REG - Atlantic Lithium Ltd - Quarterly Activities and Cash Flow Report
31/07/2025 07:01
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250731:nRSe3637Ta&default-theme=true
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% Li(2)O and up to 1.25% Li(2)O, 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 Principal Grant Date/ Expiry Date Term Change during Quarter
Name
Holder
Application Date
Ghana
PL3/67 Apam East Obotan Minerals Company Limited 06.11.23 05.11.26 3 years None
(JV MODA Minerals Limited)
PL3/92 Apam West Obotan Minerals Company Limited 06.11.23 05.11.26 3 years None
(JV MODA Minerals Limited)
RL 3/55 Mankessim Barari DV Ghana Limited 27.07.21 26.07.24* 3 years None
(90% Atlantic)
PL3/102 Saltpond Joy Transporters Limited 06.11.23 05.11.26 3 years None
(100% Atlantic)
PL3/109 Mankessim South Green Metals Resources Limited 06.11.23 05.11.26 3 years None
(100% Atlantic)
PL3/106 Cape Coast Joy Transporters Limited 15.11.21 14.11.24* 3 years None
(100% Atlantic)
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 09.11.23 08.11.26 3 years None
(100% Atlantic)
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 03.10.23 Application None
(100% Atlantic)
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 15.03.18 Application None
(JV MODA Minerals Limited)
Onyadze Green Metals Resources Limited 23.08.21 Application None
(100% Atlantic)
Ivory Coast
PR695 Rubino Khaleesi Resources SARL 22.05.24 21.05.28 4 years None
(100% Atlantic)
PR694 Agboville Khaleesi Resources SARL 08.05.24 07.05.28 4 years None
(100% Atlantic)
* A renewal application has been submitted to the relevant Government mining
department and the Group has no reason to believe the renewal will not be
granted.
Corporate
Leadership Streamlining
During the period, the Company announced that Neil Herbert would be stepping
down from his position as Executive Chairman to become Non-Executive Chairman
and that his remuneration would be reduced in line with his new role. The
change to the Company's leadership structure, which sees the management of the
Company consolidated under the leadership of Chief Executive Officer ("CEO")
Keith Muller, is aimed at reducing costs, as well as streamlining the
Company's decision-making, intended to improve operational efficiency as the
Company nears the development of the Project. The Board thanks Mr. Herbert for
his valuable contributions to the direction of the Company during his tenure
as Executive Chairman and welcomes his continued guidance in his new role of
Non-Executive Chairman.
Cash Conservation
The Company has implemented further strategic initiatives, through the period
and subsequently, to appropriately manage capital in light of the ongoing
delay to the ratification of the Mining Lease in respect of the Project and
subdued lithium market environment.
As part of these initiatives, and in addition to the aforementioned change to
Mr. Herbert's role, CEO Keith Muller and Finance Director and Company
Secretary Amanda Harsas have both accepted a temporary 10% voluntary reduction
in salary, effective 1 July 2025 and concluding 12 months thereafter. After
the 12-month period, the salaries of Mr. Muller and Ms. Harsas will revert to
their previous remuneration amounts, unless earlier agreed with the Company
following Board approval.
The Company has also further reduced spending across non-essential business
support functions, such as Marketing, Administration and Finance, and made
additional redundancies to its workforce in Australia in roles that are not
currently aligned with the immediate activities required to advance the
Project. All exploration activities in Ghana have been halted, with only
low-cost exploration programmes taking place in Côte d'Ivoire to ensure the
terms of the Company's Agboville and Rubino exploration licences are met.
These initiatives have enabled the Company to reduce its expenditure to focus
capital on Project-critical activities that ensure the continued advancement
of Ewoyaa towards Project FID.
Cash Flow
Figure 1: Net cash flows for June 2025 quarter (AUD)
Note: Exploration & Evaluation refers to spend of $2.7m in Ghana and $0.2m
in Côte d'Ivoire. Operating Costs refers to corporate costs that are not
directly related to Exploration and Evaluation activities.
Figure 2: Total cash outflows per quarter for FY2025 (AUD)
Note: Exploration & Evaluation refers to activities in both Ghana and
Côte d'Ivoire. Operating Costs refers to corporate costs that are not
directly related to Exploration and Evaluation activities. Refer to item 2.5
in Appendix 5B for information on Piedmont's reimbursements for funding of the
Project and the Company's Ghana portfolio.
Project Development Financing and Offtake
The Company has held discussions with a range of commercial banks, export
credit agencies and alternative finance providers to explore, subject to
Project permitting and prevailing market conditions, options to obtain project
debt financing to support development and construction funding requirements
beyond current joint venture and direct project investment arrangements. A
debt financing approach to funding the development of the Project is preferred
by the Company in the current lithium pricing environment to maximise
shareholder returns whilst reducing shareholder dilution and preserving upside
potential in the event of a lithium price recovery, and for tax efficiency
purposes.
The Company has also maintained engagement with parties across the battery
metals supply chain regarding potential long-term Ewoyaa concentrate offtake
agreements. Despite current market conditions, there remains high levels of
interest and demand from battery supply chain participants to secure reliable
spodumene concentrate supply under long-term offtake agreements. Securing
long-term offtake partnerships is expected to be a key component in supporting
the overall financing solution for the Project.
Project Joint Venture Arrangements
Under the Project's current funding and joint venture arrangements, Piedmont
Lithium Inc. ("Piedmont") is required to contribute the first US$70m of
Development Costs as defined in the Project Agreement as sole funding to
complete its earn-in to 50% of the Company's Project ownership, with all
Development Costs and other Project expenditure equally shared by both the
Company and Piedmont thereafter.
Current expenditure relating to the Project is being jointly funded by the
Company and Piedmont. At the time of this report, the Company has made claims
for Development Costs as defined under the Project Agreement with Piedmont.
Atlantic Lithium claims that Piedmont is liable to sole fund Development Costs
under the Project Agreement. Piedmont denies that it is liable to sole fund
Development Costs at this time as the contractual preconditions in the Project
Agreement for their sole funding obligation have, in their view, not been met.
On that basis, Piedmont has instead contributed 50% of those Development Costs
claimed by the Company. The balance of the Development Costs the Company has
claimed from Piedmont is in dispute and remains outstanding. The Company
remains engaged in discussions with Piedmont concerning these amounts and an
established process exists within the Project Agreement for resolution
including good faith negotiations and referral to arbitration.
During the period of April 2025 to June 2025, Piedmont contributed a total of
US$0.93m (A$1.45m) towards the funding of the Project and the Company's Ghana
portfolio.
MIIF Project-level Investment
The Company continues to engage with representatives of the Minerals Income
Investment Fund ("MIIF"), Ghana's sovereign minerals fund, to finalise MIIF's
US$27.9m investment in the Company's Ghanaian subsidiaries to acquire a 6%
contributing interest in the Company's Ghana portfolio, which constitutes
Stage 2 of its Strategic Investment in the Company.
This follows Stage 1, comprising MIIF's subscription for 19,245,574 Atlantic
Lithium shares for a value of US$5m, which completed in January 2024.
The Company is also in communication with MIIF regarding its entitlement to
appoint a new nominee director to the Atlantic Lithium Board, following the
resignation of Edward Nana Yaw Koranteng from the Board in January 2025. The
Company will update shareholders as and when appropriate.
Stakeholder Engagement
The Company attended the following conferences and industry events during the
period:
- Health, Environment, Safety and Security (HESS) Awards, Accra (20
June)
- West African Mining & Power Expo (WAMPEX), Accra (28-30 May)
- Canaccord Genuity Global Metals & Mining Conference,
California (20-22 May)
- Shanghai Metals Market Lithium Battery Tour, China (21-25 April)
- CLNB New Energy Industry Chain Expo, Suzhou (16-18 April)
Sustainability
HESS Awards
In June, Atlantic Lithium was proud to have been honoured with two awards -
Best Company in Health and Safety Campaign and Best Company in Risk Management
and Reporting - at the 2025 Health, Environment, Safety and Security (HESS)
Awards.
Hosted annually in Accra, the awards celebrate excellence across various
industries, such as mining, oil and gas, healthcare, and finance, with a
strong focus on leadership, accountability, and transparency in HESS
practices.
The Company was shortlisted and subsequently crowned in respect of the two
categories following a rigorous site audit and an evaluation of its health and
safety management systems - including hazard identification and risk
assessment, safety trainings, SOPs (Standard Operating Procedures), health and
safety campaigns, initiatives, hazards and near-miss reporting.
Members of the Atlantic Lithium team, led by Health & Safety Manager,
Emmanuel Kwame Attiah, took to the stage at the ceremony to receive the awards
on behalf of the Company.
Share Capital Changes - Ordinary Shares, Options and Performance Rights
Between 1 April 2025 and the date of this report, a total of 2,000,000
options, that had been granted under the Company's Employee Share Option Plan,
and 9,622,787 unlisted options granted to MIIF lapsed unexercised. In the same
period, 702,549 performance rights over new ordinary shares of no-par value
each were forfeited.
A summary of movement and balances of equity securities between 1 April 2025
and the date of this report is as follows:
Ordinary Unquoted Unquoted performance rights
Shares
Options
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 (9,622,787)
2025)
Total securities on issue at date of this report 693,147,313 2,800,000 14,856,065
Compliance
During the quarter, the Company spent A$2.7m on its exploration, feasibility,
and development activities in Ghana. In accordance with the agreement
announced on 1 July 2021, exploration and feasibility activities in Ghana are
50% funded by Piedmont, with Piedmont required to sole fund the first US$70m
of Project development expenditure. All Development Costs and other Project
expenditure are to be equally shared by both the Company and Piedmont
thereafter. The Company spent A$0.2m on exploration in Côte d'Ivoire.
Payments to Related Parties of the Entity and their Associates
Appendix 5B includes amounts in items 6.1 and 6.2. The amounts represent
salaries (including superannuation) and fees paid to directors.
Appendix 5B expenditure disclosure
As at 30 June 2025, the Company had cash resources of A$5.4m and no debt.
Exploration, feasibility, and development activities cash expenditure during
the quarter was A$2.9m. Piedmont Lithium Inc. funded A$1.5m in the quarter.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
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 Year to date (12 months)
$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 (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 - (253)
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 - 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 equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
flows) to the related items in the accounts
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 87
in item 1
6.2 Aggregate amount of payments to related parties and their associates included 184
in item 2
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
NOTE: the term "facility' includes all forms of financing arrangements
$A'000
$A'000
available to the entity.
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) (981)
8.2 (Payments for exploration & evaluation classified as investing activities) (2,860)
(item 2.1(d))
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
NO
TE
:
if
th
e
en
ti
ty
ha
s
re
po
rt
ed
po
si
ti
ve
re
le
va
nt
ou
tg
oi
ng
s
(i
e
a
ne
t
ca
sh
in
fl
ow
)
in
it
em
8
.3
,
an
sw
er
it
em
8
.7
as
"N
/A
".
Ot
he
rw
is
e,
a
fi
gu
re
fo
r
th
e
es
ti
ma
te
d
qu
ar
te
rs
of
fu
nd
in
g
av
ai
la
bl
e
mu
st
be
in
cl
ud
ed
in
it
em
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.
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: 31 July 2025
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.
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 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, indicating Ewoyaa's strong commercial viability.(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.
The Ewoyaa Mineral Resource Estimate (JORC) totals 36.8Mt at 1.24% Li(2)O and
includes 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.(1) Ore Reserves (Probable) of 25.6Mt at 1.22% Li(2)O have been
reported for the Project.(1)
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 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 in this report
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 in this report relating to
the Mineral Resource Estimate ("MRE") of 36.8Mt at 1.24% Li₂O for the Ewoyaa
Lithium Project ("Ewoyaa" or the "Project") is extracted from the Company's
announcement entitled "New Dog-Leg Target Delivers Increase to Ewoyaa MRE",
dated 30 July 2024. The 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 in this report
relating to the Feldspar Mineral Resource Estimate ("Feldspar MRE") of 36.8Mt
at 41.9% feldspar for the Project is extracted from the Company's announcement
entitled "Updated Feldspar Resource Estimate", dated 30 January 2025. The 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 in this report relating to Ore Reserves
(Probable) of 25.6Mt at 1.22% Li(2)O and the Production Target of 3.6Mt of
spodumene concentrate over a 12-year mine life 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,
Ore Reserves and Production Targets, that all material assumptions and
technical parameters underpinning the estimates continue to apply. Material
assumptions for the Project have been revised on 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 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 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 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 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DRLPKDBQPBKKPONRecent news on Atlantic Lithium
See all newsREG - Atlantic Lithium Ltd - Quarterly Activities and Cash Flow Report
AnnouncementREG - Atlantic Lithium Ltd - Ewoyaa Lithium Project - Mining Lease Update
AnnouncementREG - Atlantic Lithium Ltd - Leadership Streamlining and Cost Reductions
AnnouncementREG - Atlantic Lithium Ltd - Spodumene Pegmatite Discovered in Côte d’Ivoire
AnnouncementREG - Atlantic Lithium Ltd - Lapse of PDMR Options
Announcement