Kodal Minerals has expanded its West African lithium portfolio by signing a binding agreement to acquire up to 80% of the Asamankese project in Ghana, adding an exploration asset to its existing operations at Bougouni in Mali.
The company has acquired an initial 10% interest for approximately €267,000, with further ownership available through staged exploration and development investments. The project covers approximately 156 square kilometres, located around 75 kilometres from Accra.
Staged investment linked to exploration milestones
Kodal can increase its stake through additional investments of approximately €1.11 million, €3.57 million and €6.69 million. Later stages are linked to milestones including an initial mineral-resource estimate and completion of a definitive feasibility study.
Although the joint-venture agreement is binding, the additional expenditure remains optional rather than a fully committed mine-development budget.
Initial surface exploration has returned lithium oxide grades of up to 2.49%, with 95 of 164 rock-chip samples exceeding 1%. Historical sampling recorded grades of approximately 3.02% lithium oxide. Kodal plans to begin a diamond-drilling campaign before the end of 2026 to test the depth, continuity and width of the mineralisation. No compliant mineral-resource estimate has been established, and the project remains at the exploration stage.
Portfolio expansion beyond Mali
Kodal already has operating experience at Bougouni in Mali, providing exposure to lithium mine development, processing, logistics and regional operating conditions. Asamankese would broaden its exploration portfolio across a second West African country.
The Ghana project has no announced mine plan, capital-cost estimate, construction financing or binding industrial offtake agreement. Its commercial potential will depend on drilling results and whether the mineralisation can support a viable operation.
For European investors, Kodal provides London-listed exposure to African lithium development. Asamankese has no identified European buyer or processing route, while Bougouni’s existing commercial chain remains primarily linked to Asian processing. The next key milestone is the planned drilling programme, which will determine whether the encouraging surface grades translate into a mineral resource capable of supporting further development.
