Atlantic Lithium highlights meaningful progress despite tougher market
Atlantic Lithium Ltd. reported meaningful progress, despite challenging delays and a tougher lithium market, highlighted that it is on the cusp of advancing a development timeline for its Ewoyaa project, in Ghana, that’s expected to deliver production at the same time as an anticipated recovery in market conditions.
The company, in its annual results statement out Thursday, confirmed it is awaiting parliamentary ratification of the Mining Lease for its Ewoyaa, which will mark the final step in the permitting process.
During the reporting period, the twelve months ended 30 June, Atlantic Lithium highlighted its progress towards securing the greenlight for Ewoyaa, with several key approvals secured, including the Mine Operating Permit, environmental and water use permits, and the Land Use Certificate.
“The company has continued to make meaningful progress in the advancement of the project,” said chief executive Keith Muller.
“We currently await the ratification of the Mining Lease by Ghana’s Parliament, which will unlock the financing and development of the Project. We remain confident that ratification will be forthcoming and continue to support the process where possible.”
Muller also noted, meanwhile, that recently secured binding funding agreements with Long State will provide access to up to £28 million.
“With this funding solution in place, and with the ratification of the Mining Lease pending, the outlook for the year ahead for Atlantic Lithium is very positive,” he added.
“Ewoyaa remains one of the most advanced, pre-construction hard rock lithium assets globally and, underpinned by strong demand, we believe that the Project’s timeline to production aligns well with an anticipated recovery in the market.
In the reporting period, Atlantic Lithium also reported an updated Mineral Resource Estimate of 36.8Mt at 1.24% Li₂O and announced new discoveries in Côte d’Ivoire.
