The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation.
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
30 September 2026
Kodal Minerals plc
(‘Kodal’, ‘Kodal Minerals’ or the ‘Company’)
Interim Results for the six months to 30 June 2026
Kodal Minerals (AIM: KOD), the West African lithium producer, mineral exploration and development company, announces its unaudited interim results for the six months ended 30 June 2026 (‘H1 2026’ or the ‘Period’).
Kodal maintains its interest in the Bougouni Lithium Project in southern Mali (“Bougouni” or the “Project”) via its 49 per cent. shareholding in Kodal Mining UK Limited (“KMUK”), which in turn holds a 65 per cent. shareholding in Les Mines de Lithium de Bougouni SA (“LMLB”), the owner of the Project.
Highlights
Operational
- Production at Bougouni for the Period was 53,195 dry metric tonnes (“DMT”) of spodumene concentrate grading 5.34% Li2O.
- A third shipment of approximately 20,400 DMT arrived at Hainan port on 27 June 2026. This brings completed exports of spodumene concentrate to over 69,000 tonnes to date.
- Open pit mining at the Ngoualana open pit continued, with additional equipment mobilised by the mining contractors leading to an improvement in mining activity.
- The strong lithium price environment and demand for spodumene concentrate enabled LMLB to generate positive returns and allowed it to commence repayment of loans from KMUK during the Period.
Financial
- For the 6 months to 30 June 2026, the Company made a profit of £3,496,000 (6 months to June 2025: loss of £3,660,000).
- The Company’s share of KMUK’s profit for the Period was £4,586,000 (6 months to June 2025: loss of £2,406,000).
- The carrying value of Kodal’s investment in KMUK at 30 June 2026 was £25,566,000 (31 December 2025: £20,601,000).
- Kodal’s cash balance at 30 June 2026 was £13,391,000 (31 December 2025: £14,875,000) and cash as at 29 September 2026 was £12,960,000.
Post Period
· The fourth shipment of spodumene concentrate departed the Port of San Pedro, Côte d'Ivoire, shortly after the Period end.
· KMUK received a new export permit approving the export of a further 125,000 tonnes of spodumene concentrate.
· Loan repayments from LMLB to KMUK continued post Period-end, reaching a total of US$33 million, enabling KMUK to repay the Hainan loan facility in full and terminate the agreement.
Bougouni Lithium Project
The Period represents the first full period of commercial production at Bougouni since mining operations recommenced in November 2025.
During the Period, the Project produced 53,195 DMT of spodumene concentrate grading 5.34% Li₂O. Commercial exports continued on schedule via the Port of San Pedro, with a third shipment of 20,400 DMT arriving in Hainan on 27 June 2026. Total payment received for this shipment was US$39.05 million, bringing completed exports to over 69,000 tonnes to date generating revenues for LMLB of approximately US$93 million.
Production for the Period was below budget. This was mainly due to maintenance and breakdown issues with the crushing circuit, which delayed feed to the DMS processing plant. The site team successfully completed the required maintenance of the crushing circuit and the operation improved back to expected levels by the Period end. The team continues to monitor the DMS processing plant and crushing circuit and is continuing a regular maintenance and repair programme to ensure consistent ongoing performance.
Similarly, open pit mining at the Ngoualana pit was initially behind plan due to the availability of machinery and blasting efficiency. Additional mining equipment was mobilised to site, leading to improved production towards the end of the Period and the team is focused on meeting the operational budget for the full calendar year.
Post Period-end, operational momentum has continued. KMUK received a new export permit for the spodumene concentrate produced, approving the export of a further 125,000 tonnes of product. The operation has continued to export product from the Port of San Pedro and confirms that the export route is operating successfully and without restriction.
Driven by strong lithium prices and robust operating margins, the Bougouni operation is generating strong cash flow. Consequently, during the Period LMLB made an initial loan repayment of US$13 million to KMUK, which was applied against the Hainan loan facility. Repayments have continued post Period-end, with a total of US$33 million now transferred to KMUK, enabling the Hainan loan facility to be repaid in full and the agreement terminated.
The work programme for the proposed Phase 2 flotation processing plant development continued during the Period. The update for the Environmental and Social Impact Assessment ("ESIA") was underway with meetings and discussions with relevant communities progressing, as well as an assessment of potential compensation payments to the affected communities with the expanded footprint of the Boumou prospect. The development team continues to work with consultant engineers for the proposed flotation plant design, and we anticipate progress to be made during the remainder of the calendar year.
Chairman and CEO Statements
Robert Wooldridge, Non-Executive Chairman of Kodal Minerals, commented:
“We are pleased to present these unaudited interim accounts for the six months ended 30 June 2026, marking a pivotal transition into profitability for Kodal with a Group profit of approximately £3.5 million. Kodal is in a strong financial position, supported by robust operating returns at Bougouni and high market demand for our spodumene concentrate.
“Crucially, operational cash flows at LMLB enabled US$33 million in loan repayments post-Period end, allowing the holding company KMUK to fully repay and terminate its external loan facility with Hainan. Clearing this debt represents a major financial de-risking milestone for our joint venture, leaving Kodal with zero group debt, a de-risked operating platform, and a healthy cash balance of approximately £13.4 million at the end of the Period.”
Bernard Aylward, Chief Executive Officer of Kodal Minerals, commented:
“Operationally, the first half of 2026 was a period of solid progress as Bougouni delivered its first full period of commercial production. Following the resolution of initial crushing circuit maintenance and mining fleet constraints, site throughput was restored to expected levels by period end. Our focus for the second half remains on continuous operational improvement at the Ngoualana open pit and the DMS processing plant, alongside strict cost control to maintain strong operating margins.
“Looking ahead, we are systematically advancing planning for our Phase 2 flotation processing plant to unlock the broader resource potential at the Boumou and Sogola-Baoulé prospects. Engineering design, capital expenditure reviews, and ESIA updates are all progressing well.
“Supported by a solid financial platform, Kodal continues to evaluate new West African mining opportunities that leverage our strong cash balance and deep regional development experience.”
Contact details:
For further information, please visit www.kodalminerals.com or contact the following:
|
Kodal Minerals plc Bernard Aylward, CEO |
via Burson Buchanan |
||
|
Allenby Capital Limited, AIM Nominated Adviser Jeremy Porter/Vivek Bhardwaj |
Tel: 020 3328 5656 |
||
|
SP Angel Corporate Finance LLP, Financial Adviser & Joint Broker Stuart Gledhill/Adam Cowl |
Tel: 020 3470 0470 |
||
|
Canaccord Genuity Limited, Joint Broker James Asensio/Charlie Hammond |
Tel: 020 7523 4680 |
||
|
Peel Hunt LLP, Joint Broker Ross Allister/David McKeown/Georgia Langoulant |
Tel: 0207 418 8900 |
||
|
Tel: +44 (0)20 7466 5000 |
KODAL MINERALS PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2026
|
Unaudited 6 months to 30 June 2026 |
Unaudited 6 months to 30 June 2025 |
Audited 9 months to 31 December 2025 |
|||||
|
£ |
£ |
£ |
|||||
|
Continuing operations |
|||||||
|
Administrative expenses |
(1,198,861) |
(773,077) |
(1,266,867) |
||||
|
Share based payments |
(40,060) |
(75,988) |
(92,894) |
||||
|
Impairment of exploration and evaluation assets |
6 |
- |
(640,818) |
(68,300) |
|||
|
OPERATING LOSS |
(1,238,921) |
(1,489,883) |
(1,428,061) |
||||
|
Finance income |
148,428 |
235,766 |
243,704 |
||||
|
Share of profit / (loss) of an associate |
4,586,928 |
(2,405,745) |
(594,037) |
||||
|
PROFIT / (LOSS) BEFORE TAX |
3,496,435 |
(3,659,862) |
(1,778,394) |
||||
|
Taxation |
- |
- |
- |
||||
|
PROFIT / (LOSS) FOR THE PERIOD/YEAR |
3,496,435 |
(3,659,862) |
(1,778,394) |
||||
|
OTHER COMPREHENSIVE INCOME |
|||||||
|
Items that may be subsequently reclassified to profit and loss |
|||||||
|
Currency translation profit / (loss) |
385,229 |
(955,886) |
|||||
|
TOTAL COMPREHENSIVE PROFIT / (LOSS) FOR THE PERIOD/YEAR |
3,881,664 |
(2,734,280) |
|||||
|
Profit / (loss) per share from continuing operations |
|||||||
|
Basic - pence per share |
3 |
0.0172 |
(0.0088) |
||||
|
Diluted – pence per share |
0.0169 |
(0.0088) |
KODAL MINERALS PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2026
|
Unaudited As at 30 June 2026 |
Audited As at 31 December 2025 |
|||||
|
Note |
£ |
£ |
||||
|
NON-CURRENT ASSETS |
||||||
|
Intangible assets |
6 |
1,762,153 |
1,762,719 |
|||
|
Property, plant and equipment |
7 |
30,852 |
40,225 |
|||
|
Investment in associated undertaking |
8 |
25,566,195 |
20,601,385 |
|||
|
Amounts due from associated undertaking |
4,085,057 |
4,042,447 |
||||
|
31,444,257 |
26,446,776 |
|||||
|
CURRENT ASSETS |
||||||
|
Trade and other receivables |
3,248,862 |
2,765,497 |
||||
|
Cash and cash equivalents |
13,390,918 |
14,874,602 |
||||
|
16,639,780 |
17,640,099 |
|||||
|
CURRENT LIABILITIES |
||||||
|
Trade and other payables |
(444,163) |
(417,788) |
||||
|
NET ASSETS |
47,639,874 |
43,669,087 |
||||
|
EQUITY |
||||||
|
Attributable to owners of the parent: |
||||||
|
Share capital |
9 |
6,366,624 |
6,337,719 |
|||
|
Share premium account |
9 |
32,720,610 |
32,700,452 |
|||
|
Share based payment reserve |
1,288,795 |
1,248,735 |
||||
|
Translation reserve |
(1,630,639) |
(2,015,868) |
||||
|
Retained profit |
8,894,484 |
5,398,049 |
||||
|
TOTAL EQUITY |
47,639,874 |
43,669,087 |
KODAL MINERALS PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2026
|
Share capital |
Share premium account |
Share based payments reserve |
Translation reserve |
Retained profit |
Total equity |
||||||
|
£ |
£ |
£ |
£ |
£ |
£ |
||||||
|
At 31 December 2025 (audited) |
6,337,719 |
32,700,452 |
1,248,735 |
(2,015,868) |
5,398,049 |
43,669,087 |
|||||
|
Comprehensive income |
|||||||||||
|
Profit for the period |
- |
- |
- |
- |
3,496,435 |
3,496,435 |
|||||
|
Currency translation gain |
- |
- |
- |
385,229 |
- |
385,229 |
|||||
|
Total comprehensive income for the period |
6,337,719 |
32,700,452 |
1,248,735 |
(1,630,639) |
8,894,484 |
47,550,751 |
|||||
|
Transactions with owners |
|||||||||||
|
Proceeds from exercise of share options |
28,905 |
20,158 |
- |
- |
- |
49,063 |
|||||
|
Share based payment |
- |
- |
40,060 |
- |
- |
40,060 |
|||||
|
At 30 June 2026 (unaudited) |
6,366,624 |
32,720,610 |
1,288,795 |
(1,630,639) |
8,894,484 |
47,639,874 |
|||||
KODAL MINERALS PLC
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2026
|
Unaudited 6 months to 30 June 2026 |
Unaudited 6 months to 30 June 2025 |
Audited 9 months to 31 December 2025 |
|||||
|
£ |
£ |
£ |
|||||
|
Cash flows from operating activities |
|||||||
|
Profit / (loss) before tax |
3,496,435 |
(3,659,862) |
(1,778,394) |
||||
|
Adjustments for non-cash items: |
|||||||
|
Impairment of exploration and evaluation assets |
- |
640,818 |
68,300 |
||||
|
Share of (profit)/loss from associate |
(4,586,928) |
2,405,745 |
594,037 |
||||
|
Interest income |
(148,428) |
(235,766) |
(243,704) |
||||
|
Share based payments |
40,060 |
75,988 |
92,894 |
||||
|
Operating cash flow before movements in working capital |
(1,198,861) |
(773,077) |
(1,266,867) |
||||
|
Movement in working capital |
|||||||
|
(Increase) in receivables from the associate |
(409,446) |
(543,896) |
(1,031,530) |
||||
|
Increase/(decrease) in payables |
26,377 |
138,202 |
209,464 |
||||
|
Net movements in working capital |
(383,069) |
(405,694) |
(822,066) |
||||
|
Net cash inflow / (outflow) from operating activities |
(1,581,930) |
(1,178,771) |
(2,088,933) |
||||
|
Cash flows from investing activities |
|||||||
|
Interest income |
60,320 |
151,460 |
135,331 |
||||
|
Purchase of exploration and evaluation assets |
(18,408) |
(99,626) |
(130,806) |
||||
|
Net cash inflow from investing activities |
41,912 |
51,834 |
4,525 |
||||
|
Cash flow from financing activities |
|||||||
|
Net proceeds from exercise of share options |
49,063 |
- |
65,000 |
||||
|
Net cash inflow from financing activities |
49,063 |
- |
65,000 |
||||
|
Increase/(decrease) in cash and cash equivalents |
(1,490,955) |
(1,126,937) |
(2,019,408) |
||||
|
Cash and cash equivalents at beginning of the period |
14,874,602 |
17,509,628 |
16,888,231 |
||||
|
Exchange gain / (loss) on cash |
7,271 |
(1,391) |
5,779 |
||||
|
Cash and cash equivalents at end of the period |
13,390,918 |
16,381,300 |
14,874,602 |
||||
KODAL MINERALS PLC
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026
General information
Kodal Minerals plc is a public limited company incorporated and domiciled in England & Wales. The Company’s shares are publicly traded on the AIM market of the London Stock Exchange. Kodal Minerals Plc and its subsidiaries are involved in the production, exploration and evaluation of mineral resources in West Africa.
Basis of preparation
These unaudited condensed consolidated interim financial statements for the six months ended 30 June 2026 were approved by the board and authorised for issue on 29 September 2026.
The basis of preparation and accounting policies set out in the Annual Report and Accounts for the year ended 31 December 2025 have been applied in the preparation of these condensed consolidated interim financial statements. These interim financial statements have been prepared in accordance with the historical cost convention and in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006 that are expected to be applicable to the consolidated financial statements for the year ending 31 December 2026 and on the basis of the accounting policies expected to be used in those financial statements.
The figures for the six months ended 30 June 2026 and 30 June 2025 are unaudited and do not constitute full accounts. The figures for the associated undertaking have been extracted from unaudited management accounts which have been provided to us by the associated undertaking and which we have not verified. The comparative figures for the year ended 31 December 2025 are taken from the audited accounts, which are available on the Group’s website, and have been delivered to the Registrar of Companies, and do not constitute full accounts.
The Group has not earned revenue during the period to 30 June 2026. The operations of the Group are currently being financed from funds which the Company has raised from the issue of new shares.
The directors have prepared cash flow forecasts for the next 12 months. The forecast includes the costs of targeted exploration of some of the company's gold and lithium assets, and the ongoing overheads of the Group. The forecast shows that the Group has sufficient cash resources available to allow it to continue as a going concern and meet its liabilities as they fall due for a period of at least 12 months from the date of the approval of these interim results. Accordingly, the interims have been prepared on a going concern basis.
KODAL MINERALS PLC
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026
- SEGMENTAL REPORTING
The operations and assets of the Group are focused in the United Kingdom and West Africa and comprise one class of business: the production, exploration and evaluation of mineral resources. The parent Company acts as a holding company. At 30 June 2026, the Group had not commenced commercial production from its exploration sites and therefore had no revenue for the period.
|
Six months to 30 June 2026 (Unaudited) |
West African Gold |
West African Lithium |
UK |
Total |
|
£ |
£ |
£ |
£ |
|
|
Administration expenses |
(146,241) |
- |
(1,052,620) |
(1,198,861) |
|
Share based payments |
- |
- |
(40,060) |
(40,060) |
|
Finance income |
- |
- |
148,428 |
148,428 |
|
Share of profit of associate |
- |
4,586,928 |
- |
4,586,928 |
|
Profit for the period |
(146,241) |
4,586,928 |
(944,252) |
3,496,435 |
|
At 30 June 2026 |
||||
|
Intangible assets - exploration and evaluation expenditure |
1,762,153 |
- |
- |
1,762,153 |
|
Property plant and equipment |
30,852 |
- |
- |
30,852 |
|
Investment in associated undertaking |
- |
25,566,195 |
- |
25,566,195 |
|
Amount due from associated undertaking |
- |
4,085,057 |
- |
4,085,057 |
|
Trade and other receivables |
- |
3,248,862 |
- |
3,248,862 |
|
Cash and cash equivalents |
42,736 |
- |
13,348,182 |
13,390,918 |
|
Trade and other payables |
- |
- |
(444,163) |
(444,163) |
|
Net assets |
1,835,741 |
32,900,114 |
12,904,019 |
47,639,874 |
|
Six months to 30 June 2025 (Unaudited) |
West African Gold |
West African Lithium |
UK |
Total |
|
£ |
£ |
£ |
£ |
|
|
Impairment of exploration and evaluation assets |
(640,818) |
- |
- |
(640,818) |
|
Administration expenses |
(138,284) |
- |
(644,793) |
(773,077) |
|
Share based payments |
- |
- |
(75,988) |
(75,988) |
|
Finance income |
- |
- |
235,766 |
235,766 |
|
Share of loss of an associate |
- |
(2,405,745) |
- |
(2,405,745) |
|
Loss for the period |
(779,102) |
(2,405,745) |
(485,015) |
(3,659,862) |
|
Nine months to 31 December 2025 (Audited) |
West African Gold |
West African Lithium |
UK |
Total |
||||
|
£ |
£ |
£ |
£ |
|||||
|
Impairment of exploration and evaluation assets |
(68,300) |
- |
- |
(68,300) |
||||
|
Administration expenses |
(266,192) |
- |
(1,000,675) |
(1,266,867) |
||||
|
Finance income |
- |
- |
243,704 |
243,704 |
||||
|
Share based payments |
- |
- |
(92,894) |
(92,894) |
||||
|
Share of loss from associate |
- |
(594,037) |
- |
(594,037) |
||||
|
Loss for the year |
(334,492) |
(594,037) |
(849,865) |
(1,778,394) |
||||
|
At 31 December 2025 (Audited) |
||||||||
|
Intangible assets - exploration and evaluation expenditure |
1,762,719 |
- |
- |
1,762,719 |
||||
|
Tangible assets |
40,225 |
- |
- |
40,225 |
||||
|
Investment in associated undertaking |
- |
20,601,385 |
- |
20,601,385 |
||||
|
Amount due from associated undertaking |
- |
4,042,447 |
- |
4,042,447 |
||||
|
Trade and other receivables |
- |
2,765,497 |
- |
2,765,497 |
||||
|
Cash and cash equivalents |
73,672 |
- |
14,800,930 |
14,874,602 |
||||
|
Trade and other payables |
- |
- |
(417,788) |
(417,788) |
||||
|
Net assets |
1,876,616 |
27,409,329 |
14,383,142 |
43,669,087 |
||||
- OPERATING LOSS
The operating loss before tax is stated after charging:
|
Unaudited 6 months to 30 June 2026 |
Unaudited 6 months to 30 June 2025 |
Audited 9 months to 31 December 2025 |
||||
|
£ |
£ |
£ |
||||
|
Impairment of exploration and evaluation assets |
- |
(640,818) |
68,300 |
|||
|
Audit services |
- |
112,500 |
185,000 |
|||
|
Share based payment |
40,060 |
75,988 |
92,894 |
|||
|
Directors’ salaries and fees |
308,750 |
200,499 |
299,247 |
|||
|
Employer’s National Insurance |
10,126 |
4,439 |
6,936 |
- PROFIT / (LOSS) PER SHARE
Basic loss per share is calculated by dividing the loss for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.
The following reflects the loss and share data used in the basic EPS computations:
|
Profit / (loss) |
Weighted average number of shares |
Diluted weighted average number of shares |
Basic profit / (loss) per share (pence) |
Diluted profit / (loss) per share (pence) |
|
|
£ |
|||||
|
Six months to 30 June 2026 |
3,496,435 |
20,358,379,152 |
20,358,379,152 |
0.0172 |
0.0169 |
|
Six months to 30 June 2025 |
(3,659,862) |
20,247,366,260 |
20,247,366,260 |
(0.0181) |
(0.0181) |
|
Year ended 31 December 2025 |
(1,778,394) |
20,269,426,867 |
20,269,426,867 |
(0.0088) |
(0.0088) |
Diluted profit / (loss) per share is calculated by dividing the profit / (loss) attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. In previous periods, options in issue are not considered diluting to the loss per share as the Group was loss making. Diluted loss per share was therefore the same as the basic loss per share.
- SHARE BASED PAYMENTS
The share-based payment reserve is used to recognise the value of equity-settled share-based payments provided to employees, including key management personnel, as part of their remuneration.
|
Unaudited 6 months to 30 June 2026 |
Audited 9 months to 31 December 2025 |
|||
|
Share options outstanding |
||||
|
Opening balance |
265,833,333 |
326,666,667 |
||
|
Lapsed in the period |
- |
(60,833,333) |
||
|
Issued in the period |
- |
- |
||
|
Exercised in the period |
(7,500,000) |
- |
||
|
Closing balance |
258,333,333 |
265,833,334 |
|
Unaudited 6 months to 30 June 2026 |
Audited 9 months to 31 December 2025 |
|||
|
Performance share rights outstanding |
||||
|
Opening balance |
135,000,000 |
160,000,000 |
||
|
Lapsed in the period |
- |
(25,000,000) |
||
|
Issued in the period |
- |
- |
||
|
Exercised in the period |
(85,000,000) |
- |
||
|
Closing balance |
50,000,000 |
135,000,000 |
|
Unaudited 6 months to 30 June 2026 |
Audited 9 months to 31 December 2025 |
|||
|
Share warrants outstanding |
||||
|
Opening balance |
207,500,000 |
293,333,334 |
||
|
Lapsed in the period |
- |
(52,500,000) |
||
|
Issued in the period |
- |
- |
||
|
Exercised in the period |
- |
(33,333,334) |
||
|
Closing balance |
207,500,000 |
207,500,000 |
- TAXATION
There is no taxation charge for the period to 30 June 2026 (6 months to 30 June 2025: £nil, year to 31 December 2025: £nil) as the group continues to incur losses.
No deferred tax asset has been recognised in respect of losses as the timing of their utilisation is uncertain at this stage.
- INTANGIBLE ASSETS
|
Exploration and evaluation |
||||
|
£ |
||||
|
COST |
||||
|
At 31 December 2025 |
1,762,719 |
|||
|
Additions in the period |
27,149 |
|||
|
Effects of foreign exchange |
(27,715) |
|||
|
At 30 June 2026 |
1,762,153 |
|||
|
AMORTISATION |
||||
|
At 31 December 2025 and 30 June 2026 |
- |
|||
|
NET BOOK VALUES |
||||
|
At 30 June 2026 (Unaudited) |
1,762,153 |
|||
|
At 31 December 2025 (Audited) |
1,762,719 |
- PROPERTY, PLANT AND EQUIPMENT
|
Plant and machinery |
|||
|
£ |
|||
|
COST |
|||
|
At 31 December 2025 |
97,112 |
||
|
Additions |
|||
|
Effects of foreign exchange |
(632) |
||
|
At 30 June 2026 |
96,480 |
||
|
DEPRECIATION |
|||
|
At 31 December 2025 |
56,887 |
||
|
Charge in the period |
8,741 |
||
|
At 30 June 2026 |
65,628 |
||
|
NET BOOK VALUES |
|||
|
At 30 June 2026 (Unaudited) |
30,852 |
||
|
At 31 December 2025 (Audited) |
40,225 |
||
- ASSOCIATED UNDERTAKING
Since 15 November 2023, Kodal has held a 49% interest in KMUK, which operates the Bougouni Lithium Project in southern Mali. Summarised financial information of KMUK, based on management accounts for the corresponding period, and reconciliation with the carrying amount of the investment, are set out below:
|
30 June 2026 |
31 December 2025 |
|||
|
Assets |
||||
|
Cash and cash equivalents |
4,417,822 |
4,230,487 |
||
|
Trade and other receivables |
17,675,379 |
15,344,006 |
||
|
Property, plant and equipment |
46,243,725 |
50,548,235 |
||
|
Inventory |
34,653,393 |
17,866,905 |
||
|
Liabilities |
||||
|
Rehabilitation provision |
(2,556,458) |
(2,527,311) |
||
|
Trade and other payables |
(38,430,188) |
(42,215,708) |
||
|
Net Assets |
62,003,673 |
43,246,614 |
||
|
Group’s share in equity – 49% |
30,381,799 |
21,190,841 |
||
|
Goodwill |
26,643 |
26,643 |
||
|
Less: 17.5% of reserves of LMLB |
(4,842,247) |
(616,099) |
||
|
Group’s share of equity |
25,566,195 |
20,601,385 |
||
|
Carrying value at the start of the period |
20,601,385 |
21,402,327 |
||
|
Group’s share of profit / (loss) |
4,586,928 |
(594,037) |
||
|
Share of associates increase in equity |
- |
661,926 |
||
|
Foreign exchange movement on reserves through other comprehensive income |
377,882 |
(868,831) |
||
|
Carrying value at the end of the period |
25,566,195 |
20,601,385 |
- ORDINARY SHARES
Allotted, issued and fully paid:
|
Note |
Nominal Value |
Number of Ordinary Shares |
Share Capital £ |
Share Premium £ |
|
|
At 31 December 2025 |
20,280,699,594 |
6,337,719 |
32,700,452 |
||
|
Share issue |
a |
£0.0003125 |
92,500,000 |
28,905 |
20,158 |
|
At 30 June 2026 |
20,373,199,594 |
6,366,624 |
32,720,610 |
Notes:
- On 29 January 2026, 92,500,000 ordinary shares were issued pursuant to the exercise of share options and performance share rights.
- RELATED PARTY TRANSACTIONS
Transactions with related parties
The Directors represent the key management personnel of the Group and details of their remuneration are provided in note 4.
Matlock Geological Services Pty Ltd (“Matlock”), a company wholly owned by Bernard Aylward, a Director, provided consultancy services to the Group during the six months to 30 June 2026 and received fees of £172,500 (6 months to 30 June 2025: £112,500, 9 months to 31 December 2025: £168,750). The balance due to Matlock at 30 June 2026 was £nil (30 June 2025: £nil, 31 December 2025: £nil).
- CONTROL
No one party is identified as controlling the Group.
- CAPITAL COMMITMENTS AND CONTINGENCIES
The Group had capital commitments to exploration and evaluation expenditure of £nil (30 June 2025: £nil, 31 December 2025: £nil).
Kodal and Hainan are continuing discussions regarding responsibility for the US$15 million settlement payment under the MoU with the State and will work together to reach an agreement. Based on legal advice received, the Directors have judged it unlikely that Hainan will be able to make a successful claim against Kodal. At the current time the Company cannot determine the outcome of the discussions, and hence the nature or amount of any payments or concessions that might be required, if any, and which may result in an economic outflow from the Company.
With respect to the sale of Bougouni West as agreed with Leo Lithium in April 2023, one of the licences, N'kemene Ouest, has not yet been renewed by the Mali mining authorities (a sale condition) following the moratorium on the renewal and transfer of mining concessions. Accordingly, the Company has not yet recognised the income from the sale proceeds of £1.5 million. The licence is considered to be of good standing and the renewal is expected to occur, but no timing of finalisation can be provided.
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