Interim Results for 6 months to 30 September 2025

/**/

RNS Number : 2040M Kodal Minerals PLC 19 December 2025  

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation.   Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining   19 December 2025   Kodal Minerals plc ('Kodal', 'Kodal Minerals' or the 'Company')   Interim Results for the six months to 30 September 2025   Kodal Minerals (AIM: KOD), the West African lithium producer, mineral exploration and development company, announces its unaudited interim results for the six months ended 30 September 2025 ('H1 2025' or the 'Period').   Highlights Operational ·  During the Period, the Company's operational focus has been the mining and production of spodumene concentrate through the Stage 1 Dense Media Separation ("DMS") processing plant at the Bougouni Lithium Project in southern Mali ("Bougouni" or the "Project"), within our associated undertaking Kodal Mining UK Limited ("KMUK"). ·    Export permit for an initial 125,000 tonnes of spodumene concentrate from Bougouni was received in September 2025, allowing maiden transport of product to the port of San Pedro in Côte d'Ivoire to commence, with the first shipment of 28,950 tonnes of concentrate leaving the port post Period end in November 2025. ·   Following ongoing discussions with Mali government officials, military presence in the Bougouni area and on site has been increased to ensure the security of staff and contractors at the Project.  ·    Post Period end, the Company announced its final assay results for the 2025 drilling programme at the Boumou prospect, which confirmed the continuation of wide, high-grade pegmatite mineralisation.  The drilling intersected multiple pegmatite bodies with a further drilling campaign planned for early 2026.   Financial ·    For the 6 months to 30 September 2025, the Company made a loss of £1,131,000 (H1 2024: £1,486,000). ·   The Company's share of KMUK's profit for the Period was £218,000 (H1 2024: loss of £832,000), which included a foreign exchange gain of £4,395,000. ·   The carrying value of Kodal's investment in KMUK at 30 September 2025 was £20,895,000 (H1 2024: £28,207,000). ·    Kodal's cash balances at 30 September 2025 were £15.6 million (H1 2024: £18.1 million) and cash as at 17 December 2025 was £15.0 million. ·    Post Period end, Les Mines de Lithium de Bougouni SA ("LMLB"), a subsidiary of KMUK, received initial payment for the maiden export of 28,950 tonnes of concentrate from Hainan Mining Co. Limited ("Hainan"), totalling US$21.3m.   Bougouni Lithium Project   At the start of the Period, mining activities continued on site, grading on average 1.17% Li20, in line with the preliminary feasibility study (the "PFS").  During the seasonal wet season from July to September the pit filled with water, as was expected, and the mining fleet was unable to access the base of the pit.  Activity transferred to the preparation for the full extension of the pit area, repair and maintenance of the haul roads and preparation for the re-commencement of mining activities in November 2025.  The Bougouni mining team has prepared a mining schedule that will deliver over 100,000 tonnes of ore to the run-of-mine ("ROM") pad each month, to ensure a full feed supply is available for the processing plant during 2026.   From late August to late September, the Bougouni processing plant underwent a series of maintenance checks, engineering improvements and 'de-bottlenecking' initiatives to improve the plant performance. These items were identified during the initial commissioning and ramp-up process of the plant operation, and the August/September period presented an optimal time given the wet season slow down. The plant re-commenced in late September and treated low grade and transitional ore for a period to ensure all engineering and improvements operated effectively.  The plant subsequently shut while the operation focussed on the transport of the spodumene stockpile that had built up around the plant area and had limited area for additional material to be produced to the port of San Pedro in Côte d'Ivoire.   During the Period, approximately 45,000 tonnes of lithium spodumene product, grading an average lithium oxide content of 5.39%, was produced on site, in preparation for export.  In September, we were pleased to announce that the export permit had been granted by the Mali government for an initial 125,000 tonnes of spodumene concentrate.  Following receipt of the permit, the team at Bougouni worked tirelessly with Direction Nationale de Geologie et des Mines ("DNGM") agents and customs officials on site to set up the necessary export procedures.    Since the Period end, the first truckloads of lithium spodumene concentrate left Bougouni and the first shipment of 28,950 tonnes is now en route to the destination port in Hainan Province, China, via the port of San Pedro, Côte d'Ivoire. The Bougouni operation team has continued to focus on transportation of the stockpile to San Pedro to ensure that material is available at the port for further shipping and we expect to complete the export of 125,000 tonnes of product during the next twelve months.  This regular export of product, coupled with the strength of our relationship with the Mali government, means that we expect the export permit to be renewed as required.   Post Period end, Stage 1 of the Project was officially opened by General Assimi Goïta, President of the Republic of Mali in a ceremony held in November. The ceremony was hosted by General Ousmane Wele, Governor of the Bougouni Region, and was attended by Professor Amadou Keita, the Mali Minister of Mines, community leaders including the Village Chief of Ngoulana, and national and local media. The ceremony signified the continued supportive relationship Kodal shares with the Mali Government as it advances the Project, delivering direct and indirect benefits to both the local community, many of whom work on site, as well as nationally to the wider Malian economy.   All assay results have been received for the Boumou prospect diamond drilling completed in 2025.  These assay results, published in December 2025 post Period end, confirms the geological interpretation of the previous exploration work and highlights the consistent thickness and width of the multiple pegmatite veins intersected in the drilling completed to date. This bodes well for the future development of Bougouni and the development of the Stage 2 flotation plant by KMUK, which we aim to advance in 2026.   Over recent months, Mali has faced a sharply deteriorating security environment as militant groups have launched increasingly coordinated attacks across the north and centre of the country.  Southern Mali, where the Project is situated, has historically been more stable.  However, violence has started to shift into southern areas and regrettably the Bougouni site was subject to a security incident in August.  Our priority remains ensuring the safety and wellbeing of all our employees.  We continue to work closely with Mali government officials, and the military security presence in the Bougouni area and on site has been increased to ensure the security and safety of staff and contractors at the mine.    Bernard Aylward, CEO of Kodal Minerals, said:   "I am delighted with our achievements at Bougouni over the last six months, as commissioning of the plant nears completion and first export and receipt of first revenues was achieved post Period end.  The granting of the export license was a critical next step for the development of the Project as well as for Mali's burgeoning spodumene industry. The permit further underpins the continued support of the Mali Ministry of Mines and the Government and their interest in the further development and expansion of Bougouni.   As export and sales are now underway, I look forward to continuing our evolution into a revenue-generating producer and reporting on our progress in the transformational period ahead of us."   Chairman's Statement   I am very pleased to provide an update on the Company, following a six-month period where we have witnessed the Project transform into a commercial operation.   Over the past six months, the global lithium market has experienced continued volatility amid an evolving policy landscape. After a period of sharp price corrections in early 2024, lithium prices have increased and began to stabilise in mid-2025 as demand from electric vehicle and energy storage sectors showed steady recovery and the price has continued to rise further in recent months. However, market sentiment remains cautious due to fluctuating battery demand forecasts, high inventories in parts of the supply chain, and the ongoing uncertainty surrounding global trade policy. Despite the risk of near-term pressures, long-term prospects remain robust, supported by energy transition commitments and advances in battery technology.   The Board has continued a targeted M&A strategy to explore new opportunities in critical minerals / precious metals in West Africa and is well-placed to take advantage of any prospects that may arise.  We are continuing to work on a strategy to maximise the value of the Company's remaining gold assets in Mali and Côte d'Ivoire, however work on our gold assets has been delayed due to ongoing uncertainty regarding licence renewals.   In the six-month period ended 30 September 2025, the Group recorded a loss of £1,131,000 compared to losses of £1,486,000 for the six months to 30 September 2024 and a loss of £2,446,000 for the year to 31 March 2025.  The loss for this Period includes the Company's share of KMUK's profit for the corresponding period of £218,000.   Cash balances as at 30 September 2025 were £15,629,000 compared to £18,108,000 at 30 September 2024 and £16,888,000 at 31 March 2025.  Cash as at 17 December 2025 was £15,049,000.   As announced on 1 September 2025, the financial year end of the Company has been changed to 31 December.  Accordingly, audited accounts for the nine-month period ending 31 December 2025 will be published by 30 June 2026.  We have a very exciting period ahead of us and I look forward to reporting on our progress in 2026 as the Project transitions into a fully-fledged revenue generating mining operation.   Robert Wooldridge Non-Executive Chairman     Contact details: For further information, please visit www.kodalminerals.com or contact the following:  

Kodal Minerals plc Bernard Aylward, CEO  

  via Burson Buchanan  

Allenby Capital Limited, AIM Nominated Adviser Jeremy Porter / Vivek Bhardwaj  

  Tel: 020 3328 5656

SP Angel Corporate Finance LLP, Financial Adviser & Joint Broker Stuart Gledhill / Adam Cowl  

  Tel: 020 3470 0470  

Canaccord Genuity Limited, Joint Broker James Asensio / Charlie Hammond  

  Tel: 0207 523 4680

Burson Buchanan, Financial PR Bobby Morse / Abigail Gilchrist  

Tel: 020 7466 5000 kodal@buchanancomms.co.uk  





KODAL MINERALS PLC   CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025  



 

 

Unaudited 6 months to 30 September 2025

 

Unaudited 6 months to 30 September 2024



Audited Year ended 31 March 2025

 

 

 

 

£

 

£



£

 

Continuing operations

 

 

 

 





 

Administrative expenses

 

 

(696,594)

 

(566,623)



(1,587,795)

 

Share based payments

 

 

(60,338)

 

(276,331)



(217,468)

 

Impairment of exploration and evaluation assets

6

 

-

 

-



(640,818)

 



 

 

 

 





 

OPERATING LOSS

 

 

(756,932)

 

(842,954)



(2,446,081)

 



 

 

 

 





 

Finance income

 

 

184,162

 

188,798



413,095

 

Share of profit / (loss) of an associate

 

 

217,751

 

(831,819)



(8,993,392)

 



 

 

 

 





 

LOSS BEFORE TAX

 

 

(355,019)

 

(1,485,975)



(11,026,378)



 

 

 

 







Taxation

 

 

-

 

-



-



 



 

 







LOSS FOR THE PERIOD/YEAR

 

 

(355,019)

 

(1,485,975)



(11,026,378)



 

 

 

 

 





 

OTHER COMPREHENSIVE INCOME

 

 

 

 





 



 

 

 

 





 

Items that may be subsequently reclassified to profit and loss



 

 





 

 

 

 

 

 





 

Currency translation loss

 

 

(775,960)

 

(2,365,348)



(1,075,844)

 



 

 

 

 





 

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD/YEAR

 

 

(1,130,979)

 

(3,851,323)



(12,102,222)

 

 

 

 

 

 





 

Loss per share from continuing operations

 

 

 

 





 

Basic - pence per share

3

 

(0.0018)

 

(0.0074)



(0.0545)

 

Diluted - pence per share

 

 

(0.0018)

 

(0.0071)



(0.0545)

 

      KODAL MINERALS PLC   CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025  





 

 

Unaudited  as at 30 September 2025

 

Unaudited as at 30 September 2024



Audited as at 31 March 2025



Note

 

 

£

 

£



£

NON-CURRENT ASSETS

 

 

 

 

 







Intangible assets

6

 

 

1,782,678

 

2,259,711



1,622,924

Property, plant and equipment

7

 

 

44,713

 

55,471



51,721

Investment in associated undertaking

9

 

 

20,894,851

 

28,206,561



21,402,327

Amounts due from associated undertaking

 

 

 

4,072,251

 

4,312,785



4,215,265



 

 

 

 

 







 

 

 

 

 







 

 



26,794,493



34,834,528



27,292,237

CURRENT ASSETS

 



 







Trade and other receivables

 



2,214,309



1,059,141



1,611,403

Cash and cash equivalents

 



15,628,896



18,108,383



16,888,231



 



17,843,205



19,167,524



18,499,634



 



 







CURRENT LIABILITIES

 



 







Trade and other payables

 



(59,792)



(93,122)



(208,324)



 



 









 



 







NET ASSETS





44,577,906



53,908,930



45,583,547







 







EQUITY





 







Attributable to owners of the parent:

 



 







Share capital

10



6,337,719



6,327,302



6,327,302

Share premium account

10



32,700,452



32,645,868



32,645,869

Share based payment reserve





1,422,101



1,453,911



1,361,763

Translation reserve





(1,835,942)



(2,349,486)



(1,059,982)

Retained profit





5,953,576



15,831,335



6,308,595

 





 







TOTAL EQUITY





44,577,906



53,908,930



45,583,547

   



KODAL MINERALS PLC   CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025



Share capital

 

Share premium account

 

  Share based payments reserve

 

      Translation reserve

 

Retained profit

 

Total equity

 

£

 

£

 

£

 

£

 

£

 

£

 

 

 

 

 

 

 

 

 

 

 

 

At 31 March 2024 (audited)

6,325,349

 

32,624,071

 

1,147,664

 

15,862

 

17,317,310

 

57,430,256

 



















  Comprehensive income



















Loss for the period

-



-



-



-



(1,485,975)



(1,485,975)

Currency translation (loss)

-



-



-



(2,365,348)



-



(2,365,348)

Total comprehensive income for the period

-



-



-



(2,365,348)



(1,485,975)



(3,851,323)

 



















Transactions with owners



















Proceeds from exercise of share options

1,953



21,797



-



-



-



23,750

Share based payment

-

 

-

 

306,247

 

-

 

-

 

306,247

At 30 September 2024 (unaudited)

6,327,302

 

32,645,868

 

1,453,911

 

(2,349,486)

 

15,831,335

 

53,908,930

  Comprehensive income



















Loss for the period

-



-



-



-



(9,522,740)



(9,522,740)

Currency translation gain

-



-



-



1,289,504



-



1,289,504

Total comprehensive income for the period

-



-



-



1,289,504



(9,522,740)



(8,233,236)

 



















Transactions with owners



















Reserves movement for exercised / lapsed share options

-



-



(17,663)



-



-



(17,663)

Share based payment

-

 

-

 

(74,485)

 

-

 

-

 

(74,485)

At 31 March 2025 (audited)

6,327,302

 

32,645,869

 

1,361,763

 

(1,059,982)

 

6,308,595

 

45,583,547

  Comprehensive income



















Profit for the period

-



-



-



-



(355,019)



(355,019)

Currency translation gain

-



-



-



(775,960)



-



(775,960)

Total comprehensive income for the period

-



-



-



(775,960)



(355,019)



(1,130,979)

 



















Transactions with owners



















Proceeds from exercise of share options

10,417



54,583



-



-



-



65,000

Share based payment

-



-



60,338



-



-

 

60,338

At 30 September 2025 (unaudited)

6,337,719

 

32,700,452

 

1,422,101

 

(1,835,942)

 

5,953,576

 

44,577,906

 





















KODAL MINERALS PLC   CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

 

 

 

Unaudited 6 months to 30 September 2025

 

Unaudited 6 months to 30 September 2024

 

Audited Year ended 31 March 2025



 

 

£

 

£



£

Cash flows from operating activities

 



 







Loss before tax

 



(355,019)



(1,485,975)



11,026,378)

Adjustments for non-cash items:

 



 







Impairment of exploration and evaluation assets

 



 



-



640,818

Share of (profit)/loss from associate

 



(217,751)



831,819



8,993,392

Interest income

 



(184,162)



(188,799)



(413,095)

Share based payments

 



60,338



276,331



217,468

Operating cash flow before movements in working capital

 



(696,594)



(566,624)



(1,587,795)

 

 



 







Movement in working capital

 



 







(Increase) in receivables from the associate



 

(490,209)



-



(927,595)

(Increase)/decrease in receivables

 



(42,275)



(536,868)



7,581

Increase/(decrease) in payables

 



(148,533)



(67,753)



69,022

Net movements in working capital

 



(681,017)



(604,621)



(850,992)



 



 







Net cash inflow / (outflow) from operating activities

 



(1,377,611)



(1,171,245)



(2,438,787)

 

 



 







Cash flows from investing activities

 



 







Interest income

 

 

102,717



107,492



247,482

Purchase of tangible assets

 



-



(55,471)



(67,372)

Purchase of exploration and evaluation assets

 



(95,346)



(101,727)



(101,849)

Disposal of exploration and evaluation assets

 



-



76,905



-

Loan repayments from associated undertaking

 



-



2,901,581



2,901,581

Net cash inflow from investing activities



7,371



2,928,780



2,979,842

 

 



 







Cash flow from financing activities

 



 







Net proceeds from exercise of share options

 



65,000



23,751



23,751



 



 







Net cash inflow from financing activities

 



65,000



23,751



23,751



 



 







Increase/(decrease) in cash and cash equivalents

 



(1,305,240)



1,781,286



564,806

Cash and cash equivalents at beginning of the period

   

 

16,888,231



16,326,507



16,326,507

Exchange gain / (loss) on cash



45,605



590



(3,082)

  Cash and cash equivalents at end of the period

   



  15,628,896



  18,108,383



16,888,231



 











      KODAL MINERALS PLC   NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025   General information   Kodal Minerals plc is a public limited company incorporated and domiciled in England & Wales. The Company's shares are publicly traded on the AIM market of the London stock exchange. Kodal Minerals Plc and its subsidiaries are involved in the exploration and evaluation of mineral resources in West Africa.   Basis of preparation   These unaudited condensed consolidated interim financial statements for the six months ended 30 September 2025 were approved by the board and authorised for issue on 18 December 2025.   The basis of preparation and accounting policies set out in the Annual Report and Accounts for the year ended 31 March 2025 have been applied in the preparation of these condensed consolidated interim financial statements. These interim financial statements have been prepared in accordance with the historical cost convention and in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006 that are expected to be applicable to the consolidated financial statements for the year ending 31 December 2025 and on the basis of the accounting policies expected to be used in those financial statements.   The figures for the six months ended 30 September 2025 and 30 September 2024 are unaudited and do not constitute full accounts.  The figures for the associated undertaking have been extracted from unaudited management accounts which have been provided to us by the associated undertaking and which we have not verified. The comparative figures for the year ended 31 March 2025 are taken from the 2025 audited accounts, which are available on the Group's website, and have been delivered to the Registrar of Companies, and do not constitute full accounts.   The Group has not earned revenue during the period to 30 September 2025 as it is still in the exploration and development phases of its business.  The operations of the Group are currently being financed from funds which the Company has raised from the issue of new shares.   The directors have prepared cash flow forecasts for the next 12 months. The forecast includes the costs of targeted exploration of some of the company's gold assets, and the ongoing overheads of the Group. The forecast shows that the Group has sufficient cash resources available to allow it to continue as a going concern and meet its liabilities as they fall due for a period of at least 12 months from the date of the approval of these interim results. Accordingly, the interims have been prepared on a going concern basis.    KODAL MINERALS PLC   NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025   1.      SEGMENTAL REPORTING   The operations and assets of the Group are focused in the United Kingdom and West Africa and comprise one class of business: the exploration and evaluation of mineral resources. The parent Company acts as a holding company.  At 30 September 2025, the Group had not commenced commercial production from its exploration sites and therefore had no revenue for the period.  

Six months to 30 September 2025 (Unaudited)

West African Gold

West African Lithium

UK

Total



£

£

£

£

Administration expenses

(79,172)

-

(617,422)

(696,594)

Share based payments

-

-

(60,338)

(60,338)

Finance income

-

-

184,162

184,162

Share of profit of associate

-

217,751

-

-

Loss for the period

(79,172)

217,751

(493,598)

(355,019)











At 30 September 2025







Intangible assets - exploration and evaluation expenditure

1,782,678

-

-

1,782,678

Property plant and equipment

44,713

-

-

44,713

Investment in associated undertaking

-

20,894,851

-

20,894,851

Amount due from associated undertaking

-

4,072,251

-

4,072,251

Trade and other receivables

-

2,214,309

-

2,214,309

Cash and cash equivalents

28,854

-

15,600,042

15,628,896

Trade and other payables

-

-

(59,792)

(59,792)

Net assets

1,856,245

27,181,411

15,540,250

44,577,906

 

Six months to 30 September 2024 (Unaudited)

West African Gold

West African Lithium

UK

Total



£

£

£

£

Administration expenses

(56,495)

-

(510,128)

(566,623)

Share based payments

-

-

(276,331)

(276,331)

Finance income

-

81,307

107,491

188,798

Share of loss of an associate

-

(831,819)

-

(831,819)

Loss for the period

(56,495)

(750,512)

(678,968)

(1,485,975)











At 30 September 2024







Intangible assets - exploration and evaluation expenditure

2,259,711

-

-

2,259,711

Property plant and equipment

55,471

-

-

55,471

Investment in associated undertaking

-

28,206,561

-

28,206,561

Amount due from associated undertaking

-

4,312,785

-

4,312,785

Trade and other receivables

-

1,059,141

-

1,059,141

Cash and cash equivalents

86,672

-

18,021,711

18,108,383

Trade and other payables

-

-

(93,122)

(93,122)

Net assets

2,401,854

33,578,487

17,928,589

53,908,930

   

Year to 31 March 2025 (Audited)

West African Gold

West African Lithium

UK

Total



£

£

£

£

Impairment of exploration and evaluation assets

(640,818)

-

-

(640,818)

Administration expenses

(290,022)

-

(1,297,773)

(1,587,795)

Finance income

-

-

413,095

413,095

Share based payments

-

-

(217,468)

(217,468)

Share of loss from associate

-

(8,993,392)

-

(8,993,392)

Loss for the year

(930,840)

(8,993,392)

(1,102,146)

(11,026,378)

  At 31 March 2025 (Audited)







 

Intangible assets - exploration and evaluation expenditure

1,622,924

    -

-

1,622,924

Tangible assets

51,721

-

-

51,721

Investment in associated undertaking

-

  21,402,327

-

  21,402,327

Trade and other receivables

-

  5,826,668

-

  5,826,668

Cash and cash equivalents

106,155

-

16,782,076

16,888,231

Trade and other payables

-

-

(208,324)

(208,324)

Net assets

1,780,800

27,228,995

16,573,752

45,583,547









  2.      OPERATING LOSS   The operating loss before tax is stated after charging:  





Unaudited 6 months to 30 September 2025

 

Unaudited 6 months to 30 September 2024



Audited Year ended 31 March 2025





£

 

£



£

Impairment of exploration and evaluation assets



-

 

-



640,818

Audit services



-



-



112,500

Share based payment

 

60,338



276,331



217,468

Directors' salaries and fees

 

199,498



165,499



385,998

Employer's National Insurance

 

1,424



3,881



15,521

  3.      LOSS PER SHARE   Basic loss per share is calculated by dividing the loss for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.   The following reflects the loss and share data used in the basic EPS computations:  



Profit / (loss)

Weighted average number of shares

Diluted weighted average number of shares

Basic profit / (loss) per share (pence)

Diluted profit / (loss) per share (pence)



£







Six months to 30 September 2025

(355,019)

20,263,759,703

20,263,759,703

(0.0018)

(0.0018)

Six months to 30 September 2024

(1,485,975)

20,025,859,562

20,791,692,896

(0.0074)

(0.0071)

Year ended 31 March 2025

(11,026,378)

20,246,629,959

20,246,629,959

(0.0545)

(0.0545)

  Diluted loss per share is calculated by dividing the loss attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.  Options in issue are not considered diluting to the earnings per share as the Group is currently loss making.   Diluted loss per share is therefore the same as the basic loss per share.   4.      SHARE BASED PAYMENTS   The share-based payment reserve is used to recognise the value of equity-settled share-based payments provided to employees, including key management personnel, as part of their remuneration.  





Unaudited 6 months to 30 September 2025

 

Unaudited 6 months to 30 September 2024

 

Audited Year ended 31 March 2025

Share options outstanding



 

 



 

 

Opening balance



326,666,667



352,500,000



352,500,000

Lapsed in the period



 (47,500,000)



(12,500,000)



(25,833,333)

Issued in the period



-



-



-

Exercised in the period



-



-



-

  Closing balance



  279,166,667



  339,999,999



  326,666,667

 





Unaudited 6 months to 30 September 2025

 

Unaudited 6 months to 30 September 2024

 

Audited Year ended 31 March 2025

Performance share rights outstanding



 

 



 

 

Opening balance



160,000,000



160,000,000



160,000,000

Lapsed in the period



 (25,000,000)







Issued in the period



-



-



-

Exercised in the period



-



-



-

  Closing balance



  135,000,000



  160,000,000



  160,000,000

   





Unaudited 6 months to 30 September 2025

 

Unaudited 6 months to 30 September 2024

 

Audited Year ended 31 March 2025

Share warrants outstanding



 

 



 

 

Opening balance



293,333,334



299,583,334



299,583,334

Lapsed in the period



 (52,500,000)



-



-

Issued in the period



-



-



-

Exercised in the period



(33,333,334)



(6,250,000)



(6,250,000)

  Closing balance



  207,500,000



  293,333,334



  293,333,334

  5.      TAXATION   There is no taxation charge for the period to 30 September 2025 (6 months to 30 September 2024: £nil, year to 31 March 2025: £nil) as the group continues to incur losses.   No deferred tax asset has been recognised in respect of losses as the timing of their utilisation is uncertain at this stage.   6.      INTANGIBLE ASSETS







Exploration and evaluation



 

 

 

£

 

COST







  At 31 March 2024

 

 

2,162,452

 

Additions in the period



139,667



Effects of foreign exchange



(42,408)



  At 30 September 2024

 

 

2,259,711

 

Effects of foreign exchange



(4,031)



Licences impaired in the year



(640,818)



  At 31 March 2025

 

 

1,622,924

 

Additions in the period



95,346



Effects of foreign exchange



64,409



  At 30 September 2025

 

 

1,782,679

 

 

 

 

 

 

AMORTISATION







  At 31 March 2024 and 30 September 2024 and 31 March 2025 and 30 September 2025

 

 

-

 

 







NET BOOK VALUES







 



 

 

 

At 30 September 2025 (Unaudited)



 

1,782,679

 

 



 

 

 

At 30 September 2024 (Unaudited)



2,259,711











At 31 March 2025 (Audited)



1,622,922



    7.      PROPERTY, PLANT AND EQUIPMENT





Plant and machinery



 

 

£

 

COST







At 31 March 2024



27,555



Additions in the period



62,848



Effects of foreign exchange



(19)



At 30 September 2024



90,384



Additions in the period



4,524



Effects of foreign exchange



370



At 31 March 2025



95,278



Effects of foreign exchange



1,883



At 30 September 2025



97,162

















DEPRECIATION







  At 31 March 2024



26,889



Charge in the period



8,024



At 30 September 2024



34,913



Charge in the period



8,643



At 31 March 2025



43,556



Charge in the period



8,893



At 30 September 2025



52,449



 







NET BOOK VALUES



 

 

 



 

 

At 30 September 2025 (Unaudited)



44,713

 

 



 

 

At 30 September 2024 (Unaudited)



55,471











At 31 March 2025 (Audited)



51,721



 







8.      SUBSIDIARY ENTITIES   The consolidated financial statements include the following subsidiary companies:  

  Company

  Subsidiary of

Country of incorporation

Equity holding

Nature of Business

Kodal Norway (UK) Limited

Kodal Minerals Plc

United Kingdom

100%

Dormant company

International Goldfields (Bermuda) Limited

Kodal Minerals Plc

Bermuda

100%

Holding company

International Goldfields Mali SARL

International Goldfields (Bermuda) Limited

Mali

100%

Mining exploration

International Goldfields Cȏte d'Ivoire SARL

International Goldfields (Bermuda) Limited

Cȏte d'Ivoire

100%

Mining exploration

Jigsaw Resources CIV Limited

International Goldfields (Bermuda) Limited

Bermuda

100%

Holding company

Corvette CIV SARL

Jigsaw Resources CIV Limited

Cȏte d'Ivoire

100%

Mining exploration

  9.      ASSOCIATED UNDERTAKING               Since 15 November 2023, Kodal has held a 49% interest in KMUK, which operates the Bougouni Lithium Project in southern Mali.  Summarised financial information of KMUK, based on management accounts for the corresponding period, and reconciliation with the carrying amount of the investment, are set out below:  



30 September 2025



31 March 2025



Assets







Cash and cash equivalents

1,119,856



8,430,235



Other debtors

7,197,871



5,258,970



Property, plant and equipment

647,799



579,963



Mine development asset

65,213,896



51,897,994



Inventory

27,359,468



12,693,652



Liabilities







Rehabilitation provision

(2,506,792)



(2,594,829)



Trade and other payables

(56,443,918)



(32,642,139)











Net Assets

42,588,180



43,623,846



 







Group's share in equity - 49%

20,868,208

 

21,375,684

 

 



 

 

 

Goodwill

26,643



26,643



 



 

 

 

Group's carrying value of the investment

20,894,851

 

21,402,327

 

 



 

 

 

Carrying value at the start of the year

21,402,327



31,260,186



Group's share of profit / (loss)

217,751



(8,993,392)



Foreign exchange movement on reserves

  (725,227)



  (864,467)











Carrying value at the end of the year

20,894,851

 

21,402,327

 

  The Company's share of KMUK's profit for the period of £218,000 included a foreign exchange gain of £4,395,000 arising on the consolidation of KMUK group intercompany balances denominated in the West African CFA franc.   10.    ORDINARY SHARES   Allotted, issued and fully paid:

 

    Note

Nominal Value

Number of Ordinary Shares

Share Capital £

Share Premium £

At 30 September 2024

 

 

20,247,366,260

6,327,302

32,645,868











At 31 March 2025



  20,247,366,260

  6,327,302

  32,645,868

 



 

 

 

Share issue

a

0.0003125

33,333,334

10,417

54,583











At 30 September 2025

 

 

20,280,699,594

6,337,719

32,700,451

    Notes: a)   On 3 July 2025, a total of 33,333,334 new ordinary shares were issued following the exercise of warrants. Total subscription proceeds for the Company from the exercise was £65,000.   11.    RELATED PARTY TRANSACTIONS   Transactions with related parties   During the period ended 30 September 2025, the Group incurred expenses on behalf of the associated undertaking of £488,635 (6 months to 30 September 2024: £759,282, year to 31 March 2025: £1,218,718).  The balance due to the Group at 30 September 2025 was £6,236,324 (30 September 2024: £5,371,927, 31 March 2025: £5,924,188) including a non-current loan due from the associate of £4,072,251 (30 September 2024: £4,312,785, 31 March 2025: £4,215,265).    The Directors represent the key management personnel of the Group and details of their remuneration are provided in note 4.   Robert Wooldridge, a Director, is a member of SP Angel Corporate Finance LLP ("SP Angel") which acts as financial advisor and broker to the Company.  During the six months to 30 September 2025, SP Angel received fees of £20,000 (6 months to 30 September 2024: £20,000, year to 31 March 2025:  £40,000).  The balance due to SP Angel at 30 September 2025 was £nil (30 September 2024:  £nil, 31 March 2025:  £nil).   Matlock Geological Services Pty Ltd ("Matlock"), a company wholly owned by Bernard Aylward, a Director, provided consultancy services to the Group during the six months to 30 September 2025 and received fees of £112,500 (6 months to 30 September 2024: £112,500, year to 31 March 2025:  £225,000). The balance due to Matlock at 30 September 2025 was £nil (30 September 2024:  £nil, 31 March 2025:  £nil).   Zivvo Pty Ltd ("Zivvo"), a company wholly owned by Steven Zaninovich, a Director, provided consultancy services to the Group during the six months to 30 September 2025 and received fees of £105,000 (period to 30 September 2024: £105,000, year to 31 March 2025:  £210,000).  The balance due to Zivvo at 30 September 2025 was £nil (30 September 2024:  £nil, 31 March 2025:  £nil).    12.    CONTROL   No one party is identified as controlling the Group.   13.    CAPITAL COMMITMENTS AND CONTINGENCIES   The Group had capital commitments to exploration and evaluation expenditure of £nil (30 September 2024:  £nil, 31 March 2025:  £nil).    Kodal and Hainan are continuing discussions regarding responsibility for the US$15 million settlement payment under the MoU with the State and will work together to reach an agreement.  Based on legal advice received, the Directors have judged it unlikely that Hainan will be able to make a successful claim against Kodal.  At the current time the Company cannot determine the outcome of the discussions, and hence the nature or amount of any payments or concessions that might be required, if any, and which may result in an economic outflow from the Company.    With respect to the sale of Bougouni West as agreed with Leo Lithium in April 2023, one of the licences, N'kemene Ouest, has not yet been renewed by the Mali mining authorities (a sale condition) following the moratorium on the renewal and transfer of mining concessions.  Accordingly, the Company has not yet recognised the income from the sale proceeds of £1.5 million.  The licence is considered to be of good standing and the renewal is expected to occur, but no timing of finalisation can be provided.        

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