Drilling Returns High-Grade Infill And Extensional Intersections Ewoyaa Lithium Project Ghana, West Africa

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 further assay results from the resource and exploration drilling programme underway at the Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) in Ghana, West Africa.

Highlights:

• Further assay results received for 5,444m of infill and exploration reverse circulation (“RC”) drilling completed at Ewoyaa as part of the broader 18,500m 2023 planned drilling programme.
• Newly reported assay results infill mineralisation at the Ewoyaa South-2 deposit, part of the 35.3 Mt @ 1.25% Li2O Ewoyaa Mineral Resource Estimate1 (“MRE” or the “Resource”), and extend mineralisation to depth at the Ewoyaa North-East deposit, outside of the current Resource.
• Infill drilling designed to convert Inferred Resources to higher confidence Indicated Resources at the Ewoyaa South- 2 deposit for future mine sequencing optionality and to grow the MRE where mineralisation remains open at depth or along strike.
• Multiple high-grade drill intersections 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:
  • GRC0928: 23m at 1.75% Li2O from 184m
  • GRC0911: 15m at 1.3% Li2O from 68m
  • GRC0911: 14m at 1.27% Li2O from 48m
  • GRC0927: 9m at 1.57% Li2O from 263m
  • GRC0912: 14m at 0.99% Li2O from 6m
  • GRC0910: 11m at 1.22% Li2O from 65m
  • GRC0914: 13m at 0.97% Li2O from 96m
  • GRC0935: 10m at 1.22% Li2O from 202m
  • GRC0918: 9m at 1.33% Li2O from 94m
  • GRC0915: 11m at 0.98% Li2O from 106m

“We are pleased to report ongoing drilling assay results across the Ewoyaa Lithium Project, which have returned high- grade infill and extension intersections. These include some significant apparent widths and grades from relatively shallow depths.

“Results are from the Ewoyaa South-2 deposit, where we are infill drilling to convert Inferred to Indicated Resources to provide optionality for future mine scheduling, and from the Ewoyaa North-East deposit, where mineralisation has been confirmed outside of the current Resource envelope and at depth.

“A total of 18,500m of infill, extensional and exploration RC drilling has been planned for 2023. These programmes are intended to grow and improve the confidence of the Ewoyaa Resource, in turn, improving the economics of the Project.

“Following the completion of the passive seismic survey over the central portion of the Ewoyaa Resource area, we have decided to demobilise the equipment, rather than extending the survey. Due to various limitations, not all known pegmatites were identified by the survey. Whilst a 10m mineralised pegmatite was intersected in drilling from one of the targets, this was the extension of a known pegmatite where mineralisation remains open at depth.

“The survey has enhanced our knowledge of the Ewoyaa deposits and provided valuable learnings for potential future use of the technology across the Company’s portfolio or new opportunities at a later date. However, at this stage, we see greater value in deploying capital towards the systematic drilling programmes that have been proven to deliver significant value to the Company to date. This will comprise further drilling for resource growth within the immediate Project area, whilst continuing to grow the exploration pipeline within the broader portfolio using soil sampling, geophysics and auger drilling ahead of RC drill testing.

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

New Drilling Results

Further assay results have been received for 5,444m of RC drilling from the ongoing infill, extensional and exploration drill programme at the Ewoyaa Lithium Project. Multiple high-grade drill intersections have been reported for infill drilling results at the Ewoyaa South-2 deposit within the current MRE¹ and the Ewoyaa North-East deposit, which currently sits outside of the current MRE¹ (refer Table 1, 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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