REG - Atlantic Lithium Ltd - Grant of Performance Rights
23/12/2024 07:00
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RNS Number : 0914R Atlantic Lithium Limited 23 December 2024
23 December 2024
Grant of Performance Rights to Directors and Senior Employees
The Board of Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, OTCQX:
ALLIF, "Atlantic Lithium" or the "Company"), the Africa-focused lithium
exploration and development company targeting the delivery of Ghana's first
lithium mine, wishes to advise that, following shareholder approval at its
Annual General Meeting ("AGM"), which was held on 29 November 2024, 3,772,866
performance rights over new ordinary shares of no par value each in the
Company have today been issued to Directors (who are considered Directors and
persons discharging managerial responsibilities ("PDMRs") of the Company).
The terms and conditions of the performance rights are in accordance with the
Atlantic Lithium Limited Rights Plan ("Rights Plan") and are set out in the
Explanatory Memorandum which accompanied the Notice of AGM, which can be
accessed via the following link: https://www.atlanticlithium.com.au/gm-notices
(https://www.atlanticlithium.com.au/gm-notices) .
Accordingly, the Company has issued the following unlisted performance rights
to Directors:
Director Number of Performance Rights
Mr Neil Herbert 1,680,640
Mr Keith Muller 1,086,128
Ms Amanda Harsas 1,006,098
Total 3,772,866
Grant of Performance Rights to Key Senior Employees
In addition, the Company advises the allotment and issue of a combined total
of 3,198,183 unlisted performance rights to key senior employees involved in
the development of the Ewoyaa Lithium Project.
The performance rights are issued over new ordinary shares for nil
consideration. Vesting of the performance rights is subject to performance
conditions as set by the Board and the recipient remaining employed by the
Company until the end of the measurement period. The measurement period for
the performance rights begins on 31 July 2024 and ends on 30 July 2027. The
performance rights are being granted under the Company's ASX listing rule 7.1
capacity and shareholder approval is not being sought.
The Company's Remuneration & Nomination Committee believes that the use of
performance rights provides a mechanism to attract, retain and reward
employees and aligns the interests of employees with the growth objectives of
the Company.
Authorised for release by Amanda Harsas, Finance Director and Company
Secretary, Atlantic Lithium Limited.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
ISSUE OF UNLISTED PERFORMANCE RIGHTS
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Neil Herbert
2. Reason for the notification
a) Position/status: Executive Chairman
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Atlantic Lithium Limited
b) LEI: 213800H1JY3J7BB6BN06
4. 1. Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted.
a) Description of the financial instrument, type of instrument: Performance Rights over ordinary shares of no par value each in the Company
Identification code:
ISIN: AU0000237554
b) Nature of the transaction: Grant of Performance Rights
c) Price(s) and volume(s): Price(s) Volume(s)
Nil 1,680,640
d) Aggregated information: Single transaction as in 4 c) above
Price(s) Volume(s)
Nil 1,680,640
e) Date of the transaction: 23 December 2024
f) Place of the transaction: Outside of a trading venue
d)
Aggregated information:
Single transaction as in 4 c) above
Price(s) Volume(s)
Nil 1,680,640
e)
Date of the transaction:
23 December 2024
f)
Place of the transaction:
Outside of a trading venue
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
ISSUE OF UNLISTED PERFORMANCE RIGHTS
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Keith Muller
2. Reason for the notification
a) Position/status: Chief Executive Officer
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Atlantic Lithium Limited
b) LEI: 213800H1JY3J7BB6BN06
4. 1. Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted.
a) Description of the financial instrument, type of instrument: Performance Rights over ordinary shares of no par value each in the Company
Identification code:
ISIN: AU0000237554
b) Nature of the transaction: Grant of Performance Rights
c) Price(s) and volume(s): Price(s) Volume(s)
Nil 1,086,128
d) Aggregated information: Single transaction as in 4 c) above
Price(s) Volume(s)
Nil 1,086,128
e) Date of the transaction: 23 December 2024
f) Place of the transaction: Outside of a trading venue
d)
Aggregated information:
Single transaction as in 4 c) above
Price(s) Volume(s)
Nil 1,086,128
e)
Date of the transaction:
23 December 2024
f)
Place of the transaction:
Outside of a trading venue
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
ISSUE OF UNLISTED PERFORMANCE RIGHTS
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Amanda Harsas
2. Reason for the notification
a) Position/status: Finance Director and Company Secretary
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Atlantic Lithium Limited
b) LEI: 213800H1JY3J7BB6BN06
4. 1. Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted.
a) Description of the financial instrument, type of instrument: Performance Rights over ordinary shares of no par value each in the Company
Identification code:
ISIN: AU0000237554
b) Nature of the transaction: Grant of Performance Rights
c) Price(s) and volume(s): Price(s) Volume(s)
Nil 1,006,098
d) Aggregated information: Single transaction as in 4 c) above
Price(s) Volume(s)
Nil 1,006,098
e) Date of the transaction: 23 December 2024
f) Place of the transaction: Outside of a trading venue
d)
Aggregated information:
Single transaction as in 4 c) above
Price(s) Volume(s)
Nil 1,006,098
e)
Date of the transaction:
23 December 2024
f)
Place of the transaction:
Outside of a trading venue
For any further information, please contact:
Atlantic Lithium Limited
Neil Herbert (Executive Chairman)
Amanda Harsas (Finance Director and Company Secretary)
www.atlanticlithium.com.au
IR@atlanticlithium.com.au
Tel: +61 2 8072 0640
SP Angel Corporate Finance LLP Yellow Jersey PR Limited Canaccord Genuity Limited
Nominated Adviser Charles Goodwin Financial Adviser:
Jeff Keating Bessie Elliot Raj Khatri (UK) /
atlantic@yellowjerseypr.com (mailto:atlantic@yellowjerseypr.com)
Charlie Bouverat
Duncan St John, Christian Calabrese (Australia)
Tel: +44 (0)20 3004 9512
Tel: +44 (0)20 3470 0470
Corporate Broking:
James Asensio
Tel: +44 (0) 20 7523 4500
Notes to Editors:
About Atlantic Lithium
www.atlanticlithium.com.au (http://www.atlanticlithium.com.au/)
Atlantic Lithium is an AIM, ASX, GSE and OTCQX-listed lithium company
advancing its flagship project, the Ewoyaa Lithium Project, a significant
lithium spodumene pegmatite discovery in Ghana, through to production to
become the country's first lithium-producing mine.
The Definitive Feasibility Study for the Project indicates the production of
3.6Mt of spodumene concentrate over a 12-year mine life, making it one of the
largest spodumene concentrate mines in the world.(1 2)
The Project was awarded a Mining Lease in October 2023, an Environmental
Protection Agency ("EPA") Permit in September 2024, and a Mine Operating
Permit in October 2024 and is being developed under an earn-in agreement with
Piedmont Lithium Inc.
The Ewoyaa Mineral Resource Estimate (JORC) totals 36.8Mt @ 1.24% Li(2)O and
includes 3.7Mt @ 1.37% Li₂O in the Measured category, 26.1Mt @ 1.24% Li₂O
in the Indicated category and 7.0Mt @ 1.15% Li₂O in the Inferred
category.(1) Ore Reserves (Probable) of 25.6Mt @ 1.22% Li(2)O have been
reported for the Project. (1)
Atlantic Lithium holds a portfolio of lithium projects within 509km(2) and
771km(2) of granted and under-application tenure across Ghana and Côte
d'Ivoire respectively, which, in addition to the Project, comprises
significantly under-explored, highly prospective licences.
End Note
(1) Ore Reserves, Mineral Resources and Production Targets
The information in this announcement that relates to Exploration Results, Ore
Reserves, Mineral Resources and Production Targets complies with the 2012
Edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code). The information in this announcement
relating to the Mineral Resource Estimate ("MRE") of 36.8Mt @ 1.24% Li₂O for
the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") is extracted from the
Company's announcement entitled "New Dog-Leg Target Delivers Increase to
Ewoyaa MRE", dated 30 July 2024, which is available at
www.atlanticlithium.com.au (http://www.atlanticlithium.com.au) . The MRE
includes a total of 3.7Mt @ 1.37% Li₂O in the Measured category, 26.1Mt @
1.24% Li₂O in the Indicated category and 7.0Mt @ 1.15% Li₂O in the
Inferred category. The information in this announcement relating to the Ore
Reserves (Probable) of 25.6Mt @ 1.22% Li(2)O and relating to the Production
Target of 3.6Mt of spodumene concentrate over a 12-year mine life is extracted
from the Company's announcement entitled "Ewoyaa Lithium Project Definitive
Feasibility Study", dated 29 June 2023, which is available at
www.atlanticlithium.com.au (http://www.atlanticlithium.com.au) . The Company
confirms, in the case of Mineral Resources, Ore Reserves and Production
Targets, that all material assumptions and technical parameters underpinning
the estimates continue to apply. Material assumptions for the Project have
been revised on grant of the Mining Lease for the Project, announced by the
Company on 20 October 2023 in the announcement entitled, "Mining Lease Granted
for Ewoyaa Lithium Project". The Company is not aware of any new information
or data that materially affects the information included in this announcement,
the announcement dated 30 July 2024, the announcement dated 29 June 2023, or
the announcement dated 20 October 2023.
(2) Ewoyaa to become one of the largest spodumene concentrate producers
globally - Based on a comparison of targeted spodumene concentrate production
capacity (ktpa, 100% basis) of select hard rock spodumene projects globally
(refer Company presentation dated 8 September 2023).
Competent Persons
Information in this announcement relating to Mineral Resources was compiled by
Shaun Searle, a Member of the Australian Institute of Geoscientists. Mr
Searle has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity
being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves' and is a Qualified Person under the AIM
Rules. Mr Searle is a director of Ashmore. Ashmore and the Competent Person
are independent of the Company and other than being paid fees for services in
compiling this report, neither has any financial interest (direct or
contingent) in the Company. Mr Searle consents to the inclusion in the report
of the matters based upon the information in the form and context in which it
appears.
Information in this announcement relating to Ore Reserves was compiled by Mr
Harry Warries. All stated Ore Reserves are completely included within the
quoted Mineral Resources and are quoted in dry tonnes. Mr Warries is a Fellow
of the Australasian Institute of Mining and Metallurgy and an employee of
Mining Focus Consultants Pty Ltd. He has sufficient experience, relevant to
the style of mineralisation and type of deposit under consideration and to the
activity he is undertaking, to qualify as a Competent Person as defined in the
'Australasian Code for Reporting of Mineral Resources and Ore Reserves' of
December 2012 ("JORC Code") as prepared by the Joint Ore Reserves Committee of
the Australasian Institute of Mining and Metallurgy, the Australian Institute
of Geoscientists and the Minerals Council of Australia. Mr Warries gives
Atlantic Lithium Limited consent to use this reserve estimate in reports.
The Company confirms that the form and context in which the Competent Persons'
findings are presented have not been materially modified from the original
market announcement.
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