Kodal Minerals’ Bougouni lithium project produces 27,234 tonnes in Q3
Strong spodumene concentrate prices and regular exports supported cash generation at the Malian operation, enabling repayment of the Hainan loan facility as plans for Stage 2 expansion advance
West African lithium producer Kodal Minerals has reported continued operational and commercial progress at its Bougouni Lithium Project in Mali, producing 27,234 dry metric tonnes (DMT) of spodumene concentrate during the third quarter of 2026.
In its quarterly update for the three months ended September 30, 2026, released on October 13, the company reported that year-to-date production had reached 80,429 DMT, with concentrate grading 5.29% lithium oxide (Li₂O).
Kodal holds its interest in Bougouni through a 49% shareholding in Kodal Mining UK Limited (KMUK), alongside Hainan Mining Co. Ltd, which owns the remaining 51% and has ultimate control of the joint venture. KMUK holds a 65% stake in the operating company, Les Mines de Lithium de Bougouni SA (LMLB), with the Malian Government holding the remaining 35%. This gives Kodal an approximate ultimate economic interest of 32% in the project.
During the quarter, the project completed its fourth shipment of approximately 24,200 DMT of spodumene concentrate, which arrived at Hainan’s port in China in mid-August. A fifth shipment of approximately 17,400 DMT departed the Port of San Pedro in Côte d’Ivoire during the quarter, maintaining the operation’s export schedule.
LMLB received US$47 million for the fourth shipment, based on a weighted spodumene concentrate price equivalent to US$2,330 per DMT. The first four completed shipments totalled 93,322 DMT and generated approximately US$142.8 million in revenue.
The company reported expected full-year production of between 105,000 and 115,000 DMT, with unit production costs forecast at US$600 to US$610 per tonne. These costs include mining, processing, transport to port, depreciation and amortisation.
Bernard Aylward, CEO of Kodal Minerals, said strong market demand and spodumene concentrate prices had supported cash generation during the quarter.
“Q3 has seen continued operational and commercial momentum at Bougouni, with strong market demand and spodumene concentrate prices driving robust cash flow generation at the project level. Maintaining a reliable export cadence via the port of San Pedro, Côte d’Ivoire, underlines the operational capability of our venture and our position as an active West African lithium producer,” he said.
A key financial milestone during the quarter was the repayment and termination of the external Hainan loan facility. According to Kodal, cash generated from operations at LMLB enabled KMUK to complete repayment of the outstanding debt.
“Importantly, operational cash flows at LMLB enabled KMUK to complete the repayment and termination of the external Hainan loan facility. Fully clearing this debt represents a major financial de-risking milestone for our venture, leaving us with a strong, debt-free project vehicle to support future organic growth,” Aylward added.
Meanwhile, work on the proposed Stage 2 expansion is progressing, with metallurgical testwork, an updated Environmental and Social Impact Assessment (ESIA) and feasibility study activities advancing towards a final investment decision.
The operation also reported no lost-time injuries or medically treated incidents during the quarter, reflecting its continued focus on health and safety.
