REG - Atlantic Lithium Ltd - 2025 Annual Financial Report

Atlantic LithiumAnnouncement

11/09/2025 07:00

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RNS Number : 9412Y  Atlantic Lithium Limited  11 September 2025

11 September 2025

2025 Financial Report

 

Atlantic Lithium awaits parliamentary ratification of the Mining Lease for its
Ewoyaa Lithium Project, having secured several critical approvals as required
under the Project's permitting process

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 audited results for the year ended 30 June 2025.

A full copy of the 2025 Annual Report is available on the Company's website
(www.atlanticlithium.com.au (http://www.atlanticlithium.com.au) ).

The PDF can also be viewed via the following link:
http://www.rns-pdf.londonstockexchange.com/rns/9412Y_1-2025-9-11.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9412Y_1-2025-9-11.pdf) .

Highlights

Project Development:

-       Critical approvals granted in respect of the permitting
requirements for the Company's flagship Ewoyaa Lithium Project ("Ewoyaa" or
the "Project") in Ghana:

o  The Mine Operating Permit, representing the final regulatory approval
required prior to construction of the Project;

o  The environmental permit by Ghana's Environmental Protection Authority
("EPA"), marking the EPA's formal endorsement for the proposed activities at
the Project, as detailed in the Company's Mine and Process Environment Impact
Statement;

o  The Land Use Certificate, which authorises the rezoning of the land within
the Project's Mining Area for mining purposes; and

o  The Water Use Permit, enabling the use of water from the Ochi-Amissah
River at the Project for the purposes detailed in the Definitive Feasibility
Study ("DFS") for the Project.(1)

-       Notification received that the Company's application in respect
of the Mining Lease for the Project had been submitted to the Parliament of
Ghana for ratification.

o  The Company has subsequently engaged relevant stakeholders in Ghana to
seek revised fiscal terms for the Mining Lease that reflect prevailing lithium
market conditions and that ensure the Project delivers value to shareholders
and to stakeholders.

o  The Company welcomed comments made by the Minister of Lands and Natural
Resources in parliament post-period end, 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.

-       With all of the necessary regulatory approvals secured, the
Company awaits the ratification of the Mining Lease for the Project by Ghana's
parliament, which serves as the final step in the Project's permitting process
to enable the advancement of the Project.

 

Exploration:

-       Increased JORC (2012) compliant Mineral Resource Estimate
("MRE") of 36.8Mt at 1.24% Li(2)O(1) ("Lithium MRE") reported for the Project.

-       Based on the same geological model that resulted in the Lithium
MRE(1), the Company delivered an updated MRE of 36.8Mt at 41.9% feldspar(1)
("Feldspar MRE") for the Project.

-       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, undertaken concurrently with the advancement of Ewoyaa.(1)

-       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.(1)

 

Corporate:

-       Post-period end, the Company announced the signing of binding
financing agreements with global investment company Long State Investments Ltd
("Long State") to secure funding up to £28m over a period of 24 months.

o  Under the Share Placement Agreement, the Company undertook an Initial
Placement, raising £2m (AUD 4.1m) through the issue of 24,786,526 shares at a
price of £0.081 (AUD 0.17) per share.

-       Successful completion of an institutional placement ("Equity
Placing"), led by the Company's largest shareholder, Assore International
Holdings Limited ("Assore"), raising A$10m.

-       Implementation of cost-saving measures to reduce the Company's
cash outflows, intended to enable the Company to focus its resources on
advancing Ewoyaa towards Project FID.

o  Measures included Neil Herbert transitioning to a Non-Executive Chairman
role, salary reductions for key leadership personnel, a rationalisation of the
Company's workforce and a reduction of expenditure for non-Project-critical
activities.

-       Cash on hand at end of the year was A$5.4m.

 

Commenting, Keith Muller, Chief Executive Officer of Atlantic Lithium, said:

"The Company has continued to make meaningful progress in the advancement of
the Project, despite the challenges presented by the delays to the
ratification of the Mining Lease and the backdrop of a significantly weakened
lithium market.

"Through the period, Ewoyaa was granted several critical approvals, each
marking significant milestones on the path to completing the permitting
process for the Project. I would like to thank our staff and partners
in-country, who have enabled the timely delivery of these achievements, as
well as the residents of the Project's catchment area in the Central Region
for their unwavering support.

"We currently await the ratification of the Mining Lease by Ghana's
Parliament, which will unlock the financing and development of the Project. We
remain confident that ratification will be forthcoming and continue to support
the process where possible.

"Post-period, we are delighted to have secured binding agreements with Long
State, providing the Company with access to up to £28m of funding over a
two-year period. Long State's investment serves as both its firm belief in the
Company as an investment opportunity and its recognition of Ewoyaa's potential
to generate value for stakeholders and shareholders. We warmly welcome Long
State as a strategic investor at such a critical moment in the Project's
progression.

"With this funding solution in place, and with the ratification of the Mining
Lease pending, the outlook for the year ahead for Atlantic Lithium is very
positive. Ewoyaa remains one of the most advanced, pre-construction hard rock
lithium assets globally and, underpinned by strong demand, we believe that the
Project's timeline to production aligns well with an anticipated recovery in
the market.

"We look forward to providing further updates in due course."

 

Authorised for release by Amanda Harsas, Finance Director and Company
Secretary, Atlantic Lithium Limited.

 

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

 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 and GSE-listed lithium company advancing its
flagship project, the Ewoyaa Lithium Project, a lithium spodumene pegmatite
discovery in Ghana, through to production to become the country's first
lithium-producing mine.

The Company published a Definitive Feasibility Study in respect of the Project
in July 2023.(1) The Project was awarded a Mining Lease in October 2023, an
Environmental Protection Authority ("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.

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 and the Annual Report 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 relating to exploration results is extracted from the Company's
announcement entitled, "Spodumene Pegmatite Discovered at Agboville and Rubino
Licences, Côte d'Ivoire", dated 22 May 2025. The information relating to the
MRE of 36.8Mt at 1.24% Li₂O ("Lithium MRE") for the Project is extracted
from the Company's announcement entitled "New Dog-Leg Target Delivers Increase
to Ewoyaa MRE", dated 30 July 2024. The Lithium MRE includes a total of 3.7Mt
at 1.37% Li₂O in the Measured category, 26.1Mt at 1.24% Li₂O in the
Indicated category and 7.0Mt at 1.15% Li₂O in the Inferred category. The
information relating to the Mineral Resource Estimate of 36.8Mt at 41.9%
feldspar ("Feldspar MRE") for the Project is extracted from the Company's
announcement entitled "Updated Feldspar Resource Estimate", dated 30 January
2025. The Feldspar MRE includes a total of 3.7Mt at 40.2% feldspar in the
Measured category, 26.1Mt at 42.1% feldspar in the Indicated category and
7.0Mt at 42.4% feldspar in the Inferred category. The information relating to
Ore Reserves (Probable) of 25.6Mt at 1.22% Li(2)O is extracted from the
Company's announcement entitled "Ewoyaa Lithium Project Definitive Feasibility
Study", dated 29 June 2023. The Company confirms, in the case of Mineral
Resources and Ore Reserves, that all material assumptions and technical
parameters underpinning the estimates continue to apply. Material assumptions
for the Project have been revised on the 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 Annual Report or the
announcements dated 22 May 2025, 30 January 2025, 30 July 2024, 20 October
2023 and 29 June 2023, which are available at www.atlanticlithium.com.au
(http://www.atlanticlithium.com.au) .

 

Competent Persons

Information in this announcement and the Annual Report relating to exploration
results is based on data reviewed by Mr I. Iwan Williams (BSc. Hons Geology),
General Manager - Exploration of the Company, and reported in accordance with
the Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (The Joint Ore Reserves Committee Code - JORC 2012 Edition).
Mr Williams is a Member of the Australian Institute of Geoscientists (#9088)
who has in excess of 30 years' experience in mineral exploration and is a
Qualified Person under the AIM Rules and as a Competent Person as defined in
the JORC Code. Mr Williams consents to the inclusion of the information in the
form and context in which it appears.

 

Information in this announcement and the Annual Report 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 this report
of the matters based upon the information in the form and context in which it
appears.

 

Information in this announcement and the Annual Report 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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