By: OrePulse

Kodal Minerals, the London-listed miner trading under the ticker KOD, struck a deal that let it build its stake in Ghana's Asamankese lithium project to as much as 80%, partnering with GH Geo-Consult Ltd, a Ghana-based firm, on the Eastern Region property. The agreement marked Kodal's first step beyond Mali, where it already ran the producing Bougouni lithium mine.

Kodal paid three hundred thousand dollars for an initial 10% stake in Asamankese. It could raise that holding to as much as 80% by spending at least thirteen million dollars over five years on exploration across the project's roughly 156-square-kilometer license area. The deal was structured as an earn-in, under which Kodal's equity stake would rise in increments tied to its exploration spending rather than through an upfront purchase of full ownership. The license covered ground Kodal had not previously explored, giving the company its first operating foothold in Ghana.

Early rock-chip sampling at the Amantra and Nfranta prospects, both within the Asamankese license, returned lithium oxide grades as high as 3.02%. Kodal said the early-stage results echoed what the company saw when Bougouni was first explored, adding that the pattern raised the possibility of a sizable find. The company said it was narrowing drill targets ahead of a planned reconnaissance diamond-drilling program at the site.

The company said it intended to fund the Ghana exploration program from its existing cash reserves and cash flow generated by Bougouni, rather than raising new equity from shareholders. Kodal said the approach reflected its preference to grow using internally generated cash as Bougouni's output ramped up.

Chief executive Bernard Aylward said Kodal's nearly two decades of experience in the region had prepared the company to work through Ghana's regulatory requirements and build relationships with local communities and authorities. He called the geological potential at Asamankese "very strong."

Aylward pointed to continued demand growth from electric vehicles, energy storage and consumer electronics as the basis for lithium's longer-term outlook. He said a pickup in lithium prices was beginning to make new projects more viable again, after a long downturn had stalled developments such as Ghana's Ewoyaa lithium deposit.

Bougouni, Kodal's established mine in southern Mali, began commercial output in 2025 under a partnership with China's Hainan Mining. Kodal's broader portfolio included gold exploration ground in Mali and Ivory Coast, alongside its lithium projects in Mali and Ghana.

The Asamankese agreement added to a broader pattern of renewed exploration spending among smaller lithium producers across West Africa, as improving prices for the battery metal encouraged companies to look beyond their existing mines for new deposits. Ghana had emerged as one of several African jurisdictions drawing lithium exploration investment as miners sought exposure to the metal's longer-term demand growth.