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Highlights
- Operational Progress: Construction of the Stage 1 Dense Media Separation (DMS) processing plant at the Bougouni Lithium Project in Mali is nearing completion, with first production expected in Q1 2025.
- Government Agreement: A binding memorandum of understanding (MoU) has been signed with the Mali Government regarding the transfer of the Bougouni mining license.
- Financial Performance: The company reported a loss of £1.5 million for H1 2024, including £832,000 from Kodal Mining UK Limited (KMUK). Cash balances stood at £18.1 million as of 30 September 2024.
Kodal Minerals (LSE:KOD), the mineral exploration and development company, has announced its unaudited interim results for the six months ended 30 September 2024. The company continues to make progress with its Bougouni Lithium Project in southern Mali, while also reporting financial performance for the period.
Operational Update
During the first half of the fiscal year, Kodal's principal operational focus has been on the construction of the Stage 1 Dense Media Separation (DMS) processing plant at the Bougouni Lithium Project. Engineering and development work at the site is close to completion, with the first production targeted for Q1 2025.
Open pit mining operations are continuing ahead of schedule, and a stockpile of ore is being built in advance of the commissioning of the processing circuit. Additionally, discussions with the Mali Government regarding the transfer of the Bougouni mining license have concluded, resulting in the signing of a binding memorandum of understanding (MoU).
Financial Performance
For the six months to 30 September 2024, Kodal Minerals reported a loss of £1,486,000, compared to a loss of £509,000 during the same period in 2023. This includes the company's share of Kodal Mining UK Limited's (KMUK) loss of £832,000, which was primarily driven by the ongoing engineering and development work at Bougouni.
As of 30 September 2024, Kodal's investment in KMUK was valued at £28,207,000. Cash balances were reported at £18.1 million, a significant increase from £1.7 million at the same time in 2023. As of 20 December 2024, cash balances stood at £17.5 million.
