Kodal Minerals announced on Monday, 19 October, that it had acquired a 10% stake in the company holding the Asamankese lithium project in Ghana, for 300,000 dollars. The investment gives the London-listed mining group a first position in this 156 km² exploration licence, located about 75 km from Accra by road.
The agreement signed with GH Geo-Consult allows Kodal to raise its stake to 80% over five years. This increase in equity will be gradual and subject to exploration spending, payments and the achievement of technical milestones, according to the company's press release.
A first six-month phase provides for 1.25 million dollars of spending and a stage-end payment to reach a 30% stake. Subsequent phases must in particular lead to a first mineral resource estimate, then to a final feasibility study. Kodal may halt its investment and retain the stake already acquired.
Its Ghanaian subsidiary holds the initial 10% in Asamankese Lithium Ghana Limited, against 90% for GH Geo-Consult. The latter must request from the Minerals Commission of Ghana the transfer of the prospecting licence to this joint venture company.
Teams have begun field mapping and sample collection. A local drilling contractor has been selected, Kodal said, which plans to launch the first core drilling before the end of 2026.