Atlantic Lithium Limited, the Africa-focused lithium exploration and development company targeting the delivery of Ghana’s first lithium mine, today release its Quarterly Activities and Cash Flow Report for the period ended 31 March 2026.
Highlights Project Development
– Ratification of the Mining Lease in respect of the Company’s flagship Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) by the Parliament of Ghana, representing the Government’s formal approval of the proposed Ewoyaa Lithium Mine and Processing Plant.
– The ratified Mining Lease includes a revision of certain fiscal terms, comprising the alignment of the Project’s royalty rate and Growth and Sustainability Levy to current legislated rates in Ghana.
o Following the expiration of the necessary review period, a new Legislative Instrument, Minerals and Mining (Royalty) Regulations, 2025, which outlines a sliding scale (5.0% – 12.0%) for royalty rates for lithium projects in Ghana, became legally binding.
– Ratification enables the Company to advance discussions relating to Project funding and continue its progress towards a Project Final Investment Decision (“Project FID”).
– Work underway to finalise a programme of initiatives focused on the socio-economic development of the Project’s affected communities in Ghana’s Central Region.
Exploration: – Completion of Phase 4 soil sampling within the Company’s wholly-owned Agboville and Rubino licences in Côte d’Ivoire, with results pending. Corporate: – Secured access to funding of up to a combined value of US$16.4m (AUD 23.1m / £12.2m) through:
o A Strategic Investment by a group of Ghanaian pension funds (together, the “Ghanaian Investors”) to invest up to c. US$11.0m (AUD 15.5m / £8.2m) in the Company; and a third placement under the Company’s share placement agreement with Long State Investments Ltd (“Long State”) to raise US$5.4m (AUD 7.6m / £4.0m).
– Cessation of discussions with an undisclosed entity in respect of a potential corporate transaction, following the receipt of a conditional, non-binding, indicative change of control proposal for the acquisition of 100% of the Company’s share capital by way of a scheme of arrangement (the “Proposal”). – Cash on hand at end of quarter was A$13.9m.
Commenting, Keith Muller, Chief Executive Officer of Atlantic Lithium, said: “Thanks to the commitment of the Atlantic Lithium team over recent years, we are delighted to have secured parliamentary ratification of the Ewoyaa Mining Lease during the period, marking a defining milestone for the Project.
The approval, alongside the introduction of the new Legislative Instrument for royalty rates for lithium projects in Ghana, provides the foundations for the Project’s development towards becoming the country’s first lithium mine.
“The ratification of the Mining Lease enables us to advance discussions with all our partners in the Project relating to Project funding and the establishment of an agreed pathway to Project FID, which will be led by the learnings of the work completed through H2 2025 to identify optimisations to the Project’s design and engineering.
“Concurrently, we are taking steps to finalise a programme of activities centred on the socio-economic development of our local communities in the Central Region.
Our local stakeholders have remained vocal in their support for the Project throughout the permitting process and subsequently, and this programme reflects the step-up, post-ratification, of the Company’s efforts towards delivering the long-term, sustainable benefits that the Project is expected to deliver for these communities. “We look forward to providing further updates in due course.”
