Atlantic Lithium Limited, the Africa-focused lithium exploration and development company targeting the delivery of Ghana’s first lithium mine, has released its Quarterly Activities and Cash Flow Report for the period ended 30 June 2025.
Highlights
Project Development: – The Company has progressed discussions with key stakeholders, including government representatives, to secure fiscal terms for the Mining Lease of its flagship Ewoyaa Lithium Project in Ghana that reflect the current lithium price environment.
o The Company welcomes recent comments made by the Minister of Lands and Natural Resources in parliament, in which it was confirmed that Cabinet had authorised that revised terms of the Mining Lease be negotiated and presented for review, per the necessary process for parliamentary ratification.
o With all of the necessary regulatory approvals secured, ratification of the Mining Lease by Ghana’s parliament serves as the final step in the Project’s permitting process to enable the advancement of the Project.
Exploration
– Additional work is underway to enhance the design and engineering of the Project, focused on maintaining a technically sound and capital-efficient operation whilst reducing operating costs and the Project’s peak funding requirement, intended to support the development of the Project. Exploration:
– Discovery of spodumene pegmatite in outcrop and float at both of the Company’s 100%-owned Agboville and Rubino exploration licences in Côte d’Ivoire.
o Low-cost exploration across the two licences is being undertaken concurrently with the development of Ewoyaa in line with the Company’s ambitions to develop a pipeline of projects to support long-term growth.
– Impressive results returned from Phase 2 soil sampling completed at the Rubino licence, which have identified pronounced lithium anomalies over a 2.5km by 2.0km area. – Completion of Phase 3 soil geochemical sampling undertaken over the Agboville and Rubino licences, with analysis underway.
Corporate
– Additional cost-saving measures implemented to enable the Company to focus resources on advancing Ewoyaa towards Project FID.
o Measures have included
Neil Herbert stepping down from Executive Chairman to Non-Executive Chairman, salary reductions for key leadership personnel, and a further reduction in headcount.
– Cash on hand at end of quarter was A$5.4m.
Commenting, Keith Muller, Chief Executive Officer of Atlantic Lithium, said: “I am pleased to report on the progress made in our discussions with the Ghanaian government to seek fiscal terms in respect of the Ewoyaa Mining Lease that reflect the current lithium pricing environment and that enable the Project to deliver value for shareholders and significant benefits for Ghana and Ghanaians.
“Through these discussions, we are working alongside our Ghanaian stakeholders to chart a path to delivering a robust operation at Ewoyaa, capable of withstanding prolonged periods of weakened lithium pricing, and achieving our shared goal of first production of spodumene in Ghana.
“We welcome the recent comments made by the Hon. Minister of Lands and Natural Resources in parliament in which it was confirmed that revised terms would be negotiated and presented for review, per the necessary ratification process.
We continue to support the process where possible. “While we await parliamentary ratification of the Mining Lease, we continue to manage costs to ensure that the Company can survive the current lithium downturn and be in the best position to capitalise on a price recovery.
We have made further cuts to this end, including Neil Herbert stepping down from his role as Executive Chairman to assume the position of Non-Executive Chairman, salary reductions for key management personnel, a rationalisation of headcount, and a reduction in spending across activities that are not currently considered critical to advancing the Project towards Project FID.
“Aside from our progress at Ewoyaa, we also have reported encouraging early results from our initial exploration programmes in Côte d’Ivoire, where we have discovered spodumene pegmatite in outcrop and float at both of the Company’s 100%-owned Agboville and Rubino exploration licences.
We believe that our exploration activities at Agboville and Rubino offer attractive upside potential at a low cost. While Ewoyaa remains our focus, the two licences present highly prospective tenure for lithium discovery and align with the Company’s aim of building a pipeline of projects to support long-term growth. “We look forward to providing further updates in due course.”
The full report link: file:///Users/masahudu/Downloads/PR-293%20ATLANTIC%20LITHIUM%20QUARTERLY%20ACTIVITIES%20AND%20CASH%20FLOW%20REPORT%20FOR%20THE%20QUARTER%20ENDED%2030%20JUNE%202025(2).pdf
