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The first shipment was high-grade. If they maintain a ~5.5% Li2O grade, it proves their processing plant is efficient and reliable.

Topped up today, also hold Kefi btw :) With Gold and Lithium going up this year, some big gains are ahead.

How does it affect the SP?

The fact that they have 65,000 tonnes of raw ore already sitting on the surface is a major "de-risking" factor. It means the company is less vulnerable to the operational hiccups that usually plague new mines.

Yes already mined, "Ready to Sell "Stockpile" (Estimated) Status Finished Concentrate~20,000+ tonnes At San Pedro port / In transit; earmarked for Shipment Raw ROM Ore~65,000 tonnes On-site at Bourgoin; ready to be processed into ~10k tonnes of concentrate.

The Board reshuffle announced yesterday, with Operations Director Steve Zaninovich moving to a non-exec role, confirms the project is no longer "under construction." It is now a production machine!

Mining operations are running at full speed. As of the latest update, the "ROM" (Run of Mine) stockpile is at 65,000 tonnes, which is more than double what they need for the next shipment. Steve's job is done, operationally 100%

Where do you get 95%? its now 100% a working production mine with millions of tons of the next shipment already at port.

With the news of the next Multi-million sale $ shipment its almost inevitable imo.

Should be 1P by the next shipment (4 - 6 weeks) could be sooner.

RNS just released a bullish signal today, and Bernard Aylward, the CEO, and the Mali Country Manager officially exercised 92.5 million shares worth of options.

Insiders rarely put their own cash into exercising options unless they expect the next set of news (the shipment and revenue) to drive the share price higher. Bernard now owns 2.04% of the company.

Gold price is irrelevant here, KOD is a Lithium substrate SC producer with more multi-million-dollar shipments, lined up for this year!

As of late January 2026, the lithium market is undergoing a significant "V-shaped" recovery. After a period of oversupply in 2024 and early 2025, prices have surged to two-year highs this month.

For a producer like Kodal Minerals (KOD), which sells Spodumene Concentrate (SC), the current pricing environment is much more favorable than it was six months ago.

1. Spodumene Concentrate (SC) Price Forecast

Spodumene (the raw ore KOD produces) has seen a sharp rally as 2026 begins.

Current Spot Price (Jan 2026): Approximately $1,525 – $2,000 per tonne (depending on grade).

2026 Forecast Range: Analysts have recently "upgraded" their views.

Conservative: $1,750/tonne (Bell Potter estimate for 2026).

Bullish: Some projections suggest a peak near $3,250/tonne if supply from high-cost mines remains offline.

Why it's rising: Demand from Energy Storage Systems (ESS) has exploded in early 2026, adding a "second pillar" of demand alongside EVs.

Thats why China's Hainan Mining / Xinmao Investment: These are the Chinese heavyweights. Together with Suay Chin, they control a massive chunk of the company (over 30%) of KOD

Management: CEO Bernard Aylward holds a significant 1.68% (~341m shares), which is a high level of "skin in the game" for an AIM CEO.

Kodal Minerals (KOD) has officially transitioned from developer to producer.

While "first production" (initial material) technically happened during plant commissioning in February 2025, the company reached its most significant commercial milestones late last year.

The Official Timeline:

November 3, 2025: The project was officially inaugurated by the President of Mali, General Assimi Goïta. This marked the formal opening of the Stage 1 DMS (Dense Media Separation) plant.

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December 1, 2025: Kodal announced the first commercial shipment of 28,950 tonnes of spodumene concentrate. This was worth approximately $24 million, marking the company's first-ever revenue.

January 2026 (Current): The company is currently in its ramp-up phase. As of the latest update (December 17, 2025), they have a stockpile of roughly 65,000 tonnes of ore ready for processing to ensure an uninterrupted supply throughout 2026.

What’s Happening Now?

Second Shipment: Kodal is currently targeting a second shipment of 20,000–30,000 tonnes for Q1 2026.

Production Target: They are aiming for a full-scale output of 125,000 tonnes per year for Stage 1.

Stage 2 Expansion: They are already using the cash flow from Stage 1 to fund the planning and drilling for Stage 2 (the Flotation Plant), which is intended to double their output by 2028.

Summary for Investors

KOD is no longer just "drilling and hoping"; they are actively mining, processing, and selling lithium. The focus for 2026 has shifted from construction risk to operational execution—specifically, how consistently they can move material from the mine in Mali to the port in Côte d'Ivoire.

Hardly surprising, find another producing mining company with multi-million $$$$ shipments that has an SP under 0.5 P

Don't worry, most analysts are bullish, predicting 1p plus this year with the multi-million-dollar shipments!

It's not news, projected 2026 shipments and current prices are already known; do the maths m8

The 2026 shipments will bring in a multi-million-dollar cash injection, no more cash calls, today sellers are clueless.

20,000 tons of spodumene concentrate is being trucked to port, which represents about 2 months of production. DYOR

SP is lower than some speculative mining companies; Kodal is in production and earning money. What more do you want to know?

Investors need to be patient until April, when the tonnage RNS is released, and shipments will ramp up to around 125,000 tons per year.

Kodal are a production company, and SP should be 1.0+ (100%) later this year with revenues near $100 million at today's prices.

The lithium price will be determined by supply and demand; BYD alone is committed to installing an initial 300 x 1000-kW UK charging stations this year that will be able to charge their 2026 newer cars like the Denza Z GT in just 5 mins.