Ewoyaa Project Advances with 36.8Mt Feldspar Resource and A$8.1m Cash Amid Funding Talks

Project Permitting Milestones

Atlantic Lithium Limited has marked significant progress in advancing its Ewoyaa Lithium Project, poised to become Ghana's first lithium mine. The company has secured all critical permits required for construction, including the Water Use Permit granted by Ghana's Water Resources Commission, enabling water extraction essential for operations. This follows prior approvals such as the Mine Operating Permit, Land Use Certificate, and Environmental Protection Authority (EPA) Permit, collectively de-risking the project and paving the way for development.

Despite these achievements, Atlantic Lithium awaits the final parliamentary ratification of the Ewoyaa Mining Lease, granted in October 2023. This ratification is the last regulatory hurdle before construction can commence. The company is actively engaging with Ghanaian government stakeholders to negotiate fiscal terms that reflect the current subdued lithium price environment, aiming to secure terms that balance project viability with long-term benefits for Ghana’s communities.

Resource Update and Exploration Activities

In parallel with permitting progress, Atlantic Lithium updated its JORC-compliant Mineral Resource Estimate (MRE) for feldspar, a valuable by-product of spodumene concentrate production. The new estimate stands at 36.8 million tonnes at 41.9% feldspar, extending the resource over the project’s life of mine and enhancing the project's economic profile by potentially lowering operating costs. Metallurgical testing has confirmed the feldspar’s suitability for local ceramic markets, supporting the company’s social license to operate.

Exploration efforts continue beyond Ghana, with extensive soil geochemical sampling underway across the Agboville and Rubino licences in Côte d'Ivoire. Phase 2 and Phase 3 sampling programs have collected thousands of samples, with analysis ongoing to identify lithium anomalies for further evaluation. These activities underscore Atlantic Lithium’s strategy to expand its lithium footprint in West Africa.

Corporate and Financial Developments

On the corporate front, the company experienced a board change with the resignation of Non-Executive Director Edward Nana Yaw Koranteng, linked to shifts within the Minerals Income Investment Fund (MIIF), a strategic investor in Atlantic Lithium. The company continues to negotiate MIIF’s planned US$27.9 million investment to acquire a 6% interest in its Ghanaian subsidiaries, a move that would bolster project funding.

Funding discussions also involve Piedmont Lithium Inc., Atlantic Lithium’s joint venture partner, with a dispute ongoing over the sole funding obligations for development costs. Piedmont has contributed 50% of claimed costs, but a US$6.5 million balance remains in contention, with resolution mechanisms including arbitration in place.

Amid lithium market volatility and project delays, Atlantic Lithium has implemented rigorous cash conservation measures, including significant cost reductions and headcount cuts, particularly in Australia. These initiatives have preserved a cash balance of A$8.1 million at quarter end, enabling continued advancement toward the Final Investment Decision (FID), which remains contingent on lease ratification, financing, and offtake agreements.

Sustainability and Community Engagement

Atlantic Lithium is also advancing its environmental and social governance credentials. The company has been invited to participate in Ghana’s AKOBEN rating programme, which publicly evaluates environmental and social performance. Community engagement remains a priority, evidenced by donations to local Muslim communities during Eid-ul-Fitr and educational initiatives supporting young women in mining careers, reflecting a commitment to sustainable development and social impact.