Aim-listed Kodal Minerals has produced 26 981 t of spodumene concentrate, grading 5.28% lithium oxide, from its joint-owned Bougouni lithium project, in Mali, for the three months ended March 31.

March production exceeded 10 900 t at 5.28% lithium oxide and is the highest monthly production recorded to date at the project.

Kodal maintains its involvement and interest in Bougouni through its 49% shareholding in Kodal Mining UK (KMUK) in partnership with Hainan Mining, which, as the 51% majority shareholder, has ultimate control.

KMUK holds a 65% shareholding of the subsidiary mining company Les Mines de Lithium de Bougouni (LMLB), which owns the project in partnership with the Mali government, and KMUK provides the management oversight and operational control of mining activities at Bougouni.

Following the completion of two shipments to Hainan, Bougouni has exported a total of about 49 000 t of spodumene concentrate.

Revenue received by LMLB to date exceeded $51-million, with the final balancing payment for the second shipment pending.

The Ngoualana openpit is performing to budget and the site team is focused on continued improvement with additional mining equipment mobilised to site.

No lost-time incidents or medically treated incidents were reported during the quarter.

Post-quarter, a third shipment of about 20 000 t spodumene concentrate departed the Port of San Pedro, Côte d’Ivoire, on April 12.

Moreover, LMLB will issue an interim invoice for 95% of the value of the cargo as agreed in the offtake agreement, and finalisation of full payment for the shipment is to be completed following completion of transport to Hainan and verification.

Kodal CEO Bernard Aylward says in an update for the quarter that the March production, and the recent loading and departure of the third export shipment, highlights the continued improvement and consistent delivery at the Bougouni operation.

“This third shipment increases total exports to approximately 69 000 t of spodumene concentrate since November 2025 and the operation continues to benefit from the increasing market price performance of lithium,” he acclaims.

Aylward informs that the Bougouni team continues to focus on improving operations with maintenance and modifications to the dense media separation processing plant and crushing circuit aimed at improved availability and use of the plant, and increased throughput.

The openpit mine has also continued to improve blasting performance and access to broken ore stocks, he adds.

“During the quarter, the mining team continued to move waste material to provide ongoing access to the Ngoualana orebody. The openpit mine plan is focused on preparing for the wet season with a build-up of the run-of-mine pad ore stocks, as well as preparation of additional pit dewatering sumps, boreholes and access roads,” Aylward points out.

He highlights that the Bougouni operation is working to update the feasibility study for the Phase 2 floatation plant, with initial work focused on engineering review, metallurgical testing, geotechnical assessment and environmental planning.

The work programme is expected to be completed by the end of the year, thereafter allowing for an investment decision of Phase 2 to be reviewed, Aylward says.