8,000m of Additional Resource Extension Drilling Planned Resource and Metallurgical Drilling Results

Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, “Atlantic Lithium” or the “Company”), the African-focused lithium exploration and development company targeting to deliver Ghana’s first lithium mine, is pleased to announce the addition of 8,000m of drilling targeting resource growth to the ongoing 2023 programme and further assay results from the resource and metallurgical drilling programme underway at the Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) in Ghana, West Africa.

Highlights:

• Ongoing drilling programme increased by 43% with the addition of 8,000m of extensional resource drilling targeting resource growth following the grant of the Mining Lease for the Project.
  • Planned 18,500m programme increased to a total of 26,500m targeted for completion in Q2 2024, of which 16,164m has been reported to date, including the results reported herewith.
• Further assay results received for 2,362m of resource and metallurgical reverse circulation (“RC”) and diamond core (“DD”) drilling completed at Ewoyaa as part of the broader 2023 planned drilling programme.
• High-grade infill and extensional drill intersections reported at the Ewoyaa Main, Anokyi and Ewoyaa South-2 deposits designed to provide metallurgical drill core whilst infilling the resource and extend mineralisation.
  • Reported assay results extend mineralisation at the Ewoyaa Main deposit, outside of the current 35.3Mt @ 1.25% Li2O Ewoyaa Mineral Resource Estimate1 (“MRE” or the “Resource”) in hole GDD0093.
  • Shallow high-grade infill drill intersections at Ewoyaa Main, Anokyi and Ewoyaa South-2 reported as downhole intercepts, with estimated true widths included in the intersections table, including highlights at a 0.4% Li2O cut-off and a maximum 4m of internal dilution of:
  • GDD0105: 47.6m at 1.25% Li2O from 65.7m
  • GDD0107C: 53m at 0.93% Li2O from 30m
  • GDD0109: 28.7m at 1.51% Li2O from 79.3m
  • GDD0104: 28.2m at 1.23% Li2O from 81.2m
  • GDD0106: 22.4m at 1.07% Li2O from 34m
  • GDD0110: 14m at 1.46% Li2O from 33m

Commenting on the Company’s latest progress, Neil Herbert, Executive Chairman of Atlantic Lithium, said:

“We are pleased to report that a further 8,000m of drilling has been planned across the Ewoyaa Lithium Project in addition to the existing 18,500m programme. This planned drilling, which will bring the total programme to approximately 26,500m of infill, extensional, exploration and studies drilling, follows the recent grant of the Mining Lease for the Project and represents the commencement of an escalation in the Company’s exploration efforts, which will go into Q2 2024, focused on growing the Ewoyaa Resource.

“At the same time, we continue to deliver impressive assay results from the ongoing programme. These latest results from the Ewoyaa Main, Anokyi and Ewoyaa South-2 deposits have returned multiple high-grade and broad infill intersections, including 47.6m at 1.25% from 65.7m and 28.7m at 1.51% Li2O from 79.3m, which increase the confidence in the current Resource, whilst we have extended mineralisation beyond the Resource envelope in hole GDD0093, which intersected 15.5m at 0.83% Li2O from 182.7m at Ewoyaa Main, where mineralisation remains open at depth.

“We look forward to updating shareholders on our ongoing progress, including as remaining assay results become available.”

Expanded Drilling Programme

The 2023 drilling programme has been expanded with an additional approximate 8,000m of RC drilling planned for resource depth and strike extensions at the Okwesikrom, Anokyi, Grasscutter, Ewoyaa North-West and Ewoyaa South- 2 deposits (refer Figure 1). The total programme now stands at approximately 26,500m with 16,164m reported to date and drilling targeted to be completed in Q2 2024.

Figure 1: Expanded resource extension programme with newly planned holes highlighted in pink and deposit areas named

New Drilling Results

Further assay results have been received for 2,362m of RC and DD drilling from the ongoing metallurgical, extensional and infill drill programme at the Ewoyaa Lithium Project. High-grade metallurgical drilling results have been reported at the Ewoyaa Main, Anokyi and Ewoyaa South-2 deposits, also serving as infill resource holes. Further high-grade drill intersections have been reported for an extensional drilling result at the Ewoyaa Main deposit which sits outside of the current MRE¹ (refer Table 1, Table 2, Appendix 1 and Appendix 2).

Drilling aims to intersect mineralised pegmatite dykes perpendicular to strike and dip to approximate true width. This is not always achieved due to the variable nature of pegmatites or challenging drill access, with some drill intersections drilled down-dip as apparent widths. Accordingly, estimated true widths are included in the intersections table in Appendix 1.

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