Kodal Minerals Edges Into Production as Bougouni Ships First Lithium Concentrate

Kodal Minerals ( (GB:KOD) ) has shared an update.

Kodal Minerals reported unaudited interim results for the six months to 30 September 2025, highlighting the transition of its Bougouni Lithium Project from commissioning to early commercial operation. Operationally, the company focused on mining and producing spodumene concentrate through the Stage 1 DMS plant, generating about 45,000 tonnes of product at 5.39% Li2O during the period, securing an export permit for an initial 125,000 tonnes and, post-period, completing its maiden shipment of 28,950 tonnes to China, triggering an initial US$21.3m payment. The group recorded a reduced loss of £1.13m, benefited from a profit contribution from its Bougouni vehicle Kodal Mining UK Limited, and ended the period with £15.6m in cash, while also implementing plant debottlenecking, planning further drilling at the Boumou prospect and advancing studies for a Stage 2 flotation plant. Management acknowledged security risks in Mali—after an incident at Bougouni in August—but noted increased military presence and continued strong government support, underlined by the official opening of Stage 1 by Mali’s president, positioning Kodal as an emerging revenue-generating lithium producer amid a recovering but volatile global lithium market.

The most recent analyst rating on (GB:KOD) stock is a Buy with a £1.00 price target. To see the full list of analyst forecasts on Kodal Minerals stock, see the GB:KOD Stock Forecast page.

Spark’s Take on GB:KOD Stock

According to Spark, TipRanks’ AI Analyst, GB:KOD is a Neutral.

Kodal Minerals is at a transitional stage with a strong balance sheet and recent progress in lithium production. However, the lack of revenue and negative cash flows are primary concerns. The stock may be undervalued, presenting potential upside if operational improvements are realized. Corporate events positively impact the outlook, but technical indicators remain neutral to bearish.

To see Spark’s full report on GB:KOD stock, click here.

More about Kodal Minerals

Kodal Minerals is an AIM-listed West African mining company focused primarily on lithium production, exploration and development, with its flagship Bougouni Lithium Project in southern Mali. The company is also pursuing opportunities in critical minerals and precious metals across West Africa and continues to hold gold assets in Mali and Côte d’Ivoire, although further work on these has been delayed by licence renewal uncertainties.

Average Trading Volume: 63,618,873

Technical Sentiment Signal: Sell

Current Market Cap: £64.9M

See more insights into KOD stock on TipRanks’ Stock Analysis page.