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#Mali_Lithium The Governor of the Bougouni Region on a field visit to the second Lithium Mine in #Bougouni ready for its next official inauguration in the coming weeks.

The Lithium Mines of #Bougouni operated by #Bougouni_ Mining_ Services result of the partnership of Kodal Minerals plc and #Hainan,

"Over the next few weeks, the focus will be on finalizing the commissioning and stress testing of the DMS processing plant, as we progress towards achieving nameplate capacity and cruising production. We look forward to confirmation of our first shipment of #spodumène Lithie concentrate to #Hainan in #Chine by the end of this quarter." according to the CEO of Kodal Minerals plc

AEM Mali For the Promotion of Mali's Mining Sector

Listen very good news soon inauguration second min lithium Bougouni sa 05/03/2025

https://x.com/Silboyofficiell/status/1897402973627744564?t=hKs0R56dKL_micei6ZhWHQ&s=19

DYOR

GLA

GeorgeH1987

You speak of Kodal owning 32% of KMUK. This assumption alone shows that you completely misjudge the structure of the JV.

And also your assumption that Kodal will pay in proportion (32% of the additional investments in KMUK (or KMUK's subsidiary LMLB) clearly shows again that you do not understand the functioning of this JV for their activities in Mali for the development and exploitation of the Bougouni mine (Mining Code Mali!!).

Kodal owns 49% of KMUK and via KMUK they own +/- 32% of LMLB, but still they have to contribute 49% in extra investment in LMLB or other subsidiary from KMUK (like Future Minerals or Bougouni Mining). Mali gov does not invest in mining companies like LMLB, theyget 10% free, they pay for 20% + 5% participation and than they stop paying for their part. Even if LMLB needs more capital, their share remains 10% (free) + 20% + 5% = 35% without paying an extra penny.

So, as we know the JV now, Kodal pays 49% and Xinmao 51% of extra capital investment in KMUK unless they have agreed other terms between Kodal and Hainan.

DYOR

GLA

Where can I find the information/statement from Kodal that makes it clear that Kodal is paying for the JORC expansion. The information I find says the opposite.

From RNS 19 Jan 2023

https://polaris.brighterir.com/public/kodal_minerals/news/rns/story/w3nqdjr

The additional funds received by KMUK beyond the DMS funding will be directed to expansion activities to increase the Bougouni Project JORC compliant resource inventory currently at 21Mt @1.11% Li2O and extend production beyond the initial four-year mine life.

In regard to funds raised by the Kodal Subscription, a reserve of funds will be maintained by the Company in the event that further financial support is required for the development of Bougouni or other lithium opportunities in Mali identified by KMUK.

Funds from the KMUK Funding Transaction will be available to KMUK to, amongst other things, undertake further exploration activities to seek to further extend the Bougouni mine resource, develop other lithium pegmatite veins within the project area and assess opportunities for additional projects.

Or has all this changed since (RNS or interview or Hainan news or ???

I can't find changes to that part of the agreement but if it has changed, please provide a link with the changes of use of these funds.

DYOR

GLA

Https://www.barrick.com/English/news/news-details/2025/barrick-provides-further-update-on-loulo-gounkoto-operations-in-mali/default.aspx

Toronto – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today confirmed that the company remains restricted from shipping gold from the Loulo-Gounkoto mining complex in Mali. Additionally, the interim attachment order on the gold has now been executed by the Malian government by moving the existing gold stock from the site to a custodial bank, further preventing the shipment and sale of the gold.

As a result, Barrick has regrettably initiated the temporary suspension of operations while it continues to work towards a resolution.

Barrick remains committed to constructive engagement with the Malian government and all stakeholders to find an amicable solution that ensures the long-term sustainability of the Loulo-Gounkoto mining complex and its vital contribution to Mali’s economy and communities.

DYOR

GLA

Https://www.linkedin.com/posts/toguna-motors_groupetoguna-togunamotors-sinotruk-activity-7283389669407395840-L6e-/?utm_source=share&utm_medium=member_android

Toguna MotorsToguna Motors

4,466 followers4,466 followers

5h • Edited • 5 hours ago

🔴Our after-sales team is mobilized on the BOUGOUNI MINING SA site for an in-depth technical follow-up of their Lovol FR1000 excavator, the DH46 bulldozer and the 95T Sinotruk KING MINING dump trucks supplied by Toguna Motors

They ensure that even in extreme conditions, our equipment offers optimal 💯 performance

Nice video!!

DYPR

GLA

Https://alliedgold.com/our-portfolio/sadiola-mine/default.aspx

Production guidance : 195 - 205 Koz

LOM : 19+ years

DYOR

GLA

The capacity of the crushers is not specified anywhere as far as I know but the combined capacity will be at least 1 million tons per year and could therefore indeed approach 2 million tons combined.

As for a formula to calculate how much Ore comes from mined soil/rocks, I have no knowledge of such a formula and every mine is different. I see no possibility to draw up a standard formula for this because the shape of the mine also changes constantly. It is possible that with an in-depth exploitation of the ORE body an image can be formed of how to excavate this body and thus calculate a total number of M³ of soil/rocks to be mined but there is no fixed standard formula applicable to every mine without detailed knowledge.

Also, it would also be a pity if KMUK produced an SC of only 5%, this would bring the price per ton much lower than for the % they use in the PFS for DMS (5.5%) and would therefore be a huge disappointment.

DYOR

GLA

Just to clarify the figures for Hainan:

in 2024 approximately 1.55 million m³ of rock/soil will have been mined from the open pit, of which +/- 230,000 tonnes is Spodumene Ore, this corresponds to just over 2 months of supply for the DMS when fully operational.

Nothing more than just ahead of the planning for the open pit.

ORE (raw material) is not the same as SC (product)!!

So, ahead of planning, yes, but that part of the mine (open pit) was never an issue.

DYOR

GLA

Can you get me a link or copy from the article where Hainan Mining is expecting 23 years LOM ?

(for Bougouni? With current known figures and expected 50Mt MRE?)

DYOR

GLA

Pictures from LinkedIn are on Twitter

since 03 Dec 2024!!

https://x.com/KodalMinerals/status/1863903489656602657?t=rYLb6Mz6WeN2B1v0-lh04A&s=19

DYOR

GLA

Mali Gov playing it hard!

https://www.barrick.com/English/news/news-details/2024/barrick-confirms-arrest-of-four-malian-employees-reaffirms-commitment-to-resolution-of-disputes/default.aspx

GLA

Dyor

From 15 June 2022 RNS:

SC6 concentrate selling price (FOB San Pedro Port in Côte d'Ivoire) is based on a start price of $1,250/t for the first two years of production, reducing to $1,200/t for the following 2 years, and then $900/t for the remaining life of mine. This equates to the $1,060/t life of mine average price, which is considered reasonable under current market conditions.

https://polaris.brighterir.com/public/kodal_minerals/news/rns/story/xz0157r

DYOR

GLA

Kodal used next sell prices for concentrate:

Feasibility original (Jan 2020): US$680/ton

Revised feasibility flotation (June 2022): US$1,060/ton

DMS proposition (Sep 2022): US$2,080/ton

DYOR

GLA

Https://m.youtube.com/watch?v=NfRG2L20wzA

GLA

DYOR

2025 Code, that is even possible for the upcoming projects.

AES has the idea to introduce one mining code for the (for now) three countries (Mali, Burkina Faso and Niger) of AES.

No timing known but the two other countries like the work Mali did with this Code 2023

DYOR

GLA

Apparently, people like to work with figures without verifying whether they can be correct! (=> DYOR)

By the way, the figures from Kodal do not provide insight into the figures from KMUK because KMUK is no longer considered a subsidiary by Kodal Minerlas PLC. KMUK is now an associated undertaking and therefore Kodal does not have to provide financial details of KMUK.

And also, as at 27 August 2024 the Group (Kodal Minerals PLC) had cash at bank amounting to £18,477,000.

I think those £18 million create a very different story than the £5 million in the KOD Substack article,

But even if one were to adjust this amount in the article, the quality, correctness and reliability of the rest of the article would not improve.

DYOR

GLA

RNS Birimian gold acquiried "Bougouni Lithium Project" Goulamina in February-March 2016 (RNS02 March 2016)

"LITHIUM PROJECT ACQUISITION

HIGH GRADE BULK TONNAGE POTENTIAL

FULLY FUNDED EXPLORATION PROGRAM

HIGHLIGHTS

 BGS acquires 100% of Bougouni Lithium Project in Southern Mali"

DYOR

GLA

Laverda

Exploitation licences??

What was that big write up about it, do you remember about what they were talking because a lot of people were long time confused.

Birimian called their project "Bougouni Lithium project" and later in 2016 Kodal Minerals used the same name for their project.

Were they comparing the projects or something else?

DYOR

GLA

Transfer is what they are apparently negotiating with the Malian government according to BA and would, in my opinion, result in a renewed Convention with a mixture of Code 2019 and Code 2023.

If the transfer is in order, the price will also jump, but I don't dare to stick a % on that.

Once the commission starts, the tension will rise and hopefully the price will rise as well. But that process can of course also be delayed by problems that may arise. We cannot predict this now, but if the first production (even if it is limited) gives the desired results in terms of quality and quantity, the price could well rise further quickly.

But then the price factor SC6 and offtake come into play again, how much cash flow will we be able to generate.

Lots of news in the short term (2 to 5 months) with multiple factors that can make the price rise (or fall)

Hoping for the best but I believe in the project and therefore also that the price of the share can rise sharply when everything is ready and production is at full speed.

DYOR

GLA