Atlantic Lithium Achieves Milestones and Engages Funders for Ewoyaa Project

Atlantic Lithium Ltd has achieved key milestones for its Ewoyaa Lithium Project in Ghana, securing necessary permits and engaging potential funding sources. The company has upgraded resource estimates and raised A$10 million for project optimization, maintaining a strong financial position despite current lithium price challenges.

Atlantic Lithium Ltd has successfully achieved significant milestones regarding its Ewoyaa Lithium Project in Ghana. The company confirmed that it is currently engaging with multiple funding providers after obtaining all essential approvals for construction, including a Mine Operating Permit from Ghana’s Minerals Commission.

As the anticipated Ghana’s first lithium mine, the project is pending the final ratification of its Mining Lease, which is required before the crucial Final Investment Decision can be reached. Executive Chairman Neil Herbert expressed confidence that this ratification will occur soon, reflecting the positive implications of Ghana’s recent elections.

Additionally, Atlantic Lithium has secured an environmental permit, a land use certificate, and a water use permit, enabling it to extract water from the Ochi-Amissah River for project needs. Exploration efforts continue across Ghana and Côte d’Ivoire, leading to an updated estimate of 36.8 million tonnes of lithium-bearing material, alongside identifying high feldspar content suitable for the ceramics market in Ghana.

On the corporate front, Atlantic Lithium successfully raised A$10 million through a share placing orchestrated by its principal shareholder, Assore International Holdings. This capital is earmarked for further project optimization and enhancing technical elements prior to making the investment decision.

Despite noting a downturn in lithium prices, Mr. Herbert emphasized the ongoing strong demand for lithium, with expectations of price increases coinciding with the construction timeline. He mentioned that discussions with potential funding sources remain active, promising further updates in due course.

The company concluded the six-month period ending December 31 with a robust financial standing, reporting A$11.8 million on its balance sheet.

Atlantic Lithium has made significant strides in the Ewoyaa Lithium Project, securing vital permits and engaging with funding providers for construction. The company remains optimistic about the mining lease ratification and strong market demand despite fluctuating prices. By securing finances and enhancing project details, Atlantic Lithium is strategically positioning itself for future success in the lithium sector.

Original Source: www.proactiveinvestors.com.au