Atlantic Lithium Set To Become West Africa’s First Lithium Mine

Atlantic Lithium has announced Interim Results for the half-year period ended 31 December 2021.

A full copy of today’s report (including tables and diagrams referred to in this release) is available through the Investor Centre of the Company’s website.

“Atlantic Lithium’s progress in the reporting period, and subsequently, has been truly remarkable.

In July 2021, we were delighted to announce a binding agreement with Nasdaq listed lithium exploration and development company Piedmont Lithium Inc. to fully fund and fast track the Company’s industry-leading asset, the Ewoyaa Lithium Project in Ghana, to production.

“The agreement reduces the funding requirements for Atlantic Lithium and its shareholders and sets the Project on the path to becoming West Africa’s first lithium-producing mine.

With global demand for lithium growing exponentially in line with the adoption of electric vehicles and more sustainable practices, the agreement establishes an entrance for Atlantic Lithium and West Africa to play an integral role in the lithium supply chain.

The agreement provides Atlantic Lithium with a strong cash balance to further stimulate growth for the Company.

“Significant exploration developments have been made at the Ewoyaa Project since the start of the period, which continues to add value to the Project. This includes a total of 37,690m RC and diamond core resource drilling and 38,730m of exploration auger drilling completed during the period.

“This work has culminated in a MRE upgrade to 21.3Mt at 1.31% Li2O in December 2021, which was upgraded again post-period end to 30.1Mt at 1.26% Li2O. Earlier this month, we announced the start of RC drilling designed to test new targets to the north and south of the current MRE.

“To date, approximately 28 km2 has been auger drill tested, with only 13 km2 drill tested within our broader 560 km2 portfolio in Ghana. This demonstrates the true untapped value potential that the Ewoyaa Project offers, which we are looking to capture.

“We were also proud to announce a Scoping Study on Ewoyaa, which incorporated the 21.3Mt JORC resource and demonstrated a significant improvement in project economics and life of mine.

“The Scoping Study retains a business case for a 2 Mtpa production operation, producing an average 300,000tpa of 6% Li2O spodumene concentrate and with life of mine revenues estimated to exceed US$3.43 billion.

The most recent MRE of 30.1Mt is expected to significantly improve the fundamentals of the Project once more, while future resource upgrades are anticipated to further improve project economics.