The cost study presented in this paper constitutes one part of a broader, multi-year impact evaluation of the early grade reading component of the Read-Learn-Lead (RLL) program developed by Malian NGO Institut pour l’Education Populaire (IEP) and implemented between 2009 and 2012. The paper presents methods, results, and discussion of cost- and cost-effectiveness analysis of the program. Cost elements examined included development and implementation of teacher and school principal training; pedagogical support visits to teachers by IEP coaches and district (CAP) education staff; and development, production and distribution of RLL program teacher’s guides, student books and other materials. The analysis contrasts the incremental cost and cost-effectiveness of the mother-tongue reading program at (a) early and (b) later stages of program implementation, and after (c) one year (Grade 1) and (d) two years (Grades 1 and 2) of participation in the program, relative to performance of a control group. Sensitivity of cost estimations to a number of assumptions is explored, and an illustrative simulation of cost-benefit and rate of return projections is presented. Implications for the viability / scalability and transferability of the RLL model to other implementers and settings are discussed, as well as options for containing future costs while preserving program quality and outcomes.