REG - Atlantic Lithium Ltd - Ewoyaa Mineral Resource increases to 35.3Mt

Atlantic LithiumAnnouncement

01/02/2023 07:01

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RNS Number : 4969O  Atlantic Lithium Limited  01 February 2023

1 February 2023

 

Ewoyaa Lithium Resource Increases to 35.3Mt at 1.25% Li(2)O

Measured and Indicated Resources Now 79% of Total Resource

Cape Coast Lithium Portfolio, Ghana, West Africa

 

Atlantic Lithium Limited (AIM: ALL, OTC: ALLIF, "Atlantic Lithium" or the
"Company"), the funded African- focussed lithium exploration and development
company on track to become Ghana's first lithium producing mine, is pleased to
announce a significant Mineral Resource Estimate ("MRE" or the "Resource")
upgrade to 35.3Mt at 1.25% Li(2)O for the Ewoyaa lithium deposit (collectively
the "Ewoyaa Project" or the "Project") within the Cape Coast Lithium Portfolio
in Ghana, West Africa. The Resource is reported in accordance with the JORC
Code (2012).

 

Figures, Tables and Appendixes referred to in this release can be viewed in
the PDF version available via this link:

http://www.rns-pdf.londonstockexchange.com/rns/4969O_1-2023-1-31.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4969O_1-2023-1-31.pdf)

 

HIGHLIGHTS:

Ø MRE now increased to 35.3Mt at 1.25% Li(2)O including 28Mt in the Measured
and Indicated categories at the Ewoyaa deposit; reported in accordance with
the JORC Code (2012).

Ø 79% of the overall MRE now in higher confidence Measured and Indicated
categories, with 3.5Mt at 1.37% Li(2)O in the Measured category and 24.5Mt at
1.25% Li(2)O in the Indicated category.

Ø Measured Resources reported for the first time and additional Indicated
Resources converted from the Inferred category, highlighting strong geological
and mineralisation continuity, favourable for ongoing studies.

Ø Definitive Feasibility Study ("DFS") well progressed and targeted for
release Q2 2023.

Ø The DFS will evaluate an extended mine life and increased throughput to
enhance Project economics.

Ø Significant exploration upside within the immediate Resource area with some
pegmatites open along strike and at depth and only 15km(2) drilled to date
within the broader 560km(2) Cape Coast lithium portfolio.

Ø MRE upgrade is based on a total 137,153m of drilling (inclusive 47,000m
programme completed during 2022), and includes 120,845m of reverse circulation
("RC") and 16,308m of diamond core ("DD") drilling.

Ø Project has exceptional ESG credentials; local highly skilled workforce,
low power requirements and well located with adjacent high-power transmission
lines, within 1km of national highway and within 110km to the operating
deep-sea port of Takoradi.

Ø Resource upgrade expected to significantly improve project economics.
Previously announced Pre-Feasibility Study (refer RNS of 22 September 2022)
delivers exceptional financial outcomes for a 2Mtpa operation, producing an
average c. 255,000tpa of 6% Li(2)O spodumene concentrate ("SC6") over a
12.5-year operation based on a 30.1Mt at 1.26% Li(2)O MRE:

o  LOM revenues exceeding US$4.84bn, Post-tax NPV(8) of US$1.33bn, IRR of
224% over 12.5 years

o  US$125m capital cost with industry-leading payback period of <5 months

o  C1 cash operating costs of US$278 per tonne of 6% lithium spodumene
concentrate Free on Board ("FOB") Ghana Port, after by-product credits

o  Average Life of Mine ("LOM") EBITDA of US$248m per annum

o  18.9Mt at 1.24% Li(2)O Maiden Ore Reserve

o  Average annualised US$1,359/dry metric tonne SC6 pricing used with
US$1,200/dry metric tonne long term pricing

 

Commenting on the Company's latest progress, Lennard Kolff, Interim Chief
Executive Officer of Atlantic Lithium, said:

"The Resource upgrade represents a significant de-risking milestone for the
Company, with 79% of the Resource now in the higher confidence Measured and
Indicated categories with potential for further exploration growth. This, in
addition to the larger overall tonnage, will provide the opportunity to
evaluate extended mine life and increased throughput to enhance project
economics.

"Our goal was to convert the Inferred to Indicated category, define the first
1 to 2 years of planned production to Measured category and increase the
overall Resource scale. We have comfortably achieved all our goals,
demonstrating the robust geological fundamentals of the Project.

"Metallurgical test-work to date has consistently delivered high-purity, low
contaminants >6% Li(2)O coarse spodumene concentrate utilising simple
gravity-only processing. Combining this with the excellent proximity to
operational infrastructure and the availability of skilled services in
pro-mining Ghana, we are on course to deliver one of the world's most
efficient hard rock lithium projects, in terms of capital intensity and lower
operating costs.

"The Company has transitioned from explorer to developer, with Ewoyaa funded
to production through our agreement with Piedmont, key senior personnel
recently recruited, and our Mining License application submitted. Today's
Resource upgrade highlights the exceptional potential of the project and the
value that it brings to Ghana and the Company."

 

Mineral Resource Estimate Upgrade

An upgraded MRE of 35.3Mt at 1.25% Li(2)O was completed for the Ewoyaa deposit
and surrounding pegmatites; collectively termed the "Ewoyaa Project". The
Mineral Resource is reported in accordance with the JORC Code (2012). The MRE
includes a total of 3.5Mt at 1.37% Li(2)O in the Measured category, 24.5Mt at
1.25% Li(2)O in the Indicated category and 7.4Mt at 1.16% Li(2)O in the
Inferred category (refer Table 1).

The independent MRE for Ewoyaa was completed by Ashmore Advisory Pty Ltd
("Ashmore") of Perth, Western Australia, with results tabulated in the
Statement of Mineral Resources in Table 1. The Statement of Mineral Resources
is reported in line with requirements of the JORC Code (2012) and is therefore
suitable for public reporting.

High-level Whittle optimisation was completed by Mining Focus Consultants Pty
Ltd of Perth, Western Australia and demonstrates reasonable prospects for
eventual economic extraction.

Table 1: Ewoyaa Mineral Resource Estimate (0.5% Li(2)O Cut-off)

            Measured Mineral Resource
 Type       Tonnage         Li(2)O          Cont. Lithium Oxide
            Mt              %               kt
 Primary    3.5             1.37            48
 Total      3.5             1.37            48

            Indicated Mineral Resource
 Type       Tonnage         Li(2)O          Cont. Lithium Oxide
            Mt              %               kt
 Weathered  0.5             1.09            5
 Primary    24.1            1.26            302
 Total      24.5            1.25            307

            Inferred Mineral Resource
 Type       Tonnage         Li(2)O          Cont. Lithium Oxide
            Mt              %               kt
 Weathered  1.8             1.13            20
 Primary    5.6             1.17            66
 Total      7.4             1.16            86

            Total Mineral Resource
 Type       Tonnage         Li(2)O          Cont. Lithium Oxide
            Mt              %               kt
 Weathered  2.2             1.12            25
 Primary    33.1            1.25            415
 Total      35.3            1.25            440

Competent Persons Note:

 

The Mineral Resource has been compiled under the supervision of Mr. Shaun
Searle who is a director of Ashmore Advisory Pty Ltd and a Registered 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 that he has undertaken to qualify as a
Competent Person as defined in the JORC Code.

All Mineral Resources figures reported in the table above represent estimates
at January 2023. Mineral Resource estimates are not precise calculations,
being dependent on the interpretation of limited information on the location,
shape and continuity of the occurrence and on the available sampling results.
The totals contained in the above table have been rounded to reflect the
relative uncertainty of the estimate. Rounding may cause some computational
discrepancies.

Mineral Resources are 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).

 

There are four main geometallurgical domains at Ewoyaa; coarse-grained type P1
and finer-grained type P2 pegmatites and their weathered equivalents. Their
estimated relative abundances, metallurgical recoveries and concentrate grades
are shown in Table 2.

To show the tonnage and grade distribution throughout the entire deposit, a
bench breakdown has been prepared using a 10m bench height which is shown in
Figure 1 and grade-tonnage curve for the classified resource in Figure 2.

Table 2: Material types, recoveries and concentrate grades (recoveries based
on laboratory results)

              Weathered
 Geomet Type  Tonnage  Li(2)O  Cont. Lithium Oxide  Recovery  Conc. Grade
              Mt       %       kt                   %         Li(2)O (%)
 P1           2.0      1.13    23                   68        6.0
 P2           0.2      1.00    2                    50        6.0
 Total        2.2      1.12    25

              Primary
 Geomet Type  Tonnage  Li(2)O  Cont. Lithium Oxide  Recovery  Conc. Grade
              Mt       %       kt                   %         Li(2)O (%)
 P1           29.3     1.28    375                  70        6.0
 P2           3.8      1.06    40                   50        5.5
 Total        33.1     1.25    415

Competent Persons Note: as per Table 1 above and metallurgical sign off in
Competent Persons section at end of document.

 

Figure 1: Ewoyaa Tonnage and Grade - 10m Bench Elevation

 

Figure 2: Ewoyaa Lithium Project Grade - Tonnage curve for classified
pegmatite resource

A plan view of the deposit areas is shown in Figure 3 with a long section
shown in Figure 4 and cross-section within the Ewoyaa Main indicated category
zone shown in Figure 5.

 

Figure 3: Plan View of Ewoyaa Resource wireframes and drilling with prospect
names

Figure 4: Long Section Z-Z' of Ewoyaa Main wireframes and drilling (View
towards 300°; solid colours = Resource wireframes, wireframe edges =
pegmatite wireframes)

Figure 5: Cross Section A-A' of Ewoyaa Block Model Li2O grades and drilling

 

The current MRE is based on a 0.5% reporting cut-off grade within a 0.4%
Li(2)O wireframed pegmatite body. However, when assessing all pegmatite
volumes (with no cut-offs applied), there is significant scope to increase the
resource tonnage. Table 3 below shows the overall resource tonnage and grade
for the deposit, inclusive of all pegmatite material. For example, the
Resource can be reported at a significantly larger tonnage by reducing the
cut-off grade to 0.2% Li(2)O, giving an increased resource of 45.3Mt at 1.03%
Li(2)O. Conversely, the Resource can be reported at a higher grade using a
0.8% Li(2)O cut-off for a resource of 32.1Mt at 1.3% Li(2)O.

Further studies will assess the potential benefits of increased production by
reducing the cut-off grade or higher feed grade on overall Project economics,
consistent with market price predictions and price trends realised by existing
producers.

 

Table 3: Overall resource tonnage and grade for the deposit, inclusive all
pegmatite material

 

 Cape Coast Lithium Project - Peg and Min 0.4% Wireframes
 January 2023 Mineral Resource Estimate
 Grade          Incremental Resource             Cut-off   Cumulative Resource
 Range          Tonnage     Li(2)O   Contained   Grade     Tonnage     Li(2)O   Contained
 Li(2)O         t           %        Li(2)O (t)  Li(2)O %  t           %        Li(2)O (t)
 0.0 -> 0.1     7,805,784   0.07     5,451       0.0       72,387,265  0.69     500,147
 0.1 -> 0.2     19,273,356  0.15     28,859      0.1       64,581,481  0.77     494,697
 0.2 -> 0.3     8,080,136   0.23     18,974      0.2       45,308,125  1.03     465,838
 0.3 -> 0.4     1,349,802   0.34     4,549       0.3       37,227,989  1.20     446,864
 0.4 -> 0.5     542,526     0.44     2,411       0.4       35,878,187  1.23     442,314
 0.5 -> 0.6     635,742     0.55     3,526       0.5       35,335,661  1.25     439,903
 0.6 -> 0.7     932,862     0.65     6,099       0.6       34,699,919  1.26     436,377
 0.7 -> 0.8     1,628,854   0.75     12,266      0.7       33,767,057  1.27     430,278
 0.8 -> 0.9     2,352,414   0.85     20,053      0.8       32,138,203  1.30     418,012
 0.9 -> 1.0     2,892,363   0.95     27,540      0.9       29,785,789  1.34     397,959
 1.0 -> 1.2     7,606,691   1.10     83,979      1.0       26,893,426  1.38     370,418
 1.2 -> 1.4     8,065,436   1.30     104,721     1.2       19,286,735  1.48     286,440
 1.4 -> 1.6     6,413,684   1.49     95,753      1.4       11,221,299  1.62     181,719
 1.6 -> 1.8     3,163,177   1.68     53,275      1.6       4,807,615   1.79     85,965
 1.8 -> 2.0     1,121,909   1.88     21,101      1.8       1,644,438   1.99     32,690
 2.0 -> 2.5     479,555     2.17     10,413      2.0       522,529     2.21     11,589
 2.5 -> 3.0     36,310      2.66     966         2.5       42,974      2.66     1,176
 3.0 -> 3.5     6,664       3.16     210         12.0      6,664       3.16     210
 Total          72,387,265  0.69     500,147

 

Geology and Geological Interpretation

The Ewoyaa Project area lies within the Birimian Supergroup, a Proterozoic
volcano-sedimentary basin located in Western Ghana. The Project area is
underlain by three forms of metamorphosed schist; mica schist, staurolite
schist and garnet schist. Several granitoids intrude the basin metasediments
as small plugs.  These granitoids range in composition from intermediate
granodiorite (often medium-grained) to felsic leucogranites (coarse to
pegmatoidal grain size), sometimes in close association with pegmatite veins
and bodies.

Pegmatite intrusions generally occur as sub-vertical dykes with two dominant
trends: either east-southeast (Abonko, Anokyi, Ewoyaa Northeast, Grasscutter,
Kaampakrom and Okwesi) dipping sub-vertically northeast; or north-northeast
(Ewoyaa Main) dipping sub-vertically to moderately to the east. Pegmatite
thickness varies across the Project, with thinner mineralised units
intersected at Abonko and Kaampakrom between 4 and 12m; and thicker units
intersected at Ewoyaa Main between 30 and 60m, and up to 100m at surface.

Drill Methods

The database contains data for the auger, RC and DD drilling conducted by the
Company since 2018. The drilling was completed by the Company in six phases
commencing in April 2018.  All the drilling was undertaken by GeoDrill
(Ghana), using both RC and DD rigs.

Drilling at the deposit extends to a vertical depth of approximately 319m and
the mineralisation was modelled from surface to a depth of approximately 330m
below surface.  The estimate is based on good quality RC and DD drilling
data.  Drill hole spacing is predominantly 20m by 20m and 40m by 40m in the
well-drilled portions of the Project and up to 80m by 80m to 100m by 100m
across the breadth of the known mineralisation.

The RC drilling used a combination of 5.25' and 5.75' face sampling hammers.
The DD used PQ and HQ (85mm and 63.5mm) diameter core barrels.  The DD holes
were completed from surface or as tails with PQ to maximise recovery in
weathered zones, with reversion to HQ once ground conditions improved within
fresh material.

In 2018, Phase 1 RC holes were completed on a nominal 100m by 50m grid
pattern, targeting the Ewoyaa Main mineralised system. Phases 2 to 5 reduced
the wide spacing to 80m by 40m and down to 40m by 40m in the well-drilled
portions of the Project. Eleven DD twins of RC holes were completed.

During Phase 1 and 2, RC drilling bulk samples and splits were collected at
the rig for every metre interval drilled, the splits being undertaken using a
riffle splitter. During Phase 3, Phase 4, Phase 5 and Phase 6, RC samples were
split with a rig mounted cone spitter, which took duplicate samples for
quality control purposes.

DD was cut with a core saw and selected half core samples was dispatched to
Nagrom Laboratory in Australia for metallurgical test work.

Selected core intervals were cut to quarter core with a saw at one-metre
intervals or to geological contacts; and since December 2018, were sent to
Intertek Laboratory in Tarkwa, Ghana for sample preparation. Prior to that,
samples were sent to SGS Laboratory in Tarkwa for sample preparation.

All Phase 1 samples were submitted to SGS Tarkwa for preparation (PRP100) and
subsequently forwarded to SGS Johannesburg and later SGS Vancouver for
analysis (ICP90A).

PRP100 - Samples <3kg are dried in trays, crush to 100% passing 2mm, split
using a rotary splitter to 5kg and pulverised in a LM2 to a nominal 85%
passing 75µm. Approximately 100g sub-sample is taken for assay.  All the
preparation equipment is flushed with barren material prior to the
commencement of the job. Coarse reject material was kept in the original bag.

Since December 2018, samples have been submitted to Intertek Tarkwa
(SP02/SP12) for sample preparation. Samples were weighed, dried and crushed to
-2mm in a Boyd crusher with an 800-1,200g rotary split, producing a nominal
1,500g split crushed sample, which was subsequently pulverised in a LM2 ring
mill.  Samples were pulverised to a nominal 85% passing 75µm.  All the
preparation equipment was flushed with barren material prior to the
commencement of the job.  Coarse reject material was kept in the original
bag.  Lab sizing analysis was undertaken on a nominal 1:25 basis. Final
pulverised samples (20g) were airfreighted to Intertek in Perth, Australia for
assaying.

Sample Analysis Method

Since December 2018, samples were sent to Intertek Laboratory in Perth for
analysis (FP6/MS/OES). FP6/MS/OES is an analysis for lithium and a suite of 21
other elements.  Detection limits for lithium range between 5ppm and
20,000ppm.  The sodium peroxide fusion (in nickel crucibles) is completed
with hydrochloric acid to dissolve the sub-sample and is considered a total
dissolution.  Analysis is conducted by Inductively Coupled Plasma Mass
Spectrometry ("ICP-MS").

Prior to December 2018, Phase 1 samples were submitted to SGS Johannesburg and
later SGS Vancouver for analysis (ICP90A). ICP90 is a 28-element combination
Na(2)O(2) fusion with ICP-OES. ICP-MS was added to some submissions for
additional trace element characterisation purposes.

Mineral Resource Classification Criteria

The Ewoyaa lithium deposits show good continuity of the main mineralised units
which allowed the drill hole intersections to be modelled into coherent,
geologically robust domains. Consistency is evident in the thickness of the
structure, and the distribution of grade appears to be reasonable along and
across strike.

The Ewoyaa Mineral Resource was classified as Measured, Indicated and Inferred
Mineral Resource based on data quality, sample spacing, and lode continuity.
The Measured Mineral Resource was defined within areas of close spaced RC and
DD drilling of less than 20m by 20m, and where the continuity and
predictability of the lode positions was good. Indicated Mineral Resource was
defined within areas of close spaced RC and DD drilling of less than 40m by
40m, and where the continuity and predictability of the lode positions was
good. In addition, Indicated Mineral Resource was confined to the fresh rock.
The Inferred Mineral Resource was assigned to transitional material, areas
where drill hole spacing was greater than 40m by 40m, where small, isolated
pods of mineralisation occur outside the main mineralised zones, and to
geologically complex zones.

Estimation Methodology

A Surpac block model was created to encompass the extents of the known
mineralisation. The block model was rotated on a bearing of 30°, with block
dimensions of 10m NS by 10m EW by 5m vertical with sub-cells of 2.5m by 2.5m
by 1.25m. The block size was selected based on results of Kriging
Neighbourhood Analysis ("KNA") and also in consideration of two predominant
mineralisation orientations of 30° and 100 to 120°.

The parent block size was selected based on KNA, while dimensions in other
directions were selected to provide sufficient resolution to the block model
in the across-strike and down-dip direction.

Bulk densities ranging between 1.7t/m(3) and 2.78t/m(3) were assigned in the
block model dependent on lithology, mineralisation and weathering. These
densities were applied based on 13,901 bulk density measurements conducted by
the Company on 101 DD holes and 35 RC holes with diamond tails conducted
across the breadth of the Project. The measurements were separated using
weathering surfaces, geology and mineralisation solids, with averages assigned
in the block model.

Cut-off Grade

The Statement of Mineral Resources has been constrained by the mineralisation
solids and reported above a cut-off grade of 0.5% Li(2)O. The reporting
cut-off grade is supported by a high-level Whittle optimisation.

Mining and Metallurgical Methods and Parameters

The Statement of Mineral Resources has been constrained by the mineralisation
solids, reported at a cut-off grade of 0.5% Li(2)O. Whittle optimisations
demonstrate reasonable prospects for eventual economic extraction. Preliminary
metallurgical test work indicates four main geometallurgical domains;
weathered and fresh coarse-grained spodumene-bearing pegmatite (P1) and
weathered and fresh medium-grained spodumene-bearing pegmatite (P2). From test
work completed for the Scoping Study at a 6.3mm crush, the P1 material
produces a 6% Li(2)O concentrate at approximately 70 to 85% recovery (average
75% recovery), whilst P2 material produces 5.5 to 6% Li(2)O concentrate at
approximately 35 to 65% recovery (average 47% recovery).

Further metallurgical test work completed for the PFS was done at a 10mm
crush. Recoveries for P1 material into primary concentrate at a 10mm crush
were 50-80% from the HLS test work with an average 68% recovery for weathered
and 70% for the fresh used for the PFS before discounting.

A P2 recovery of 50% was used for weathered and fresh for the purpose of the
PFS study. In the Scoping study, HLS tests on P2 weathered and fresh material
at a 6.3mm crush size gave recoveries of 46-61%. Recoveries of P2 to primary
concentrates at 10mm crush size ranged from 7-30% and averaged 20%. The
middlings contained ~60% of the lithium and it is expected that after finer
crushing at least 50% of this will be recovered giving an overall recovery of
50% before discounting.

Recoveries selected for the DMS Plant process design criteria were interpreted
from laboratory results discounted by 4% to simulate the typical loss of
recoveries from laboratory conditions to on-site, large-scale operations
resulting in 66% recovery for P1 fresh, 64% recovery for P1 weathered and 46%
for P2 weathered and fresh materials (refer announcement of 22 September
2022).

Further geological, geotechnical, engineering and metallurgical studies are
recommended to further define the lithium mineralisation and marketable
products.

JORC Table 1, Section 1 (Sampling Techniques and Data) and Section 2
(Reporting of Exploration Results) are included in Appendix 1.

JORC Table 1, Section 3 (Estimation and Reporting of Mineral Resources) is
included in Appendix 2.

 

 

 

Competent Persons

 

Information in this report relating to the exploration results is based on
data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief
Geologist of the Company. Mr Kolff is a Member of the Australian Institute of
Geoscientists who has in excess of 20 years' experience in mineral exploration
and is a Qualified Person under the AIM and ASX Rules. Mr Kolff consents to
the inclusion of the information in the form and context in which it appears.

 

Information in this 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'. 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.

 

Information in this report relating to metallurgical results is based on data
reviewed by Mr Noel O'Brien, Director of Trinol Pty Ltd. Mr O'Brien is a
Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and has
sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the December 2012
edition of the "Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves" (JORC Code). Mr O'Brien consents to the
inclusion in the report of the matters based upon the information in the form
and context in which it appears.

 

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:

 

 Neil Herbert (Executive Chairman)                                       Tel: +61 2 8072 0640

 Amanda Harsas (Finance Director and Company Secretary)

 www.atlanticlithium.com.au (http://www.atlanticlithium.com.au)

 IR@atlanticlithium.com.au

 SP Angel Corporate Finance LLP                                          Tel: +44 (0)20 3470 0470

 Nominated Adviser

 Jeff Keating

 Charlie Bouverat

 Canaccord Genuity Limited                                               Tel: +44 (0) 20 7523 4500

 Joint Company Broker

 Raj Khatri

 James Asensio

 Harry Rees

 Liberum Capital Limited                                                 Tel: +44 (0) 20 3100 2000

 Joint Company Broker

 Scott Matheson

 Edward Thomas

 Kane Collings

 Yellow Jersey PR Limited                                                Tel: +44 (0)20 3004 9512

Charles Goodwin

 Bessie Elliot
 atlantic@yellowjerseypr.com (mailto:atlantic@yellowjerseypr.com)

Tel: +44 (0)20 3004 9512

 

Notes to Editors:

 

About Atlantic Lithium

www.atlanticlithium.com.au (http://www.atlanticlithium.com.au/)

 

Atlantic Lithium (formerly "IronRidge Resources") is an AIM and ASX-listed
lithium company advancing a portfolio of projects in Ghana and Côte d'Ivoire
through to production.

 

The Company's flagship project, the Ewoyaa Project in Ghana, is a significant
lithium spodumene pegmatite discovery on track to become Ghana's first
lithium-producing mine. The Company signed a funding agreement with Piedmont
Lithium Inc. for US$103m towards the development of the Ewoyaa Project. Based
on the Pre-Feasibility Study, the Ewoyaa Project has indicated Life of Mine
revenues exceeding US$4.84bn, producing a spodumene concentrate via simple
gravity only process flowsheet.

 

Atlantic Lithium holds a 560km(2) & 774km(2) tenure across Ghana and Côte
d'Ivoire respectively, comprising significantly under-explored, highly
prospective licenses.

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