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Kodal Minerals
(LSE:KOD)
Kodal Minerals (KOD) vs. iShares MSCI United Kingdom ETF (EWC)
Kodal Minerals Business Overview & Revenue Model
Kodal Minerals Financial Statement Overview
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -17.54K | -16.67K | -13.14K | -15.31K | -6.92K | -5.83K |
| EBITDA | -2.50M | -1.81M | -1.77M | -1.45M | -896.17K | -585.04K |
| Net Income | -9.90M | -11.03M | 27.19M | -1.46M | -903.09K | -623.37K |
Balance Sheet | ||||||
| Total Assets | 44.64M | 45.79M | 57.57M | 12.50M | 13.26M | 8.71M |
| Cash, Cash Equivalents and Short-Term Investments | 15.63M | 16.89M | 16.33M | 544.99K | 2.43M | 2.43M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 59.79K | 208.32K | 139.30K | 406.34K | 624.62K | 658.71K |
| Stockholders Equity | 44.58M | 45.58M | 57.43M | 14.88M | 12.09M | 12.64M |
Cash Flow | ||||||
| Free Cash Flow | -1.28M | -2.61M | -5.27M | -3.24M | -1.11M | -2.08M |
| Operating Cash Flow | -1.28M | -2.44M | -2.53M | -768.24K | -575.52K | -527.78K |
| Investing Cash Flow | -184.27K | 2.98M | 3.47M | -2.48M | -535.95K | -1.55M |
| Financing Cash Flow | 64.89K | 23.75K | 14.87M | 3.20M | 1.96M | 3.51M |
Kodal Minerals Technical Analysis
Kodal Minerals Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | £36.61M | -9.13 | -7.78% | ― | ― | -19.57% | |
51 Neutral | £127.29M | ― | -17.14% | ― | ― | 54.72% | |
50 Neutral | £20.40M | -1.11 | -35.54% | ― | ― | ― | |
41 Neutral | £71.31M | -42.09 | -21.41% | ― | ― | -133.33% |
Kodal Minerals Corporate Events
Kodal Minerals has begun arbitration proceedings with its joint-venture company Kodal Mining UK Limited over an indemnification claim linked to a US$15 million payment made to the Government of Mali in connection with the Bougouni Lithium Project. The company argues this sum, paid under a 2024 memorandum of understanding to transfer the mining licence and align the project with Mali’s 2023 Mining Code, is not a tax liability covered by the existing funding agreement with Hainan Mining and is considering potential counterclaims.
The dispute underscores strains within the Bougouni joint venture structure, where Hainan holds 51% of KMUK and Kodal 49%, and follows unsuccessful efforts between the partners to settle the issue through meetings and correspondence. While Kodal continues to contest responsibility for the payment and prepare its legal position, it has pledged to update shareholders on the arbitration’s progress, leaving investors watching for any impact on project governance, cash flows and long-term development plans at Bougouni.
The most recent analyst rating on (GB:KOD) stock is a Hold with a £0.43 price target. To see the full list of analyst forecasts on Kodal Minerals stock, see the GB:KOD Stock Forecast page.
Kodal Minerals has confirmed that its issued share capital stands at 20,373,199,594 ordinary shares, each carrying one voting right, with no shares held in treasury. This figure establishes the total voting rights in the company and provides the reference denominator for investors assessing whether they must disclose holdings or changes in their interests under UK financial transparency rules.
The clarification of Kodal’s voting rights structure enhances transparency for existing and potential shareholders, which is particularly relevant as the company advances its Bougouni lithium operations in Mali. Clear disclosure of the share capital base can influence compliance, governance assessments and investor positioning in a sector where project development milestones and ownership structures are closely scrutinised.
The most recent analyst rating on (GB:KOD) stock is a Hold with a £0.42 price target. To see the full list of analyst forecasts on Kodal Minerals stock, see the GB:KOD Stock Forecast page.
Kodal Minerals reported that its Bougouni Lithium Project in Mali is ramping up towards planned operating rates, with full payment of US$27.25 million received for a first 28,735 DMT shipment of spodumene concentrate to Hainan, China at a realised price of US$989.50 per tonne CIF, and a second 20,000-tonne shipment now being loaded in Côte d’Ivoire as the operation targets regular exports of 15,000–20,000 DMT throughout 2026. January production reached 9,141 DMT of concentrate at 5.26% Li2O, mining at the Ngoualana open pit delivered over 643,000 tonnes of material despite earlier equipment constraints, and Kodal is forecasting 2026 output of 118,000 DMT, while addressing a previously identified overstatement of 2025 production, advancing studies for a Phase 2 flotation plant and near-mine resource expansion, and maintaining a strong safety record, all of which underscore Bougouni’s growing cash generation and the company’s strengthened position amid sharply higher spodumene prices.
The most recent analyst rating on (GB:KOD) stock is a Hold with a £0.43 price target. To see the full list of analyst forecasts on Kodal Minerals stock, see the GB:KOD Stock Forecast page.
Kodal Minerals has announced the exercise of options and performance share rights by its chief executive Bernard Aylward and Mali and Cote d’Ivoire country manager Mohamed Niare, triggering the issue of 92.5 million new ordinary shares and raising £49,062.50 in subscription proceeds. Following admission of the new shares to AIM, expected around 4 February 2026, the company’s issued share capital will increase to 20,373,199,594 ordinary shares with the same number of voting rights, while Aylward’s holding will rise to 416,364,799 shares, or 2.04% of the enlarged share base, slightly diluting existing shareholders but signalling continued management alignment with the company’s expanding West African lithium operations.
The most recent analyst rating on (GB:KOD) stock is a Hold with a £0.46 price target. To see the full list of analyst forecasts on Kodal Minerals stock, see the GB:KOD Stock Forecast page.
Kodal Minerals has announced that Operations Director Steven Zaninovich is transitioning to a non-executive director role with immediate effect, as the Bougouni Lithium Project advances from development and construction into ongoing production and export of spodumene concentrate. Zaninovich, who played a key role in bringing Bougouni into production, will remain a director of operating company Kodal Mining UK Limited and has entered into a consultancy agreement to provide additional project and operational support, while the Kodal board will now comprise five members including non-executive chairman Robert Wooldridge and CEO Bernard Aylward, underscoring a shift toward a more mature operational and governance structure at the Mali-focused lithium producer.
The most recent analyst rating on (GB:KOD) stock is a Hold with a £0.46 price target. To see the full list of analyst forecasts on Kodal Minerals stock, see the GB:KOD Stock Forecast page.
Kodal Minerals has announced a board change, with Operations Director Steve Zaninovich transitioning back to a non-executive director role with immediate effect, following his key involvement in steering the Bougouni Lithium Project in Mali from development and construction into production and export of spodumene concentrate. While stepping back from day-to-day operational responsibilities, Zaninovich will remain closely involved with Bougouni through his directorship at Kodal Mining UK Limited and a new consultancy arrangement, ensuring continuity as the project continues to develop and expand, and the company’s five-member board, led by Non-executive Chairman Robert Wooldridge and CEO Bernard Aylward, maintains oversight of its growing lithium operations.
The most recent analyst rating on (GB:KOD) stock is a Hold with a £0.46 price target. To see the full list of analyst forecasts on Kodal Minerals stock, see the GB:KOD Stock Forecast page.
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.
Kodal Minerals has announced a significant update on its Bougouni Lithium Project, highlighting the receipt of an initial payment of $21.3 million for the maiden export of spodumene concentrate. The company has resumed operations at its Dense Media Separation processing plant following maintenance and is on track to reach full production capacity. The ongoing mining activities at the Ngoualana open pit are supported by a robust stockpile strategy to ensure continuous supply. Additionally, promising assay results from the Boumou prospect indicate potential for further development, with plans for additional drilling and assessments in 2026.
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.