Quarterly Activities and Cash Flow Report
31/07/2025 07:00
RNS Number : 3637T
Atlantic Lithium Limited
31 July 2025
31 July 2025
Quarterly Activities and Cash Flow Report
for the quarter ended 30 June 2025
Atlantic Lithium advances discussions to seek revised fiscal terms of the Mining Lease
in respect of the Ewoyaa Lithium Project
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, is pleased to release 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 ("Ewoyaa" or the "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.
- Additional work 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."
Authorised for release by Amanda Harsas, Finance Director and Company Secretary, Atlantic Lithium Limited.
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.
June Quarter Activities
During the period, the Company continued to advance its flagship project, the Ewoyaa Lithium Project, through the permitting phase towards production. The Definitive Feasibility Study ("DFS") for the Project outlines a low capital and operating cost profile, with near-term production potential.1 The Project is on track to become Ghana's first operating lithium mine.
Ewoyaa, located in the pro-mining jurisdiction of Ghana, West Africa, approximately 100km southwest of the capital of Accra, comprises eight main deposits, including Ewoyaa, Okwesikrom, Anokyi, Grasscutter, Abonko, Kaampakrom, Sill and Bypass. The Project is well located to operational infrastructure, including being within 1km of the Takoradi - Accra N1 highway, 110km from the Takoradi deep-sea port and adjacent to grid power (refer Figure 1).
Figure 1: Location of the Ewoyaa Lithium Project, Ghana
Concurrent to its activities at Ewoyaa, the Company continues to undertake low-cost exploration across the contiguous Agboville and Rubino exploration licences, which are 100% owned through its wholly-owned Ivorian subsidiary Khaleesi Resources SARL ("Khaleesi"), in the mining-friendly jurisdiction of Côte d'Ivoire in West Africa.
The Agboville and Rubino licences, which cover 396.89 km² and 374.18 km² respectively, provide the Company with exclusive rights to conduct lithium exploration over highly prospective tenure for lithium discovery.
Leveraging synergies with its existing operations in Ghana, the Company is applying its proven track record of lithium exploration, discovery and evaluation in tropical weathering environments, as demonstrated at Ewoyaa, to its exploration portfolio in Côte d'Ivoire.
Project Development
Ewoyaa Mining Lease
The Company continues to await the ratification of the Mining Lease in respect of the Project by Ghana's parliament. With all of the necessary regulatory approvals now secured, parliamentary ratification serves as the final step of the permitting process and will enable the Company to advance the financing of the Project.
The Company has engaged key stakeholders in Ghana, including government representatives, to seek fiscal terms of the Mining Lease that reflect the current lithium price environment and that ensure that the Project delivers value for shareholders and long-term benefits for Ghana and Ghanaians.
Post-period, the Company welcomed the comments made in parliament by the Minister of Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah, in which the Minister confirmed that Cabinet had authorised that revised terms of the Mining Lease be negotiated and presented for review by Cabinet, and by Parliament thereafter, per the necessary process for parliamentary ratification. While acknowledging the exceptional support from residents of the Project's catchment area within the Central Region for the advancement of the Project, the Minister highlighted, in particular, the importance of the number of jobs that will be created at Ewoyaa among the significant benefits that the Project is expected to generate locally.
The Company remains confident that ratification of the Mining Lease will be forthcoming in accordance with due parliamentary process, however, shareholders should note that there can be no certainty that the Company will be able to secure more favourable terms or that Ghana's parliament will indeed ratify the Mining Lease.
Project Optimisation
Additional work, comprising a series of cost-benefit analyses and process comparisons, is being undertaken to identify and implement further optimisations to the Project's design and engineering. The work is focused on maintaining a technically sound and capital-efficient operation whilst reducing operating costs and the Project's peak funding requirement to support the development of the Project, ensuring it remains resilient in a lower commodity price environment and that is also positioned to capitalise on future commodity price recoveries and events of positive commodity price volatility.
Exploration
Côte d'Ivoire
Granted in May 2024, the Company is undertaking low-cost exploration at its Agboville and Rubino exploration licences in Côte d'Ivoire. The licences, which are located c. 80km north of Abidjan, the port and commercial capital of Côte d'Ivoire, are well-serviced with existing infrastructure, including excellent paved highways and an operating railway linking Burkina Faso's capital city of Ouagadougou and the port of Abidjan (refer Figure 2).
Figure 2: Location of the Agboville and Rubino licences held 100% by the Company's wholly-owned subsidiary Khaleesi Resources SARL in Côte d'Ivoire and existing operational infrastructure.
Mapping and rock-chip sampling
The Company announced during the period that geological mapping completed by the Company's geologists over the Agboville and Rubino exploration licences had discovered a number of spodumene pegmatite occurrences in both licences as rock float and a single rare outcrop, with spodumene visually observed in hand specimen despite varying degrees of weathering exhibited (refer announcement of 22 May 2025). Mapping was undertaken as part of the first pass geological appraisal of priority areas of the two licences, over which historical government data suggest lithium-caesium-tantalum (LCT) pegmatite could occur.
Rock-chip samples were collected during mapping at several locations where pegmatite was encountered and submitted for assay. The elevated assay values of lithium and other elements, above 0.2% Li2O and up to 1.25% Li2O, from these pegmatite rock-chip samples confirm the Company's visual spodumene observations and the prospectivity of the licences (refer Figure 3). Not all pegmatite samples sent for assay returned anomalous assay results. In some cases, anomalous lithium and caesium assays returned from first-pass reconnaissance mapping resulted in the discovery of spodumene pegmatite float when geologists re-visited the sample site to ground truth the anomalous assay results.
Figure 3: Map showing spodumene pegmatite discoveries within the Agboville and Rubino licences with associated lithia and caesium (Cs) values from rock-chip assays. Extent of recent Phase 2 and 3 soil sampling grids are also shown.
Figure 4: Photographs of spodumene pegmatite hand specimens discovered in the Rubino exploration licence by the Company's geologists. a) Sample 110009 - Weathered surface of spodumene pegmatite float with spodumene crystals 10mm to 50mm in length (outlined in red), estimated to be 10-15% of the surface area of the rock sample. b) Sample 110009 - Broken surface of weathered spodumene pegmatite with spodumene crystals 10mm to 60mm in length (outlined in red), estimated to form 10-15% of the rock sample. c) Sample 110018 - Moderate to strongly weathered spodumene pegmatite with individual spodumene crystals 10mm to 30mm in length (outlined in red), estimated to form 15-20% of the rock sample. d) Sample 110032 (Petrography sample 110025 - see below) - Spodumene pegmatite with pink-brown coloured spodumene crystals ranging in length from 2mm to 15mm (outlined in red), estimated to form 25-30% of the rock sample.
NOTE: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
One spodumene pegmatite float sample (Sample 110025, refer Figure 4d) from the Rubino licence was sent to PetroStrat in the United Kingdom for thin section preparation and description to confirm the visual observation of spodumene in hand specimen and to identify any other lithium-bearing mineral phases present. The petrographic report on this single sample confirmed the field observation of spodumene and that it is the only significant lithium-bearing mineral present (lepidolite recorded as trace) in the thin section. Other lithium-bearing mineral phases could be present in other samples and areas of the permits and detailed mineralogy will be determined during later stages of the exploration programme.
Figure 5: Petrographic summary of spodumene pegmatite sample 110025 from the Rubino licence by PetroStrat (UK) confirming the field visual observation of spodumene. A photograph of this rock sample is shown in Figure 3d.
Soil Sampling
Soil geochemical sampling was undertaken using 100m by 100m spaced grid over the most prospective areas identified by mapping and rock-chip sampling completed by the Company and also over historical mineral occurrences in both the Agboville and Rubino licence areas.
Soil sampling was completed in two sampling phases in each tenement; Phase 2 consisting of 3,235 sample sites (1,594 sites sampled at Agboville and 1,641 sites sampled at Rubino) and Phase 3 consisting of 1,512 sample sites (442 samples at Agboville and 1,070 samples at Rubino), the extent of which are shown in Figure 3. The total number of soil samples collected within the Rubino Phase 3 grid increased to 1,070 after the geological team was granted permission to sample a tract of agricultural land that had recently changed ownership. The Phase 1 soil sampling programme was a baseline soil programme undertaken along selected sections during reconnaissance mapping, where different sample depths and sieve fractions were tested and the results of which help set the best parameters for subsequent grid soil programmes.
Only the Rubino Phase 2 soil results have been received to date and the lithium-in-soil values clearly delineate pronounced anomalies (refer Figure 6) extending over a 2.5km by 2.0km area where anomalous lithium values between 210ppm and a peak value of 806ppm define the most significant anomalies. These lithium anomalies have distinct geometries, with a particularly pronounced 2.5km-long linear cluster of anomalies whose NE-SW orientation follow interpreted local geological contacts between granodiorite and metasediments and also the prominent regional tectonic trend in this part of the Birimian. There is a close spatial relationship between the pronounced linear lithium-in-soil anomalies and the location of spodumene pegmatite float and outcrop discovered in the Rubino licence. These lithium-in-soil anomalies remain open towards the northeast, where the Company awaits results of the Rubino Phase 3 soil sampling programme.
Figure 6: Rubino Phase 2 Li (ppm) in soil grid results with spodumene pegmatite discovery sites and associated rock-chip lithia assays.
Next Steps
Additional mapping is underway to support the evaluation of the anomalies identified by the Rubino Phase 2 soil results. Once all the remaining Phase 2 (Agboville) and Phase 3 (Agboville and Rubino) soil sampling results are received, surface mapping and follow-up auger drill programmes will be planned to map the source of the anomalies below the laterite at surface, with the ultimate goal to define potential reverse circulation and diamond drill targets. Extending the soil sampling with Phase 4 towards the north and over other prospective areas will also be planned.
Interest in Tenements
At the end of the quarter ending 30 June 2025, the Company had an interest in the following tenements:
| Tenement Number | Tenement Name | Principal Holder | Grant Date/ Application Date | Expiry Date | Term | Change during Quarter | |
| Ghana | |||||||
| PL3/67 | Apam East | Obotan Minerals Company Limited (JV MODA Minerals Limited) | 06.11.23 | 05.11.26 | 3 years | None | |
| PL3/92 | Apam West | Obotan Minerals Company Limited (JV MODA Minerals Limited) | 06.11.23 | 05.11.26 | 3 years | None | |
| RL 3/55 | Mankessim | Barari DV Ghana Limited (90% Atlantic) | 27.07.21 | 26.07.24* | 3 years | None | |
| PL3/102 | Saltpond | Joy Transporters Limited (100% Atlantic) | 06.11.23 | 05.11.26 | 3 years | None | |
| PL3/109 | Mankessim South | Green Metals Resources Limited (100% Atlantic) | 06.11.23 | 05.11.26 | 3 years | None | |
| PL3/106 | Cape Coast | Joy Transporters Limited (100% Atlantic) | 15.11.21 | 14.11.24* | 3 years | None | |
| RML-N-3/181 | Senya Beraku | Green Metals Resources Limited (100% Atlantic) | 09.11.23 | 08.11.26 | 3 years | None | |
| PL-I-3/15 | Bewadze | Green Metals Resources Limited (100% Atlantic) | 09.11.23 | 08.11.26 | 3 years | None | |
| ML-3/239 | Mankessim Mining Lease | Barari DV Ghana Limited (90% Atlantic) | 20.10.23 | 19.10.38 | 15 years | None | |
| Ekrubaadze PL | Green Metals Resources Limited (100% Atlantic) | 03.10.23 | Application | None | |||
| Asebu (Winneba North) | Green Metals Resources Limited (100% Atlantic) | 28.06.21 | Application | None | |||
| Mankwadze (Winneba South) | Green Metals Resources Limited (100% Atlantic) | 28.06.21 | Application | None | |||
| Mankwadzi | Obotan Minerals Company Limited (JV MODA Minerals Limited) | 15.03.18 | Application | None | |||
| Onyadze | Green Metals Resources Limited (100% Atlantic) | 23.08.21 | Application | None | |||
| Ivory Coast | |||||||
| PR695 | Rubino | Khaleesi Resources SARL (100% Atlantic) | 22.05.24 | 21.05.28 | 4 years | None | |
| PR694 | Agboville | Khaleesi Resources SARL (100% Atlantic) | 08.05.24 | 07.05.28 | 4 years | None | |
| Ordinary Shares | Unquoted Options | Unquoted performance rights | |
| On issue at start of quarter | 693,147,313 | 14,422,787 | 15,558,614 |
| Employee Share Options lapsed(16 May 2025) | (2,000,000) | ||
| Performance Rights forfeited(23 May 2025) | (702,549) | ||
| Unlisted options held by the Minerals Income Investment Fund lapsed (23 July 2025) | (9,622,787) | ||
| Total securities on issue at date of this report | 693,147,313 | 2,800,000 | 14,856,065 |
| Name of entity:ATLANTIC LITHIUM LIMITED | ||
| ABN:17 127 215 132 | Quarter ended ("current quarter"):30 June 2025 | |
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (12 months) $A'000 | |
| 1. | Cash flows from operating activities | - | - |
| 1.1 | Receipts from customers | ||
| 1.2 | Payments for | - | - |
| (a) exploration & evaluation | |||
| (b) development | - | - | |
| (c) production | - | - | |
| (d) staff costs | (213) | (1,076) | |
| (e) administration and corporate costs | (694) | (3,763) | |
| 1.3 | Dividends received (see note 3) | - | - |
| 1.4 | Interest received | 3 | 11 |
| 1.5 | Interest and other costs of finance paid | (77) | (92) |
| 1.6 | Income taxes paid | - | - |
| 1.7 | Government grants and tax incentives | - | - |
| 1.8 | Other Income | - | - |
| 1.9 | Net cash from / (used in) operating activities | (981) | (4,920) |
| 2. | Cash flows from investing activities | - | - |
| 2.1 | Payments to acquire or for: | ||
| (a) entities | |||
| (b) tenements | - | - | |
| (c) property, plant and equipment | - | (100) | |
| (d) exploration, feasibility, and development | (2,860) | (19,435) | |
| (e) investments | - | - | |
| (f) other non-current assets | - | - | |
| 2.2 | Proceeds from the disposal of: | - | - |
| (a) entities | |||
| (b) tenements | - | - | |
| (c) property, plant and equipment | - | - | |
| (d) investments | - | - | |
| (e) other non-current assets | - | 1 | |
| 2.3 | Cash flows from loans to other entities | - | - |
| 2.4 | Dividends received (see note 3) | - | |
| 2.5 | Other - Piedmont Contributions from farm-in arrangement | 1,450 | 6,798 |
| 2.6 | Other - Contribution from lessor for Lease Fit Out | - | 165 |
| 2.7 | Net cash from / (used in) investing activities | (1,410) | (12,571) |
| 3. | Cash flows from financing activities | - | 10,268 |
| 3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | ||
| 3.2 | Proceeds from issue of convertible debt securities | - | - |
| 3.3 | Proceeds from exercise of options | - | - |
| 3.4 | Transaction costs related to issues of equity securities or convertible debt securities | - | (253) |
| 3.5 | Proceeds from borrowings | - | - |
| 3.6 | Repayment of borrowings | - | - |
| 3.7 | Transaction costs related to loans and borrowings | - | - |
| 3.8 | Dividends paid | - | - |
| 3.9 | Other (provide details if material) | - | - |
| 3.10 | Net cash from / (used in) financing activities | - | 10,015 |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| 4.1 | Cash and cash equivalents at beginning of period | 8,080 | 12,679 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (981) | (4,920) |
| 4.3 | Net cash from / (used in) investing activities (item 2.7 above) | (1,410) | (12,571) |
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | - | 10,015 |
| 4.5 | Effect of movement in exchange rates on cash held | (302) | 184 |
| 4.6 | Cash and cash equivalents at end of period | 5,387 | 5,387 |
| 5. | Reconciliation of cash and cash equivalentsat the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $A'000 | Previous quarter $A'000 |
| 5.1 | Bank balances | 5,374 | 8,054 |
| 5.2 | Call deposits | - | - |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other - Petty Cash | 13 | 26 |
| 5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 5,387 | 8,080 |
| 6. | Payments to related parties of the entity and their associates | Current quarter $A'000 |
| 6.1 | Aggregate amount of payments to related parties and their associates included in item 1 | 87 |
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | 184 |
| 7. | FinancingfacilitiesNOTE: the term "facility' includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end $A'000 | Amount drawn at quarter end $A'000 |
| 7.1 | Loan facilities | - | - |
| 7.2 | Credit standby arrangements | - | - |
| 7.3 | Other | - | - |
| 7.4 | Total financing facilities | - | - |
| 7.5 | Unused financing facilities available at quarter end | - | |
| 7.6 | Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. | ||
| 8. | Estimated cash available for future operating activities | $A'000 |
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (981) |
| 8.2 | (Payments forexploration & evaluation classified as investing activities)(item 2.1(d)) | (2,860) |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (3,841) |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 5,387 |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 5,387 |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 1.4 |
| NOTE: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. | ||
| 8.8 | If item 8.7 is less than 2 quarters, please provide answers to the following questions: | |
| 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? | ||
| Answer: Yes | ||
| 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? | ||
| Answer: · Atlantic Lithium Ltd is funded under a co-development agreement with Piedmont Lithium Inc. Piedmont continues to contribute on a monthly basis under the co-development agreement. · The Company implemented further cost-cutting measures during the June 2025 quarter. Additionally, the Company will continue to closely monitor its available cash and adjust operating expenditure as required. · Atlantic Lithium has agreed non-binding Heads of Terms with the Minerals Income Investment Fund ("MIIF") under which MIIF will invest US$27.9m to acquire a 6% contributing interest in the Company's Ghana subsidiaries. The Company continues to engage with MIIF representatives to finalise this investment. | ||
| 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? | ||
| Answer: Yes. The Company has funding available (see 8.8.2). The Company has its remaining LR7.1 capacity if required. The Company has a strong track record of being able to raise funds if required. | ||
| NOTE: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. | ||
| www.atlanticlithium.com.au | ||||
| IR@atlanticlithium.com.au | ||||
| Tel: +61 2 8072 0640 | ||||
| SP Angel Corporate Finance LLP Nominated Adviser Jeff Keating Charlie Bouverat Tel: +44 (0)20 3470 0470 | Yellow Jersey PR Limited Charles Goodwin Bessie Elliotatlantic@yellowjerseypr.com Tel: +44 (0)20 3004 9512 | Canaccord Genuity Limited Financial Adviser: Raj Khatri (UK) / Duncan St John, Christian Calabrese (Australia) Corporate Broking: James Asensio Tel: +44 (0) 20 7523 4500 | ||