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Kodal Minerals
(LSE:KOD)
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Rating:48Neutral
Price Target:
0.28 p
▼(-1.07% Downside)
Action:Reiterated
Date:10/06/26
The score is primarily held down by weak financial performance—no revenue, ongoing operating losses, and persistent negative free cash flow—despite the mitigating strength of a debt-free balance sheet. Technicals are neutral with modest near-term support (above shorter-term averages) but not a confirmed long-term uptrend (below 200-day). Valuation is difficult to support due to negative earnings and no indicated dividend yield.
Positive Factors
Debt-free balance sheet
A debt-free balance sheet limits financial leverage and interest burdens while the project remains in development. This gives Kodal greater flexibility to fund exploration and construction without the added pressure of scheduled debt service, although it does not remove funding needs.
Negative Factors
No operating revenue
The absence of operating revenue shows that Kodal has not yet converted its lithium asset into a producing business. Until commissioning, ramp-up, and sales are achieved, financial performance remains dependent on project execution and access to funding rather than recurring customer receipts.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A debt-free balance sheet limits financial leverage and interest burdens while the project remains in development. This gives Kodal greater flexibility to fund exploration and construction without the added pressure of scheduled debt service, although it does not remove funding needs.
Read all positive factors
Kodal Minerals (KOD) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£57.04M
Dividend YieldN/A
Average Volume (3M)44.99M
Price to Earnings (P/E)―
Beta (1Y)0.33
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees54
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding20,373,200,000
10 Day Avg. Volume41,230,504
30 Day Avg. Volume44,992,741
Financial Highlights & Ratios
PEG Ratio0.41
Price to Book (P/B)1.53
Price to Sales (P/S)0.00
P/FCF Ratio-23.45
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£0.70Price Target Upside150.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)<0.01
Revenue Forecast (FY)£63.46M
Kodal Minerals Business Overview & Revenue Model
Company Description
Kodal Minerals PLC, together with its subsidiaries, engages in the exploration and evaluation of mineral resources in West Africa. The company explores for lithium and gold deposits. Its flagship project is the Bougouni Lithium project covering an...
How the Company Makes Money
Kodal Minerals’ economic model is centered on developing and operating its lithium project(s) and generating revenue from the sale of lithium products. If/when in production, the primary revenue stream is expected to be sales of spodumene concentr...
Kodal Minerals Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
58
Neutral
Cash Flow
22
Negative
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | -16.67K | -13.14K | -15.31K | -6.92K |
| EBITDA | -1.81M | -2.43M | -3.33M | -1.45M | -896.17K |
| Net Income | -2.37M | -11.03M | 27.19M | -1.46M | -903.09K |
Balance Sheet | |||||
| Total Assets | 44.09M | 45.79M | 57.57M | 12.50M | 13.26M |
| Cash, Cash Equivalents and Short-Term Investments | 14.87M | 16.89M | 16.33M | 544.99K | 2.43M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 417.79K | 208.32K | 139.30K | 406.34K | 624.62K |
| Stockholders Equity | 43.67M | 45.58M | 57.43M | 14.88M | 12.09M |
Cash Flow | |||||
| Free Cash Flow | -2.85M | -2.61M | -5.27M | -3.24M | -1.11M |
| Operating Cash Flow | -2.79M | -2.44M | -2.53M | -768.24K | -575.52K |
| Investing Cash Flow | 6.03K | 2.98M | 3.47M | -2.48M | -535.95K |
| Financing Cash Flow | 86.67K | 23.75K | 14.87M | 3.20M | 1.96M |
Kodal Minerals Technical Analysis
Negative
0.28
Price Trends
0.28
Negative
0.29
Negative
0.33
Negative
Market Momentum
>-0.01
Positive
46.04
Neutral
40.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:KOD, the sentiment is Negative. The current price of 0.28 is below the 20-day moving average (MA) of 0.29, below the 50-day MA of 0.28, and below the 200-day MA of 0.33, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.04 is Neutral, neither overbought nor oversold. The STOCH value of 40.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:KOD.
Kodal Minerals Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | £25.56M | -2.92 | -22.32% | ― | ― | 65.32% | |
48 Neutral | £57.04M | -28.00 | -5.37% | ― | ― | ― | |
47 Neutral | £129.04M | -33.42 | -14.73% | ― | ― | -2.08% | |
43 Neutral | £6.43M | -0.30 | -32.85% | ― | ― | ― | |
42 Neutral | £7.41M | -2.31 | -19.28% | ― | ― | ― |
* Basic Materials Sector Average
GB:KOD
Kodal Minerals
0.28
-0.02
-6.67%
GB:ALL
Atlantic Lithium
16.10
7.50
87.21%
GB:TGR
Tirupati Graphite Plc
0.83
-5.43
-86.80%
GB:BHL
Bradda Head Lithium Limited
1.30
-0.15
-10.34%
GB:CTL
CleanTech Lithium PLC
7.00
1.25
21.74%
Kodal Minerals Corporate Events
Business Operations and Strategy
Kodal Minerals Moves Into Ghana With Earn-In Deal on High-Grade Asamankese Lithium Project
Positive
Oct 19, 2026
Kodal Minerals has signed a binding joint venture agreement with Ghanaian partner GH Geo-Consult to earn up to an 80% stake in the 156 km² Asamankese Lithium Project, marking a strategic expansion of its West African lithium portfolio beyond ...
Business Operations and StrategyFinancial Disclosures
Kodal Minerals boosts Bougouni lithium output, clears debt as expansion plans advance
Positive
Oct 13, 2026
Kodal Minerals reported continued operational progress at its Bougouni Lithium Project in Mali for the quarter to 30 September 2026, producing 27,234 dry metric tonnes of spodumene concentrate at an average grade of 5.29 per cent Li2O. Year-to-dat...
Business Operations and StrategyFinancial Disclosures
Kodal Minerals Turns Profitable as Bougouni Lithium Mine Ramps Up Production
Positive
Sep 30, 2026
Kodal Minerals has reported its first full period of commercial lithium production at the Bougouni project in Mali, with 53,195 dry metric tonnes of spodumene concentrate produced in the six months to 30 June 2026. The company exported over 69,000...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.