REG - Atlantic Lithium Ltd - Quarterly Activities and Cash Flow Report
31/10/2025 07:00
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RNS Number : 6661F Atlantic Lithium Limited 31 October 2025
31 October 2025
Quarterly Activities and Cash Flow Report
for the quarter ended 30 September 2025
Atlantic Lithium concludes negotiations with the Government of Ghana
regarding the fiscal terms of the Ewoyaa Mining Lease and awaits parliamentary
ratification
Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, "Atlantic Lithium"
or the "Company"), the Africa-focused lithium exploration and development
company targeting the delivery of Ghana's first lithium mine, is pleased to
release its Quarterly Activities and Cash Flow Report for the period ended 30
September 2025.
Highlights
Project Development:
- The Company has concluded its negotiations with the Government of
Ghana regarding revised fiscal terms in respect of the Mining Lease of its
flagship Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana.
o The Company engaged key stakeholders to seek a revision of the terms,
which were initially agreed when the Mining Lease was granted in October 2023,
to ensure that the Project generates returns to shareholders and value for
Ghana and Ghanaians in the context of prevailing lithium market conditions.
- With all of the necessary regulatory approvals secured, the Company
now awaits parliamentary ratification of the Mining Lease, which serves as the
final step in the Project's permitting process.
- Parliament reconvened on 21 October 2025; the Mining Lease was
mentioned by the Leader of the Majority in his opening address as an
outstanding mining lease that the Ministry of Lands and Natural Resources
would put forward for Parliament to ratify in this parliamentary sitting.
Exploration:
- Post-period end, the Company reported impressive lithium-in-soil
results from Phase 2 and Phase 3 soil sampling completed across its 100%-owned
Rubino and Agboville exploration licences in Côte d'Ivoire.
o Results delineate pronounced lithium-in-soil anomalies, extending over
several kilometres, across both licences.
o Phase 3 soil sampling at Rubino has extended the previously reported
anomalous zone over an increased area of approximately 6.0km by 2.5km, within
which there are several distinct linear trends that warrant follow-up
evaluation.
o Phase 2 results at Agboville have defined a pronounced linear anomaly
>5km in length as well as other anomalous linear features; one of which is
associated with spodumene pegmatite float discovered by the Company.
- Further mapping undertaken across the Rubino licence has led to the
discovery of new spodumene pegmatite occurrences in rock float, in addition to
the previously reported outcrop.
- The Company has engaged a specialist corporate advisor to commence
a formal process to source funding options that are non-dilutive to the
Company's shareholders to accelerate the exploration of its licences in Côte
d'Ivoire.
Corporate:
- The Company announced binding financing agreements with Long State
Investments Ltd(1) providing access to up to £28m over a two-year period,
with the Company maintaining flexibility and control over the terms of the
placements, to advance Ewoyaa towards production.
o Under the Share Placement Agreement, the Company completed an initial
placing ("Initial Placement") raising £2m through the issue of 24,786,526
shares at an issue price of £0.081 (AUD 0.17) per share ("Placement Price").
o The Company is seeking shareholder approval at the Extraordinary General
Meeting to be held on 6 November 2025 for the first placement of £500,000
under the Committed Equity Facility Agreement.
- Further rationalisation of headcount and staff placed on reduced
working hours, enabling the Company to focus expenditure on activities that
are considered critical to the advancement of the Project towards a Project
Final Investment Decision ("Project FID").
- Cash on hand at end of quarter was A$4.1m.
Commenting, Keith Muller, Chief Executive Officer of Atlantic Lithium, said:
"These recent months have proven to be an important period for the Company and
the Ewoyaa Lithium Project.
"Having engaged the Government to seek a revision of the fiscal terms of the
Ewoyaa Mining Lease, we are pleased to report that these negotiations have now
concluded. We believe that Ewoyaa can have a significant positive impact for
Ghana and Ghanaians, and we have greatly appreciated the Government's
attentiveness through our engagements.
"We are pleased to note the comments made by the Majority Leader in his
opening address of the current parliamentary session, in which he stated that
the Ewoyaa Mining Lease was among those that the Ministry of Lands and Natural
Resources would put forward for Parliament to ratify in this session. Having
endured a lengthy delay to the development of the Project to-date, we hope
that ratification can occur promptly.
"I would like to thank the residents of our affected communities, who have
continued to voice their support for the Project throughout these delays and
have called for the expedited ratification of the Mining Lease. We are proud
to operate in the best interests of our local stakeholders and ratification
will move us closer to delivering the significant benefits for the Central
Region that Ewoyaa promises.
"Through the agreement of binding funding arrangements with Long State, the
Company has secured access to a significant pool of capital over a two-year
period, which positions us well to deliver upon the Company's objectives. We
welcome Long State's endorsement, which supports the promising direction in
which the Company is travelling.
"We are also pleased to have delivered further impressive results from our
ongoing exploration programmes within the Agboville and Rubino licences in
Côte d'Ivoire. While only at an early stage, the results demonstrate the
prospectivity of the two licences, which we believe can support the Company's
long-term growth ambitions.
"With a key catalyst ahead of us in the form of the ratification of the Mining
Lease, we look forward to providing further updates in due course."
(1) By way of Long State Investments Ltd nominated entity Patras Capital Pte
Ltd.
Authorised for release by Amanda Harsas, Finance Director and Company
Secretary, Atlantic Lithium Limited.
Figures and Tables referred to in this release can be viewed in the PDF
version available via this link:
http://www.rns-pdf.londonstockexchange.com/rns/6661F_1-2025-10-31.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6661F_1-2025-10-31.pdf) .
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.
September 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.(2) 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 welcomed comments made by the Minister of Lands and Natural
Resources, Hon. Emmanuel Armah-Kofi Buah, in the previous parliamentary
session in which he 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.
The Company sought a revision of the terms for the Project to terms that
reflect prevailing lithium market conditions and that ensure that the Project
delivers value for shareholders and long-term benefits for Ghana and
Ghanaians. The Company confirms that it has now concluded its negotiations
with the Government of Ghana.
With all of the necessary regulatory approvals secured, the Company currently
awaits the ratification of the Mining Lease for the Project, which serves as
the final step of the permitting process and will enable the Company to
advance the financing of the Project.
The current parliamentary session commenced on 21 October 2025. The Mining
Lease for the Project was mentioned by the Majority Leader in his opening
statement as an outstanding mining lease that the Ministry of Lands and
Natural Resources would put forward for Parliament to ratify in this
parliamentary session.
The Company remains confident that ratification of the Mining Lease will be
forthcoming in accordance with due parliamentary process. Shareholders should
note, however, that there can be no certainty that Parliament will indeed
ratify the Mining Lease.
Exploration
Côte d'Ivoire
The Company is undertaking low-cost exploration at its Agboville and Rubino
exploration licences in Côte d'Ivoire concurrent to its advancement of the
Project. 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.
Soil Sampling
Post-period end, the Company reported the results of Phase 3 soil geochemical
sampling completed at Rubino and Phase 2 and Phase 3 soil sampling conducted
at Agboville. Soil sampling was undertaken using 100m by 100m spaced grid over
the most prospective areas identified by mapping and rock-chip sampling and
also over historical mineral occurrences in both licences. Sampling was
completed in two 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 sites sampled at Agboville and
1,070 sites sampled at Rubino).
Rubino Licence
Phase 3 lithium-in-soil results have extended the anomalism identified from
the previously announced Phase 2 soil grid 3.5km towards the NE, delineating a
pronounced lithium-in-soil anomalous zone extending NE-SW continuously across
the surveyed area, extending over an area of approximately 6.0km by 2.5km
(refer Figure 3).
Within the anomalous zone, the results delineate a long NNE-SSW orientated
linear anomaly, which could be associated with the interpreted lithological
contact between metasediment and granodiorite; a similar lithological contact
relationship that is observed in the distribution of anomalies from the Phase
2 soil grid. Similar, but less well defined, NNE-SSW to N-S trending soil
anomalies are evident in the Rubino Phase 2 soil grid. These may be related to
N-S to NNE-SSW orientated structural features concealed by the laterite cover
and could also host pegmatite intrusions at depth. Several of the distinct
NNE-SSW, N-S and NE-SW linear trends identified in the anomalous zone from the
Phase 2 and Phase 3 soil results warrant immediate ground follow-up and
ultimately sub-surface evaluation by the exploration team.
Figure 3: Consolidated Rubino Phase 2 and Phase 3 Li (ppm) in soil
grid results with spodumene pegmatite discovery sites. Pronounced anomalies
are defined by lithium values between 200ppm and a peak value of 806ppm.
Agboville Licence
Lithium-in-soil results from the Phase 2 soil grid have defined a pronounced
linear anomaly >5km in length trending NE-SW, which follows the interpreted
contact between metasediments to the NW and granodiorite intrusive to the SE
(refer Figure 4). Other less well-defined anomalous linear features are
developed over the granodiorite, one of which is associated with spodumene
pegmatite float discovered by the mapping team (refer announcement of 22 May
2025). The Phase 3 lithium-in-soil geochemical response is more subdued;
likely to be related to interpreted metasediment host exhibiting deeper
weathering and laterite development and some alluvial cover with rice
cultivation invalidating certain survey points.
The NE-SW-orientated lithological contacts in both the Rubino and Agboville
licences follow the dominant regional tectonic trend in the Birimian of this
part of West Africa, which is NE-SW, and a possible structural displacement
across these potentially faulted or sheared contacts could host dilatant zones
where pegmatite intrusion could be focused in either the schists of the
metasediment or within more competent lithology such as the granodiorite.
Figure 4: Agboville Phase 2 and 3 Li (ppm) in soil grid results.
Prominent lithium soil anomalies are defined by values above 200ppm and a peak
value of 698ppm.
Mapping and rock-chip sampling
Additional geological mapping undertaken by the Company's geologists,
continued along reconnaissance traverses and in support of soil sampling and
in ground truthing Rubino Phase 2 soil anomalies, has discovered several
additional spodumene pegmatite occurrences in the Rubino licence as rock
float, with spodumene visually observed in hand specimen despite varying
degrees of weathering exhibited.
Rock-chip samples were collected during mapping and submitted for assay. The
elevated assay values of lithium and other elements from these pegmatite
rock-chip samples confirm the Company's visual spodumene observations and the
prospectivity of the licences.
Next Steps
The Company has commenced further mapping across the two licences to continue
the evaluation of the anomalies identified in the Phase 2 and 3 soil results.
This additional mapping will assist in defining follow-up auger drill
programmes to map the source of the anomalies below the laterite at surface,
with the intention to define potential reverse circulation and diamond drill
targets.
Further, Phase 4 soil sampling across both licences, extending outwards of the
Phase 2 and Phase 3 soil sampling programme and across additional prospective
areas, is also expected to be planned.
The Company also reported that it has engaged a specialist corporate advisor
to commence a formal process to source funding options to accelerate
exploration of its Côte d'Ivoire licences. The process is focused on
minority, project-level investment or partnerships that offer funding that is
non-dilutive to the Company's existing shareholders.
Interest in Tenements
At the end of the quarter ending 30 September 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
Corporate Funding
During the period, the Company announced that it has entered into the
following binding financing agreements with Long State Investments Ltd(1)
("Long State"), a global investment company specialising in funding
growth-orientated companies, to raise up to £28m over a period of 24 months
to advance the Project towards production:
1. A share placement agreement to raise up to £8m (AUD 16.4m) ("Share
Placement Agreement").
Under the Share Placement Agreement, the Company completed an initial placing
("Initial Placement") raising £2m through the issue of 24,786,526 shares at
an issue price of £0.081 (AUD 0.17) per share ("Placement Price").
The Initial Placement was announced by the Company on 3 September 2025. 50% of
the proceeds (£1m / AUD 2.05m) were paid on completion, with the remaining
50% deferred until the trading day immediately after the 80-trading day
pricing period. On this date, the Company will also receive or pay a swap
amount depending on the movement in the market price of the shares compared to
the issue price.
After the Initial Placement, the Company, at its sole discretion, can
undertake three additional placings of £2m each ("Subsequent Placements"),
provided that the maximum aggregate amount raised under the Share Placement
Agreement shall not exceed £8m and provided that the 80-day period in respect
of any prior placement under the Share Placement Agreement has passed.
2. A committed equity facility to raise up to £20m (AUD 41.1m) through
placement tranches of shares in the Company ("Committed Equity Facility
Agreement" or "Facility").
The Facility is structured so that the timing of any or all drawdowns are
entirely at the Company's discretion. Other than in respect of the first
placement of £500,000, for which shareholder approval will be sought at the
Extraordinary General Meeting ("EGM") to be held on 6 November 2025, the
Company is not required to draw down on the Facility and there is no minimum
amount contemplated. In addition to the first placement of £500,000, the
Company is seeking shareholder approval to issue Warrants and Security Shares
under the Committed Equity Facility at the upcoming EGM.
Under the terms of the Facility, the Company may, at its discretion, call (by
delivering to Long State a Placement Notice) for Long State to subscribe for
new ordinary shares in the Company at any time over the 24-month period up to
a total aggregate placement amount of £20m (AUD 41.1m). The Company may draw
in tranches of up to £500,000 at its full discretion, and up to £5m with
mutual consent, with Long State retaining the right to increase the amount of
the respective placements ("Placement Amount") by up to 15% in its sole
discretion.
Details of the terms of the Share Placement Agreement and Committed Equity
Facility Agreement can be found in the announcement dated 3 September 2025.
(1) By way of Long State Investments Ltd nominated entity Patras Capital Pte
Ltd.
Cash Conservation
In addition to those reported previously, the Company has taken further steps
to reduce ongoing expenditure in light of the delay to the ratification of the
Mining Lease for the Project and the subdued lithium market environment.
To this end, the Company made non-recurring payments through the period, which
included the following items (refer Figure 6). In Ghana, the Company further
rationalised its headcount and placed several full-time employees on reduced
work schedules. The cost of the rationalisation totalled AUD 1.11m. The
Company also made a payment of AUD 0.37m to Chairman Neil Herbert, relating to
outstanding payments for his services that were agreed to be deferred while Mr
Herbert was in the position of Executive Chairman. Having assumed the role of
Non-Executive Chairman (refer announcement of 11 June 2025), Mr Herbert now
receives a reduced fixed remuneration. In line with its reduced headcount in
Australia, the lease on the Company's Perth office was also terminated early
at a cost of AUD 0.18m.
Excluding these non-recurring costs and the Company's low-cost exploration of
its Agboville and Rubino licences in Côte d'Ivoire, which is to ensure the
terms of the licences are met, the Company has reduced its spending on
activities that are not currently considered critical to the advancement of
Ewoyaa towards a Project Final Investment Decision ("Project FID").
Cash Flow
Figure 5: Net cash flows for September 2025 quarter (AUD)
Note: Exploration & Evaluation refers to spend of $4.2m 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 6: 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 Elevra's reimbursements for funding of the
Project and the Company's Ghana portfolio.
Project Joint Venture Arrangements
Under the Project's current funding and joint venture arrangements, Elevra
Lithium Limited ("Elevra"), formerly Piedmont Lithium Inc, has completed Stage
2 of its investment in the Project, entitling Elevra to an initial 22.5%
interest of the Company's Project ownership.
Following the completion of Stage 2, which occurred when the Company released
the Definitive Feasibility Study ("DFS") for the Project (refer announcement
of 29 June 2023), Elevra has elected to contribute the first US$70m of
Development Costs as defined in the Project Agreement as sole funding to earn
a further 27.5%, entitling Elevra to a total 50% of the Company's Project
ownership (refer announcement of 17 August 2023). All Development Costs and
other Project expenditure ("Other Project Costs") are to be shared equally by
the Company and Elevra thereafter.
At the time of this report, the Company is in dispute regarding expenditure
for the Project as defined under the Project Agreement with Elevra. Atlantic
Lithium believes that Elevra is liable to sole fund Development Costs under
the Project Agreement, whilst Elevra denies that it is liable to sole fund
Development Costs at this time as the contractual preconditions in the Project
Agreement for its sole funding obligation have, in its view, not been met. Up
until 30 September 2025, Elevra contributed 50% of Development Costs claimed
by the Company but from 1 October 2025, Elevra has reduced its funding to
22.5%, with Development Costs currently being funded by the Company (77.5%)
and Elevra (22.5%). The balance of the Development Costs that the Company has
claimed from Elevra is in dispute and remains outstanding.
Since September 2022, when Elevra completed its Stage 2 sole funding
obligation of US$17m, and up until 31 September 2025, Elevra was jointly
funding Other Project Costs as per the Project Agreement (Atlantic Lithium 50%
and Elevra 50%). From 1 October 2025, Elevra has reduced its funding to 22.5%,
with Other Project Costs currently being funded by the Company (77.5%) and
Elevra (22.5%). Atlantic Lithium believes that Elevra is liable to fund 50% of
Other Project Costs, whilst Elevra denies that it is liable to jointly fund
such Other Project Costs at this time. The balance of the Other Project Costs
that the Company has claimed from Elevra remains outstanding.
The Company remains engaged in discussions with Elevra concerning the
outstanding amounts and an established process exists within the Project
Agreement for resolution including good faith negotiations and referral to
arbitration.
During the period of July 2025 to September 2025, Elevra contributed a total
of US$1.50m (A$2.29m) towards the funding of the Project and the Company's
Ghana portfolio.
MIIF Project-level Investment
The Company has been notified by the Minerals Income Investment Fund ("MIIF"),
Ghana's sovereign minerals fund, of MIIF's intention to appoint a new nominee
director to the Atlantic Lithium Board as per its entitlement under the terms
of its Strategic Investment in the Company. MIIF subscribed for 19,245,574
Atlantic Lithium shares for a value of US$5m in January 2024. The Company will
update shareholders as and when appropriate.
Stakeholder Engagement
The Company attended the following conferences and industry events during the
period:
· West Africa Mining Security (WAMS) Conference, Accra (30 September - 1
October)
· Fastmarkets European Battery Raw Materials Conference, Lisbon (16 - 18
September)
· Africa Down Under, Perth (3 - 5 September)
· Central Regional Expo, Cape Coast (23 - 30 August)
Sustainability
Fire training
During the period, in partnership with the Mfantseman Division of the Ghana
National Fire Service (GNFS), the Company held an engagement focused on fire
prevention, the proper use of firefighting equipment and effective emergency
response with students at Methodist Senior High School in Saltpond.
The event featured hands-on demonstrations and education sessions on several
fire-related topics, including protocols and steps to be taken ahead of and
during a fire. The initiative reflects the Company's commitment to promoting
safety in its operations, capacity-building within its local Project-affected
communities and demonstrates the Company's support for educational
institutions across the catchment area of the Project.
Accordingly, the Company donated fire extinguishers and fire blankets to the
school to strengthen its preparedness in the event of an emergency.
Borbor Mfantse Amanse Grand Festival Durbar in Mankessim
Members of the Company's in-country team were proud to attend the Borbor
Mfantse Amanse Grand Festival Durbar in Mankessim during the period. Held to
showcase local traditions and the area's vibrant cultural heritage, the
festival enabled the Company to meet with various members of the community and
contribute to the colourful celebrations.
Share Capital Changes - Ordinary Shares, Options and Performance Rights
Between 1 July 2025 and the date of this report, a total of 2,800,000 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, 25,960,814 new ordinary shares were issued under the share placement
agreement with Long State.
A summary of movement and balances of equity securities between 1 July 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 12,422,787 14,856,065
Unlisted options held by the Minerals Income Investment Fund lapsed (23 July (9,622,787)
2025)
Employee Share Options lapsed (31 August 2025) (2,800,000)
Securities issued under Share Placement Agreement (5 September 2025) 25,960,814
Total securities on issue at date of this report 719,108,127 - 14,856,065
Compliance
During the quarter, the Company spent A$4.2m 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
required to be funded 50% by Elevra, following the completion of Stage 2 of
its Project investment. Under Stage 3, Elevra has elected 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
Elevra thereafter. The Company spent A$0.2m on exploration in Côte d'Ivoire
during the quarter.
Per the Initial Placement under the Company's Share Placement Agreement with
Long State, 24,786,526 ordinary shares were issued at an issue price of
£0.081 (A$0.17) per share on 5 September 2025. The Company has received
proceeds of £1.0m (A$2.0m), with payment of the remaining £1.0m (A$2.0m)
deferred until the trading day immediately after an 80-trading day pricing
period. On this date, the Company will also receive or pay a swap amount
depending on the movement in the market price of the shares compared to the
issue price.
The Company paid a cash implementation fee of £0.1m (A$0.2m) to Long State,
per the terms of the Committee Equity Facility. Long State agreed to apply the
implementation fee for the issue of 1,174,288 ordinary shares at an issue
price of £0.085 (A$0.17) per share. These ordinary shares were issued on 5
September 2025.
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 September 2025, the Company had cash resources of A$4.1m and no debt.
Exploration, feasibility, and development activities cash expenditure during
the quarter was A$4.4m. Elevra funded A$2.3m 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 September 2025
Consolidated statement of cash flows Current quarter Year to date (3 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 (146) (146)
(e) administration and corporate costs (1,031) (1,031)
1.3 Dividends received (see note 3) - -
1.4 Interest received 1 1
1.5 Interest and other costs of finance paid (112) (112)
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 (1,288) (1,288)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment (8) (8)
(d) exploration, feasibility, and development (4,442) (4,442)
(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 (Proceeds from Term Deposit) 154 154
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) -
2.5 Other - Elevra Contributions from farm-in arrangement 2,293 2,293
2.6 Other - Contribution from lessor for Lease Fit Out - -
2.7 Net cash from / (used in) investing activities (2,003) (2,003)
3. Cash flows from financing activities 2,238 2,238
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 (205) (205)
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 2,033 2,033
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 5,387 5,387
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,288) (1,288)
4.3 Net cash from / (used in) investing activities (item 2.7 above) (2,003) (2,003)
4.4 Net cash from / (used in) financing activities (item 3.10 above) 2,033 2,033
4.5 Effect of movement in exchange rates on cash held (58) (58)
4.6 Cash and cash equivalents at end of period 4,071 4,071
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 4,043 5,374
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other - Petty Cash 28 13
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 4,071 5,387
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 250
in item 1
6.2 Aggregate amount of payments to related parties and their associates included 379
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 (please specify) 56,919 2,033
7.4 Total financing facilities 56,919 2,033
7.5 Unused financing facilities available at quarter end 54,886
7.6 On 3 September 2025, Atlantic Lithium entered into the following agreements
with Patras Capital Pte Ltd, the nominated entity of Long State Investments
Ltd ("Long State"), a global investment company specialising in funding
growth-orientated companies:
• A Share Placement Agreement to raise up to £8 million. After an initial
placement of £2 million the Company, at its sole discretion, can undertake
three additional placements of £2 million each, over the next two years.
• A Committed Equity Facility to raise up to £20 million through placement
tranches of shares of a maximum single amount of £0.5 million in the Company
over a period of two years. Each placement may be increased to up to £5
million with Long State's prior consent. Shareholder approval is required for
the first tranche of this Committed Equity Facility and to issue Warrants and
Security Shares under the facility. An extraordinary general meeting of
shareholders is to take place on 6 November 2025. The utilisation of this
equity facility is at Atlantic Lithium's sole discretion.
24,786,526 ordinary shares were issued at an issue price of £0.081 (A$0.17)
per share on 5 September 2025 under the Initial Placement of Share Placement
Agreement. Proceeds of £1 million (A$2.03 million) have been received, with
payment of the remaining £1 million deferred until the trading day
immediately after an 80-trading day pricing period. On this date, Atlantic
Lithium will also receive or pay a swap amount depending on the movement in
the market price of the shares compared to the issue price.
Atlantic Lithium paid a cash implementation fee of £0.1 million (A$0.2
million) to Long State, under the Committee Equity Facility. Long State agreed
to apply the implementation fee for the issue of 1,174,288 ordinary shares at
an issue price of £0.085 (A$0.17) per share. These ordinary shares were
issued on 5 September 2025.
The
unu
sed
amo
unt
ava
ila
ble
und
er
the
agr
eem
ent
s
at
30
Sep
tem
ber
202
5
is
£27
mil
lio
n
(A$
54.
9
mil
lio
n).
Thi
s
inc
lud
es
the
rem
ain
ing
£1
mil
lio
n
yet
to
be
rec
eiv
ed
und
er
the
Ini
tia
l
Pla
cem
ent
of
Sha
re
Pla
cem
ent
Agr
eem
ent
.
Any
fut
ure
pla
cem
ent
s
com
ple
ted
und
er
the
agr
eem
ent
s
wil
l
be
pur
sua
nt
to
the
Com
pan
y's
Lis
tin
g
Rul
e
7.1
cap
aci
ty.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (1,287)
8.2 (Payments for exploration & evaluation classified as investing activities) (4,442)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (5,729)
8.4 Cash and cash equivalents at quarter end (item 4.6) 4,071
8.5 Unused finance facilities available at quarter end (item 7.5) 54,886
8.6 Total available funding (item 8.4 + item 8.5) 58,957
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 10.3
NO
TE
:
if
th
e
en
ti
ty
ha
s
re
po
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ed
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nt
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s
(i
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ne
t
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sh
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ow
)
in
it
em
8
.3
,
an
sw
er
it
em
8
.7
as
"N
/A
".
Ot
he
rw
is
e,
a
fi
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re
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th
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st
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ud
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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: N/A
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: N/A
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: N/A
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 October 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.(2) 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 Elevra
Lithium Limited.
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. (2) Ore Reserves (Probable) of 25.6Mt at 1.22% Li(2)O have been
reported for the Project. (2)
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
(2) 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, "Pronounced Lithium-in-soil Anomalies within Agboville and Rubino
Licences, Côte d'Ivoire", dated 20 October 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 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 20 October 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.
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