REG - Atlantic Lithium Ltd - Quarterly Activities and Cash Flow Report Dec 2022
30/01/2023 07:01
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RNS Number : 1779O Atlantic Lithium Limited 30 January 2023
30 January 2023
Corporate Update
Quarterly Activities and Cash Flow Report
for the quarter ended 31 December 2022
Highlights
The Board of Atlantic Lithium Limited ("Atlantic Lithium" or the "Company"),
the funded African-focussed lithium exploration and development company
targeting to deliver Ghana's first lithium mine, is pleased to present its
Quarterly Activities Report for the period ended 31 December 2022.
During the quarter, Atlantic Lithium successfully lodged the Mining License
Application for the Ewoyaa Lithium Project ("Ewoyaa" or the "Project"),
appointed a new Chief Operating Officer, awarded the Front-End Engineering
Design (FEED) contract to Primero Group, appointed a Project Manager and
continued to focus on advancing studies with further drill results received
and highest intersections to date in drilling at the Project, located in
Ghana, West Africa.
During the reporting period, Atlantic Lithium:
· Submitted a Mining Licence ("ML") application in respect to the
extraction of minerals from the proposed Ewoyaa Lithium Mine to the Minerals
Commission of Ghana ("MinCom").
· Completed the infill diamond core and reverse circulation drilling
programme at Ewoyaa Project to a total of 47,000m.
· Assay results reported for a further 26,423m of infill and
exploration drilling outside of the current 30.1Mt at 1.26% Li2O Mineral
Resource, providing potential for further resource upgrade.
· The contract for the processing plant FEED for the Ewoyaa Lithium
Project in Ghana, West Africa was awarded to the Primero Group, an
industry-leading vertically integrated engineering group.
· Appointed Keith Muller as its new Chief Operating Officer and Roux
Terblanche as Project Manager of the Ewoyaa Project.
· Vincent Mascolo was shortlisted for 'Mining CEO of the Year Award' at
the Mine and Money London 2022 Conference
· Cash on hand at end of quarter was A$19.1 million.
Final high-grade assays were received for the infill and exploration drilling
program on 12 January 2023, after the reporting period.
Ewoyaa Lithium Project, Ghana, West Africa
Ewoyaa is the Company's flagship project and is targeted to be Ghana's first
lithium-producing mine, having secured US$103m project development funding via
a partnership agreement with Piedmont Lithium Inc. (NASDAQ: PLL; ASX: PLL,
refer RNS of 31 August 2021).
The Project includes the Ewoyaa, Anokyi, Grasscutter, Abonko and Kaampakrom
deposits and is located in Ghana, West Africa, approximately 100km southwest
of the capital of Accra. The Project is well located being adjacent to
operational infrastructure including 1km from the Takoradi - Accra N1 highway,
110km from the Takoradi deep-sea port and adjacent to hydroelectric sourced
grid power, within the pro-mining jurisdiction of Ghana.
The Project is proven to produce a premium Spodumene concentrate ("SC6")
product suitable for conversion to battery grade lithium carbonate and
hydroxide. The site is easily accessed from Accra via the bitumen Accra-Cape
Coast-Takoradi highway being 100km from the Capital city Accra (refer Figure
1).
Figure 1: Location of the Ewoyaa Lithium Project
December Quarter Activities
Mining Licence Application lodged for Ewoyaa Lithium Project, Ghana, West
Africa
The Company successfully lodged the Mining License ("ML") application in
respect to the extraction of minerals from the proposed Ewoyaa Lithium Mine
("Ewoyaa" or the "Mine") to the Minerals Commission of Ghana in West Africa
(refer announcement of 13 October 2022).
Atlantic Lithium's majority-owned Ghana company, Barari DV Ghana Ltd, and
wholly owned Ghana subsidiary company, Green Metals Resources Ltd, lodged
initial documents in support of its ML application for the Project.
The application will now be assessed by the Ghanaian Government as soon as
practicably possible as part of the approval process ahead of the grant of the
ML and includes the submission of the Company's recent Pre-Feasibility Study
(announced 22 September 2022) as part of the necessary documentation.
Ewoyaa Lithium Project Drilling Assays received
During the quarter, assay results were received for approximately 26,423m of
infill diamond drilling ("DD") and Reverse Circulation ("RC") drilling
completed at the project (see releases dated 20 October 2022, 2 November 2022,
9 November and 29 November 2022). This formed part of the now completed
47,000m resource evaluation and exploration RC and DD programme which
commenced in March 2022.
During the quarter the Company received its highest reported diamond drilling
assay of 6.78% Li2O over 1m in hole GDD0071 from 30m and the highest single
RC assay to date of 4.52% Li2O over 1m in hole GRC0704 from 54m and 3.99% Li2O
from 53m.
Newly reported drilling results fall both within and outside the currently
defined 30.1Mt @ 1.26% Li(2)O Ewoyaa JORC (2012) Compliant Mineral Resource
Estimate ("MRE" or the "Resource"); both extending and infilling
mineralisation and providing further confidence in Resource conversion and
growth at the Ewoyaa project (refer Figure 2, Figure 3 and Figure 4).
Resource infill drilling results received to date at the Ewoyaa Main and
Ewoyaa North-East deposits have confirmed good mineralisation continuity and
increased resource confidence on a nominal 40m x 40m Indicated grid and 20m x
20m Measured grid. Measured drilling targeted the first 1.5 to 2 years of
planned production at the Ewoyaa Main deposit. Additionally, infill drilling
provided further material for test-work and customer acceptance samples within
the planned starter pit.
Broad, high-grade drill intersections were returned within the current MRE,
reported at the Ewoyaa Main deposit, including highlights at a 0.4 Li2O
cut-off and a maximum 4m of internal dilution of:
o GDD0073: 84.5m at 1.63% Li2O from 6m
o GRC0690: 89m at 1.52% Li2O from 9m
o GDD0071: 90.5m at 1.48% Li2O from 0m including 1m at 6.78% Li2O from 30m
o GDD0070: 77.5m at 1.5% Li2O from 13m
o GDD0069: 71.5m at 1.49% Li2O from 25m
o GRC0686: 62m at 1.29% Li2O from 32m
o GDD0074: 63.3m at 1.1% Li2O from 27m
o GDD0075: 44.6m at 1.56% Li2O from 37m
o GDD0078: 47.3m at 1.4% Li2O from 43.2m
o GRC0677: 50m at 1.25% Li2O from 33m
o GDD0079: 55m at 1% Li2O from 23m
o GRC0669: 59m at 0.95% Li2O from 113m
o GRC0697: 95m at 1.48% Li2O from 5m
o GRC0703: 87m at 1.61% Li2O from 0m
o GRC0701: 78m at 1.67% Li2O from 12m
o GRC0710: 74m at 1.65% Li2O from 15m
o GRC0692: 76m at 1.43% Li2O from 14m
o GRC0720: 62m at 1.34% Li2O from 28m
o GRC0722: 57m at 1.31% Li2O from 23m
o GRC0717: 47m at 1.57% Li2O from 43m
o GRC0712: 72m at 0.85% Li2O from 18m
o GRC0700: 44m at 1.32% Li2O from 46m
o GDD0089: 68m at 1.37% Li2O from 15m
o GRC0756: 60m at 1.36% Li2O from 29m
Broad, high-grade drill intersections were returned outside of the current
MRE, reported at the Ewoyaa Main, Grasscutter East and West, Anokyi and
Kaampakrom West deposits, including highlights of:
o GRC0688A: 67m at 1.51% Li2O from 235m
o GRC0721: 45m at 1.16% Li2O from 274m
o GRC0785: 35m at 1.48% Li2O from 111m
o GRC0760: 27m at 1.71% Li2O from 155m
Figure 2: Location of selected reported assay results and drillhole IDs with
highlight drill intersections at >10 lithium x meters metal content
Figure 3: Cross-section A-A' showing assay results received for GDD0089 at the
Ewoyaa Starter Pit deposit.
Figure 4: Cross-section C-C' assay results received for GDD0090, GRC0776 and
GRC0772 at the Ewoyaa North-East deposit.
Processing Plant FEED contract awarded
On 13 December 2022 the Company announced the award of the processing plant
Front-End Engineering Design contract (the "Contract") for the Project to
Primero Group ("Primero"), an industry-leading vertically integrated
engineering group.
Primero, a wholly owned subsidiary of NRW Holdings Limited (ASX: NRW),
specialises in the design, construction and operation of global resource
projects. The group has extensive experience in delivering large-scale
construction contracts, including in the lithium industry and in West Africa,
demonstrating significant expertise, versatility, and competence. Primero has
provided services for a number of lithium projects with comparable flow sheets
to Ewoyaa's, including Bald Hill (Alliance Mineral Assets), Pilgangoora
(Pilbara Minerals), Finnis Lithium (Core Lithium), Mt Holland (Covalent
Lithium) and Xuxa (Sigma Lithium).
Under the terms of the agreement, Primero will provide services to optimise
the Project's flow sheet, identify long lead items, look to maximise the
Project's long-term profitability, reduce execution risk and ultimately
support the advancement of the Project towards becoming a financially and
operationally robust lithium-producing mine. The value of the Contract is
US$980,000; the consideration of which is to be paid in accordance with the
3-stage earn-in agreement the Company has with Piedmont Lithium Inc. (NASDAQ:
PLL; ASX: PLL) to fund the Project towards production.
Ore Reserves and Resources
Table 1 provides a summary of Ore Reserves and Resources by status for the
Project, where the Ore Reserves are reported as part of the total Mineral
Resource. Table 2 provides a breakdown of Mineral Resources by deposit.
Probable Ore Reserves were declared for the Project. All stated Probable Ore
Reserves (refer Table 1) are completely included within the quoted Mineral
Resources and are quoted in dry tonnes. Probable Ore Reserves were declared
based on the Indicated Mineral Resources only contained within the pit
designs.
Table 1: Summary of Reserves (as of 22 September) and Resources by status
Gross Net attributable1 Operator
Category2
Tonnes Grade Contained Tonnes Grade Contained
(Mt) (% Li20) Li Metal kt (Mt) (% Li2O) Li Metal kt
Ore Reserves
Proven - - - - - - -
Probable 18.9 1.24 109 8.5 1.24 49 ALL
Sub-total 18.9 1.24 109 8.5 1.24 49 ALL
Mineral Resources
Measured - - - - - - -
Indicated 20.5 1.29 123 9.23 1.29 55 ALL
Inferred 9.6 1.19 53 4.32 1.19 24 ALL
Sub-total 30.1 1.26 176 13.55 1.26 79 ALL
1 Whilst the asset is currently wholly owned by Atlantic Lithium Limited,
Piedmont Lithium Inc. can earn up to half the project through the funding
agreement, whilst the Government of Ghana has the right to a 10% free carry
once in production.
2 Competent Person Statements - The information in this quarterly report that
relates to the estimation and reporting of Ore Reserves and Mineral Resources
for the Ewoyaa Lithium Project was reported by the Company on 22 September
2022. All stated Ore Reserves are completely included within the quoted
Mineral Resources and are quoted in dry tonnes. The Company confirms that it
is not aware of any new information or data that materially affects the
information included in that announcement and that all material assumptions
and technical parameters underpinning the Mineral Resource estimates, Ore
Reserve estimates, production targets and forecast financial information in
that announcement continue to apply and have not material ly changed. 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).
Table 2: Ewoyaa MRE by Deposit and JORC Classification (0.5% Li 2O Cut-off,
above -190mRL)
Indicated
Deposit
Tonnage
Li2O
Cont. Lithium Oxide
Mt
%
kt
Abonko Anokyi Bypass Ewoyaa 1.1
Ewoyaa Northeast 1.30
Grasscutter Kaampakrom Okwesi 14
Sill 2.2
1.46
33
0.0
0.00
0
10.0
1.23
123
2.5
1.42
36
3.3
1.19
39
0.4
1.43
5
0.6
1.48
9
0.4
1.34
5
Total 20.5
1.29
265
Inferred
Deposit
Tonnage
Li2O
Cont. Lithium Oxide
Mt
%
kt
Abonko Anokyi Bypass Ewoyaa 0.7
Ewoyaa Northeast 1.18
Grasscutter Kaampakrom Okwesi 8
Sill 1.1
1.29
14
0.2
1.15
3
4.2
1.09
46
0.9
1.19
10
1.5
1.28
19
0.6
1.31
8
0.3
1.34
4
0.1
1.57
1
Total 9.6
1.19
114
Total Mineral Resource
Deposit
Tonnage
Li2O
Cont. Lithium Oxide
Mt
%
kt
Abonko Anokyi Bypass Ewoyaa 1.8
Ewoyaa Northeast 1.25
Grasscutter Kaampakrom Okwesi 22
Sill 3.4
1.40
47
0.2
1.15
3
14.2
1.19
169
3.4
1.36
46
4.8
1.22
58
0.9
1.35
13
0.9
1.43
13
0.5
1.38
6
Total 30.1
1.26
379
Competent Person Statements - The information in this quarterly report that
relates to the estimation and reporting of Ore Reserves and Mineral Resources
for the Ewoyaa Lithium Project was reported by the Company on 22 September
2022. The Company confirms that it is not aware of any new information or data
that materially affects the information included in that announcement and that
all material assumptions and technical parameters underpinning the Mineral
Resource estimates, Ore Reserve estimates, production targets and forecast
financial information in that announcement continue to apply and have not
materially changed. 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).
Competent Person Statements - The information in this quarterly report that
relates to the estimation and reporting of Ore Reserves and Mineral Resources
for the Ewoyaa Lithium Project was reported by the Company on 22 September
2022.
Interest in Tenements
At Quarter Ended 31 December 2022, the Group has an interest in the following
tenements:
1. The Australian tenures will be relinquished in the financial
year ended 30 June 2023 and has been written down to zero value at 30 June
2022.
* Renewal applications have been submitted to the various mining departments
of the relevant Governments and the Group has no reason to believe the
renewals will not be granted.
Corporate
Appointment of Key Personnel
Recruitment of key executives and project members included Keith Muller as
Chief Operating Officer; Roux Terblanche as Project manager; Leasha Denney as
Contracts Manager and Prince Kenneth Lartey as Finance Manager Ghana.
Anna Boldiston started post quarter end as Assistant Company Secretary.
Conferences attended
The company attended the following conferences during the period:
· 121 Mining Investment, Sydney | 12-13 October 2022
· International Mining and Resources Conference + Expo (IMARC), Sydney
| 2-4 November 2022
· Noosa Mining Investor Conference, Queensland | 9-11 November 2022
· Mines and Money, London | 29 November-1 December 2022
Share Capital changes - Ordinary Shares, Options and Performance Rights
On 28(th) November the Company issued 4,000,000 unlisted options to Keith
Muller as part of his employment contract. Details of the unlisted options
were:
No of Options Strike Price Grant Date Expiry Date
2,000,000 60 pence 28 November 2022 28 November 2024
2,000,000 70 pence 28 November 2022 28 November 2024
On 21(st) December 2022, the Board approved the proposed issue of unlisted
Options to the current executive team and senior independent non-executive
director as part a review of the appropriateness of the company's remuneration
and incentive arrangements. These options are subject to shareholder approval
and have not been issued at the date of this report. Details of the unlisted
options were:
Director No of Options Strike Price Expiry Date
Mr Neil Herbert 2,000,000 60 pence 2 years from date of issue
Mr Lennard Kolff 2,000,000 60 pence 2 years from date of issue
Ms Amanda Harsas 2,000,000 60 pence 2 years from date of issue
Mr Stu Crow 1,000,000 60 pence 2 years from date of issue
On 30 December 2022, the Board amended the expiry date of the unlisted Options
held by the Estate of the late Mr Mascolo to the original expiry date the
Options were issued to, as detailed below:
No of Options Strike Price Original Expiry Date Amended Expiry Date (22 April 2022 announcement) New Expiry Date
5,000,000 40 pence 18 August 2023 31 December 2022 18 August 2023
6,000,000 50 pence 18 August 2023 31 December 2022 18 August 2023
A summary of movement and balances of equity securities between 1 October 2022
and date of this report is as follows:
Ordinary Shares Unquoted Options Unquoted performance rights
On issue at start of Quarter 605,741,660 50,500,500 2,700,000
Options issued 4,000,000
Total Securities on issue at date of this report 605,741,660 54,500,000 2,700,000
Compliance
During the quarter, the Company spent A$3.1 million on its exploration and
feasibility activities and $0.4 million on its Capex for its Ewoyaa Lithium
Project in Ghana. Exploration and feasibility activities is 50% funded by
Piedmont Lithium Inc. and Capex 100% funded as part of the partnership
arrangement announced on 1 July 2021.
The Dual Listing Prospectus in the previous quarter (30 August 2022) was a
sell-down of the Company's existing shares (Sell-Down) rather than an issue of
new Shares. The Company and SaleCo entered into agreements with those security
shareholders who wished to participate in the Sell-Down, including several
option holders who exercised their options and sold their resulting Shares as
part of the Sell-Down.
According, the sale of the shares itself did not raise any cash for the
Company but raised approximately A$4.5 million (before costs) from the
exercise of the Sell-Down Options.
The sale proceeds of A$13.3 million since the date of its admission to ASX
official list on 21 September has been utilised as follows.
Actual Budget Variance
Offer 22,850,000 at $0.58c per share $13,253,000 $13,253,000 $0
Distributed to Selling Shareholders (8,783,466) (8,873,466) $0
Conversion Proceeds remitted to Atlantic at Completion $4,469,534 $4,469,534 $0
Share Issue Costs (795,180) (795,180) $0
Definite-Feasibility Study of Ewoyaa Lithium Project (1,118,235) (1,118,235) $0
Planned Exploration Expenditure (445,063) (445,063) $0
Remaining $2,111,056 $2,111,056 $0
The company will use the above Conversion Proceeds (after costs) and existing
funds to explore and develop the Company's mineral lithium interests.
Appendix 5B expenditure disclosure
As at end 31 December 2022, the Company had cash resources of A$19.1 million
and no debt. Exploration and evaluation cash expenditure on the Project
during the quarter was A$5.9 million. Piedmont Lithium Inc. funded A$4.8
million of the expenditure with A$1.5million to be reimbursed in the next
quarter.
Appendix 5B includes a payment of A$0.9 million to a related party of the
entity (item 6.1). This represents a payment of a creditor, Assore
International Holdings Limited, a major shareholder for services of two
Non-Executive Directors for the period February 2015 to June 2022.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
ATLANTIC LITHIUM LIMITED
ABN Quarter ended ("current quarter")
17 127 215 132 31 December 2022
Consolidated statement of cash flows Current quarter Year to date (6months)
$A'000
$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 (308) (757)
(e) administration and corporate costs (2,106) (3,166)
1.3 Dividends received (see note 3) - -
1.4 Interest received - -
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other - -
1.9 Net cash from / (used in) operating activities (2,414) (3,923)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment (64) (258)
(d) exploration & evaluation (5,933) (11,759)
(e) investments - -
(f) other non-current assets-mine development (237) (237)
2.2 Proceeds from the disposal of: -
(a) entities
(b) tenements -
(c) property, plant and equipment -
(d) investments -
(e) other non-current assets -
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 4,781 8,656
2.6 Net cash from / (used in) investing activities (1,453) (3,598)
3. Cash flows from financing activities -
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 - 4,626
3.4 Transaction costs related to issues of equity securities or convertible debt (145) (1,676)
securities
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 (145) 2,950
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 23,398 23,882
4.2 Net cash from / (used in) operating activities (item 1.9 above) (2,414) (3,923)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,453) (3,598)
4.4 Net cash from / (used in) financing activities (item 3.10 above) (145) 2,950
4.5 Effect of movement in exchange rates on cash held (335) (260)
4.6 Cash and cash equivalents at end of period 19,051 19,051
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts
$A'000
$A'000
5.1 Bank balances 19,050 23,395
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other - Petty Cash 1 3
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 19,051 23,398
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 886
in item 1
6.2 Aggregate amount of payments to related parties and their associates included -
in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity
report must include a description of, and an explanation for, such payments.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements available to the entity.
$A'000
$A'000
Add notes as necessary for an understanding of the sources of finance available to the entity.
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) (2,414)
8.2 (Payments for exploration & evaluation classified as investing activities) (5,933)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (8,347)
8.4 Cash and cash equivalents at quarter end (item 4.6) 19,051
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 19,051
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.3
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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:
NA
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:
NA
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:
NA
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.
Compliance statement
1 This statement has been prepared in accordance with
accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 30 January 2023
Authorised by: Authorised by the Board of Atlantic Lithium Limited
Notes
1. This quarterly cash flow report and the
accompanying activity report provide a basis for informing the market about
the entity's activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes to
disclose additional information over and above the minimum required under the
Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been
prepared in accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral
Resources and AASB 107: Statement of Cash Flows apply to this report. If this
quarterly cash flow report has been prepared in accordance with other
accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the
corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as
cash flows from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release
to the market by your board of directors, you can insert here: "By the board".
If it has been authorised for release to the market by a committee of your
board of directors, you can insert here: "By the [name of board committee - eg
Audit and Risk Committee]". If it has been authorised for release to the
market by a disclosure committee, you can insert here: "By the Disclosure
Committee".
5. If this report has been authorised for release
to the market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
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 Tel: +61 2 8072 0640
Neil Herbert (Executive Chairman)
Amanda Harsas (Finance Director and Company Secretary)
www.atlanticlithium.com.au (http://www.atlanticlithium.com.au/)
atlantic@yellowjerseypr.com (mailto:atlantic@yellowjerseypr.com)
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 Mathieson
Edward Thomas
Kane Collings
Yellow Jersey PR Limited Tel: +44 (0)20 3004 9512
Charles Goodwin
Bessie Elliot
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 exploration and development company advancing a portfolio of lithium
projects and licenses 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 560km(2) & 774km(2) of tenure across Ghana and
Côte d'Ivoire respectively, comprising significantly under-explored, highly
prospective licenses.
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