Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, OTCQX: ALLIF, “Atlantic Lithium” or the “Company”), the Africa-focused lithium exploration and development company targeting the delivery of Ghana’s first lithium mine, is pleased to announce its unaudited Interim Results for the half-year period ended 31 December 2024.

Highlights from the Reporting Period:

Project Development:

– Significant milestones achieved by the Company in advancing its flagship Ewoyaa Lithium Project (“Ewoyaa” or “the Project”) in Ghana towards Final Investment Decision (“Project FID”):

• Granted a Mine Operating Permit by the Minerals Commission of Ghana, representing the final regulatory approval required by the Company before commencing construction.
• Issued a Land Use Certificate by the Spatial Planning Committee of the Mfantseman Municipal Assembly, authorising the rezoning of the land within the Ewoyaa Lease Area for mining purposes.
• Granted an environmental permit by Ghana’s Environmental Protection Agency (“EPA”), serving as the EPA’s formal approval for the Company to undertake the activities proposed in its Mine and Process Environment Impact Statement (“EIS”).
• Awarded a Water Use Permit post-period end, enabling the extraction of water from the Ochi-Amissah River for use at Ewoyaa as detailed in the Ewoyaa Definitive Feasibility Study1 (“DFS”).
• Completion of work to optimise the engineering and design of the Project initially established in the Ewoyaa DFS.

Exploration:

• Upgraded JORC (2012) compliant Mineral Resource Estimate of 36.8Mt at 1.24% Li2O1 (“Lithium MRE”) reported for the Project following targeted drilling to support the mine-build activities, through which the Dog-Leg target was identified.
• Completion of soil sampling across the Company’s Agboville licence in Côte d’Ivoire, with processing underway ahead of in-house analysis.
• Soil sampling programme completed across the Senya Beraku licence in the eastern portion of the Company’s portfolio in Ghana, with analysis underway at the Company’s Mankessim facility.
• Post-period end, delivered an increased JORC (2012) compliant Mineral Resource Estimate of 36.8Mt at 41.9% feldspar1 (“Feldspar MRE”) in respect of the Project, supporting the Company’s intentions to supply the feldspar, which will be produced as a by-product of spodumene concentrate operations at Ewoyaa, into the local Ghanaian ceramics market.
• Completion of a soil geochemical survey over the Rubino licence in Côte d’Ivoire post-period end, with all the planned 1,641 sample sites collected.

Corporate:

• Completion of A$10m Equity Placing, led by the Company’s largest shareholder, Assore International Holdings Limited (“AIH”), to enable Project-critical activities, including the optimisation and technical refinement of the Ewoyaa DFS, which will be incorporated into the documentation to support the Board in making its Project FID.
• Commitment to the development of the Project from Lucas Dow, the intended CEO and Managing Director of the enlarged company following the proposed merger of Piedmont Lithium Inc. (“Piedmont”), the Company’s strategic funding partner for the Project, and Sayona Mining (“Sayona”).
• Cash on hand at the end of the period was A$11.8m.

Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:

“Having been granted the Mine Operating Permit through the period, alongside other critical permits, Atlantic Lithium has now secured all of the approvals required for the construction of the Ewoyaa Lithium Project.

“We await the ratification of the Ewoyaa Mining Lease, which represents the final step in the permitting process and which will enable us to advance towards a Project Final Investment Decision. Following the recent election of the new government in Ghana, we are confident that ratification will be forthcoming in line with due parliamentary process.

“In the meantime, we are busy engaging various funding providers to secure the necessary financing. While the price of spodumene concentrate remains subdued, lithium demand continues to grow significantly and prices are expected to rise over the estimated period of plant construction.

“We look forward to providing further developments in due course.”

We caught up with Chairman Neil Herbert. He provided an update on Atlantic’s operations, outlining the key recent milestones reached and what we should look out for in the next twelve months

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