Kodal Minerals (KOD) H1 2025 earnings summary

Executive summary

• Construction of the Stage 1 Dense Media Separation (DMS) plant at Bougouni Lithium Project neared completion, with first production targeted for Q1 2025.

• Open pit mining is ahead of schedule, with over 150,000 tonnes of ore stockpiled for commissioning.

• A binding MoU was signed with the Mali Government, finalizing the Bougouni mining licence transfer and confirming migration to the 2023 Mining Code.

• The company remains in a strong financial position, supporting ongoing exploration and potential expansion.

Financial highlights

• Loss for the six months to 30 September 2024 was £1,486,000, up from £509,000 in the prior year period.

• Cash balances at 30 September 2024 were £18.1 million, compared to £1.7 million a year earlier.

• The carrying value of the investment in KMUK was £28.2 million at period end.

• Basic and diluted loss per share for the period were (0.0074)p and (0.0071)p, respectively.

Outlook and guidance

• First production from Bougouni is targeted for early Q1 2025, with ore processing to commence soon after.

• The company is well-funded to continue gold exploration in Mali and Côte d'Ivoire and to pursue further growth opportunities.