Kodal Minerals (AIM: KOD), the West African lithium producer, mineral exploration and development company, notes the 2025 Performance Report (the “Report”) recently published by its operating partner, Hainan Mining Co. Ltd (“Hainan”), which refers to a significantly increased reserves assessment of spodumene resources for the Bougouni Lithium Project (“Bougouni” or the “Project”). Hainan is the 51 per cent. shareholder and Kodal the 49 per cent. shareholder of KMUK Limited which ultimately has an interest in 65 per cent. of the Project.
Whilst Hainan are claiming an additional 15.47 million tons or spodumene resources, Kodal understands that the statements made in the Report are based on an internal estimate that was prepared by Hainan and based on previously announced drill results from 2025, the most recent being on 17 December 2025. At this stage, Kodal has not completed a review of this internal estimate and is not aware that it has been subject to an independent audit and validation to confirm JORC compliance.
Kodal notes that the previously announced drill results for Boumou (the key prospect of the Project), announced on 17 December 2025, indicated potential growth of the prospect, however, geological interpretation is ongoing and the results require an independent audit and JORC assessment prior to declaring any increase in the mineral resource estimate (“MRE”).
Any JORC-compliant change in the MRE will be announced by the Company through the London Stock Exchange’s Regulatory News Service (“RNS”) when available, which is not expected in the short term.