Atlantic Lithium Secures Ewoyaa Mining Lease Ratification and US$16.4m Funding

Mining Lease Ratification Marks Major Milestone for Ewoyaa

Atlantic Lithium (ASX:A11) has crossed a significant regulatory hurdle with the Ghanaian Parliament’s ratification of the Mining Lease for its flagship Ewoyaa Lithium Project. This formal approval, granted on 19 March 2026, not only confirms the government’s backing for Ghana’s first lithium mine but also incorporates revised fiscal terms aligned with the new Minerals and Mining (Royalty) Regulations, 2025. These regulations introduce a sliding scale royalty rate of 5% to 12% based on spodumene prices, reflecting Ghana’s evolving approach to lithium taxation.

The ratification de-risks the project substantially, enabling Atlantic Lithium to push forward with funding discussions and move closer to a Final Investment Decision (FID). The Ewoyaa Mining Lease, initially awarded in October 2023, grants exclusive mining rights for 15 years, renewable under Ghanaian law, and is the first lithium mining lease to be both awarded and ratified in the country. This milestone was anticipated amid ongoing market speculation and regulatory scrutiny, as detailed in the company’s earlier submissions and parliamentary engagements Ewoyaa Mining Lease Ratified.

Funding Boost from Ghanaian Pension Funds and Long State

Supporting the project’s development, Atlantic Lithium secured up to US$16.4 million in funding during the quarter. This comprises a strategic investment of approximately US$11 million from a consortium of Ghanaian pension funds facilitated by IC Asset Managers Ghana, alongside a US$5.4 million placement with Long State Investments Ltd. The Ghanaian investors acquired 25.4 million shares at US$0.197 each, with milestone-linked warrants issued at a 50% premium exercisable upon key project milestones including the recent Mining Lease ratification, FID, and construction commencement.

Long State’s third placement completes the £8 million capacity under the company’s share placement agreement, raising an additional £4 million. Half of the proceeds were received during the quarter, with the remainder deferred pending market price adjustments. This capital injection strengthens Atlantic Lithium’s balance sheet, which stood at A$13.9 million in cash at quarter end, while providing runway for exploration and development activities US$16.4m Funding Secured.

Project Development and Joint Venture Dynamics

With the Mining Lease ratified, Atlantic Lithium is advancing the Ewoyaa project’s development pathway, informed by extensive optimisation work completed in the second half of 2025. A key focus remains the unanimous agreement of the Project’s Technical Committee, comprising equal representation from Atlantic Lithium and Elevra Lithium Limited, which currently holds a 22.5% interest. However, Elevra has publicly indicated a lower capital priority for Ewoyaa and seeks to amend the joint venture structure. Atlantic Lithium is actively engaging with Elevra to resolve a dispute over project expenditure and to explore options that maximise shareholder value amid this uncertainty.

Meanwhile, the company is progressing a socio-economic development programme targeting communities in Ghana’s Central Region affected by the project. Initiatives include employment and training opportunities, infrastructure upgrades such as water and healthcare facilities, and the establishment of a Community Development Fund to channel project revenues into local development. These efforts aim to solidify the company’s social licence to operate and deliver tangible benefits beyond mining operations.

Exploration Advances in Côte d’Ivoire

Parallel to its Ghana activities, Atlantic Lithium completed Phase 4 soil sampling across its wholly owned Agboville and Rubino licences in Côte d’Ivoire. The extensive geochemical sampling covered over 2,500 sites with results pending, setting the stage for targeted follow-up work including geological mapping and potential drilling. The licences benefit from strong existing infrastructure, including proximity to the port city of Abidjan and transport links to Burkina Faso, positioning the company well for lithium discovery in a mining-friendly jurisdiction.

To accelerate exploration, Atlantic Lithium is seeking minority, non-dilutive project-level funding or partnerships. This approach reflects the company’s strategy to leverage its expertise in tropical lithium pegmatite environments while managing capital efficiency.

Cash Flow and Operational Highlights

During the quarter, Atlantic Lithium’s exploration, feasibility, and development expenditures totalled A$2.4 million, primarily in Ghana with A$0.2 million spent in Côte d’Ivoire. Operating costs excluding exploration were around A$1.4 million. The company reported net cash outflows from operating and investing activities of approximately A$3.5 million, offset by financing inflows from equity placements. No debt was recorded at quarter end.

Payments to related parties, including director salaries and fees, amounted to A$258,000 for the quarter. Atlantic Lithium’s cash and available financing facilities provide an estimated 16 quarters of funding at current expenditure levels, offering a comfortable buffer as the project advances.