Kodal Minerals enjoys excellent relations with the Malian Government and has welcomed numerous senior Government leaders on site at Bougouni, including the President of Mali, General Assimi Goïta, who officially opened the Mine in November 2025. Bougouni Stage 1 DMS is fully permitted and compliant with the 2023 Mali Mining Code . The Project’s mining licence, covering an area spanning 97km², was transferred from Future Minerals SARL to Mali registered local subsidiary mining company Les Mines de Lithium de Bougouni (LMLB), ratifying the mining licence.
Government relations highlights:
- March 2024: Mali’s Minister for Environment, Professor Tiémoko Sangaré, visited Bougouni and endorsed Bougouni’s development programme and construction of DMS processing plant
- September 2024: Malian government approved decrees implementing new agreements on the Bougouni Lithium Project
- November 2024: KMUK and the State of Mali enter into a binding MoU to finalise the transfer of Bougouni’s mining licence to local subsidiary Les Mines de Lithium de Bougouni (LMLB) and migrating mining licence to the 2023 Mining Code of Mali
- April 2025: Bougouni Project’s mining licence transferred to local subsidiary, Les Mines de Lithium de Bougouni, operating under Mali’s new 2023 mining code
- November 2025: Mali President and Minister of Mines officially opened the DMS processing plant
Malian Mining Code
In November 2024, KMUK and the State of Mali entered into a binding MoU to finalise the transfer of the Project mining licence to the established mining company, Les Mines de Lithium de Bougouni SA, and the migration over to the 2023 Mining Code of Mali
Key facts on Bougouni Lithium Project’s licence / tax regime:
- An initial 10 year term and the State undertakes to renew the licence as required with the conditions laid down in the mining code in force on the date of such renewal.
- All permitting completed: environmental, production, construction and mining permits.
- Permits granted under Mali Mining Code 2019 for entire Bougouni licence concession – 97 km².
- Mali Government and national private investor interest will hold a total of 35% of the equity in the mining company LMLB.
- The continuation of the customs and duties exemptions during the construction phase as well as confirming that the State will grant all necessary permits for operation including export permits for the spodumene product.
- Upon completion of transfer of the mining licence the MoU confirms that the Bougouni mining licence will be in full compliance with all legal requirements and in good standing.
- Strong support for Bougouni from local, regional and national administrations.
