Delay in Ghana Mining Lease Ratification Puts Ewoyaa Project Financing in Focus
Atlantic Lithium has submitted a revised Mining Lease for its flagship Ewoyaa Lithium Project to Ghana's Parliament, aligning fiscal terms with current legislation and awaiting final ratification. Meanwhile, promising exploration results in Côte d’Ivoire and a successful capital raise underpin the company’s growth ambitions.
- Revised Ewoyaa Mining Lease submitted for Ghana parliamentary ratification
- Lithium-in-soil anomalies extended across Rubino and Agboville licences in Côte d’Ivoire
- A$4.1 million raised through second share placement with Long State Investments Ltd
- Cash position of A$5.4 million maintained amid cost reductions
- Community initiatives include commissioning of water treatment plant and health programs
Ewoyaa Mining Lease Nears Final Approval
Atlantic Lithium Limited is edging closer to a significant milestone for its Ewoyaa Lithium Project in Ghana, having submitted a revised Mining Lease to the Ghanaian Parliament. This revision aligns the project’s royalty rates and Growth and Sustainability Levy with the latest Ghanaian legislation, following consultations with the Ministry of Lands and Natural Resources and local stakeholders. The Mining Lease has been referred to the Parliamentary Select Committee, with Parliament scheduled to reconvene on 3 February 2026 to consider the lease’s ratification.
Obtaining this ratification is the final regulatory hurdle before Atlantic Lithium can advance financing and move towards production at Ewoyaa, which is poised to become Ghana’s first lithium mine. However, the company cautions that while confident, there remains uncertainty around the final terms of the legislative instrument and the ultimate parliamentary decision.
Exploration Momentum in Côte d’Ivoire
Parallel to its Ghana operations, Atlantic Lithium continues to expand its lithium exploration footprint in Côte d’Ivoire through its wholly owned Rubino and Agboville licences. Recent soil sampling campaigns have delineated extensive lithium-in-soil anomalies stretching over several kilometres, with Phase 3 results at Rubino extending anomalous zones to approximately 6.0km by 2.5km, and Phase 2 results at Agboville revealing a pronounced linear anomaly exceeding 5km in length.
Additional geological mapping has uncovered new spodumene pegmatite occurrences, reinforcing the licences’ prospectivity. The company is progressing Phase 4 soil sampling to further refine targets for future drilling, demonstrating a methodical and cost-effective approach to exploration in a region with strong infrastructure and mining-friendly policies.
Financial Position and Funding Initiatives
Atlantic Lithium has bolstered its financial position through a second share placement under an agreement with Long State Investments Ltd, raising £2 million (approximately A$4.1 million). This follows an initial placement that raised a similar amount, bringing the company’s cash on hand to A$5.4 million at the end of the quarter. The company continues to manage expenditures prudently, focusing on critical activities related to the Ewoyaa project and low-cost exploration in Côte d’Ivoire.
Additionally, Atlantic Lithium has issued warrants and security shares to Long State as part of a broader equity placement facility agreement, providing flexibility to raise up to £20 million over two years. This financial backing is timely, given the recent surge in spodumene concentrate prices from around US$800 per tonne in October 2025 to approximately US$2,200 per tonne, enhancing the project’s funding prospects.
Community and Sustainability Efforts
Beyond exploration and development, Atlantic Lithium has demonstrated commitment to local communities. The company commissioned a Reverse Osmosis Water Treatment Plant in Ewoyaa, supplying clean water to over 500 residents and addressing longstanding shortages. It also ran a breast cancer awareness and screening program for women in host communities, underscoring its focus on social responsibility alongside its mining ambitions.
These initiatives contribute to building strong community relations, which are critical for the sustainable development of mining projects in emerging jurisdictions.
Bottom Line?
As Atlantic Lithium awaits Ghana’s parliamentary nod, its strengthened financial footing and promising exploration in Côte d’Ivoire position the company well for growth, though final approvals and market dynamics remain key watchpoints.
Questions in the middle?
- Will Ghana’s Parliament ratify the revised Mining Lease without further amendments?
- How will the proposed sliding scale royalty rates impact the project’s economics if enacted?
- What are the prospects and timelines for advancing exploration results in Côte d’Ivoire to drilling and resource definition?
