Kodal Minerals' slide deck targets first Bougouni lithium concentrate in H1 2026, outlines Phase 2 expansion and remaining financing needs. Phase 2 investment decision due H2 2026.
Kodal Minerals published a July 1 slide deck outlining the timeline for its Bougouni lithium mine in southern Mali, targeting first spodumene concentrate production in the first half of 2026. The presentation, filed alongside a shareholder call, shows Phase 1 output at 200,000 tonnes per year of 6% spodumene concentrate, a standard battery-grade product for the Chinese conversion market.
The company has an off-take agreement with China's Yahua Group covering the full Phase 1 volume for the first three years. Bougouni sits on a measured resource of 21.9 million tonnes grading 1.12% lithium oxide, with a reserve base supporting an initial 10-year mine life. Kodal secured its mining license in late 2023 after a lengthy delay tied to negotiations over Mali's new mining code.
The bigger story in the deck is Phase 2. Kodal is pitching an expansion that would lift throughput to 400,000 tonnes of concentrate annually. That requires a second processing line and additional pit development at the Sogola-Koulou deposit, a satellite zone within the Bougouni license area. The company says that deposit holds an inferred resource of 9 million tonnes at 1.06% lithium oxide. Total Bougouni resources across both deposits exceed 30 million tonnes.
Financing the build-out has been the overhang. Kodal struck a $117 million equity deal with China's Hainan Mining in late 2023 to fund Bougouni's construction. The slides show $105 million spent or committed against that total as of the end of June, with the remaining capital going toward commissioning and working capital. The company is running a parallel process on debt financing for Phase 2, with the slides referencing discussions with development finance institutions and commercial banks.
Mali's mining code situation adds a layer. The government passed a new mining law in 2023 that raises state ownership in new projects and increases royalty rates. Kodal's mining license was granted under the previous code. The slides acknowledge ongoing consultation with the Mines Ministry on the fiscal terms that will apply to Phase 2. The company describes the current royalty structure at 5% with a sliding state participation of 10% to 20%, subject to finalisation under a separate convention d'etablissement.
On the lithium market, the deck does not forecast prices. It positions Bougouni in the low-cost quartile of global spodumene production, citing a C1 cash cost of $390 per tonne of concentrate. Lithium carbonate prices in China have stabilised around $10,000 a tonne after a brutal 2023-2024 downturn. The market now prices in a supply deficit from 2027, with conversion capacity coming online faster than mine supply. For a deeper look at broader commodity trends, visit our commodities analysis page.
The shareholder deck ends with production schedules: first concentrate by mid-2026, ramp to full Phase 1 capacity by year-end, and a Phase 2 investment decision targeted for the second half of 2026. Kodal's shares trade on the AIM market of the London Stock Exchange and over-the-counter in the US under ticker KDLMF.
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