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Correction from a part in my post from Today 09:34:

What could this mean for KMUK and Hainan? Would they still be able to export their "lithium hydroxide" production to their factory in China?

Would they still be able to export their "spodumene concentrate" production to their factory in China?

DYOR

GLA

Long-term plans for an on-site lithium hydroxide or battery-grade carbonate plant (at the Bougouni mine site?)

During negotiations between Mali's government and Ganfeng regarding the Goulamina mine, to sign an agreement in which Ganfeng LSMA agrees to transition to the 2023 Mining Code, there was also discussion of Ganfeng's possible investment in a lithium hydroxide processing facility and possibly a battery factory. However, no official statement has yet been made confirming such a project. Therefore, these are still only exploratory discussions. Therefore, there is certainly no known timing or location for such a project!

What could this mean for KMUK and Hainan? Would they still be able to export their lithium hydroxide production to their factory in China? Or would they be involved in such a project? Or would they build a lithium hydroxide plant that would process a fixed portion (e.g., 200 kt/year) of Mali's lithium hydroxide production, allowing all lithium hydroxide producers to still export a large portion of their lithium hydroxide to their facilities outside Mali. (Usually China, but other destinations cannot be ruled out.)

And who will own such a project? To what extent would the Malian government invest in it or participate under the conditions they set? Much remains to be discussed, but even if a decision is made quickly (this year or next), the construction of such a facility cannot be completed in a few months.

So the plans are certainly in place, but the final realization will take several years. We know that Ganfeng is involved in these discussions; we don't know that about KMUK-LMLB, but it certainly cannot be ruled out.

However, there are several other lithium projects in Mali that will reach a point in the near future where mining license applications will begin. What about their future production? Even Russian and Indian companies are involved in these projects. How far will they dare to go to give Mali an industry that locally processes lithium into end products such as batteries?

It will be a difficult exercise for Mali and all potentially involved parties to develop a concrete plan.

Mali's plan to process lithium domestically to create a positive narrative for local industry, its people, and its treasury is already underway in Zimbabwe, and other African countries are inclined to plan the same. Zimbabwe has been working on this for some time and could therefore potentially be seen as a model.

So

Industrialisation catalyst: Desired by Mali but no clear plans yet, only exploratory talks, but with whom is unknown?

Long term: YES

At LMLB Bougouni mine site: NOT Known!

DYOR

GLA

Is Kodal Mining's Lithium project important for job creation in Bougouni and Mali?

YES

Job creation within and around this project is certainly important for Bougouni and Mali.

RNS April 4, 2025

Currently, KMUK has a total of 555 personnel on site (including contractors), of which 531 are Malians (95.7%). Among that number, we are pleased to report that a total of 344 personnel are employed from the local communities.

I have no doubt that almost all subcontractors comply with the %51-%50 rule of the 2023 Mining Code and the Latest Local Content.

With so many people directly employed on the project, and certainly a significant number indirectly in jobs resulting directly from the increased activity in and around Bougouni, it's safe to say that the LMLB mine will make a significant contribution to the Malian economy.

Together with Ganfeng-Goulamina, they will diversify Mali's exports, where gold currently makes up the largest contribution to Mali's GDP. Only in 2027 will we know how much these two mines will have contributed to the 2026 GDP after a full year of production.

Fortunately, we won't have to wait until then to see what progress KMUK-LMLB will make in developing their lithium project into phase 2, the flotation plant with a LOM of +10 years (2026-2036) and an output of 230 ktpa.

According to Kodal Minerals, this means that in the first few years, together with the DMS, a potential annual production of >300 ktpa SC is expected.

In theory, therefore, it's possible (according to the figures used by Kodal Minerals in their presentations:

120 ktpa (DMS) + 230 ktpa (Flotation) = 350 ktpa SC output over several years. (Overlap between DMS production and flotation).

Whether this will ultimately be achieved depends somewhat on how quickly Phase 2 can be built and started up to maximum capacity, and it also depends on the DMS's LOM (currently +/- 5.5 years => calculated based solely on the Ngoualana figures: 6.7 Mt ore / 1.2 Mt DMS capacity = over 5.5 years).

The outlook is therefore very positive for Kodal Minerals PLC, KMUK, LMLB, the workers employed in and around the project, for the businesses in Bougouni and the surrounding area, and therefore also for Mali's GDP.

DYOR

GLA

Just to help understanding:

"Bougouni Lithium project" is not in every AI or normal search our Kodal Minerals lithium project. Our neighbours, back in 2016 Birimian Gold, bought a lithium asset at Goulamina" and gave it the name "Bougouni Lithium project"

So, sometimes using this name in a search can give you answers not for Kodal's project but for current Ganfeng's mine.

From BGS RNS 02 Mar 2016:

HIGHLIGHTS

BGS acquires 100% of Bougouni Lithium Project in Southern Mali

https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=01718607

DYOR

GLA

Just a reminder about the 51%.

Nowhere in the "2023 Mining Code" or the latest "Contenu Local" does it state that 51% of a mining company's contracts must be awarded to Malian local companies!

It does state that preference should be given to Malian local companies and that these Malian companies must comply with a 51%-50% rule, as described in both the 2023 Mining Code and the 2023 Contenu Local.

Of course, it goes without saying that the more local companies and local workers are employed, the more support you'll receive from the population and the authorities.

DYOR

Use AI, even I do, but even then, check the original sources, not articles written by AI or by overly enthusiastic journalists.

And if you do publish AI in a post, please indicate this and, if possible, include a link. This would certainly help in assessing/better understanding what is being published in the case of AI.

GLA

Bfdinvestor

Today 18:36

Posts: 6,925

Price: 0.365

Keep it simple and polite Accionista

Do you believe lithium is of massive importance to an economy of £20bn.

Oh, I see, here it's £, no more $ as you used before

Sorry, but was a detail I missed

DYOR

GLA

My "TYPO":

Not "In less than two hours, you can reduce Mali's GDP from €26 billion to €20 billion."

but

"In less than two hours, you can reduce Mali's GDP from $26 billion to $20 billion."

Sorry

DYOR

GLA

Bfdinvestor

surely it was a TYPO of you?

In less than two hours, you can reduce Mali's GDP from €26 billion to €20 billion.

What would it be like now?

in 2024 it was: $26.59Bn

https://tradingeconomics.com/mali/gdp

DYOR

GLA

Bfdinvestor

I don't think you're fussed about the details because, judging by your comments, I understand that you usually don't even read the details or largely don't understand them.

That post from Momo2058 is, frankly, complete crap/rubbish.

Is there a link to the calculation that "roughly US $50-55 million per year will flow directly into the Treasury and the Local Development Fund?"

I'd like to see the links to this information:

"2,000+ direct jobs during construction/operations, plus an estimated 5,000-7,000 indirect jobs in transport, maintenance, food services, etc." for the LMLB Bougouni project.

What does a paved haul road to the railhead at Kayes have to do with Kodal Mining's budget? Where is a link that might link this budget and this road to Kodal Mining or LMLB?

Also, where is "Long-term plans include an on-site lithium hydroxide or battery-grade carbonate plant" described for the Bougouni project? Is there a link to this information? Because that wouldn't even be considered a detail. But who am I to say that a hydroxyde or battery-grade carbinate plant isn't a detail. If you consider it a detail, then it will be for you (hopefully not for everyone!).

That lithium is becoming increasingly important for Mali is undeniable, but if you start making claims about Kodal's Bougouni project that are patently untrue, then you're not doing it right. You're spreading more and more lies, and people are getting even more confused. Details are important to many people, but they must be correct.

So my question to Momo2058: are there links to the claims in your post, or is it just AI feeding you something without you checking it?

DYOR

GLA

Bfdinvestor

the figures used in that post can not be for Bougouni!

With 160 million export revenue, "roughly US $50-55 million per year will flow directly into the Treasury and the Local Development Fund" => how did they calculate that?

When you look closely to what is written in that post, it could be valid for Goulamina but not for Bougouni.

But to understand the post, you need to read it maybe 5 times. (I've read it 10 times because to much unrealistic things in it)

DYOR

GLA

Do yourself believe this crap?

I don't know where you got this "crap" from but better do some research.

I hope it wasn't AI

DYOR

GLA

On the SMM market there is no daily limit to rise for the Spodumene Concentrate Spot but there is a daily limit in % for lithium futures.

DYOR

GLA

Laverda,

I never mentioned Staff and wet season in the same section. You're just trying to twist the text so it seems like I wrote that, so you can dispute it and say I'm wrong. Perhaps you should reread what I wrote about "Staff."

Regarding the pumping, are you claiming that what Bernard says about pumping in the RNS isn't true?

"Open-pit mining at Ngoualana has been impacted by the wet weather, with the lower levels of the pit unable to be accessed due to excess water. Pumping is ongoing and access is expected to be restored, and mining continues with the removal of overburden and weathered material to the final pit outline. Mining operations have also been impacted by delays in the delivery of explosives to the site, which was highlighted during the recent ministerial visit, and is expected to be remedied soon to minimize delays."

We already knew about those explosives from the photo with the infamous LMLB slide that was deleted from Facebook, which some say never existed and certainly didn't contain any reliable information.

I'm not saying the plant isn't working; I'm simply explaining why the plant is currently producing less due to adjustments to parts of the entire process. (The plant has already been producing approximately 10,000 tons/week for two months!)

The reason we have so much stock is indeed because the plant is already working quite well, but the reason the stock is so large and still growing is because there are no exports (Kodal expected exports to begin at the beginning of the July quarter => RNS 17 Apr 2025).

I also want this to be a success story, but I've learned to look beyond what CEOs or companies post in presentations, interviews, or on RNS, and certainly beyond what's posted on many forums. Even company websites are rarely up to date!

DYOR

GLA

LMLB is on the right track, but even with an export permit, not all problems have been resolved.

Is SC being produced by the DMS?

Yes, but due to adjustments in the crusher and DMS circuit, production is currently lower per month (last known/calculated production was +/- 1,000 tons/week).

Is SC present on site?

Yes, +45,000 tons (Maybe now +46,000 tons) (bagged and bulk) ready for export.

Is there water in the PIT?

Yes, and there are no signs of it decreasing yet (satellite image), although this doesn't mean it's not under control and certainly doesn't mean there's no pumping.

Is there activity in the PIT?

Yes, but here too, activity is reduced due to a shortage of explosives and an excess of water in the PIT (=>300 technically unemployed workers at the subcontractor for the PIT activities).

Is there still sufficient ORE on the ROM?

In the short term, I think so (due to reduced production).

In the longer term, it's difficult to estimate when production returns to 10,000 SC/month (approximately 80,000 tons of ORE required), but a limited amount of ORE will certainly be withdrawn from the PIT each month in the coming months to replenish the ROM stock.

After reporting on his visit to the LMLB facilities to the Malian President, the Malian Minister of Mines stated to BA that LMLB would now receive fast-track treatment for the Export Permit.

Fast-track after approximately 9.5 months after the signing of the MOU is a nice way to say we're almost there.

Is there a shortage of storage space on site for the SC?

There is certainly space that could still be used, but it hasn't been prepared. It certainly sounds like a good way to exert some pressure.

How quickly will they get the SC to the port(s)?

A lot depends on how many trucks they have available, the loading capacity per truck, and the duration of the journey to and from the port. Another question is how large the first shipment will be.

There are solutions for everything, and the LMLB, KMUK, Hainan, and Kodal staff will do their best to get it right, but they can't have everything under control for several reasons (natural elements, governments, etc.).

But it's clear that this can't last much longer, or they'll have to take some financial steps (accessing a loan facility or other?) to be able to continue.

You can't keep incurring costs without income!

These are personal observations about the situation of LMLB's activities - Mining - Production - Export... No AI is used here, but available (or no longer available) information from presentations / RNS / Interviews / Satellite photos, photos from Kodal Minerals' social media / reports on Malian TV broadcasts / social media posts about Kodal Mining/LMLB and their activities in Mali from other people who have nothing to do with Kodal (=> Slide).

Are there any other items that could be discussed?

Yes, but I wanted to limit it to what I've posted here.

DYOR

GLA

Laverda

with trucks, do yo mean those 2 PENXIANG trucks?

In January 2025 Toguna Motors showed a video with their off road trucks (Similar to these Penxiang trucks) in Ngoualana PIT delivering ORE at the ROM.

EGTF has some Toguna trucks in use in Ngoualana PIT

So many equipment at site for all the work in the PIT, the ROM, the waste areas, the ROM, the product and all other "byproduct" from the DMS, so surely some of these trucks are still needed and is no surprise to see them in a photo or video?

But still I don't see the relation between these trucks (nothing new, only the first images from the Penxiangs in Ngoualana) and AI or figures from a presentation (that isn't AI generated or manipulated)?

DYOR

GLA

Laverda

What have rock trucks to see with AI or figures from a presentation?

And to be honest, most articles are bad or really bad, some even written with AI. But most of these journalists are doing no research like some people here.

DYOR

GLA

Latest RNS with production figures was 30 Jun saying over 40,000 tons SC

Latest official document I saw was mentioning over 42,000 tons SC

If it is more, why would they not tell us?

But as I told before, I see enough evidence on photos from satellite and from videos and photo's on site to take that 42,000 from the presentation as the stockpile on a date a few days before the visit of the Minister.

On the slide is idd Market sensitieve information but we don't have a copy of it, only a photo with enough to read that is market sensitive.

But be careful with AI and other services to read that slide.

DYOR

GLA

Laverda

Thanks for the link Page not found) but was clear where to search.

Idd translated but they use the same figures as in the press and social media

Shared by Kodal but be careful whit the figures in that video.

DYOR

GLA

But I prefer the French version

The video linked by Kodal translated in English?

Can you give us the link to that video with the translation in English please?

DYOR

GLA

For those 42,000 tons, I rely on the presentation given by LMLB (=> KMUK => Kodal Minerals PLC) to the Minister of Mines and local authorities during the technical meeting at the end of the Minister's visit to the PIT and DMS facilities. This 42,000 tons of SC product on site was clearly indicated on a slide.

This photo with this slide of this presentation was posted in a Facebook post by the "Gouvernorat de la région de Bougouni," but apparently it has now been removed (why would that be?).

It's difficult to argue that those 42,000 tons are incorrect.

DYOR

GLA