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Atlantic Lithium
Investor Insight
Atlantic Lithium is advancing Ghana’s first lithium mine at Ewoyaa, a fully permitted, strategically located project ready to supply global battery markets. With strong local support and a clear path to production, the company is positioned for near-term growth and long-term impact in the energy transition.
Overview
Atlantic Lithium (AIM:ALL,ASX: A11,GSE:ALLGH,OTCQX: ALLIF) is an Africa-focused lithium exploration and development company advancing its flagship Ewoyaa Lithium project through to production as Ghana’s first lithium mine.
Despite its long mining history, favourable regulatory climate and stable political backdrop, Ghana remains largely overlooked as an investment jurisdiction for battery metals. Situated on the West African coast, the country boasts a strong strategic location, between Europe, the Americas and Asia, to serve the global battery metals market. Ghana is also home to an abundance of mineral wealth, with c. 180,000 tonnes of estimated lithium resources.
Atlantic Lithium intends to produce spodumene concentrate capable of conversion to lithium chemicals for use in electric vehicle batteries and energy storage, aiming to support global decarbonisation.
A definitive feasibility study (DFS) released in June 2023 shows that Ewoyaa has demonstrable economic viability, low capital intensity and excellent profitability.
Through simple open-pit mining, three-stage crushing and conventional Dense Medium Separation (DMS) processing, the DFS outlines the production of 3.6 Mt of spodumene concentrate over a 12-year mine life, which will make it one of the largest spodumene mines by production capacity globally.
The Ewoyaa Lithium Project was awarded a Mining Lease in October 2023, an EPA Permit in September 2024, and a Mine Operating Permit in October 2024.
Having secured all of the permits required to begin construction, Atlantic Lithium currently awaits parliamentary ratification of the Ewoyaa Mining Lease, which was issued by the Ministry of Lands and Natural Resources in October 2023.
The JORC mineral resource estimate at Ewoyaa now stands at 36.8 million tons (Mt) at 1.24 percent lithium oxide, 81 of which is now in the higher confidence measured and indicated categories (3.7 Mt at 1.37 percent lithium oxide in the measured category, 26.1 Mt at 1.24 percent lithium oxide in the indicated category, and 7 Mt at 1.15 percent lithium oxide in the Inferred category).
The residents of the project-affected communities in Ghana’s Central Region have voiced their strong support from the advancement of the project towards production.
Atlantic Lithium’s Ewoyaa Lithium Project site
Project Funding
The development of the project is co-funded under an agreement with NASDAQ and ASX-listed Piedmont Lithium (ASX: PLL), under which Piedmont is required to contribute the first US$70m of Development Costs, as defined in the agreement, as sole funding to complete its earn-in to 50% of Atlantic Lithium's ownership of the project, with all Development Costs and other project expenditure equally shared by both Atlantic Lithium and Piedmont thereafter.
In accordance with the agreement, which is intended to result in the construction of the project and the achievement of initial spodumene production, Piedmont will earn the rights to 50 percent of all spodumene concentrate produced at Ewoyaa at market rates, providing a route to consumers through several major battery manufacturers, including Tesla.
The Minerals Income Investment Fund (MIIF), Ghana’s minerals sovereign wealth fund, has also agreed to invest US$27.9 million at project-level to acquire a 6% contributing interest in the project and Atlantic Lithium’s Ghana Portfolio. The project-level investment represents Stage 2 of its Strategic Investment in the company.
This follows Stage 1 of its Strategic Investment, comprising MIIF’s Subscription for US$5 million Atlantic Lithium shares, which was completed in January 2024, resulting in MIIF becoming a major strategic shareholder in the company.
MIIF’s Strategic Investment is intended to expedite the development of the project towards production.
In addition, noting that Ewoyaa is one of the most advanced undeveloped hard rock lithium projects globally, Atlantic Lithium continues to engage with parties across the battery metals supply chain who express inbound interest in lithium products from Ewoyaa.
In doing so, Atlantic Lithium aims to expedite and de-risk the development of the Project, realise attractive terms for any offtake contracted and secure well-credentialled partners that will support the company's and Ghana's objectives of supplying lithium into the global market.
Ghana
Ghana is a well-established mining region with access to reliable, existing infrastructure and a significant mining workforce. There are currently 16 operating mines in the country.
Already the largest taxpayer and employer in Ghana’s Central Region, Atlantic Lithium is expected to provide direct employment to over 900 personnel at Ewoyaa and, through its community development fund, whereby 1 percent of revenues will be allocated to local initiatives, will deliver long-lasting benefits to the region and Ghana.
Through its proven lithium discovery, exploration and evaluation methodologies, Atlantic Lithium has the potential to capitalise on its extensive exploration portfolio and deliver upon its objectives of becoming a leading producer of lithium in West Africa.
Company Highlights
- A lithium exploration and development company operating in West Africa, Atlantic Lithium is set to deliver its flagship Ewoyaa Lithium Project as Ghana’s first lithium-producing mine.
- The June 2023 definitive feasibility study for the Ewoyaa Lithium Project indicates the production of 3.6 Mt of spodumene concentrate over a 12-year mine life (steady state production of 365,000 tonnes per annum), making it one of the largest mines by production capacity globally.
- The project was awarded a Mining Lease in October 2023, an EPA Permit in September 2024, and a Mine Operating Permit in October 2024. The project is funded under a co-development agreement with Piedmont Lithium.
- The DFS confirms Ewoyaa’s robust commercial viability and profitability potential, driven by the project’s low capital and operating cost profile.
- The project has an updated mineral resource estimate of 36.8 Mt at 1.24 percent lithium oxide.
- Atlantic Lithium holds a portfolio of lithium projects within 509 sq km and 774 sq km of granted and under-application tenure across Ghana and Côte d'Ivoire respectively.
Key Assets
Ewoyaa
Atlantic Lithium's flagship Ewoyaa Lithium Project is situated within 110 kilometres of Takoradi Port and 100 kilometres of Accra, with access to excellent infrastructure and a skilled local workforce.
Atlantic Lithium has been granted a Mining Lease, an EPA Permit and a Mine Operating Permit in respect of the project in October 2023, September 2024 and October 2024, respectively. The company is currently advancing the project towards production.
Highlights:
- Promising DFS Results: Atlantic Lithium's DFS reaffirmed Ewoyaa’s low capital and operating profile and robust profitability. Highlights include:
- Estimated 12-year life of mine, producing 3.6 Mt spodumene concentrate.
- 365 ktpa steady state production
- Robust US$675/t All in sustaining cost and US$377 C1 cash cost.
- Favourable Location: The project's starter pits are positioned within one kilometre of its processing plant. Additionally, Ewoyaa has access to reliable existing infrastructure, located within 800 metres from the N1 highway and adjacent to grid power.
- Promising Reserves: Ewoyaa's current mineral resource estimate (as of July 2024) at is 36.8 Mt at 1.24 percent lithium oxide, of which 81 percent is now in the higher confidence measured and indicated categories (3.7 Mt at 1.37 percent lithium oxide in the measured category, and 26.1 Mt at 1.24 percent lithium oxide in the indicated category, and 7 Mt at 1.15 percent lithium in the inferred category).
- Potential for Further Exploration: There remains significant exploration potential within the company’s 509km2 tenure in Ghana.
- Strong Partnerships: Atlantic Lithium has an offtake deal with Piedmont Lithium, which itself has offtake agreements with both Tesla and LG Chem. Ghana’s Minerals Income Investment Fund has also agreed a Strategic Investment in the company to expedite the development of the project.
- Positive Presence: Atlantic Lithium will generate significant economic benefits for the region. Once operational, the project is expected to employ over 900 personnel and deliver significant value to Ghana, including through taxes, royalties, employment and local procurement.
Côte d'Ivoire
Atlantic Lithium wholly owns two contiguous exploration licences covering an area of c. 771 square kilometres in the mining-friendly jurisdiction of Côte d'Ivoire, which borders Ghana on the West African coast. The two licences offer the company with exclusive rights to apply its proven lithium exploration expertise over new, untested and highly prospective tenure, where the company considers there to be significant lithium discovery potential. The licences, which are located within 100 kilometres of the country's economic capital, Abidjan, are incredibly well-served, with extensive road infrastructure, well-established cellular network and high-voltage transmission lines.
Management Team
Neil Herbert - Executive Chairman
Neil Herbert is a fellow of the Association of Chartered Certified Accountants and has over 30 years of experience in finance. He has been involved in growing mining and oil and gas companies, both as an executive and as an investor, for over 25 years.
Until May 2013, he was co-chairman and managing director of AIM-quoted Polo Resources, a natural resources investment company. Prior to this, Herbert was a director of resource investment company Galahad Gold, from which he became finance director of its most successful investment, the start-up uranium company UraMin, from 2005 to 2007. During this period, he worked to float the company on AIM and the Toronto Stock Exchange in 2006, raised US$400 million in equity financing and subsequently negotiated the sale of the group for US$2.5 billion.
Herbert has held board positions at a number of resource companies where he has been involved in managing numerous acquisitions, disposals, stock market listings and fundraisings. He holds a joint honours degree in economics and economic history from the University of Leicester.
Keith Muller - Chief Executive Officer
Keith Muller is a mining engineer with over 20 years of operational and leadership experience across domestic and international mining, including in the lithium sector. He has a strong operational background in hard rock lithium mining and processing, particularly in DMS spodumene processing.
Before joining Atlantic Lithium, he held roles as both a business leader and general manager at Allkem, where he worked on the Mt Cattlin lithium mine in Western Australia and, prior to that, Muller served as operations manager and senior mining engineer at Simec.
Muller holds a Master of Mining Engineering from the University of New South Wales and a Bachelor of Engineering from the University of Pretoria. He is also a member of the Australian Institute of Mining and Metallurgy, the Board of Professional Engineers of Queensland, and the Engineering Council of South Africa.
Amanda Harsas - Finance Director and Company Secretary
Amanda Harsas is a senior finance executive with a demonstrable track record and over 25 years’ experience in strategic finance, business transformation, commercial finance, customer and supplier negotiations and capital management. Before joining Atlantic Lithium, she worked in several sectors, including healthcare, insurance, retail and professional services, across Asia, Europe and the U.S. Harsas holds a Bachelor of Business from the University of Technology, Sydney and is a member of Chartered Accountants Australia and New Zealand and the Australian Institute of Company Directors.
Kieran Daly - Non-executive Director
Kieran Daly is the executive of Growth and Strategic Development at Assore. He holds a BSc Mining Engineering from Camborne School of Mines (1991) and an MBA from Wits Business School (2001) and worked in investment banking/equity research for more than 10 years at UBS, Macquarie and Investec, prior to joining Assore in 2018.
Daly spent the first 15 years of his mining career at Anglo American’s coal division (Anglo Coal) in a number of international roles including operations, sales and marketing, strategy and business development. Among his key roles were leading and developing Anglo Coal's marketing efforts in Asia and to steel industry customers globally. He was also the Global Head of Strategy for Anglo Coal immediately prior to leaving Anglo in 2007.
Christelle Van Der Merwe - Non-executive Director
Christelle Van Der Merwe is a senior manager in the growth & strategic development team at Assore. She has been a geologist for Assore since 2013 and is involved with the strategic and resource investment decisions of the company. Van Der Merwe is a member of SACNASP, the GSSA and AUSIMM.
Jonathan Henry - Independent Non-executive Director
Jonathan Henry is an experienced non-executive director, having held various leadership and board roles for nearly two decades. Henry has significant expertise working across capital markets, business development, project financing, key stakeholder engagement, and the reporting and implementation of ESG-focused initiatives. Henry has a wealth of experience projects towards production and commercialisation to deliver shareholder value.
Henry previously served as non-executive chair and executive chair of Giyani Metals Corporation, a battery development company advancing its portfolio of manganese oxide projects in Botswana, executive chair and non-executive director at Ormonde Mining, non-executive director at Ashanti Gold Corporation, president, director and chief executive officer at Gabriel Resources and various roles, including chief executive officer and managing director, at Avocet Mining. He holds a BA (Hons) in Natural Sciences from Trinity College, Dublin.
Michael Bourguignon – Head of Capital Projects
Michael Bourguignon is a distinguished project management professional with a rich history of leading significant initiatives in the mining and energy sectors. Most recently, he served as the COO at Evolution Energy Minerals in Tanzania, where he managed the optimisation and update of the Definitive Feasibility Study, managed the Front-End Engineering Design package, and oversaw the completion of the Relocation Action Plan and other community-related works.
Prior to this, Bourguignon worked with Rio Tinto in Australia as a consulting construction manager, as well as Glencore’s Mopani Copper Mines in Zambia, where he was the project director for the Mopani Synclinorium Concentrator, and Syrah’s Balama Graphite Mine in Mozambique, where he was project director. He has also previously worked in Ghana and Cote d’Ivoire with Perseus Mining. Bourguignon holds an MBA from Murdoch University and is a member of the Australian Institute of Project Management.
Andrew Henry – General Manager, Commercial and Finance
Andrew Henry is an accomplished general manager with over a decade’s experience in the operational mining sector, specialising in strategy, planning and analysis, contracts, large-scale project development and site operations.
Before joining Atlantic Lithium, Henry held the role of commercial manager at global lithium chemicals company Allkem and, prior to that, he spent over four years with major gold mining company Newcrest Mining.
Henry holds a Bachelor of Commerce from the University of South Australia and is a member of CPA Australia.
Ahmed-Salim Adam – General Manager, Operations
Ahmed-Salim Adam is an experienced mining general manager with over 15 years of experience leading various large-scale projects in Ghana across all stages of mine development, production, and closure, with a focus on safety and sustainability.
Adam has previously held a number of leadership roles, including as senior consultant of Metallurgy at GEOMAN Consult Ltd, as a director for FGR Bogoso Prestea’s Refractory Project and as general manager at Golden Star Resources.
He holds a MPhil Minerals Engineering and a Bachelor of Science (Hons) in Mineral Engineering, both from the University of Mines and Technology, Ghana. He is also a member of The Institute of Materials, Minerals and Mining (IOM3) in the United Kingdom and the Australasian Institute of Mining and Metallurgy (AusIMM) in Australia.
Belinda Gethin – General Manager, Corporate Finance and Company Secretary
Belinda assumed the role of general manager, corporate - finance and company secretary in January 2024, having initially joined the company as financial reporting manager in June 2023. To her role at Atlantic Lithium, Gethin brings a wealth of experience in all aspects of statutory, financial and corporate reporting, including the preparation of financial statements and accounting for complex transactions. Before joining Atlantic Lithium, Gethin worked as the chief financial officer for Lumus Imaging and, prior to that, as the group reporting manager at Healius. Gethin is a chartered accountant and holds a Bachelor of Commerce from UNSW in Sydney, Australia.
Iwan Williams – General Manager, Exploration
Iwan Williams is an exploration geologist with over 20 years' experience across a broad range of commodities, principally iron ore, manganese, gold, copper (porphyry and sed. hosted), PGE's, nickel and other base metals, as well as chromitite, phosphates, coal and diamond.
Williams has extensive southern and West African experience and has worked in Central and South America. His experience includes all aspects of exploration management, project generation, opportunity reviews, due diligence and mine geology. He has extensive studies experience, having participated in the delivery of multiple project studies including resource, mine design criteria, baseline environmental and social studies and metallurgical test-work programmes. He is very familiar with working in Afric,a having spent 23 years of his 28-year geological career in Africa. Williams is a graduate of the University of Liverpool.
Abdul Razak – Exploration Manager, Ghana
Abdul Razak has extensive exploration, resource evaluation and project management experience throughout West Africa with a strong focus on data-rich environments. He has extensive gold experience, having worked throughout Ghana with AngloGold Ashanti, Goldfields Ghana, Perseus and Golden Star, as well as international exploration and resource evaluation experience in Burkina Faso, Liberia, Ivory Coast, Republic of Congo, Nigeria and Guinea.
Razak is an integral member of the team, managing all site activities including drilling, laboratory, local teams, geotech and hydro, community consultations and stakeholder engagements and was instrumental inthe establishment of the current development team and defining Ghana’s maiden lithium resource estimate.
Building Ghana’s first lithium mine
Lithium Africa
Investor Insight
Leveraging early-stage land acquisition, accelerated drilling and a strong strategic partnership, Lithium Africa delivers maximum exploration efficiency, capital leverage and de-risked lithium discovery upside at scale.
Overview
Lithium Africa is an exploration company purpose-built to capitalize on the next cycle of lithium demand. Its strategic mission is to discover, de-risk and monetize Tier 1 lithium assets through data-driven targeting, aggressive fieldwork and value-driven exits. The company's unique 50/50 joint venture with Ganfeng Lithium is the cornerstone of its strategy, providing both financial leverage and industrial alignment at the earliest stages of project development.
Africa remains largely underexplored for lithium despite sharing geological similarities with major hardrock lithium belts in Canada and Australia. Lithium Africa is the first company to systematically deploy a multi-jurisdictional discovery strategy across the continent – combining top-tier geology with capital efficiency and strategic clarity.
At the heart of Lithium Africa’s model is its joint venture with Ganfeng Lithium, one of the top two lithium chemical producers globally. The 50/50 JV, established in 2023, enables Lithium Africa to double its capital efficiency, with $1 raised equating to $2 spent on exploration. The partnership provides unmatched advantages: access to Ganfeng’s downstream processing know-how, established customer relationships with Tier 1 OEMs, and a long-term offtake framework that allows Lithium Africa to retain flexibility and optionality on any asset monetization.
Lithium Africa does not intend to develop or operate mines. Instead, the business model is designed around efficient land acquisition, aggressive de-risking via trenching, sampling, and early drilling, and ultimately monetizing high-value discoveries through royalties, sales or carried interests. In a down market, the company is actively pursuing counter-cyclical M&A opportunities to acquire stranded or undercapitalized lithium assets. With this strategy, Lithium Africa provides shareholders exposure to world-class discovery upside with significantly reduced financing risk.
Company Highlights
- Exploration-focused Model: Lithium Africa focuses purely on discovery and value creation, with no intention to develop or operate a mine
- Strategic 50/50 JV with Ganfeng Lithium: Doubles exploration spending and provides access to processing expertise and long-term downstream offtake partners.
- Pan-African Footprint: Over 8,000 sq km of tenure across Zimbabwe, Morocco, Mali, Côte d’Ivoire, Guinea, and others – enabling diversification in discovery strategy.
- Contrarian, Countercyclical M&A: Well-capitalized and positioned to roll up distressed lithium juniors during a downcycle
- Rapid Permitting & Scalability: Target jurisdictions offer 3- to 4-year discovery-to-mine timelines versus 10 to 15 years in North America.
- RTO & Listing Expected by August 2025: Tight structure, early institutional support and significant near-term drilling catalysts.
Key Projects
Zimbabwe
Birthday Gift Project (Flagship)
The Birthday Gift project is Lithium Africa’s flagship asset and highest-priority exploration target. Located along a >12 km pegmatite corridor, the project hosts three parallel, flat-lying spodumene-bearing pegmatites within metasediments. Surface trenching has returned multiple significant intercepts, including 100 m, 67 m, and 55 m widths with true thicknesses averaging ~35 m. Rock chip samples from fresh spodumene zones have returned assays as high as 5.25 percent lithium oxide. More than 3,000 geochemical samples have been collected, and a 1,500-meter RC drill program commenced in January 2025 to test a 1,300-meter strike length.
The pegmatites remain open at depth and along strike. SGS South Africa is performing ICP assay analysis, and environmental permitting and trenching on the western trend are ongoing.
The Birthday Gift asset has strong potential to support an inaugural resource estimate by late 2025.
West Africa
Torakoura in Bougouni District, Mali
Lithium Africa controls six highly prospective licenses in Mali, located within the prolific Bougouni Basin, home to Leo Lithium’s Goulamina project, one of the world’s largest spodumene deposits. The Torakoura permit is situated along the same structural corridors and granitic host rocks. Surface exploration has identified spodumene-bearing pegmatites, supported by strong lithium and pathfinder anomalies from historic soil sampling.
Initial drilling at Torakoura began in 2024 but paused for LIBS-to-ICP calibration. A new RC drilling campaign resumed in Q4 2024. These permits offer substantial scale and proximity advantages in a well-established lithium district with proven permitting and development pathways.
Adzopé & Regional Licenses, Côte d’Ivoire
In Côte d’Ivoire, Lithium Africa holds four early-stage but highly promising permits totaling 1,254 sq km. The Adzopé license has returned rock samples with lithium oxide values up to 0.98 percent. Field mapping and lithological sampling have been completed, and a 21,700-meter auger drilling program is planned to refine targets for follow-up RC and core drilling. The region is emerging as a new pegmatite belt in West Africa, and Lithium Africa has first-mover status in building a pipeline of discovery-stage projects.
Kobikoro Project, Guinea
The Kobikoro project in southeastern Guinea consists of four licenses covering 376 sq km in the Archean Kinema-Man domain. This district is part of the underexplored Kissidougou pegmatite belt. Historical stream sediment geochemistry conducted by BRGM highlights multiple anomalous trends in lithium, tantalum and niobium. The standout feature is a 20 km-long lithium-tantalum-niobium anomalous zone aligned with regional structures and underlain by fractionated granite intrusions.
Morocco
Bir El Mami
In 2024, Lithium Africa acquired a 585 sq km, district-scale land package in the Bir El Mami region of Morocco, located on the northern extension of the Tasiast greenstone belt. The project is notable for its spodumene-bearing pegmatites confirmed by surface rock samples, which include lithium values up to 862 parts per million (ppm), and historic soil anomalies up to 363 ppm. The region is emerging as a key lithium district given Morocco’s favorable trade agreements and a growing domestic EV battery manufacturing base. Lithium Africa is currently Morocco’s only major lithium concession holder, and early-stage target identification is underway as of Q1 2025. The company is well positioned to be Morocco’s lithium sector leader and consolidator.
Management Team
Tyron Breytenbach - CEO
Tyron Breytenbach is a former Detour Gold resource geologist and leading equity analyst at Stifel Canada and Cormark. He blends deep geology with institutional capital markets acumen.
Carl Esprey - Executive Chair
Carl Esprey is a former M&A analyst at BHP Billiton and fund manager at GLG Partners. He is the founder of several resource ventures and current CEO of Waraba Gold.
Coulibaly Mamadou - Executive Director
Coulibaly Mamadou is a geologist with 12 years’ experience in mineral exploration. Coulibaly started his career with Randgold, and has extensive knowledge of and experience with the West African Birimian geology.
Ben Gelber - VP Exploration
Ben Gelber is a former VP at Gold Line Resources and exploration manager at Barrick in Guyana. He has more than 19 years of lithium and gold exploration experience.
Dr. Jeroen van Duijvenbode - Development Geologist
With a PhD in geometallurgy, Jeroen van Duijvenbode is an expert in lithium pegmatite targeting and geochemical data interpretation.
Jamie Robinson - CFO
Jamie Robinson is a chartered accountant with extensive mining CFO experience across private and public markets. Prior to his stint in the mining sector, he worked with Deloitte in Vancouver, British Columbia.
Chris O’Connor - General Counsel
Chris is a lawyer with over 19 years of private practice and in-house experience, focused on capital markets, corporate finance and M&A transactions in emerging markets throughout Africa, Eastern Europe and the CIS.
Toluwalase Seriki - Non-Executive Director
Toluwalase Seriki is Ganfeng Lithium’s head of business development in Africa. He possesses a strong M&A and finance background.
Roy Zhang - Advisor
Roy Zhang has nearly 10 years of experience in investment, M&A and corporate development, and is experienced and knowledgeable in lithium trading through his role at Ganfeng.
Dr. Tom Benson - Advisor
Tom Benson is a Stanford PhD volcanologist who leads global exploration at Lithium Americas. He is a widely respected authority on caldera-related lithium resources across the industry.
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