Atlantic Lithium Limited, the Africa-focused lithium exploration and development company targeting the delivery of Ghana’s first lithium mine, is pleased to release its Quarterly Activities and Cash Flow Report for the period ended 30 September 2025.
Highlights
Project Development
The Company has concluded its negotiations with the Government of Ghana regarding revised fiscal terms for the Mining Lease of its flagship Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) in Ghana.
o The Company engaged key stakeholders to seek a revision of the terms, which were initially agreed when the Mining Lease was granted in October 2023, to ensure that the Project generates returns to shareholders and value for Ghana and Ghanaians in the context of prevailing lithium market conditions.
– With all of the necessary regulatory approvals secured, the Company now awaits parliamentary ratification of the Mining Lease, which serves as the final step in the Project’s permitting process.
– Parliament reconvened on 21 October 2025; the Mining Lease was mentioned by the Leader of the Majority in his opening address as an outstanding mining lease that the Ministry of Lands and Natural Resources would put forward for Parliament to ratify in this parliamentary sitting.
Exploration
Post-period end, the Company reported impressive lithium-in-soil results from Phase 2 and Phase 3 soil sampling completed across its 100%-owned Rubino and Agboville exploration licences in Côte d’Ivoire. o Results delineate pronounced lithium-in-soil anomalies, extending over several kilometres, across both licences.
o Phase 3 soil sampling at Rubino has extended the previously reported anomalous zone over an increased area of approximately 6.0km by 2.5km, within which there are several distinct linear trends that warrant follow-up evaluation.
o Phase 2 results at Agboville have defined a pronounced linear anomaly >5km in length as well as other anomalous linear features; one of which is associated with spodumene pegmatite float discovered by the Company.
– Further mapping undertaken across the Rubino licence has led to the discovery of new spodumene pegmatite occurrences in rock float, in addition to the previously reported outcrop.
– The Company has engaged a specialist corporate advisor to commence a formal process to source funding options that are non-dilutive to the Company’s shareholders to accelerate the exploration of its licences in Côte d’Ivoire.
Corporate
– The Company announced binding financing agreements with Long State Investments Ltd1, providing access to up to £28m over two years, with the Company maintaining flexibility and control over the terms of the placements, to advance Ewoyaa towards production.
o Under the Share Placement Agreement, the Company completed an initial placing (“Initial Placement”) raising £2m through the issue of 24,786,526 shares at an issue price of £0.081 (AUD 0.17) per share (“Placement Price”).
o The Company is seeking shareholder approval at the Extraordinary General Meeting to be held on 6 November 2025 for the first placement of £500,000 under the Committed Equity Facility Agreement.
– Further rationalisation of headcount and staff placed on reduced working hours, enabling the Company to focus expenditure on activities that are considered critical to the advancement of the Project towards a Project Final Investment Decision (“Project FID”).
– Cash on hand at end of quarter was A$4.1m.
Commenting, Keith Muller, Chief Executive Officer of Atlantic Lithium, said: “These recent months have proven to be an important period for the Company and the Ewoyaa Lithium Project. “Having engaged the Government to seek a revision of the fiscal terms of the Ewoyaa Mining Lease, we are pleased to report that these negotiations have now concluded.
We believe that Ewoyaa can have a significant positive impact on Ghana and Ghanaians, and we have greatly appreciated the Government’s attentiveness through our engagements.
“We are pleased to note the comments made by the Majority Leader in his opening address of the current parliamentary session, in which he stated that the Ewoyaa Mining Lease was among those that the Ministry of Lands and Natural Resources would put forward for Parliament to ratify in this session.
Having endured a lengthy delay in the development of the Project to date, we hope that ratification can occur promptly. “I would like to thank the residents of our affected communities, who have continued to voice their support for the Project throughout these delays and have called for the expedited ratification of the Mining Lease.
We are proud to operate in the best interests of our local stakeholders, and ratification will move us closer to delivering the significant benefits for the Central Region that Ewoyaa promises.
“Through the agreement of binding funding arrangements with Long State, the Company has secured access to a significant pool of capital over a two-year period, which positions us well to deliver upon the Company’s objectives.
We welcome Long State’s endorsement, which supports the promising direction in which the Company is travelling. “We are also pleased to have delivered further impressive results from our ongoing exploration programmes within the Agboville and Rubino licences in Côte d’Ivoire.
While only at an early stage, the results demonstrate the potential of the two licences, which we believe can support the Company’s long-term growth ambitions. “With a key catalyst ahead of us in the form of the ratification of the Mining Lease, we look forward to providing further updates in due course.”