Kodal Minerals (KOD) H1 2026 earnings summary

Executive summary

• Transitioned from exploration to commercial operation at Bougouni Lithium Project, with first spodumene concentrate exports initiated post-period end.

• Export permit for 125,000 tonnes granted; first shipment of 28,950 tonnes completed in November 2025.

• Security measures increased at Bougouni due to regional instability.

• Final assay results at Boumou prospect confirmed wide, high-grade pegmatite mineralisation.

Financial highlights

• Loss for the six months to 30 September 2025 was £1,131,000, down from £1,486,000 in H1 2024.

• Share of KMUK's profit was £218,000, including a £4.4m foreign exchange gain.

• Cash balance at 30 September 2025 was £15.6m (H1 2024: £18.1m); £15.0m as of 17 December 2025.

• Post-period, received $21.3m for maiden export shipment.

Outlook and guidance

• Expectation to export 125,000 tonnes of spodumene concentrate over the next twelve months.

• Stage 2 flotation plant development at Bougouni planned for 2026.

• Ongoing M&A strategy in critical minerals and precious metals in West Africa.