Interim Results for 6 months to 30 June 2026

Kodal Minerals PLC

30 September 2026

 

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: [phone]
SP Angel Corporate Finance LLP, Financial Adviser & Joint Broker Stuart Gledhill/Adam Cowl	Tel: [phone]
Canaccord Genuity Limited, Joint Broker James Asensio/Charlie Hammond	Tel: [phone]
Peel Hunt LLP, Joint Broker Ross Allister/David McKeown/Georgia Langoulant	Tel: [phone]
Burson Buchanan, Financial PR Louise Mason-Rutherford/Barry Archer/Jude Stokes Tel: [phone] [e-mail]	Tel: [phone] [e-mail]

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

1.           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

2.           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

3.           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.

4.           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

5.           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.

6.           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

7.           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

8.           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

9.           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:

1.        On 29 January 2026, 92,500,000 ordinary shares were issued pursuant to the exercise of share options and performance share rights.

10.       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).

11.       CONTROL

No one party is identified as controlling the Group.

12. 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.

 

END