SP Angel has reiterated its 'buy' rating on Kodal Minerals and trimmed its price target marginally to 0.85p from 0.86p, implying upside of roughly 165% to the current share price of 0.32p.
The broker's note, which covers Kodal's nine-month 2025 results, frames the period as a transition for the AIM-listed lithium miner, whose Bougouni project in Mali recorded its first spodumene concentrate sales as Stage 1 dense media separation operations ramped up.
The standout data point is the trajectory of realised SC6 pricing across the first three shipments: the initial cargo achieved approximately $1,150 per tonne, the second roughly $1,600, and the third approximately $2,050, with SP Angel noting spot prices have since risen to roughly $2,400 per SC6 CIF.
The broker expects earnings to reflect meaningfully higher tonnage and stronger spodumene concentrate pricing from calendar year 2026 onwards, with consistent cargo delivery and progress on Stage 2 expansion financing remaining the principal catalysts for a re-rating.
