Member Info for Accionista

The coordinates can indeed be a bit confusing, but if you place them on the map with the correct interpretation, you'll see that they all point to the same point, "Drill rig with associated equipment," and that this is the same location for all photos of a drill rig with associated coordinates and dates.

I use Google Earth Pro to place all things I find from WSBN on the map.

I also follow up changes via satellite images that are available

DYOR

GLA

I can also confirm that the photos published since 21 July 2025 by WSBN, showing drill rigs with coordinates and dates, are all from 25RSDD001 and not from any other drill hole.

Other photos of a drill rig, but without the date and coordinates, sent by WSBN on X (formerly Twitter) on August 24, 2025, are, according to the accompanying tweet, of the step-out hole. However, the location and exact date are currently unknown.

https://x.com/WishboneGoldPlc/status/1959496344319496523

We don't know how many days drilling took place on the step-out hole, but a tweet from David Lenigas indicated that drilling had definitely surely begun on August 23, 2025 so maybe even before.

https://x.com/DavidLenigas/status/1959298605388292373

DYOR

GLA

Strictly speaking, in this situation, Kodal Minerals PLC, with 49% of a JV that has 65% in a Malian Mining company, is not a miner

They have an important participation but not in the mine

DYOR

GLA

Just to clarify what can be found about Red Setter and Mining Equities on the official websites like Geoview and Minedex. (No registration required to access this information!)

Mining Equities has filed an application for three small tenements located within the "Red Setter" tenement, namely E45/7161, E45/7162, and E45/7163. All three are located in tenement E45/5297. Status: pending, started on August 25, 2025.

This information can be found on the Geoview.au website and also in the Minedex databases (although the start date there is August 26, 2025).

(I posted a brief overview with information about these tenements from the Minedex database on August 29th on X (formerly Twitter) in response to a question about the 12 new tenements for which Wishbone Gold has filed.)

https://is.gd/8Z1d88

Acquiring free tenements and reselling them is, incidentally, the primary activity of Mining Equities. Free tenements include not only those that are truly free but also parts of a tenement released for exploration purposes other than those of the actual owner.

So, as we see here on Red Setter, this can only happen with the consent of the "main" owner, Wishbone Gold WA PTY LTD.

Wishbone will have to provide reasons why, as they are nowhere to be found, but there must certainly have been an arrangement between them. Mining Equities PTY and Wishbone Gold WA PTY.

But I certainly don't see any cause for concern.

DYOR

GLA

@SylviaBrowne

"NON-EXECUTIVE"

Steve Zaninovich will be appointed Non-Executive Chairman and Mohamed Niare will be appointed Non-Executive Director at Castle Minerals, and it is already assumed they will be leaving Kodal Minerals PLC.

With these appointments, they will not have any executive responsibilities at the company to which they have been appointed, but will have tasks and responsibilities unrelated to its day-to-day management. Moreover, this is not the first appointment for such a position in a company other than Kodal Minerals PLC for either of these individuals.

So, there's nothing to suggest they are currently leaving Kodal Minerals PLC, and should they do so in the future, this is a common occurrence in the mining industry. Look at Steve's resume and look at the other positions Mohamed Niare holds at other companies. Also, consider the assignments carried out by both Steve's and Niare's companies! But they've been involved in various roles at Kodal Minerals PLC and the lithium project for years!

Also regarding share sales, as Troggy already mentioned, Steve's shareholdings have increased, and there could be several reasons for selling some shares in July 2025. (This is often tax-related and certainly has nothing to do with the share value; it's simply a case of "coincidentally" bad timing, and he didn't lose anything anyway.)

Ultimately, in July 2025, one director sells and two others buy shares in Kodal Minerals PLC. This seems like a good balance to me, and certainly no reason to say the current share price is overvalued.

Suay Chin has been selling shares in Kodal Minerals PLC since at least the autumn of 2024, and it makes little sense for Suay Chin to retain a significant stake in Kodal Minerals PLC. Their ultimate goal, the purchase of spodumene concentrate from a mine in which they participate, has not been achieved. Why would you remain a major shareholder then? Profit from those shares was never their original goal. They acquired the shares in exchange for direct financial support for the lithium project in 2017, and in the years that followed, until May 2022, they continued to participate in capital increases. Suay Chin made a nice profit from the ROFR buyout by KMUK, and they continue to do so, but selling ROFR wasn't the intention of their investment. Hainan Mining was simply willing to invest more money in the construction of the LMLB mine than Suay Chin shareholders.

DYOR

GLA

@JoeBloggs28

Thanks for the info about the contract between LSMA and Sea Invest in Abidjan, and yes, that's what I thought: 60,000 tons of storage is possible in Abidjan instead of 90,000 tons (approximately 9,000 sq m).

In Goulamina, they are currently using two plots of land near the plant for SC storage, with a combined storage capacity of approximately 170,000 tons of SC, and these can be expanded; there are certainly plenty of adjacent plots of land for further expansion.

(All clearly visible on satellite images.)

But expansion probably won't be necessary.

However, Goulamina Phase 1 would produce 42,000 tons/month of SC, meaning they would have to load a ship in Abidjan almost every month to make room for the next shipments of SC arriving at the port from Goulamina.

DYOR

GLA

The Difference Between ‘Infill’ and ‘Step-Out’ Drilling?

A drilling program is often divided into a step-out drilling program and an infill drilling program. It is crucial to understand the difference between the two in order to know how a set of drill results may impact a company’s share price. Essentially, step-out drilling is done to add to the current resource model, while infill drilling is done to convert current resources from the ‘inferred’ to ‘measured’ and ‘indicated’ categories. Step out drilling programs have a fixed starting point from which they intend to expand the mineralization zone, while infill drilling programs are used to confirm the presence of mineralization between the step-out drill holes.

https://www.juniorstocks.com/a-beginners-guide-to-interpreting-drill-results

DYOR

GLA

@JoeBloggs28

Do you have a link a news bulletin or article where is mentioned the fact that Ganfeng is storing 90Kt at Abidjan port? Is that 90Kt their total produced SC or are they doing it with maximum 90Kt at port and the rest on site and a part on transport?

DYOR

GLA

Considering what Suay Chin has achieved, they failed to achieve their original goal: acquiring spodumene concentrate. They owned the rights, but lost another competition and consequently sold their rights with KMUK as the paying party (to the benefit of Hainan Mining).

Financially, Suay Chin isn't a loser in terms of return on investment from the sale of their ROFR, but they are a major loser considering what they missed out on: acquiring spodumene concentrate through their investment. This was the original purpose of establishing Suay Chin.

The question then remains, of course: what will Suay Chin do now? Seek new investment? Focus on other commodities? Shut down?

DYOR

GLA

Suay Chin investor?

YES, but Suay Chin was never established as an investment company to generate profit from shares.

Suay Chin was founded to seek potential participation in or acquisition of explorers searching for lithium resources, primarily in Mali. Suay Chin's creation stemmed from a failed takeover of Goulamina (in early 2017), and the founding partners decided to attempt to acquire the rights to purchase an explorer's future spodumene concentrate production through direct financing of a lithium explorer once a mine had started. Suay Chin's first investment in Kodal was in March 2017.

Since then, much has happened, and Suay Chin has already earned more from the sale of ROFR ($14 million) than it had ever invested in Kodal Minerals. So, everything they're selling now is a nice bonus, but the actual goal, even though it was achieved, wasn't pursued due to financial constraints with the (new) partners Suay Chin had in June 2022 and still has.

Shortly (a few months) after Suay Chin's partners decided not to finance the flotation plant, Hainan approached Kodal about DMS, and in January 2023, the RNS reached an agreement between Hainan Mining and Kodal Minerals PLC to build the mine through a joint venture (KMUK). Suay Chin's partners decided not to proceed with Kodal's DMS project and therefore also to stop investing in Kodal Minerals PLC, resulting in the gradual sale of their shares.

DYOR

GLA

@Compo62

The project itself isn't the problem; achieving the nameplate (how much would that be?) is certainly not a problem (they already achieved 10,000 tons/month in May and June).

I believe the DMS is working perfectly, with some reduced monthly production currently underway to make some adjustments, modifications, and improvements to the entire process, from crushers to the final DMS (filling bags). The adjustments and improvements being made now, and still to be made during the major maintenance at the end of August, will further increase or improve potential production, thus preventing unnecessary production interruptions later on.

The situation they (LMLB) are in, such as not yet having an Export Permit and other problems due to circumstances beyond their control, is where the greatest danger lies.

However, I am only providing information that people can use to further their own research. I don't offer advice, but I also look at more than just the beauty of a project. I delve into all the information I obtain or can glean from data that is freely available to everyone (such as satellite images, social media, RNS, interviews & presentations from Kodal, news from Hainan, articles in both local and local press about the project or the situation in the region where the project is located, and much more). If something comes out less favorable or even very negative for me, I share that too. It's no problem if it doesn't always please everyone. That's part of posting on a forum where, thankfully, opinions are divided; that's what a forum is for.

So you won't hear me say "buy now" or "sell now." Those are decisions rarely, if ever, shared, and certainly not on forums or social media. I do dare to express an opinion, usually based on supporting information/data, and I too can make mistakes. I usually only discover those mistakes later, but since there's no advice involved, that's not a problem for me. That's why I always advise everyone to do their own research and not rush through AI. Consult/check the sources the AI uses to generate an answer.

I also create my own tools to facilitate my research on certain matters. An example is a document containing all of Kodal's RNS, which I can quickly search using keywords and codes for the information I need. I also have a spreadsheet with all of Kodal Minerals PLC's published drill results for lithium and gold.

Furthermore, I frequently use targeted searches over time so I don't have to sift through hundreds or thousands of results just to see if I'm lucky enough to find something. And if something isn't there, I try again, but in a different way.

I shared tools and search methods for a long time, but that's over. Only information and my own opinions remain.

So my point is:

Especially DYOR and don't just look at things through rose-colored glasses. Definitely don't make buying/selling decisions based solely on what people post on forums/social media.

DYOR

GLA

So, was that 42,000 tons never intended?

Yet, Bernard Aylward confirmed in an interview after the release of the 06 August 2025 RNS (with over 45,000 tons of SC on site) that more than 42,000 tons of SC were on site at the moment of the visit, which was also as such presented to the Minister of Mines in a slide.

Was that a typo, a slip of the tongue, or something else?

Around 1 min 48 sec

https://www.proactiveinvestors.co.uk/companies/news/1076363/kodal-minerals-eyes-fast-track-export-approval-icymi-1076363.html?viewSource=TwitterUK

"Clearly, when they're on site, they're able to see at least 42,000 tonnes of spodumene that really we're running out of room to store. We need to get the export happening as soon as possible."

Ultimately, whether it was 42,000 or 45,000, it will certainly be more now, and hopefully, the number of SC on site will decrease soon.

As BA says, it's about time that Export Permit was granted.

DYOR

GLA

Was that 42,000 tons SC Stockpile just a figure used to tell the Minister something or was it really 42,000 tons at the moment of preparing the presentation? (42,000 ton as stated on the infamous slide)

DYOR

GLA

@Humster

dat ik uit België kom is nooit een geheim geweest en is duidelijk te zien op mijn X- profiel.

Fijn om een taalgenoot op het forum te hebben

MVG

Accionista

@Compo62

QUESTION:

What is the margin on unsold product?

It can be as high or as low as possible. It hasn't been realized, so no cash is coming in, so the current realized margin = zero.

And what about a company that produces but has no income and doesn't have a large buffer to continue covering production costs?

Indeed, they could run into financial trouble.

The fact that they are currently producing less due to adjustments, improvements, and soon also major maintenance, and there is also less activity in the PIT, might be beneficial for them and give them time to potentially obtain the export permit, but as mentioned, the money won't arrive immediately afterward.

And remember, they won't get the much-discussed SMM SC6 spot price, but they will get a price calculated based on it, and since they don't produce SC6, it will be lower. How much depends on their product. Of course, we don't know their AISC either, and hopefully, more clarity on this will come soon. (This is a possible question for the AGM, but there will be many other questions they'd prefer to answer.)

LMLB has a bright future ahead of it, but there are still some hurdles to overcome. And of course, the price of SC must hold up in the markets.

And the future of Kodal Minerals PLC depends partly on LMLB. Gold isn't currently on the agenda. Possibly some more drilling at Fatou and Nielle to upgrade the assets, but I don't see Kodal operating a mine at either location. Sell Fatou and possibly Nielle back into a joint venture with a nearby mine (or possibly sell it as well).

DYOR

GLA

If you look at the 42,000 like that, than the over 45,000 tonnes in the RNS from 06 Aug 2025 is now also wrong because it's more today and possible even more tomorrow. But bagged or not bagged, all produced SC is export ready and included in their figure

An also for me, if they have not received the export permit before 31 August 2025, they will need to give more explanation because financially it certainly doesn't look good. You can produce a large stockpile, but that's just a cost, and without sales, you can't continue producing because at some point they will run out of money unless they can receive financial support from Hainan or something similar.

Besides, after receiving the Export Permit, how long would it take to receive 95% of the estimated value of the cargo? How much would they load onto a ship the first time?

How quickly would the transport from site to port be, and when would the ship be loaded? That ship won't wait 3-4 weeks in port to receive their cargo.

DYOR

GLA

@Humster

I'm Belgian, Flemish

DYOR

GLA

About the product ready for export

All bagged and not-bagged SC is ready for export and all bagged or not-bagged are included in the over 45,000 ton at site. (Now it wil be more than over45,000)

And they don't have that much of not-bagged SC at site but whatever they have produced, it's all EXPORT READY

About the 42,000 on the slide:

The 42,000 tonnes on the slide was correct the moment they prepared that slide and gave that figure to the Minister of Mines.

That 42,000 tonnes on that slide is what also is in the post of the "Gouvernerat de la région de Bougouni" mentions:

"Ainsi selon le ministre des mines 42 000 tonnes de spodumène sont déjà disponibles en stocks sur le site "

https://www.facebook.com/100064632554088/posts/bgni-31-07-2025gouvernorat-de-la-région-de-bougouniactualités-régionalesle-minis/1137673475063727

And in this article about the Minister visiting the mine:

"Avec quarante-deux mille tonnes de minerai déjà en stock"

https://maliactu.net/revolution-du-lithium-au-mali-le-ministre-des-mines-impose-une-nouvelle-dynamique-a-bougouni

So, why would they all use those 42,000

DYOR

GLA

Link to the photo with the slide

https://wormhole.app/Wqp5nA#CGK7RGc8CH4sk-jZ1Qq-dA

DYOR

GLA

What would happen if Mali follows Zimbabwe's example?

Zimbabwe to impose export ban on lithium concentrates from 2027

Zimbabwe will enforce a ban on the export of lithium concentrates starting in 2027, aiming to bolster local processing capabilities, according to Mines Minister Winston Chitando, reported Reuters.

This decision follows the country’s prohibition of lithium ore exports in 2022 and is part of a broader initiative to encourage domestic processing within Africa’s leading lithium-producing nation.

Lithium sulphate plants are currently under development at Bikita Minerals and Prospect Lithium Zimbabwe, owned by Sinomine and Zhejiang Huayou Cobalt, respectively.

https://www.mining-technology.com/news/zimbabwe-export-ban-lithium-concentrates-2027/?cf-view

DYOR

GLA