Quarterly Activities and Cash Flow Report for the Quarter ended 30 June 2024

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 its Quarterly Activities and Cash Flow Report for the period ended 30 June 2024.

Highlights from the Reporting Period:

Project Development:

• Completion of several key milestones in the permitting process for the advancement of the Company’s flagship Ewoyaa Lithium Project (“Ewoyaa” or “the Project”) in Ghana.
  • Successful completion of the second and final Environmental Protection Agency (“EPA”) public hearing in respect of the Project.
  • Submission of draft Environment Impact Statement (“EIS”) to the EPA.
  • Admission of the Company’s entire share capital by introduction and commencement of trading on the Main Market of the Ghana Stock Exchange, as agreed under the terms of the grant of the Ewoyaa Mining Lease.
• Post period-end, the Mining Lease in respect of the Project was submitted to parliament to undergo the necessary ratification process.

Exploration:

• Commencement of field work at the newly-granted Senya Beraku prospecting licence in the east of the Company’s Cape Coast Lithium Portfolio in Ghana.
• High-grade assay results reported from the Dog-Leg target, with highlights including hole GRC0177: 27m at 1.85% Li₂O from 126m and hole GRC1059: 15m at 1.08% Li₂O from 126m.
• Completion of sterilisation reverse circulation (“RC”) drilling at the proposed plant site, with no mineralisation reported, providing increased confidence in the proposed site location.
• Post-period end, Mineral Resource Estimate increase reported for the Ewoyaa Lithium Project to 36.8Mt at 1.24% Li₂O, reported in accordance with the JORC Code (2012).

Corporate:

• Appointment of Minerals Income Investment Fund (“MIIF”) Chief Executive Officer Edward Nana Yaw Koranteng to the Company’s Board of Directors as Non-Executive Director, in line with the completion of MIIF’s US$5m subscription in the Company.
• The Company has progressed negotiations on key agreements as part of the ongoing competitive offtake partnering process for spodumene concentrate produced at Ewoyaa to secure funding expected to sufficiently cover the Company’s allocation of the development expenditure for the Project.
• Cash on hand at end of quarter was A$12.7m.

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

“Considerable progress has been made towards advancing the Company’s flagship Ewoyaa Lithium Project towards shovel-readiness. The Project is set to be one of the leading hard rock lithium projects, expected to generate significant benefits to the local communities in which we operate in the Central Region, and to Ghana more broadly.

“Following the grant of the Mining Lease in October 2023, we received notification this month that the Mining Lease had been submitted to parliament to undergo the necessary approval process to enable the advancement of the Project towards construction and operation.

“It is expected that the Mining Lease will be ratified in the current parliamentary sitting or in the next parliamentary session, expected to commence in October. We are prepared for all eventualities and will adapt plans as events unfold.

“We continue to make strong progress through permitting hurdles, with the recent submission of the draft Environment Impact Statement and subsequent completion of the second and final EPA public hearing in respect of the Project; both representing major events on the road to production.

“In June, we were delighted to list the Company’s shares on the Ghana Stock Exchange, providing Ghanaians the opportunity to share ownership in the development of the country’s first lithium mine. We also welcomed the appointment of Edward Koranteng, the CEO of MIIF, the sovereign wealth fund of Ghana, to the Company’s Board as Non-Executive Director. This follows the completion of MIIF’s US$5m subscription in the Company early in the year.

“We are busy working to conclude several major landmark events, including the completion of the ongoing offiake partnering process, MIIF’s Project-level investment and the grant of the remaining permits as required for the advancement of the Project.

“We appreciate shareholders patience and support and look forward to providing further updates on our progress.”

Click here for the full ASX Release

This article includes content from Atlantic Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.