First Lithium Nears Mali License Renewals Ahead of Maiden Resource Estimate

• Mining license renewals for Mali permits pending and expected soon
• Maiden Mineral Resource Estimate (MRE) anticipated in September quarter
• Cash balance at $0.4 million with additional $0.4 million due in July
• Exploration expenditure exceeds initial budget due to additional capital raising
• Debt facility drawdown of $775k supports ongoing operations

License Renewals and Regulatory Progress

First Lithium Limited (ASX, FL1) is advancing toward a pivotal moment with the anticipated renewal of its mining licenses in Mali. The company’s permits at Gouna and Faraba, held through its subsidiary Intermin Lithium SARL, are currently pending renewal following a national suspension on mining permits that was partially lifted in March 2025. Discussions with the Government of Mali indicate that the license processing has commenced and renewals are expected imminently, a development that would clear a significant regulatory hurdle for the company’s Mali Lithium Project.

Maiden Mineral Resource Estimate on the Horizon

Alongside regulatory progress, First Lithium is preparing to release its maiden Mineral Resource Estimate (MRE) in the September quarter. This MRE, being compiled by Pivot Mining Consultants and overseen by competent persons with extensive experience, will provide the first comprehensive assessment of the lithium mineralisation potential at the project’s key permits. The release of this estimate is eagerly awaited by investors and the market, as it will offer critical insight into the scale and quality of the resource underpinning the company’s exploration efforts.

Financial Position and Funding

As of 30 June 2025, First Lithium reported a cash balance of $0.4 million, with an additional $0.4 million expected to be deposited by the end of July. The company has also drawn down $775,000 from a $1.2 million debt facility arranged earlier this year, providing further liquidity to support ongoing exploration and corporate activities. Despite these inflows, exploration and evaluation expenditure for the year to date stands at $826,000, exceeding the initial budget due to additional capital raising efforts since the company’s relisting in September 2023.

Exploration Activity and Operational Outlook

Exploration activities during the quarter focused on geological mapping, reconnaissance, and progressing the MRE. No mining development or production activities were conducted, consistent with the company’s current stage of project advancement. Related party payments, primarily director remuneration, amounted to $107,000 for the quarter. The company remains confident in its operational continuity, supported by secured funding and the anticipated license renewals, which will enable it to advance to more intensive exploration phases.

Market Context and Strategic Implications

Mali is emerging as a significant player in Africa’s lithium sector, projected to become the continent’s second-largest lithium producer in 2025. First Lithium’s progress in securing permits and defining its resource positions it to capitalize on this growth. However, the timing of license renewals and the final MRE results will be critical in shaping the company’s near-term valuation and strategic options. Investors will be watching closely for these milestones, as well as the company’s ability to manage exploration costs and secure further funding if required.

Bottom Line?

With license renewals and the maiden resource estimate imminent, First Lithium stands at a crucial juncture that could redefine its trajectory in Mali’s burgeoning lithium market.

Questions in the middle?

• When exactly will the Mali government finalize and issue the license renewals?
• What will the maiden Mineral Resource Estimate reveal about the scale and grade of the lithium deposits?
• How will First Lithium manage exploration cost overruns and future funding needs?