First Lithium opens door to Mali lithium with licence renewals granted

• First Lithium secures three-year renewals for Gouna and Faraba exploration licences
• Maiden JORC lithium resource targeted for Q4 2026
• Company plans further exploration and seeks reinstatement to ASX trading

Special Report: First Lithium has secured three-year renewals for its Gouna and Faraba exploration licences in Mali, clearing a regulatory hurdle and allowing work on its maiden lithium resource to progress.

First Lithium (ASX:FL1) received confirmation from Mali’s government that both permits had been renewed for three years from September 4, 2026.

The decision provides fresh tenure security for the company’s Mali lithium project, where the outstanding approvals had held up the completion of its maiden JORC Mineral Resource Estimate (MRE).

The renewals were confirmed through a government decree issued by the General Secretariat within the Prime Minister’s office.

Under the terms, First Lithium must meet minimum exploration expenditure commitments over the three-year period, comply with Mali’s mining legislation and fulfil rehabilitation obligations.

The licences authorise exploration activities, with a separate mining licence required before any mining operations can begin.

For First Lithium, the approvals remove a longstanding obstacle to progressing its exploration and resource development plans.

Managing director Venkatesh Padala welcomed the decision after an extended wait.

“The granting of the license renewals is a great relief for the Company as we had been waiting for an extended period for the renewals to come.

“Granting of the licences will allow the Company to now finalise the maiden JORC resource and plan for further exploration and development of the Project.

“Effectively, its back to business and the Company will progress this Project in earnest”.

Maiden lithium resource

With its exploration tenure renewed, First Lithium will now liaise with its resource consultants to finalise the maiden JORC estimate for the project.

The company expects the report to be completed during Q4 2026, with a more definitive release date to be communicated to the market.

The resource work follows earlier exploration at the Blakala prospect, situated within the Gouna licence, where drilling has outlined multiple lithium-bearing pegmatite bodies.

Previous drilling returned notable intersections including 41m at 1.91% lithium oxide (Li2O) from 81m and 20m at 2.03% Li2O from 69m.

Earlier scoping-level metallurgical testwork also produced a spodumene concentrate grading 6.8% Li2O at 80% recovery from a composite sample collected across 12 drill holes.

Those results provide a technical foundation for the next phase of the project, with the maiden MRE expected to establish its first formal estimate of mineralised tonnes, grade and resource classification.

The estimate will also help inform future exploration planning, including areas requiring further drilling to improve geological confidence or test extensions to known mineralisation.

Mali’s lithium industry gathers momentum

First Lithium’s progress comes as Mali builds its presence in the international lithium supply chain.

The West African nation has moved into commercial lithium production, with the Goulamina and Bougouni operations representing important milestones for the country’s emerging industry.

According to Mali’s government, Goulamina has been exporting lithium since June 2025, while Bougouni dispatched its first shipment in December 2025.

The government also confirmed that 24 exploration permit renewals covering gold and lithium projects were authorised between August 21 and September 30, 2026, as part of broader reforms to its mining sector.

The developments provide useful context for First Lithium as it looks to advance its exploration assets within a country that now has an established lithium production industry.

Longer-term demand also remains a key consideration for lithium explorers.

The International Energy Agency’s Global Critical Minerals Outlook 2026 forecasts lithium demand will more than triple by 2040 under its Stated Policies Scenario, supported by electric vehicles and battery energy storage.

ASX reinstatement in focus

Alongside the licence renewals, First Lithium has provided an update on its funding arrangements and plans to return to ASX trading.

The company has drawn $800,000 from its existing $1.2 million loan facility.

With the approvals now secured, First Lithium intends to seek reinstatement to trading on the ASX, including a proposed capital placement yet to be finalised.

The additional funding is intended to support expected exploration expenditure over the next 12 months and meet the ASX’s reinstatement requirements.

Under the existing loan agreement, the company expects the debt under the facility to be converted into equity on reinstatement or shortly afterwards.

The issue of loan shares and options remains subject to any necessary shareholder approvals and relevant regulatory requirements.

Attention will now turn to finalising the maiden resource, arranging the funding required for its next exploration activities and progressing the steps needed for trading to resume.

This article was developed in collaboration with First Lithium, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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