SP Angel has stuck to a Buy rating for Kodal Minerals (AIM:KOD), the AIM‑quoted West African lithium developer, with a 0.86p price target, after the group allowed its Nielle gold concession in Côte d'Ivoire to lapse.
The broker says it attributes only a nominal $5m value to Kodal's broader exploration portfolio and highlights that the valuation drivers for the small-cap share are the Stage 1 ramp‑up and successful delivery of a Stage 2 expansion at the Bougouni lithium project in southern Mali.
The Nielle licence was first granted in 2014, renewed twice and given an exceptional two‑year extension in 2023 before a further exceptional renewal request was refused, the broker noted.
SP Angel flags the near‑term catalysts as the Stage 1 DMS ramp at Bougouni and tangible progress toward the Stage 2 expansion.
