Update on Competitive Offtake Partnering Process

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 the completion of Stage 1 of the Company's competitive offtake partnering process to secure funding for a portion of the remaining 50% available feedstock from the Company's Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana.

The objective of the process is to attract funding offers to sufficiently cover the Company's allocation of development expenditure for the Project, to expedite and de-risk the development of the Project, realise attractive terms for any offtake contracted and secure a well credentialled partner that will support the Company's and Ghana's objectives of supplying lithium into the global electric vehicle market.

Following significant inbound interest prior to the commencement of the offtake process and the receipt of bids from interested parties through Stage 1, the Company has moved to a more detailed Stage 2 due diligence phase.

The competitive offtake process is being led by global investment bank, Macquarie Capital.

Commenting on the process, Neil Herbert, Executive Chairman of Atlantic Lithium, said:

"As one of very few near-term spodumene producers with available offtake yet to be committed, the ongoing partnering process that we are running with Macquarie has highlighted the significant interest in Ewoyaa's feedstock, despite the backdrop of weakened lithium prices.

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.