Kodal Minerals (AIM:KOD) has entered a binding agreement with GH Geo-Consult (GGCL) giving it the right to earn up to an 80% interest in the Asamankese Lithium Project in Ghana through a staged earn-in over five years.
The West African lithium producer, mineral exploration and development company will build its stake through cash payments, exploration spending commitments and technical milestones, starting from an initial 10% interest it has already acquired for US$300,000, including the US$50,000 it paid to secure a six-month exclusivity period.
Asamankese covers 156 square kilometres within the Birimian geological sequence, roughly 75km by road from Accra, and historical rock-chip sampling there has returned assays of up to 3.02% Li2O.
Kodal's own initial sampling, 164 rock-chip samples assayed at Intertek's laboratory in Tarkwa, has confirmed high-grade spodumene mineralisation up to 2.49% Li2O, with 95 of those samples exceeding 1.0% Li2O.
Historic exploration has mapped two priority targets: the Amantra prospect, a pegmatite system extending more than 3km with coarse to very coarse spodumene visible in outcrop, and the Nfranta prospect, multiple pegmatite bodies with a combined mapped strike exceeding 4km.
The earn-in structure runs in three stages: Stage 1 requires minimum expenditure and a completion payment totalling US$1.25m over six months, taking Kodal to a 30% interest; Stage 2 requires US$4m and delivery of an initial mineral resource estimate over 24 months, lifting the stake to 60%; Stage 3 requires US$7.5m and a definitive feasibility study over 30 months, reaching the full 80% interest, with GGCL retaining 20%.
Kodal can walk away from further spending at any point and retain whatever interest it has earned to that stage.
Bernard Aylward, Kodal's chief executive, said exploration to date has identified well-developed pegmatite trends at Amantra and Nfranta, and that the ongoing field programme is focused on refining target zones to guide upcoming reconnaissance diamond drilling.
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"Through the successful development and operation of the Bougouni Lithium Project, our team have gained deep technical and operational expertise in lithium project development in West Africa," Aylward said, adding the company will evaluate Asamankese on its own geological merits.
Kodal's flagship Bougouni Lithium Project in southern Mali moved into production last year, with its Stage 1 dense media separation plant producing first spodumene concentrate in February 2025 and completing its first shipment in December 2025; the project has since generated approximately US$89m in revenue from its first three concentrate shipments.
The company has appointed Abdul-Razak Shaih Ballah as country manager in Ghana, alongside a Ghana-based geological team with prior experience on the Ewoyaa lithium project, and has contracted a local drilling contractor with small diamond rigs, with initial drilling expected to begin before the end of 2026.