After bringing the Bougouni mine in Mali into production, Kodal Minerals is expanding its West African presence through an agreement on the Asamankese lithium project in Ghana. The British company will be able to acquire up to 80% of the project in stages over five years through a combination of payments, exploration expenditure and technical milestones. Initial drilling is envisaged before the end of 2026, subject to the administrative transfer of the license and preparation of the field program.
A staged agreement rather than an immediate acquisition
The project covers 156 km² in eastern Ghana, around 75 kilometers by road from Accra, within the Birimian geological sequence. Kodal initially acquired 10% of the joint venture for $300,000. Its partner GH Geo-Consult still needs to seek regulatory approval to transfer the license to the new entity.
Kodal’s interest can then increase in several stages. An initial six-month phase provides for $1.25 million in expenditure and payments to reach 30%. Subsequent stages target 60% and then 80%, with milestones such as an initial resource estimate and a definitive feasibility study. The structure therefore phases commitments in line with technical progress, but does not guarantee that every stage will be completed.
This model shares some of the risk between the local partner and the listed company. It allows Kodal to begin exploration without financing the entire project from the outset. In return, the company will need to meet investment deadlines and demonstrate that the work delivers sufficient results. The precise conditions for exercising each option, along with the timetable for approval of the transfer, will determine what happens next.
Exploration indications still need confirmation
Kodal is targeting a possible spodumene deposit, a lithium-bearing mineral used in battery supply chains. Two priority areas have been identified on the ground. Initial surface sampling results offer encouraging indications: of 164 rock samples, 95 had lithium oxide grades above 1%, with a maximum of 2.49% reported in the sampling presented with the project.
However, these grades constitute neither a resource estimate nor proof of economic viability. Surface samples do not necessarily reflect the continuity of mineralization at depth. Drilling will test the geometry, thickness and quality of mineralized zones. Resources will then need to be established under recognized standards, ore processing tested, and requirements for energy, water, transport and financing assessed.
The company plans to draw on a Ghanaian team that worked on Ewoyaa, a project considered likely to become the country’s first lithium development. Ghana is seeking to build a new mining industry, but Asamankese remains at an early stage. No construction or production timetable can be inferred solely from prospecting results and the joint venture agreement.
Bougouni gives Kodal operational experience
The Ghanaian agreement comes as Kodal has reached a different milestone in Mali: Bougouni entered production in 2025 and delivered 80,429 tonnes of concentrate in the first nine months of 2026, according to figures published by the company. This experience may strengthen its ability to mobilize teams and partners in the region. It does not, however, guarantee that the Ghanaian project will deliver the same results: deposits, licenses, infrastructure and financing conditions differ from country to country.
Development of a local industry will also depend on the value captured within the country. Ghana will need to clarify how exploration projects fit within its mining framework, which infrastructure can be shared and what obligations will apply to processing, training and local procurement. At this stage, the announcement concerns a conditional equity investment and exploration work, rather than construction of a battery plant or commercial mine.
Bernard Aylward, directeur général de Kodal, présente la campagne de terrain comme une phase de précision des cibles : les équipes veulent hiérarchiser les zones de pegmatites avant les forages au diamant. Les résultats de ces travaux doivent aider à décider où engager les dépenses d’exploration suivantes.
The next milestones to watch
The first step is to obtain the transfer of the license to the joint venture and then define drilling targets. Results from the program planned before year-end will need to be published to establish whether surface indications extend at depth. The financial and technical earn-in milestones, particularly progress toward 30% and preparation of an initial resource estimate, will then provide firmer reference points than isolated grades alone.
For Kodal, Asamankese offers a growth option alongside its producing asset in Mali. For Ghana, the project adds an exploration prospect to a sector still taking shape. The value of the agreement will be measured by approvals obtained, expenditure actually committed and drilling results. Until those data are available, the identified potential must be treated as a hypothesis to test, rather than an exploitable reserve.