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Laverda

If you have a stock of 40,000 tons at the end of June and 42,000 tons at the end of July, then in LMLB's situation, you can speak of reduced production per month. If you drop from 10,000 tons per month to 2,000 tons per month, the plant will be shut down frequently and for extended periods.

Why would they use an "old" figure in such a presentation?

Besides, satellite images and other photos/videos taken on-site clearly show that production is low to stagnant in July (both the SC stockpile and the other stockpiles are barely growing, if at all).

DYOR

GLA

The LMLB production figures in newspapers and social media are certainly unreliable.

We already had a production of approximately 10,000 tons/month between the end of April 2025 and the end of June 2025.

At the beginning of July, a video appeared on social media filming the plant at the site operating at a slow pace. I suspect this has been the case for most of July and continues to be the case.

Ba announced adjustments. And maintenance/cleaning of the plant and machinery is certainly necessary. Hence the figure of 42,000 tons of SC on site, according to the presentation given to the Minister of Mines. That figure is therefore likely correct. (Just like all the other information on that slide!).

Of course, there could be other reasons why the plant is currently idle or operating at a slow pace (financial or otherwise?).

We will need some patience to confirm the production capacity and the target production, as well as to understand the real reasons for the long period of little to no production.

DYOR

GLA

He is on his way to Bougouni to ask why the governor had the "slide-photo" removed from the "Gouvernorat de la région de Bougouni" Facebook post about the visit of the Minister of Mines on July 31, 2025, because it contained information that he considered important.

DYOR

GLA

Bfdinvestor

Sometimes people make mistakes in what they post on social media or in the press. In this case, a photo surfaced in a Facebook post by the "Gouvernorat de la région de Bougouni" showing a slide with text fragments that clearly indicate what is meant. Since this is a slide from an unlisted company and was shown at a meeting that, I believe, was only attended by the minister, mine managers, and local authorities, there is no obligation to make it public.

Such "mistakes" happen, and in themselves, the information doesn't contain such major secrets. You can interpret this information negatively or positively, but the attitude of Kodal Minerals PLC is not very informative towards us, and that is both annoying and disturbing (at least for me as an investor).

Regarding the suspension of activities at the PIT in June, I had already seen this in June via satellite images, but now there is confirmation. The DMS production suspension in July was partially announced, but no timetable was given. Unfortunately, I currently have mostly cloudy satellite images that don't show any details, but hopefully I'll get some better images in the coming days.

DYOR

GLA

Laverda

That slide I see in the photo of the Facebook post was and is probably not meant for our eyes, and the post about it is therefore one I wrote, primarily about what I can read on that slide, no use of AI, no use of other people, no use of special software.

The post with an article about the minister's visit, with the link to AMAP, was not written by me and is therefore only the text from that article. It is primarily intended to be shared with investors in Kodal Minerals PLC.

The author of this article was probably not present at the final part of this ministerial visit, a meeting between the minister, mine managers, and local authorities.

The information shown on that slide was certainly not intended for publication and is therefore not mentioned in the press.

Again, we may never know exactly what is on that slide. But it cannot be denied that the slide exists and that what it says is more negative than positive. However, solutions can usually be found.

And now we wait for the export authorization and the opening of the mine by President Goita. (Coming soon?)

DYOR

GLA

Bougouni, July 31 (AMAP) The Minister of Mines, Professor Amadou Keita, visited the site of the Bougouni Lithium Mines (LMLB Sa) on Thursday, as a logical continuation of the monitoring missions of the mining company's work by the competent services of the mining administration, AMAP noted on site.

This visit by the Minister of Mines noted that Bougouni Mining has taken into account the observations and recommendations made "to upgrade its site for the exploitation of spodumene in accordance with current regulations."

The ministerial delegation, comprising the Governor of the Bougouni Region, Brigadier General Ousmane Wélé, visited the quarry, the ore depot, the factory, the power plant and the tailings depot.

Throughout the mission's visit to the site, the mining company's technical managers provided information on the mine's production cycle. The mine's Country Director, Mohamed Niaré, announced an investment of $65 million (approximately 3.2 billion CFA francs) for the first phase and a second phase that will install a flotation plant to be built by 2028.

According to Mr. Niaré, the Bougouni Lithium Mines Sa (LMLB Sa) will have an annual production of 80,000 tonnes per year for the first phase and 120,000 tonnes for the second phase, or 200,000 tonnes per year for both phases.

Minister Amadou Keita recalled that this mission, "an instruction from the Head of State, Army General Assimi Goïta, is an important step in the process of starting the actual exploitation." And allows the State to play its part with a 35% share, i.e. 30% for the State and 5% for nationals in strict compliance with the New Mining Code in force in our country.

"Today, given the progress and production capacity, 42,000 tonnes produced and in stock, in terms of payment of taxes, duties and support for communities, nothing stands in the way of this inauguration," declared the minister.

A technical meeting with the Mine managers and the regional authorities brought to an end this mission of the minister to the site of the mining company LMLB Sa, whose Country Director said he was "ready for the inauguration of the mine".

BHT/MD (AMAP)

https://amap.ml/visite-du-ministre-sur-le-site-des-mines-de-lithium-de-bougouni-lmlb-sa-etape-importante-du-processus-de-demarrage-de-lexploitation

DYOR

GLA

Bfdinvestor

Also I hope that this project delivers what we all expect, which is added value to the share price.

But it's certainly not a bad idea to try to understand what's really happening, and then I see too many things/events that we don't hear about through the most important channel, which is "KODAL MINERALS PLC"!!

DYOR

GLA

But if the PIT operations did indeed stop on June 1st due to the rainy season (which is indeed possible), it remains strange that we only found out about this through a Facebook post.

Hopefully, we'll get some clarification from Kodal Minerals, because ultimately, these are all events in a mine (LMLB) over which Kodal Minerals only has a stake and certainly no control.

DYOR

GLA

If mining had stopped/paused due to the rainy season, why are they asking the Minister of Mines for support to find a solution to the cause of the problems they are experiencing, resulting in, among other things, the more than 300 unemployed workers at the PIT subcontractors?

DYOR

GLA

Regarding the RNS of June 30, 2025, which states:

"Mining and Processing Operations continuing on site with over 40,000 t of spodumene concentrate produced and ready for export."

It does indeed say "continuing," but this RNS doesn't mention anything else about "Mining operations." It does mention more details of the offtake and processing operations.

Even pumping water from the PIT is a mining operation, so the title isn't essentially a lie, but it certainly doesn't clarify what's happening.

If you send someone to the pit every day to check the water level, then pit operations are still ongoing

https://polaris.brighterir.com/public/kodal_minerals/news/rns/story/w1vz04w

DYOR

GLA

From the readable text of the first paragraph of the slide it is certainly not clear that production stopped on June 1, 2025, only the activities in the PIT have been suspended, resulting in 300 technically unemployed people at the Mining contractors

No AI needed to read that part and to understand it

DYOR

GLA

The slide is shown in one of the photos that the Gouvernerat de la Région de Bougouni posted on their Facebook page regarding the visit of the Minister of Mines, Amadou Keita, to LMLB on July 31, 2025.

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

DYOR

GLA

The slide is clear to read for Par 1 and 2, Par 3 is less readable (blurry)

Text from slide I can read and can be interpreted as follows:

Par 1:

Whatever the problem (possibly a shortage of explosives?), 300 employees working for the mine's subcontractors have been technically unemployed since June 1, 2025, and LMLB is calling on the minister for help to find a solution.

Par 2:

And yes, this slide mentions 42,000 tons of SC stockpile (slide shown in the presentation during Keita's visit to the LMLB mine on July 31, 2025) (Could the slide contain a TYPO or was it prepared in early July?)

and they are awaiting export authorization (120,000 tons/year expected). This situation could cause financial problems for the company and jeopardize the operation.

Par 3:

Regarding the opening, this text is less clear.

But it is certainly mentioned that the plant will be commissioned soon.

There's more in this slide, but I can't provide a translation at the moment because the text is too unclear and therefore too much guesswork.

DYOR

GLA

Security Experts Urge ECOWAS, AES Collaboration to Fight Terrorism

By ADF

June 10, 2025

https://adf-magazine.com/2025/06/security-experts-urge-ecowas-aes-collaboration-to-fight-terrorism/

More countries will follow a military collaboration with AES without joining AES as a member

DYOR

GLA

@Laverda

remember It was you who was happy to mention this 65% figure as something you were happy with (also in terms of cash flow, etc.).

Regarding your doubts about whether this 65% figure still holds, are you claiming that the RNS regarding the offtake and the details about the payments for the SC are incomplete, because this is surely more than a minor detail?

DYOR

GLA

Discussion?

But is was 65% on the dock before, so why change that?

DYOR

GLA

@Laverda

Why then did they switch from receiving payments of 65% in port + 30% loaded on the vessel to only payment after 95% loaded on the vessel?

This seems the same, but it's completely different.

It can be both positive and negative.

Much depends on the size of the cargo, the cost of storage in the port, and the transport from Bougouni to Abidjan. (And certainly other factors that influence the reasons for this change.)

And indeed, hopefully we'll find out more about the reason later.

DYOR

GLA

@Laverda,

There is no longer a "payment at the dock" but yes, a "payment at the dock/port" was provided, but never officially confirmed in an RNS.

It was mentioned in the "Engage Investor: Investor Presentation – 15 November 2024"

Previously, the payment for SC was: (Engage Investor: Investor Presentation – 15 November 2024 @+/- Minute 36)

65% upon delivery at the port/dock,

30% after loading the vessel,

5% to be paid following delivery and confirmation at the destination port in Hainan, China.

Now it is: (RNS 30 June 2025)

95% upon loading the vessel,

5% to be paid following delivery and confirmation at the destination port in Hainan, China.

DYOR

GLA

This post?

Ro8K

10 Jul 2025 15:41

03-Jul-25 03-Jul-25 Sell Steven Zaninovich 0.25 GBX 26,000,000 41,142,847

03-Jul-25 03-Jul-25 Buy Robert Ian Wooldridge 0.25 GBX 6,000,000 192,223,858

03-Jul-25 03-Jul-25 Buy Bernard Aylward 0.25 GBX 20,000,000 341,364,799

Where is LSE showing those specific buys/sells from those directors and at what price?

BA and Woolridge bought their shares in separated buys on LSE AIM on 03 July 2025 before 11:40 at 0.25p/share

Steve Z sold a part of his shares (not necessarily part of his new shares) on LSE AIM before 11:40 at 0.25p/share

Just to remember,

Warrants exercised by Steve Z from the RNS 02 July 2025

16,666,667 at 0.14p

16,666,667 at 0.25p

There is no other transaction from the directors RNS'd after 3 July 2025 and so I don't understand why and where people see other Directors transaction later than 03 July 2025.

There is no miss reporting

I only see a coincidence in the figure 26,000,000 shares in a buy from yesterday that can not be a buy from 2 separate buyers in one transaction.

DYOR

GLA

It

They did their transactions 03 July 2025 before 11:40Hr