Quarterly Activities and Cash Flow Report for the quarter ended 30 September 2024

Quarterly Activities and Cash Flow Report for the quarter ended 30 September 2024

Atlantic Lithium secures key permits to advance flagship Ewoyaa Lithium Project towards full permitting

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 September 2024.


Highlights

Project Development:

  • Post-period end, significant progress made towards the permitting of the Company’s flagship Ewoyaa Lithium Project (“Ewoyaa” or “the Project”) in Ghana:
    • Granted a Mine Operating Permit, representing the final regulatory approval required prior to commencing construction of the Project.
    • Issued a Land Use Certificate, detailing the approval of the land within the Project’s Mining Area to be rezoned for mining purposes, as required prior to commencing construction and mining activities.
  • Environmental Protection Agency (“EPA”) environmental permit granted in respect of the Project.
  • Ewoyaa Mining Lease submitted to parliament to undergo the necessary ratification process.
  • Completion of the Front-End Engineering Design (“FEED”) package for the Project, undertaken with DRA Projects.

Exploration:

  • Ewoyaa Mineral Resource Estimate increased to 36.8Mt at 1.24% Li2O1, reported in accordance with the JORC Code (2012).
  • Completion of baseline soil and stream sediment sampling across the Rubino and Agboville exploration licences in Côte d’Ivoire.
  • Completion of soil geochemical sampling across the Senya Beraku prospecting licence area in the eastern portion of the Company’s Cape Coast Lithium Portfolio in Ghana.

Corporate:

  • Ongoing delay of parliament’s ratification of the Ewoyaa Mining Lease combined with the subdued lithium market environment continues to impact Final Investment Decision timing, Minerals Income Investment Fund’s (“MIIF”) Project-level investment and the Company’s competitive offtake partnering process to secure funding to sufficiently cover the Company’s allocation of development expenditure for the Project.
  • Cash on hand at end of quarter was A$7.5m.

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

“Important steps have been made over recent months in line with our efforts to advance Ewoyaa towards full permitting. Signifying the support of the Minerals Commission, the EPA and our local stakeholders, the grant of the EPA permit and Mine Operating Permit, respectively, represent critical approvals in the permitting process and major de- risking milestones for the Project.

“The delay in ratification has impacted the offiake process and MIIF’s investment already and has forced us to make cuts to staff numbers and expenditure across various non-essential departments. Nevertheless, we remain confident in our ability to drive the Project through these headwinds towards construction and operation. We now await the ratification of the Mining Lease by Ghana’s parliament, which will enable us to move the Project towards Project FID.

“The parliamentary process is playing out in the public domain as we speak, and we appreciate shareholders’ patience as these developments unfold. We are prepared for all eventualities and will update shareholders as appropriate. In the meantime, we are continuing activities within our control to advance the Project.

“We are also pleased to have reported an increase to the Ewoyaa Mineral Resource to 36.8Mt at 1.24% Li2O1 during the period. Despite the drilling programme being focused on supporting our mine build activities, we identified the Dog- Leg target, which contributed an additional circa 891,000 tonnes to the enlarged Resource1. We believe that Ewoyaa holds significant potential for further resource increases. Our current focus, however, remains firmly on bringing the Project to production, which we consider to be the greatest driver of value for shareholders.

“With significant milestones in the advancement of the Project ahead, the coming period is set to be hugely important for the Company.

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


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.

A11:AU
Atlantic Lithium

Atlantic Lithium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Atlantic Lithium (ASX:A11)

Atlantic Lithium


Keep reading...Show less

Building Ghana’s first lithium mine

Lithium periodic symbol highlighted on periodic table.

European Metals Receives US$36 Million Grant for Cinovec Lithium-Tin Project

European Metals Holdings (ASX:EMH,LSE:EMH,OTCQX:EMHXY) confirmed the approval of a US$36 million Just Transition Fund (JTF) grant for its Cinovec lithium-tin project on Monday (April 28).

The JTF is run by the European Commission, supporting projects that align with the economic diversification and reconversion of concerned territories such as Bulgaria, the Czech Republic and Hungary.

JTF states on its website that the number of supported projects varies annually, depending on the proposals. The grant also forms part of the European Union’s efforts to transition to clean energy and achieve climate goals.

Cinovec was chosen as it was designated as a strategic project under the Critical Raw Minerals Act in March, underlining its importance in Europe’s journey toward securing stable supply of critical raw minerals. It was also declared a strategic deposit by the Czech government, a designation that accelerates certain permitting processes.

"The grant funding will be utilised to fast track a number of critical path items with regards to the Cinovec Project,” commented European Metals Executive Chair Keith Coughlan in a press release. “This confirmation builds on recent project momentum and is another clear indicator of the support the European Union and the Czech government is willing to provide to assist in getting Cinovec into production in the timeliest manner possible."

Keep reading...Show less
Lithium metal chunks and a label on a gray surface.

Atlantic Appeals for Fiscal Re-evaluation for Ewoyaa Lithium Project

Atlantic Lithium (ASX:A11,LSE:AAL,OTCQX:ALLIF) is appealing to the Ghanaian government to re-evaluate fiscal terms regarding its flagship Ewoyaa lithium project, which is located in the country.

The company’s board of directors acknowledged media reports on the situation in a press release late last week, saying it wants to ensure the successful development of the asset.

Atlantic notes that lithium prices have significantly declined since the mining lease for Ewoyaa was granted in October 2023, and is urging officials to adjust fiscal terms based on current price levels. Lithium prices remained low in 2024, and the downtrend has continued in 2025, with some price segments falling to four year lows.

Adam Webb, head of battery raw materials at Benchmark Mineral Intelligence, said at the Benchmark Summit in March that lithium carbonate prices are expected to remain about where they are, at US$10,400 per metric ton.

“But if we look further ahead, from 2026 onwards, that market is switching into the deficit, albeit quite small to start with, and that will end up being supportive of prices,” he explained at the Toronto-based event.

Australian spot spodumene concentrate prices have also declined.

Starting the year at the US$990 per metric ton level, values contracted through the first quarter of 2025 and are now sitting at the US$765 level, a 23.5 percent drop from January 2024's price of US$1,000.

Keep reading...Show less
European Metals

USD 36 Million Just Transition Fund Grant Approved for Cinovec Project

European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) (“European Metals” or the “Company”) is pleased to announce the following update in relation to grant funding by the European Union for the Cinovec Project (“Cinovec” or “the Project”).

Keep reading...Show less
Lithium periodic symbol and electric vehicle.

7 Biggest Lithium-mining Companies in 2025

For a long time, most of the world's lithium was produced by an oligopoly of US-listed producers. However, the sector has transformed significantly in recent years.

Interested investors should cast a wider net to look at global companies — in particular those listed in Australia and China, as companies in both countries have become major players in the industry.

While Australia has long been a top-producing country when it comes to lithium, China has risen quickly to become not only the top lithium processor and refiner, but also a major miner of the commodity. In fact, China was the third largest lithium-producing country in 2024 in terms of mine production, behind Australia and Chile.

Chinese companies are mining in other countries as well, including top producer Australia, where a few are part of major lithium joint ventures. For example, Australia’s largest lithium mine, Greenbushes, is owned and operated by Talison Lithium, which is 51 percent controlled by Tianqi Lithium Energy Australia, a joint venture between China’s Tianqi Lithium (SZSE:002466,HKEX:9696) and Australia’s IGO (ASX:IGO,OTC Pink:IPDGF). The remaining 49 percent stake in Talison is owned by Albemarle (NYSE:ALB). Joint ventures can offer investors different ways to get exposure to mines and jurisdictions.

Keep reading...Show less
Galan Lithium

Galan Lithium


Keep reading...Show less
Atlantic Lithium

Atlantic Lithium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×