Atlantic Lithium reports progress despite lease delays for Ghana’s first lithium mine
Atlantic Lithium’s chairman delivered an optimistic assessment of the company’s progress at the Annual General Meeting, emphasising cost discipline and strategic funding despite ongoing delays in securing parliamentary ratification for Ghana’s first lithium mine. The virtual meeting featured a statement highlighting the company’s resilience through challenging market conditions.
The chairman outlined significant cost reduction measures implemented over the past year, including leadership salary cuts and workforce streamlining across operations in Ghana and Australia. These actions allowed the company to maintain efficient project advancement while navigating what he described as continued volatility in the lithium market.
Lithium prices rose 21% over the past month, recovering from lows earlier this year, though they remain below levels most analysts consider incentive pricing for new projects. The company worked closely with Ghana’s government to negotiate revised fiscal terms that align with current market realities.
The revised Mining Lease has been submitted to Parliament and referred to the Select Committee on Lands, Forestry, and Mines for consideration. The lease was originally granted in October 2023, but has remained unratified for two years, leaving the project in regulatory limbo. The Ministry of Lands and Natural Resources submitted the proposal during the parliamentary session that began on 21 October 2025.
Atlantic Lithium secured two funding arrangements with Long State Investments Ltd. providing access to up to 28 million pounds over 24 months. The chairman characterised these facilities as offering flexibility for capital deployment while helping limit shareholder dilution, describing Long State’s support as a strong endorsement of the project’s potential.
Since 2016, Atlantic Lithium has invested approximately 70 million dollars into the development of the project. The Ewoyaa Lithium Project is located approximately 100 kilometers southwest of Accra in the Central Region and was expected to position Ghana among the world’s top producers of spodumene concentrate.
Exploration work in Côte d’Ivoire has delivered encouraging results across the Agboville and Rubino licences, with early signs of significant lithium potential. The chairman emphasised that the company’s experienced exploration team continues adding long-term value through disciplined fieldwork.
Despite near-term price pressures, the chairman maintained that lithium fundamentals remain robust, underpinned by electric vehicle growth and energy storage demand. He positioned Ewoyaa as a low-cost, near-term development opportunity that could benefit strongly from market recovery.
Paramount Chief of the Nkusukum Traditional Area described the Ewoyaa Lithium Project as the hope of the people of Mfantseman and Nkusukum, warning that prolonged delays are worsening hardship and frustration among affected communities. Communities including Ewoyaa, Amanse, Nankesedo, Anokye, Abonko, and Twafo remain concerned about land access restrictions and stalled compensation plans.
The chairman thanked shareholders for their patience and confidence while acknowledging Ghanaian stakeholders for continued support. He expressed optimism about prospects for 2026 and beyond once Mining Lease ratification is finalised, praising the team’s exceptional resilience through challenging conditions.
Atlantic Lithium operates on three stock exchanges: the Alternative Investment Market (AIM) in London, Australian Securities Exchange (ASX), and Ghana Stock Exchange (GSE). The company aims to deliver what would become Ghana’s first lithium-producing mine, bringing transformational opportunities to the Central Region.
