Kodal Minerals Signs Exploration Partnership with Ghana’s GH Geo-Consult

Kodal Minerals has signed a binding agreement with Ghanaian consultancy GH Geo-Consult Limited to acquire up to an 80% interest in the Asamankese Lithium Project in Ghana’s Eastern Region, adding a new exploration asset to its West African portfolio.

The agreement, announced on 19 October 2026, gives Kodal the option to increase its stake through staged investments and technical milestones over five years. The company has already secured an initial 10% interest for US$300,000, including an earlier payment for an exclusivity period.

The 156-square-kilometre project lies approximately 75 kilometres by road from Accra, within the Birimian geological sequence, which hosts mineral deposits across West Africa. Kodal is targeting lithium-bearing pegmatites, rock formations that can contain spodumene, an important source of lithium used in rechargeable batteries.

Sampling identifies promising lithium grades

Kodal’s initial exploration has identified two priority areas, Amantra and Nfranta, where geological mapping has traced extensive pegmatite formations.

At Amantra, the mapped pegmatite system extends for more than three kilometres, with coarse spodumene crystals observed in surface outcrops. Nfranta contains multiple pegmatite bodies with a combined mapped strike length exceeding four kilometres.

The company collected 164 rock-chip samples during its initial field programme. Laboratory analysis returned lithium oxide grades of up to 2.49%, with 95 samples recording values above 1%. Historical sampling at the project returned grades of up to 3.02% lithium oxide.

These results will help Kodal identify areas for more detailed investigation. However, rock-chip samples alone cannot establish the size, continuity or commercial viability of a deposit.

The company has begun field mapping and surface geochemical sampling to refine its exploration targets. It has also contracted a local drilling company to carry out initial diamond drilling, which Kodal expects to start before the end of 2026.

Investment tied to exploration milestones

Kodal’s agreement with GH Geo-Consult uses a staged earn-in structure, allowing the company to increase its ownership as it commits additional funding and completes technical work.

The first stage requires a minimum investment of US$1.25 million to increase Kodal’s interest to 30%. A further US$4 million commitment, together with the delivery of an initial mineral resource estimate, would allow it to reach 60%.

The final stage requires a US$7.5 million commitment and completion of a definitive feasibility study to secure an 80% stake. The stated commitments total US$12.75 million across the three stages, in addition to the initial US$300,000 payment.

Kodal can choose whether to proceed to each stage and can stop spending at any point while retaining the interest it has already earned.

The company will manage exploration, technical programmes and operating budgets through its Ghanaian subsidiary, Kodal Lithium Ghana Limited. It has appointed Abdul-Razak Shaih Ballah as country manager and is assembling a local geological team with previous experience on Ghana’s Ewoyaa lithium project.

Asamankese gives Kodal another opportunity to expand its lithium business beyond Mali, where its Bougouni project provides regional operating experience. The immediate test in Ghana will be whether drilling confirms that the promising surface mineralisation continues at depth and can support a defined mineral resource.