Grant of Highly Prospective Licenses for Lithium

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 that the Company’s wholly-owned Ghanaian subsidiary Green Metals Resources Limited (“GMR”) has been granted the Bewadze and Senya Beraku prospecting licences in the eastern portion of the Company’s Cape Coast Lithium Portfolio in Ghana (“CCLP”), which holds the flagship Ewoyaa Lithium Project (“Ewoyaa” or the “Project”).

The award of the Bewadze and Senya Beraku prospecting licences provides the Company exclusive access to explore new, undrilled tenure, offering significant potential to further enhance the Project and demonstrating the Government of Ghana’s desire to support the Company in its exploration efforts to deliver successful, long-term lithium production in Ghana following the recent grant of the Mining Lease for the Project.

Highlights

• Bewadze and Senya Beraku prospecting licences, covering 6.93km2 and 82.11km2, respectively, granted to the Company’s wholly-owned Ghanaian subsidiary Green Metals Resources Limited (“GMR”).
• Licences situated within the Company’s Cape Coast Lithium Portfolio in Ghana (“CCLP”), with Bewadze along strike and within 300m of the historic Egyasimanku Hill occurrence, where spodumene pegmatites have been observed.
• Little/no modern exploration completed across the newly-granted licence areas, offering significant exploration potential.
• Extensive work programmes planned to evaluate the potential for lithium and associated minerals at the newly- granted tenure.
• Licences crossed by high-voltage transmission lines and located adjacent to the N1 Accra-Takoradi highway; Bewadze within 48km and Senya Beraku within 70km from the Ewoyaa Project footprint.
• No previous exploration completed at Senya Beraku, where younger north-east-trending biotite granodiorites intrude biotite gneisses and schists in a similar orientation as the Egyasimanku Hill spodumene pegmatite occurrence 20km to the west.
• The grant of the Bewadze and Senya Beraku licences follows the award of the Mining Lease for the Ewoyaa Lithium Project, representing the Government’s support of the Company’s efforts to grow its lithium resources in Ghana.

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

“The grant of the Bewadze and Senya Beraku prospecting licences offers Atlantic Lithium the opportunity to apply its proven exploration strategy over a new significantly underexplored tenure package within its Cape Coast Lithium Portfolio in Ghana. Since we initiated exploration activities in Ghana, we have always bookmarked Bewadze, in particular, to be highly prospective for lithium discovery.

“The licence sits along strike and within only 300m of the historic Egyasimanku Hill occurrence where spodumene pegmatites have been observed. This, when considered alongside the radiometrics anomaly that runs into the licence, offers encouraging potential for mineralisation. With little modern exploration carried out across the licence to date, we are eager to get on the ground and commence an extensive work programme.

“Both Bewadze and Senya Beraku also benefit from exceptional existing infrastructure, including operational high- voltage transmission lines and the adjacent N1 highway, providing direct access to the Company’s Ewoyaa Lithium Project.

“No previous exploration has been completed at Senya Beraku, where north-east trending younger granitoids intrude gneisses and biotite schists in a similar orientation to the Egyasimanku Hill spodumene pegmatite occurrence, located within 20km of the licence.

“Subject to the success of our exploration efforts, we hope that we will be able to incorporate the licences into the Project footprint to further enhance the economics of the Project.

“We believe that the grant of the licences serves as the latest indication of the Government’s strong underlying support for the Ewoyaa Project and for the Company as its partner of choice in its ambitions of delivering long-term lithium production in Ghana. We have a number of licences still under application and hope that we see these granted in the near term, which will further assist us as we look to grow the current Resource at Ewoyaa.

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

Figure 1: Newly-granted Bewadze and Senya Beraku licences in relation to Cape Coast Lithium Portfolio and Ewoyaa Project with geology background and rubidium in soils geochemistry anomalism images.

Bewadze Licence

The Company’s wholly-owned Ghanaian subsidiary Green Metals Resources Limited (“GMR”) has been granted the Bewadze prospecting licence, providing the Company with exclusive access to explore 9.93km2 of highly prospective tenure for a period of three years.

The licence is located 5km as the crow flies from the town of Winneba in Ghana’s Central Region, directly adjacent to the Egyasimanku Hill occurrence, held by the Obotan Minerals JV within the Mankwadzi licence application, where coarse spodumene pegmatites have been observed and where historic trenching and drilling was completed by the Ghana Geological Survey during the 1970s (refer Figure 1, Figure 2, and announcement of 14 June 2017).

No modern-day exploration has been carried out across the Bewadze licence to date, offering significant potential exploration upside within a favourable geological setting of mafic schists in contact with granitoids and known spodumene pegmatites 300m along strike to the west.

Previously completed soil geochemistry and airborne radiometrics by the Company over the Apam East licence and Mankwadzi application directly to the west, highlight a coincident north-east trending rubidium in soils with potassium radiometrics anomaly that is indicative of fractionated granitoids and/or pegmatite trends. The radiometrics anomaly continues onto the newly-granted Bewadze licence which, along with the spodumene pegmatites observed at Egyasimanku Hill and soil sampling that terminates at the licence boundary, indicate the highly prospective nature of the Bewadze licence.

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