Half-year Financial Report
13/03/2026 07:09
RNS Number : 5674W
Atlantic Lithium Limited
13 March 2026
13 March 2026
Interim Results
Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, "Atlantic Lithium" or the "Company"), the Africa-focused lithium exploration and development company targeting the delivery of Ghana's first lithium mine, is pleased to release its unaudited Interim Results for the half-year period ended 31 December 2025.
Highlights from the Reporting Period:
Project Development:
- Atlantic Lithium currently awaits the ratification of the Mining Lease in respect of the Company's flagship Ewoyaa Lithium Project ("Ewoyaa" or the "Project") by the Parliament of Ghana.
- Parliament reconvened on Tuesday, 3 February 2026 and a meeting was held for the Committee on Lands and Natural Resources (being a Parliamentary Select Committee of the Parliament of Ghana) on Thursday, 12 February 2026.
- Following its review of the Mining Lease, the Select Committee is expected to provide its recommendation to Parliament.
- The Mining Lease includes a revision of certain fiscal terms following a period of consultation undertaken by the Minister of Lands and Natural Resources and relevant local and industry stakeholders.
o The revised terms comprise the alignment of the Project's royalty rate and Growth and Sustainability Levy to current legislated rates in Ghana.
- Concurrently, the Ministry of Lands and Natural Resources submitted a Legislative Instrument outlining a sliding scale for royalty rates for lithium projects for parliamentary approval.
o Following the expiration of the 21-sitting-day review period, the Legislative Instrument became legally binding post-period end.
- With all the necessary regulatory approvals secured, parliamentary ratification of the Mining Lease represents the final step in the Project's permitting process.
- Work undertaken to identify optimisations to the Project's design and engineering, focused on maintaining a technically sound and capital-efficient operation whilst reducing operating costs and the Project's peak funding requirement. The work is intended to ensure the Project remains resilient through commodity price downturns, while capitalising on positive price movements.
Exploration:
- New spodumene pegmatite occurrences discovered in rock float from further mapping completed within the Company's Rubino licence in Côte d'Ivoire, in addition to the previously reported outcrop.
- Impressive results returned from lithium-in-soil sampling completed across both of the Company's 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 2 results at Agboville have defined a pronounced linear anomaly >5km in length, in addition to other anomalous linear features.
o Phase 3 soil sampling at Rubino has extended the anomalous zone reported previously to an increased area of approximately 6.0km by 2.5km.
- Phase 4 soil sampling programmes completed within the Agboville and Rubino licences post-period end.
- Formal process underway 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 entered into binding financing agreements with Long State Investments Ltd ("Long State"), providing the Company access to up to £28m over a two-year period, intended to support the Company's advancement of the Project towards production:
o A share placement agreement to raise up to £8m (AUD 16.4m) ("Share Placement Agreement"); and
o A committed equity facility to raise up to £20m (AUD 41.1m) through the placement tranches of shares in the Company ("Committed Equity Facility Agreement" or "Facility").
- Under the Share Placement Agreement, the Company completed an Initial Placement during the period, raising a total of £2m.
- The Company subsequently undertook a second placement under the Share Placement Agreement to raise a further £2m ("Second Placement").
o 50% of the proceeds of the Second Placement (i.e. £1m / AUD 2.03m) were paid on the issue of shares, with the remainder (adjusted for the Swap Amount) paid post-period end.
- Under the Committed Equity Facility Agreement and following shareholder approval at the Company's Extraordinary General Meeting ("EGM"), held on 6 November 2025, the Company issued 10 million warrants and 10 million fully paid ordinary shares of nil value ("Security Shares") to Long State1 prior to undertaking the first placement under the Facility.
o The Company is not required to draw down on the Facility.
- 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 period was A$5.4m.
Commenting, Keith Muller, Chief Executive Officer of Atlantic Lithium, said:
"The lithium market has seen a strong recovery during the period, rising from lows of US$590/tonne in June 2025 to over US$1,500/tonne in January 2026, and onwards beyond US$2,000/tonne more recently. We have undertaken work through H2 2025 to enhance the viability of the Project through ongoing price volatility, ensuring the Project can survive through price downturns but also capitalise on periods of improved pricing. This work is expected to support the Company's financing discussions, which will be further progressed post-ratification of the Ewoyaa Mining Lease.
"We continue to receive positive indications in respect of the ratification process. Parliament reconvened on 3 February, and a meeting was held for the Select Committee to consider the Mining Lease on 12 February. The Company eagerly awaits the conclusion of the Select Committee's review of the Mining Lease and the submission of its recommendation to Parliament thereafter. We remain confident that ratification will be forthcoming and continue to support the process where possible.
"Further steps have also been taken to progress our early-stage exploration in Côte d'Ivoire during the period and subsequently. We have now concluded the Phase 4 soil sampling programme undertaken within the Agboville and Rubino licences, with results still to be returned. While advancing Ewoyaa remains our priority, the impressive results delivered to-date from the two licences in Côte d'Ivoire provide us with confidence to build a pipeline of lithium production assets to drive the Company's longer-term growth.
"Post-period end, the Company announced the receipt of an unsolicited takeover offer from an undisclosed suitor. While the offer validated the direction in which the Company is heading, the Board felt that it did not fully encapsulate the potential that Ewoyaa and the Company's exploration tenure offer; particularly when considering the current status of the Mining Lease ratification process and the underlying demand trajectory for lithium products. Following the cessation of discussions with said suitor, we remain fully committed to advancing Ewoyaa towards production to become Ghana's first lithium mine.
"We look forward to providing further updates in due course."
Authorised for release by Amanda Harsas, Finance Director and Company Secretary, Atlantic Lithium Limited.
The full PDF version of the report is available via this link: http://www.rns-pdf.londonstockexchange.com/rns/5674W_1-2026-3-13.pdf
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For any further information, please contact:
Atlantic Lithium Limited
Keith Muller (Chief Executive Officer)
Amanda Harsas (Finance Director and Company Secretary)
| www.atlanticlithium.com.au | ||||
| IR@atlanticlithium.com.au | ||||
| Tel: +61 2 8072 0640 | ||||
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