I'd like to welcome everyone today to the presentation and Q& A regarding Kodal and our plans for the upcoming year and to present a summary of our achievements over the last year. I'd like to welcome everyone today and welcome the shareholders and advisors and friends who attended the meeting in person and welcome all the online attendees. Just as a quick starting point, in your online login, you will be able to type in your questions into the Q&A box at the top at the right hand of your screen. I will say that we have over 100 people logged in and we have already received numerous pre-submitted questions which will start off and we will try and get to all of the questions today.
Just a quick summary, I can report that at the official meeting that was held today, all resolutions were passed and we appreciate all the support and ongoing support of our shareholders. Today we'd like to start with a presentation. Joined with me today is Steve Zaninovich, our Operations Director, who has been very involved with Bougouni for a number of years now and has been closely involved with the development and the construction that was undertaken over the last 12 months. We're very much looking forward to answering your questions as well as giving you some highlights of the year. We'd like to start with actually a bit of a fly through presentation of the site and Steve will give some summary of what we're actually looking at. Thanks Steve.
Thank you, Bernard. This is Planet Earth and this is where the Bougouni project is in Southern Mali. It's a fly through of the main Sogola-Baoulé pit. You can see that white stripe down the middle very clearly showing our spodumene deposit. This comes from about a month ago. Development's been really good. During the dry season we produced in excess of 350,000 tons and it's really held us in good stead. It's been quite wet the last two or three months. This is the main haul road. To the right is to the waste dump, but we're going to follow the road to the ROM pad where all of the front of mine ore is stored. You can see even in these pictures there's a bit of rain around from a month ago. It's actual video and that's all spodumene in those rocks that go into our crushing system.
As we fly low through there, we produce spodumene. There's about 45,000 tons of spodumene as you just saw in that previous slide sitting there waiting to export. That is our crushing system and this is the tail end of the plant where all the waste is handled. Crushing again, operating really well at the moment, which we're very happy with. This just takes you from crushing through to the DMS plant, which is where the wet plant is. That's the tails area that we talked about previously and storage of all of our tailings and some grade in that tailings which we'll use again in Stage two.
We're storing that area that'll be transported to the new flotation plant for Phase II and obviously we'll rehabilitate this whole area, which has a lot of cashew trees in it, so that a lot of those trees we've kept are cashews. That was quick.
Quick, actually it's a very quick fly through for what was a lot of work. Thanks, Steve. I think what we're actually seeing at the moment is that the open pit is performing at expectation or slightly better than expectation relative to the exploration and resource development drilling. That's very positive. We're seeing that the crushing circuit has improved and the DMS circuit continues to operate very well. We're very pleased with the construction and we are actually starting to see some of the first evidence post the shutdown and focus on improvement of the plant, seeing some continued improvement in that operation. In this presentation today, I think a lot of you will have heard us talk before and seen our presentations, and we do appreciate the fact that we've got a lot of very attentive shareholders interested in our development and progress.
We do like to have regular updates. Noting that we are now a development and mining company, some of those updates become quite routine. In the full year 2025, we actually had another very good year for Kodal and for KM UK and our partners. Obviously, the key milestone for us was the completed construction of the Stage one Bougouni DMS plant. We're very happy to say that was completed within the targeted timeframe and within the $65 million U.S. CapEx budget that we had in place. That was a very good achievement by our site team led by Chai Yu Sheng and Jerry Gao, who were representatives or have been appointed by Hainan Mining, our major partner, and obviously have done a good job there.
First production that we reported was in February this year, and as a very good starting point, our first spodumene concentrate was in excess of 5.53% lithium oxide, which is our target. We're very happy to have seen that. Of course, throughout this startup of the operation, there's been variations in grade, some higher, some lower, but we're now starting to have much better improvement on that production. To date, we've produced 45,000 tons of spodumene concentrate ready to export. As you can see on the pictures here on this slide and on the fly through that Steve just spoke to, we actually have a lot of material on site ready to export, probably at the point where we really can't have much more on site.
We're very happy that we now have the export permit and we will be able to start moving some of that material off our site to the port at San Pedro, initially ready for export to China. We finalized our offtake agreement with their JV partner Hainan Mining, who will buy 100% of the product produced from the DMS plant. That's a great comfort to the operation to know that we have a buyer. We have been able to set that price at a market price, no discount, market price reference to the Shanghai metal market, again an independent body. We're very comfortable that we're achieving the best possible price for that product. Earlier this year we also finalized the transfer of the mining license to the operating subsidiary company, La Minière de Lithium de Bougouni .
That again was a major step just to confirm the license in the mining company. The government is a shareholder of that company in partnership with us, the JV of Hainan and Kodal. I'd like to move on to the next slide and Steve, you want to talk about this bit of an update.
This is the current mine production forecast. Internally, we've signed off on this just this week, so it's new information. We do note there that these figures are interpretive and not independently verified, just so people are aware that we need to solidify this target over the coming weeks. You'll see there's a gap in mining: June, July, August, and part of September. As I said during the fly through, we had produced over 350,000 tons of ore ready for commissioning before we actually started the plant. We took the opportunity when it was really wet to stop mining. There has been some delay in obtaining explosives in Mali as well. I call it good planning.
Others call it luck, but we had enough ore there to continue producing spodumene through June, July, and then in mid-August through to about two weeks ago we shut down the plant, working on optimization, just areas where we would do bottlenecking. The crushers take a beating. Pigment are very hard. We've improved some of the feed to the crushers and the conveyor speeds as well to help us improve the availability of the crushing circuits, which so far in the last week or so is really operating well. We're happy with that. You'll see there the green lines, sorry, the green bars are quite predominant. That's the waste tons. Our strip ratio in this plan is about 7.8: 1, which is very close to what we said during the feasibility study.
We're chasing to continue that 1.1%- 1.2% grade in our ore and looking to exceed 125,000 tons per year starting next year. Ramping up over the next month again as the improvements in the plant start to bed down and looking to produce over 10,000 tons per month on average. Bernard, next slide, please.
Thank you, team. Obviously we're starting to see that improvements in the plant are starting to move to more of a steady state production and targeting, as we said at the start, about 10,000 tons per month of concentrate processed, produced, and exported. The other day, a simple update to start with is that our operation is fully permitted, financed, built, and in production. It's financed and supported by shareholders being Hainan Mining and Kodal Minerals. We are both very, very supportive and looking to continue the operation for the long-term. Processing, as Steve mentioned, and we've highlighted previously, we have a plant. We did complete the planned maintenance shutdown of the DMS plant. We've been running it since February with planned stoppages throughout that time and planned improvements. As we see the operation in process, we're looking to ramp up to the nameplate production now.
That nameplate is to produce 125,000 tons of spodumene concentrate per annum, roughly 10,000 tons per month. We are continuing to review Stage two flotation plant with the studies ongoing. That includes the completion of drilling, receipt of all assay results, interpretation of the Boumou prospect where we've spent considerable time this year. We're looking to do quite detailed metallurgical studies on the Boumou ore bodies to make sure that they are compatible with and that we set up the plant to properly process those ore bodies. At Bougouni, mining activity continues on site with the open pit mining at Angolana progressing very well. We've basically removed the majority of the free dig material to the final extent of the open pit. We've got completed mining of 220,000 tons of ore by this year end. As I said earlier, it compared very well with the exploration and feasibility model.
We are achieving the 1.17%- 1.2% grade of pegmatite ore that we expected to recover. That's actually quite a good result for us. We obviously are very positive on the future of Bougouni and the potential to continue to expand the project and the development. We've completed over 4,000 m of diamond drilling which was targeting infill and definition of the pegmatite bodies at Boumou prospect and it continues to demonstrate what we saw in our earlier drilling of continuity of wide zones of pegmatite bodies. We expect good assay results based on our visual assessment and continuity of those bodies, recognizing the high percentage of spodumene mineralization in that exploration work. We're still looking at the potential for Boumou to provide some feed to the DMS plant. That would be a great result for us given that the CapEx has been spent.
The longer we can extend the life of that plant, the better value we get for that money. Of course, looking at the long-term future of Bougouni, Stage two flotation plant will be sourced from the Sogola-Baoulé Prospect where we have already identified over 13 million tons and the Boumou Prospect where we've already announced that expanded resource and we continue to identify and drill additional pegmatite-type bodies in that vicinity. It's a very positive point for the long-term growth and development of Bougouni in terms of an updated mineral resource estimate for the project as a whole. Obviously, the biggest change will be at the Boumou Prospect where we've completed all that drilling. We're still waiting for final assays and actually all assays from that drilling. We will be waiting for those for the most recent drilling and that will be the basis for the updated MRE.
We expect that to give us some indications of further exploration targets and either depth continuity or other positions to complete some definition drilling. Next slide please. Obviously, we all know we operate in Mali and Mali, like all places, has risk. Our operation is a mining operation and inherently there is risk to our employees and our people. We travel and there's obviously risk involved with that, driving to and from site, etc. We always take the view as management and people responsible for employees that it's our priority to ensure the safety and wellbeing of all employees. We make sure that we provide a safe work site, make sure that we provide support for all our people, to ensure that we are good employers.
Number two, and we've said this for a long time, even as a startup exploration company, we always look to make sure we maintain strong relationships with the local community and local government. We've achieved and we continue to maintain those good relationships. You will have seen our announcements and social media feeds highlighting the facts of the visits from the Minister of Mines, the Governor of Bougouni region, the strong support we've had from the local community allowing us to have that license to operate, and particularly most recently, granting of the export permit for us to take product to port. We have seen in Mali some change over the last few years and for us, the most obvious impact was the change of the mining code. We completed our discussions, negotiations with the government.
We are compliant with the 2023 code, as we mentioned is one of the highlights. The license is transferred to our mining company. The government is a shareholder of that mining company and we are fully compliant and working under that, under that system. We again talk about our relationships with the community and that begins with having employees, having support for local businesses. You will have all seen in the past, highlighted our support of the local schools, providing teachers, materials for classes. We've improved roads and access to villages, we've improved water supply to villages and we continue to do that and we're very pleased to be able to offer that support to the community around our site. Finally, I think we're all aware that we had a serious incident at our site not too long ago and unfortunately resulting in the fatality of one of our employees.
That was a very great tragedy for us and for our team and particularly for the employee and his family. We do obviously take note of that. We do clearly take a lesson and that is improving our security at the Bougouni mine site itself. We have an increased military presence in the region of Bougouni and they are offering us more assistance around the site as well as the greater region. We do acknowledge that, as I said at the start, it's risk, but we're looking to mitigate that risk through our operations and relationships with the local community. Next slide, please. Obviously some of what we talk about is obviously looking back over the year and talking about some of what we see as achievements and some of what we can see as things to improve.
Obviously we're all shareholders and looking to what's next and what can be better for us and over this next coming year, number one is to make sure that we support the operation, that we develop the operation into that fully developed revenue generating mine. We need to make sure that the export and the procedures around that export work well and consistently and become routine, and that we complete the ramp up to nameplate and steady state production. At Bougouni, we want to solidify our position as a critical mineral producer in West Africa. We are long term believers in lithium as a supporter of a green energy transition in support of that demand for EVs, for increasing battery storage, and increasing use in everyday life. We look at Bougouni as our first point for that involvement.
As a company, we continue to assess other opportunities that move us to that ramp up development of asset portfolio in West Africa, where we do have additional gold assets in Mali and Côte d’Ivoire. We are also looking at other opportunities that will improve the company in the longer term. That leads us to the possible targeted M&A strategy and what opportunities there are for us. I think as a group we can say we've assessed quite a lot of projects that have been sent our way. Not many of them reach a standard that is worth us to take our focus off Bougouni. Some we've looked at in a little more detail, but again we haven't seen something that we think is satisfactory to date.
Of course, we all recognize the importance of being able to demonstrate that we run our operation in the most efficient manner for environment, social, and governance and to make sure that we are good citizens in our region of Bougouni and in Mali and our impact worldwide. I think there are some key steps for us as a company. As a shareholder we obviously like to see the improvements and the operation of Bougouni and we'd like to see the expansion of Kodal as a company through some of these targeted merger M&A activity or perhaps opportunity to acquire additional projects.
Next slide.
That completes the easy part for us, I guess the discussion on the actual asset. As I mentioned, we've had a lot of questions. I might do something pretty basic and see if there's any particular question from anyone in the room first, and then we can move to some of the submitted questions that have been coming in online. Anything yet? Sure,
I appreciate the focus on the l ithium plant and getting that and running, of course. When do you see the focus shifting more onto the gold assets and other activities that you mentioned? Are we talking sort of four to one, next year, or some of the timeline?
I think the main thing for us at the moment is just our involvement in Bougouni continues to the point of providing the exploration team and expertise and the resource development. That's still going to be a focus for the next period early into the new year. The gold assets, we are doing some work on those as we speak, but that work at the moment is involved in more the planning and preparation for doing some field work. The FAR2 project, which has the two licenses, we expect our team to be out there later this year. We are obviously aware and we've made people aware of the issues around licensing in Mali and the renewals that are pending for a lot of those licenses. We need to have that confidence to spend money on those licenses. Obviously, Mohammad is our key land manager in Mali.
Ourselves, we regularly speak to the DNGM to discuss the progress of those renewals. At this stage, we're not seeing any accidents. A lot of what we do is assessment of risk and how much money do we want to spend on some of these licenses before we have confidence of the renewals? Up to this point, we've always been confident of the renewals and I maintain the view that they're most likely to be renewed. We have to take that boost. It's also an assessment of where's our money best spent. At the moment, our money still, I think, is best spent on the lithium project and possibly looking at some of the other opportunities I've mentioned that we've been assessing but haven't got anything quite right. Obviously, we're aware gold price is great. Gold exploration would have some upside for us. West Africa is known for gold.
We were there originally for gold. We do want to do the work. It's just a matter of making sure our priorities and our confidence is right. I'll just start with some of the questions and I will say that in some of the pre-submitted questions and some of the questions we received directly, Steve, myself, and our infoline often are quite similar. We've taken the opportunity to try and summarize a lot of these questions. To start with, we'll address questions relating to the export permit, commencement of export, and some of the details around our life. The question summarizes to basically be when are we confirming the actual export of material and movement to the port? The second part is why is there a 125,000 tonne limit on the permit grant to date? Does this mean that we'll be requesting annual updates on a regular basis?
Further point to that question about a reevaluation of the company and what do I think the likely outcome of the reevaluation is? To start with, we have received the export permit approval granted by the Minister of Mines. We are completing the formalities in terms of the customs agents, the DNG agents on site providing the support for the sampling and weighing and confidence in the material that's exported. We are completing discussions with the customs to make sure that that's all in place for the export to commence. We have the trucking company contract finalized and looking to start them mobilizing to site. We expect to have agents on the border with Côte d’Ivoire to facilitate the transfer from Mali to Côte d’Ivoire and then to the port.
Our team has been very busy in discussions with the port of San Pedro where we expect to be able to use the bulk commodity export. We have completed the discussions with the trucking company and the transitors. We're getting ourselves fully complete to make sure that we have no issues when we start exporting. We expect to be able to have first trucks moving out late October, mid to late October will be our timeline. In terms of the 125,000 ton, that was actually put forward by our operation as an initial suggestion to the government to allow them to see us in operation. 125,000 ton is our expected production for one year. During that time we expect to demonstrate that we are good operators, that we work well, that we maintain that regular production and export of product.
We do expect that that export permit will be routinely granted and extended over the course of the operation. Yes, there'll be continued discussions with the government but we think they've become a formality. In terms of reevaluation of the company, obviously I think that reflects the company moving into that steady state, production being a revenue generator and a profit generator for the operation, being able to repay the funds invested by the shareholders in KM UK for the development as well as continue to expand that. I think there's a clear difference between companies that are developing and moving into a production phase as compared to companies that are producers as well as ongoing expansive companies. That's a reevaluation we expect to take place, but with no real active crystal ball. I can't give you a timeline when that will happen.
I have another question that actually highlights pretty much the same point about our export license, and that question is that given that the mine has been operating since February 2025, and I assume that means the plant producing some spodumene. Of course, we were mining a lot earlier, so we were spending money a lot earlier. We were building up that stockpile for the production. The question relates to the fact that at this stage we have not sold any spodumene. The question is trying to imply that we will the mine be closed and workers laid off until all the stockpile of spodumene has been sold, reduce cost and help cash flow. Quick answer to that is no. We have no intention of closing the mine at this stage.
We've demonstrated that we have had support from our partner in Hainan Mining in putting forward a facility for additional cash flow. We do expect to export in the short- term and generate cash flow from the operation, and that, you know, we're continuing, obviously we've continued with improvements to the plant. We have restarted, we have mining ready to commence and keep putting material onto the run pad for future processing. Another question about first trucks to spodumene. Obviously, we're targeting as soon as possible, as everyone knows, and we expect that before the end of October. We're all, as I said earlier, a lot of us shareholders, all shareholders here, questions about the share price performance. I will say immediately that I haven't been so happy with the performance over this last year. I think that we could have seen some improvement.
We obviously had a reflection on the volatility of the spodumene concentrate price impacting through to our share price. We had some issues relating to the, not necessarily delay, but the slow process in getting the export permit granted and some confidence perhaps around Mali and issues around Mali. Of course, we've been able to continue to demonstrate that we're able to operate well in Mali, that our relationship with the government carries through the longer term. We can't really affect the lithium price. However, we're obviously saying that we've built up a stockpile that is ready to export in a period where we're seeing a rising price in spodumene. That's a positive for us. We do expect future support for the share price. Questions regarding the lithium spodumene price and volatility surrounding that and a view on what we think of this as a company.
I guess, number one, I say that we have been long term believers in lithium as a commodity of interest for us as a company. We first got involved in Bougouni in 2016. In that time we've seen highs and lows. Some amazing highs in 2022, 2023, again, some major lows last year. We're now coming out into a rising price again. I think a lot of this reflects lithium being quite an immature market. It's dominated by some major players. We are seeing increased usage of lithium, very strong demand and very strong takeout of products produced. We think that this will continue to support a rising lithium price. My view is that I would obviously love to sell it at $6,000 a ton. However, I would not be happy with a spike in price leading to a rapid fall.
We much prefer an operation where we can be comfortable with the price. We're expecting and we have planned for price quite about now. Our operation makes money at that price. Question about the DMS plant. Steve, maybe this is for you.
This question asks, we've commented a bit on the improvements around the DMS plant. This question asks, after the shutdown, what improvements have we seen immediately? The availability of our crushing plant has improved. I glossed over it before that in having two modular side-by-side crushers, it's allowed us to continue operating. We did have a lot of blockages and outages from time to time, just balancing power to the drives as well. That's something we've improved now with soft starts on some of the major drives that weren't there before, and little things like spillage from conveyors at every transition point, which doesn't really stop the operation, but it means that dust escapes the chutes and it's an environmental concern. We were cleaning those things up regularly. Now with improved skirting and layer transition points, we don't have to do that so often.
Every time we clean up, we have to obviously shut the machinery down. Already in the last week, we're seeing better availability of our crushing circuit. That then helps the DMS downstream processing plant because we get a steady feed. Stopping and starting your crushed ore into the DMS does have an impact on how your plant performs. With steady state out of the crushers, we're seeing already the continuity of the grade profile that we're producing. In a general sense, so far the improvements the guys on site have done have really been positive. It's only been eight or nine days. So far so good that it looks really improved at the moment.
Perhaps another one, please, Steve.
Update on Stage two flotation plant. We sent some samples and we talked about some metallurgy to our laboratory in China that Hainan Mining uses. We ran some DMS tests on the Boumou, which we're waiting to optimize the outcome of those results. Our focus for Boumou, given the size and the proximity of the Sogola-Baoulé, has always been how does it behave in a flotation sense. We hadn't done multitude testing on Boumou previously. It's always been Sogola-Baoulé and Angolana. As Boumou's now grown from four million tons to, what was that number, 19 million tons, with the good work our exploration team done last year and looking to expand again this year, we have to do another huge set of flotation test work. That's where we're sitting at the moment.
In the background, all of the study work we did back in 2019, 2021, we're looking to update pricing for that so that we can reassess the economics hand in hand with our VP of the operation, Jerry Gao, who has good contacts with the engineers and equipment suppliers in China, most of which the DMS plant was supplied. Jerry and I are working together on that and it's probably going to be late in the first quarter next year before all of those results come true. Yes, we are working on it.
Okay, again we're still going through some of the pre-submitted questions here, so we'll work through some now that focus particularly on security in Mali. A question regarding are the team concerned by the increased terrorist activity in Mali and if so, what steps have been taken to protect the operation from disruptions or transport about products? I think it's very clear that the situation in West Africa has risk. We've seen increased terrorist and bandit activity across parts of West Africa, Niger, Burkina Faso, and Mali. We've also seen increased focus of the governments of those countries to prevent and try and fight back against any of that expanding. We've always found the Bougouni region and southern Mali region to be a much quieter region.
Obviously focused on primary production of farming, cotton growing, transport of goods, and development of areas where we've been operating has always been a low mining area and hence we've had low, very low issues with artisanal mining, with bandits approaching, gold operations, etc. What we saw and what we announced in that recent incident on our site was very unusual for the area. We took the necessary steps immediately following that to increase security on site. We are working with the local governor and regional officials. We have increased military presence in the area and we have military presence on our site. We look forward to providing a very safe environment for our employees. A follow-up question to that was in relation to how is staff morale on site and in general for our company.
I think it's a bit of a mixed question because the answer I'm going to give is to say that what we see with the morale of people on site is often a lot of pride in what they've been able to achieve in Mali. From our exploration team, from our development team, to actually having product that's ready to export has been a great achievement for our employees and they've done a great job. They have a lot of pride in that, they are very happy to be employed and to see the benefits we bring to the community. Morale is high and again, people are aware of risks associated with West Africa, but also with the operation. At this stage I'd still say we have a very strong spirit in our team and a willingness to make sure that we achieve positive results.
Bougouni question about how we view our relationship with the Mali government following the receipt of the export license? I think receipt of the export license speaks for itself in that our relation with the government is strong. We're maintaining very strong relationships on all levels, from local village chiefs to regional government to governors and to the federal ministers. We're very happy with the way we've been able to operate in Mali. There was a question regarding the 2023 code being approved and there was an official Mali communique recently where the Council of Ministers met and formally accepted the license and the conditions around that license. We'd obviously announced that earlier when we had our agreement with the Memorandum of Understanding with the Mali government and the discussions that we'd completed with the Mines Commission.
This was a formal ministerial meeting and it did discuss the priority dividends that are associated with the government shareholding. Of course, the government expects dividends. Dividends come out of profits of the operation. The operators declare a dividend when and if available. At this stage, the focus on Bougouni is the continued development, expansion of the operation, and repayment of loans to shareholders and creditors. Yes, the government has what's called a priority dividend, given that they are the government. We expect the operation to be running and paying off its debts prior to dividends being declared. We have another question in terms of some comments we made in our annual report in the risk section and obviously the risks in projects in Côte d’Ivoire as well as Mali where we discussed the granting of licenses and extension of existing licenses.
This is fact around all licenses in West Africa or in any country that I've ever operated in. Licenses are granted by the government for a period. Extensions can be applied for and given. There's generally a fixed period on the licenses and we can and have applied for exceptional extensions to licenses and we are in the process of gaining renewal. We have applied for renewals and extensions for our licenses. To be very clear, we are not the person who says we're going to get that license. The government tells us, government approves, that there is a risk that licenses may or may not be renewed. That's what we say in our annual report because that's important, that it's clear that we're not the sole party in that we have done all our compliance in those requests.
We continue to have discussions with the government, but we do want people to know there's risk. We have a question here about the all-in sustaining price based on the current lithium spodumene price. I think that's a little bit unrelated, but basically the question here is talking, and I'll throw this one to you, Steve. Yeah, yeah.
I mean people ask me all the time, yeah, cost of production, all-in sustaining costs. At the moment, having not transported any spodumene, there's a gap in our estimate or sorry our calculation of all-in sustaining cost. At this point in time, the numbers we see in the plant match what we had estimated back in our study day. We're not, you know, we're not seeing any major concerns with cost of production at the plant. As we said, we get to export anything and we also get asked about declaring commercial production. It's a big step to get our first export out to China, which we're talking to Hainan Mining now about that first shipment being 30,000 tons. Which leads to another question. We get how many trucks do we need to transport? We do have a contractor ready to go. They've run the route many, many times.
They do it all the time. Company called Taguna, they visited the site and we're going to have a fleet from them of about 70 trucks, 80 trucks. We're looking to double that for the first session. The first transport lease that we take to get the first 30,000 to port quicker and then after that we'll be able to make those declarations and confirm the full all-in sustaining cost rather than try and put it together piecemeal, which I think might be a bit confusing at the moment. No major horizons.
No. Okay, we have a couple of things to finish with. There's a final question which is what does the next five years look like for Kodal Minerals. Before I think about answering that, I see there's one more. I take this more as a comment, but we have an investor who states here he's been invested for over nine years, was on his way, was planning to be at the first AGM but had a hospital appointment, wanted to say well done and hopefully catch you at the next one. There are some words here which I won't try and accent, but Yorkshire, Yorkshire, Yorkshire. Thank you for your interest. Good luck with whatever your hospital appointment is. I do look forward to seeing you at the next one. Terry, do we go to the locals.
Ask them what Yorkshire meat?
Maybe it's for all stuff food related. There's some thought processes about a longer term for us. In five years we hope to have five years and follow on with further five years. Number one, what we have now is our share of the Bougouni operation. We want to see that up and running. We want to be involved with the expansion and continued improvement of that operation. That project has over 350 sq km of license. We have been able to demonstrate that our exploration team has discovered, has delineated, and put resources around pegmatite veins. We've got clear evidence of more material that we believe will feed into future production. Number one, obviously get the best value we can out of Bougouni. Number two, we have assets in Mali and Côte d’Ivoire that we need to do some development with.
In my view, it's not real value just holding assets unless we're able to do the work and make value for those assets. We have experience and expertise in exploration both from the early acquisition phase to drilling to resource development. With Steve and the engineering team, we have the skill capacity to take what we're showing as exploration and possible future mining developments into something more real with feasibility studies and something that can be financed.
Number two for us is not to be a one project company but to expand and continue to grow not just from one to two but one to two to three to four as opportunities we continue to assess and think that's the best value for the funds we have and the income we expect to generate from actual operations. In five years' time, I expect that we'll be a much more significant company than we are today. I expect that we'll be able to show the full development of Bougouni, but only that would be a part of a much more expanded company. In five years' time, perhaps it might not be Steve and myself presenting this. It may be someone younger, better looking, fitter, more active, something like that. Let's speak.
Please don't speak for me, Bernard. I don't think there's many better looking.
Thank you, man, anyway. If we're still here, we'll have less hair.
I know that for certain.
Exactly. I think on a serious note, we do see Kodal Minerals having a long-term future. We've always been able to attract a lot of shareholder interest and support. We do appreciate that and know that we're working for ourselves as shareholders and for all our shareholders to make sure we get the best value for our company. Thank you very much for your time and attendance today. Thank you very much for your interest in our company. That concludes our presentation today. I would just like to ask if you can, at the completion of this, fill in the survey that will be on your login. Thank you very much and we look forward to seeing you at the next presentation.