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On 30 January 2024, Jindalee Lithium Limited (Jindalee, the Company) lodged its December 2023 Quarterly Activities Report, which summarised activities undertaken at the Company’s 100% owned McDermitt Lithium Project located in Oregon, USA (Project)1. McDermitt is currently the largest lithium deposit in the USA by contained lithium in Mineral Resource and is a globally significant resource with the potential to supply lithium carbonate equivalent (LCE) to US supply chains for decades2 (Table 1).
- Grant applications lodged with two US Government agencies (Defense and Energy) with strong support from state politicians, agencies and potential industry partners.
- Substantial Government funding for US critical mineral projects continues.
Jindalee is pleased to provide an update on US government funding opportunities for McDermitt.
Grant applications lodged with two US Government agencies (Defense and Energy)
Jindalee advises that the Company has lodged applications for non-dilutive grant funding with both the Department of Defense (DoD) and the Department of Energy (DoE) (Battery Manufacturing and Recycling Grant).
If successful, the DoD grant application is expected to co-fund an accelerated Feasibility Study and associated drilling and testwork, whilst the DoE grant application is designed to potentially co-fund the engineering, procurement, construction and development of a lithium processing facility at McDermitt.
Both grant applications have passed initial reviews by the agencies. The DoE grant application was accompanied by letters of support from Oregon and Nevada politicians and agencies, as well as potential Project partners.
The Company expects to provide updates regarding the status of applications and any potential award decision in the second half of 2024.
Substantial Government funding for US critical mineral projects continues
The US Government is committed to securing a domestic supply for critical minerals to reduce reliance on foreign sourced materials, including lithium, and is providing significant support and funding via the Inflation Reduction Act, the Defense Production Act and other initiatives as recent developments indicate.
On 14 March 2024 Lithium Americas Corp (TSX: LAC, Market Cap: C$1.5bn6) announced that it had received a conditional commitment from the DoE for a US$2.26 billion loan for financing the Phase 1 construction of processing facilities at the Thacker Pass Lithium Project3, located approximately 30km south of McDermitt (Figure 1). The loan, anticipated to cover approximately 75% of Thacker Pass’s initial capital cost, offers favourable terms with an interest rate equivalent to the US Treasury rates (0% spread) and a tenor of 24 years.
On 8 April 2024 Perpetua Resources Corp (TSX: PPTA, Market Cap: C$538m6) announced that it had received a Letter of Interest from the US Export-Import Bank for potential debt of up to US$1.8 billion for capital funding of the Stibnite Gold and Antimony Project in Idaho, USA4. This follows earlier grants of up to US$59.4 million received by Perpetua Resources from the DoD to assist with construction readiness and permitting of the Stibnite Project5.
Jindalee’s CEO Ian Rodger commented “We are very pleased with the progress of our grant applications for the McDermitt Lithium Project, particularly with the strong backing we’ve received from key stakeholders, including US politicians and potential Project Partners. The support for our applications highlights the strategic importance of our Project and its alignment with US national interests. These non-dilutive grants, if successful, promise to significantly enhance equity returns, reinforcing our strategy and amplifying the value we deliver to our shareholders.
Table 1 – Summary of 2023 McDermitt Mineral Resource Estimate at the reporting cut-off of 1,000ppmNote: totals may vary due to rounding. (Lithium carbonate equivalent (LCE) is calculated by taking the lithium value and multiplying by 5.323 to determine the molar equivalent in standard industry fashion).
Figure 1 – McDermitt Caldera: Location of McDermitt and Thacker Pass projects
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Jindalee Lithium
Investor Insight
With compelling economic metrics demonstrated through its new prefeasibility study, Jindalee Lithium’s McDermitt Project presents a strong case for investors to gain exposure to this critical mineral and participate in the global clean energy transition.
Overview
Jindalee Lithium (ASX:JLL,OTCQX:JNDAF) is an Australia-based pure-play US lithium company focused exclusively on its 100-percent-owned McDermitt Lithium Project, currently one of the largest lithium deposits in the US, boasting a resource of 21.5 million tons (Mt) of lithium carbonate equivalent (LCE).
Backed by a newly released (November 2024) prefeasibility study (PFS) demonstrating very compelling economics, the McDermitt Project is poised to play a crucial role in meeting North America’s growing lithium demand for the lucrative battery value chain.
As the US continues to transition to energy independence, demand for lithium is expected to exponentially increase. Jindalee’s McDermitt Project, located in southeast Oregon, is a game-changer for North American lithium supply, critical for meeting the demands of the fast-growing electric vehicle, energy storage and defense sectors.
McDermitt also stands to significantly benefit from the US government’s policies and incentives to boost domestic supply of critical resources. In fact, in a move that signifies the US government's support of the McDermitt Lithium Project, the US Department of Energy's Ames National Laboratory signed a Cooperative Research and Development Agreement with Jindalee's subsidiary HiTech Minerals to develop cutting-edge extraction methods for the McDermitt Project. The Ames National Laboratory spearheads the DOE's Critical Materials Innovation Hub.
Key milestones in the US lithium resource space also provide significant insights into the future prospects for Jindalee’s project. Lithium Americas (TSX:LAC), for instance, has received a total of US$945 million investment from General Motors, which will fund the development, construction and operation of the Thacker Pass project in Humboldt County, Nevada. In October 2024 LAC closed a $2.3 billion loan from the US Department of Energy and in April 2025 announced the Final Investment Decision for Thacker Pass following a $250 million investment from Orion Resource Partners.
Another lithium resource developer in Nevada, Australia-based Ioneer (ASX:INR) has closed a US$996 million loan guarantee from the US Department of Energy to finance the development of its flagship Rhyolite Ridge lithium-boron project.
The US government has taken further action to bolster domestic critical mineral production. On 20 March 2025, President Trump issued a significant executive order titled "Immediate Measures to Increase American Mineral Production", underscoring the urgency and strategic imperative of increasing domestic supply chains for critical minerals. This order builds on previous initiatives by fast-tracking the permitting processes, prioritizing access to mineral-rich federal lands, clarifying regulatory frameworks, and mobilizing substantial financial resources – including Defense Production Act (DPA) funds – towards domestic mineral projects.
As one of the largest lithium resources in the US and situated on federal lands, Jindalee’s McDermitt Lithium Project stands to potentially benefit from these accelerated permitting processes and enhanced government support mechanisms. The clear commitment demonstrated by the US administration highlights the critical strategic advantage of domestically located mineral assets such as McDermitt, reinforcing its importance in securing robust domestic supply chains, essential for energy security
These are just a few examples of current market dynamics that point to a rapidly accelerating lithium resource development in the US.
An experienced management team, with the right blend of experience and expertise in geology, corporate administration and international finance, leads Jindalee to fully capitalize on the potential of its assets.
Company Highlights
- Jindalee Lithium is focused on its wholly owned flagship McDermitt Lithium Project, one of the largest lithium deposits in the US.
- McDermitt’s new prefeasibility study shows strong project economics, including a US$3.23 post-tax NPV8 based on the first 40 years of a 63 year-year mine life.
- Jindalee is committed to strengthening the North American critical minerals supply chain by reducing US reliance on foreign lithium, thereby enhancing energy security.
- The company’s wholly owned US subsidiary HiTech Minerals Inc, has executed a strategic Cooperative Research and Development Agreement (CRADA) with Ames National Laboratory, which leads the US Department of Energy’s (DOE) Critical Materials Innovation (CMI) Hub.
- The company’s McDermitt deposit is sediment-hosted, an emerging style of lithium deposit with the potential to be a large scale, long-life, low-cost source of lithium.
- Ideally positioned to benefit from US administration’s push to increased domestic mineral production via permitting reformed increased funding.
- An experienced management team leads Jindalee towards capitalizing on the potential of its assets.
Key Project
McDermitt Lithium Project Economics
The economic metrics revealed in the PFS paint a compelling picture of the McDermitt Lithium Project's potential:
Production Capacity: The Project is set to produce 1.8 Mt of battery-grade lithium carbonate over its first 40 years, with an annual output forecast of 47,500 tons per annum (tpa) in the initial 10 years, tapering to 44,300 tpa over the first 40 years.
Financial Metrics: The Project boasts a net present value (NPV) of US$3.23 billion at an 8 percent discount rate, with an internal rate of return (IRR) of 17.9 percent. These figures underscore the Project’s strong economic viability.
Payback Period: Investors can expect a payback period of less than five years, a relatively short timeframe for a project of this magnitude.
Break-even Price: The break-even NPV price is approximately US$14,600/t of lithium carbonate, providing a buffer against market fluctuations.
The PFS estimates a total project cost of US$3.02 billion, which includes a prudent 21 percent contingency margin. This substantial investment is balanced by impressive profitability projections, including an EBITDA margin of 66 percent generating post-tax free cash flow of US$6.6 billion during the first decade of operations. With a pre-tax net operating cashflow margin of 17 percent at current spot prices, McDermitt shows strong cash generation potential.
These financial indicators suggest that McDermitt is not only economically viable but potentially highly profitable, positioning it as an attractive prospect for investors and strategic partners alike.
Project Overview
The McDermitt Project is located in Malheur County on the Oregon-Nevada border and is approximately 35 kilometres west of the town of McDermitt. The 100-percent-owned asset covers 54.6 square kilometres of claims at the northern end of the McDermitt volcanic caldera.
The Project is characterized by its unique sedimentary lithium deposits, primarily composed of lithium-bearing clays, a geological formation that sets McDermitt apart from many other lithium projects worldwide. This sedimentary nature of the deposit offers several advantages:
- Consistent grade distribution throughout the ore body
- Potential for large-scale, low-cost mining operations
- Amenability to environmentally friendly extraction methods
The lithium-rich clays at McDermitt are part of a broader geological context that includes volcanic tuffs and sedimentary rocks. This geological setting is indicative of a complex depositional history, which has resulted in the concentration of lithium in economically viable quantities.
The 2023 mineral resources estimate (MRE) for the McDermitt Project contains a combined indicated and inferred mineral resource inventory of 3 billion tons at 1,340 parts per million (ppm) lithium for a total of 21.5 Mt LCE at 1,000 ppm cut-off grade.
Project Highlights:
- Rare Sediment-hosted Lithium Deposits: The McDermitt asset supports low-cost mining operations due to its flat-lying sediments. This type of lithium deposit is amenable to low-cost mining operations, while still producing excellent metallurgical results.
- A 62 percent resource increase in early 2023: Compilation of the 2022 drilling results saw the estimated indicated and inferred resources at McDermitt increase to 3 billion tons at 1,340 ppm lithium, a 62 percent increase in contained lithium.
- Fluor recommended processing route: In March 2023, US engineering group Fluor reviewed all testwork undertaken at McDermitt and recommended beneficiation and acid leaching as the optimal processing route.
- Battery-grade lithium carbonate successfully produced in July 2024: The production is an important milestone validating all steps of the processing flowsheet for the project from ore beneficiation and leaching to purification and production of battery-grade lithium carbonate.
- Completion of the PFS outlines large scale, long life and low cost source of American made battery grade lithium chemicals (November 2024)
Management Team
Ian Rodger - Chief Executive Officer
Ian Rodger is a qualified mining business executive with almost 15 years of experience in various roles including as a mining engineer for Rio Tinto across two large greenfield mine developments, before successfully transitioning into mining corporate finance where he held Executive and Director positions at RFC Ambrian overseeing origination and management of numerous mandates across a range of corporate advisory roles. Rodger was the project director for Oz Minerals (ASX:OZL) where he made significant contributions to successfully define the value potential of the West Musgrave nickel/copper province through the delivery of a portfolio of growth studies. Most notably, he led technical, market and partnership development workstreams, successfully confirming value potential for producing an intermediate Nickel product for the battery value chain.
Rodger holds a Bachelor of Mining Engineering from the University of Queensland, a Masters of Mineral Economics from Curtin University and is also a graduate of the Australian Institute of Company Directors and member of the Australasian Institute of Mining and Metallurgy.
Lindsay Dudfield - Executive Director
Lindsay Dudfield is a geologist with over 40 years of experience in multi-commodity exploration, primarily within Australia. He held senior positions with the mineral divisions of Amoco and Exxon. In 1987, he became a founding director of Dalrymple Resources NL and spent the following eight years helping acquire and explore Dalrymple’s properties, leading to several greenfield discoveries. In late 1994, Lindsay joined the board of Horizon Mining NL (Jindalee Lithium’s predecessor) and has been responsible for managing Jindalee Lithium since inception. Lindsay is a member of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists, the Geological Society of Australia and the Society of Economic Geologists. He is also a non-executive director of Jindalee spin-out companies Energy Metals (ASX:EME), Dynamic Metals (ASX:DYM) and Alchemy Resources (ASX:ALY).
Wayne Zekulich - Non-executive Chair
Wayne Zekulich was appointed to the board as Chair on 1 February 2024. He holds a Bachelor of Business and is a fellow of the Institute of Chartered Accountants. Zekulich is a consultant and non-executive director who has substantial experience in advising, structuring and financing transactions in the infrastructure and resources sectors. He was previously the head of Rothschild in Perth, chief financial officer of Gindalbie Metals Limited, chief development officer of Oakajee Port and Rail and a consultant to a global investment bank. Currently, he is chair of Pantoro (ASX:PNR) and non-executive director of the Western Australian Treasury Corporation. In the not-for-profit sector, he is the past chair of the Lester Prize and is a mentor in the Kilfinan program.
Darren Wates - Non-executive Director
Darren Wates is a corporate lawyer with over 23 years of experience in equity capital markets, mergers and acquisitions, resources, project acquisitions/divestments and corporate governance gained through private practice and in-house roles in Western Australia. Wates is the founder and principal of Corpex Legal, a Perth-based legal practice providing corporate, commercial and resources related legal services, primarily to small and mid-cap ASX listed companies. In this role, he has provided consulting general counsel services to ASX listed company Neometals (ASX:NMT), having previously been employed as legal counsel of Neometals. Wates holds Bachelor's degrees in Law and Commerce and a Graduate Diploma in Applied Finance and Investment.
Paul Brown - Non-executive Director
Paul Brown has over 23 years of experience in the mining industry, most recently with Mineral Resources (ASX:MIN) where he was chief executive – lithium, and chief executive – commodities. Brown has held senior operating roles with Leighton, HWE and Fortescue (ASX:FMG) and has a strong track record in technical leadership, project/studies management, and mine planning and management. Brown is currently CEO of Core Lithium (ASX:CXO). He holds a Master in Mine Engineering.
Brett Marsh - VP Geology and Development (US)
Brett Marsh is an AIPG certified professional geologist and a registered member of the Society for Mining, Metallurgy and Exploration (SME) with over 25 years of diverse mining and geological experience. He has worked for and held senior leadership roles for Kastan Mining, Luna Gold, Kiska Metals, Newmont, Freeport-McMoRan, Phelps Dodge, ASARCO and consulted to deliver numerous NI 43-101 technical reports. Marsh has demonstrated the ability to deliver results in culturally diverse and geographically difficult environments, such as Brazil, Peru, Chile, Democratic Republic of Congo, Ghana, Tanzania, Indonesia, Australia, and has also worked in remote areas of Alaska. He has managed all phases of the mining lifecycle including greenfield and brownfield exploration, project development (including preliminary economic assessments, pre-feasibility and feasibility), project construction, mine operations, and environmental. He successfully led multi-cultural teams to develop business processes and implementation plans for many mine development and operational projects.Game-changing, economically significant lithium resource for North American battery supply chain
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.
Jindalee Lithium Investor Kit
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