[SMM Analysis] Bougouni Lithium Mine Project Quarterly Report: March Production Exceeded 10,900 mt, Setting a New Monthly Record

Kodal Minerals, a West African lithium producer and mineral exploration and development company, provides an update on mining, processing, export, and development activities at the Bougouni lithium mine project for the quarter to date.
Kodal continues to participate in and hold an interest in the Bougouni project through its 49% shareholding in Kodal Mining UK Limited ("KMUK"), in partnership with Hainan Mining Co., Ltd. ("Hainan Mining"). Hainan Mining, as the 51% shareholder, holds ultimate control. KMUK holds a 65% interest in the project's operating subsidiary, Les Mines de Lithium de Bougouni SA ("LMLB"), which jointly owns the project with the Malian government, while KMUK is responsible for the management oversight and operational control of mining activities at the Bougouni mine.

Quarterly Highlights:

• 26,981 mt of spodumene concentrates produced during the quarter at a grade of 5.28% Li₂O
• March production exceeded 10,900 mt at a grade of 5.28% Li₂O, setting the highest monthly production record for the Bougouni project to date
• Following the completion of two shipments to Hainan Mining, the Bougouni project has cumulatively exported approximately 49,000 mt of spodumene concentrates
• To date, LMLB has generated revenue exceeding $51 million, with the final balance payment for the second shipment yet to be settled
• Mining at the Ngoualana open pit is on budget, with the on-site team focused on continuous improvement and additional mining equipment having arrived on site
• The Bougouni project operations maintain a continued focus on Health, Safety and Environment (HSE), with no Lost Time Injuries (LTIs) or Medical Treatment Injuries (MTIs) reported during the quarter

Post-Quarter Highlights:

• A third shipment of approximately 20,000 mt of spodumene concentrates was dispatched from the port of San Pedro in the Republic of Côte d'Ivoire on April 12.
  • LMLB will issue a provisional invoice at 95% of the shipment value in accordance with the offtake agreement, with full settlement for this shipment to be finalized upon arrival at Hainan Mining and completion of inspection.
    "The Bougouni team continues to focus on operational improvements, carrying out maintenance and modifications to the Dense Media Separation (DMS) processing plant and crushing circuit, aimed at improving equipment availability and utilization rate and increasing throughput. The open pit also continues to improve blasting results and access conditions for the crushed ore stockpile. During the quarter, the mining team continued stripping waste rock to progressively expose the Ngoualana ore body. The open pit plan is preparing for the rainy season, including building up raw ore (ROM) stockpile reserves and constructing additional pit sumps, dewatering boreholes, and haul roads.

The Bougouni project is updating the feasibility study for the Phase 2 flotation beneficiation plant, with initial work focused on engineering review, metallurgical testing, geotechnical assessment, and environmental planning. This work program is expected to be completed by the end of 2026, after which the investment decision for the Phase 2 flotation beneficiation plant will be reviewed.

Source: Kodal Minerals official website