REG - Atlantic Lithium Ltd - Leadership Streamlining and Cost Reductions

Atlantic LithiumAnnouncement

11/06/2025 07:00

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RNS Number : 3146M  Atlantic Lithium Limited  11 June 2025

11 June 2025

Leadership Streamlining and Cost Reductions

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,
today announces changes to its leadership structure and cost base as part of
its ongoing cost-cutting and streamlining initiative.

Under the initiative, Neil Herbert will step down as Executive Chairman and
become Non-Executive Chairman on 1 July 2025. This change reduces executive
costs and strengthens Board oversight, while day-to-day management will be
consolidated under Chief Executive Officer ("CEO") Keith Muller. Mr. Muller,
who brings over 20 years of lithium mining experience, will now lead all
operational and strategic activities as the Company advances the Ewoyaa
Lithium Project ("Ewoyaa" or "the Project") towards construction and
production.

As part of this streamlining:

·    Chairman Neil Herbert's remuneration will be reduced in line with his
new Non-Executive role.

·    CEO Keith Muller has voluntarily accepted a temporary 10% salary
reduction.

o  The salary reduction, which will see Mr. Muller receive an annual total
fixed remuneration of A$427,500, will take effect from 1 July 2025 and will
conclude 12 months thereafter, following which it will revert to his previous
remuneration amount, unless earlier agreed by Mr. Muller and the Company
following Board approval.

These actions reflect Atlantic Lithium's commitment to reduce costs and
increase operational efficiency to focus resources on delivering Ghana's first
lithium mine. Atlantic Lithium is committed to progressing Ewoyaa to
production and continues to work closely with the Government of Ghana to
secure terms that reflect current market conditions and maximise benefits for
the country and local communities.

Commenting, Chairman Neil Herbert said:

"Transitioning to Non-Executive Chairman and consolidating management under
Keith ensures a sharper focus on operational delivery and cost control as we
move towards construction at Ewoyaa."

Keith Muller, Chief Executive Officer, added:

"We are taking decisive steps to streamline our leadership and reduce costs,
ensuring we are well-positioned to deliver long-term value for Ghana and our
shareholders."

 

A summary of the changes to Neil Herbert's employment agreement can be found
in Appendix A. There are no further changes to Keith Muller's employment
agreement beyond the salary reduction detailed above.

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, 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 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.

 

Appendix A: Summary of the Changes to the Terms of the Employment Contract

between Atlantic Lithium Limited and Neil Herbert

 

1.   Commencement Date and Term

 

Neil Herbert will assume the role of Non-Executive Chairman of the Company
from 1 July 2025 on a fixed-term contract of 12 months.

 

2.   Remuneration

 

Fixed Remuneration

 

A$125,000 of Mr Herbert's annual total fixed remuneration of A$735,000 will be
paid in cash. The remaining A$610,000 will accrue as Deferred Fees, which will
not be payable unless a change in control of the Company occurs before 31
December 2026.

 

Short-term Incentive

 

Mr. Herbert will no longer be eligible for a target annual performance bonus
of 50% of annual total fixed remuneration.

 

3.   Termination

 

Mr Herbert may terminate the employment contract by providing 20 business
days' notice. A termination benefit of A$125,000 is payable on a substantial
diminution of Mr Herbert's role, in the event that he is not re-elected to his
position or if his role is not extended by the Company after the period of 1
year.

 

4.   Post-Employment Restraint

 

The agreement contains post-employment restraints which are usual for Director
agreements.

 

 

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