REG - Atlantic Lithium Ltd - Quarterly Activities and Cash Flow Report
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RNS Number : 5299C Atlantic Lithium Limited 30 April 2026
30 April 2026
Quarterly Activities and Cash Flow Report
for the quarter ended 31 March 2026
Atlantic Lithium secures parliamentary ratification of the Mining Lease
in respect of its Ewoyaa Lithium Project
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 31
March 2026.
Highlights
Project Development:
- Ratification of the Mining Lease in respect of the Company's
flagship Ewoyaa Lithium Project ("Ewoyaa" or the "Project") by the Parliament
of Ghana, representing the Government's formal approval of the proposed Ewoyaa
Lithium Mine and Processing Plant.
- The ratified Mining Lease includes a revision of certain fiscal
terms, comprising the alignment of the Project's royalty rate and Growth and
Sustainability Levy to current legislated rates in Ghana.
o Following the expiration of the necessary review period, a new Legislative
Instrument, Minerals and Mining (Royalty) Regulations, 2025, which outlines a
sliding scale (5.0% - 12.0%) for royalty rates for lithium projects in Ghana,
became legally binding.
- Ratification enables the Company to advance discussions relating to
Project funding and continue its progress towards a Project Final Investment
Decision ("Project FID").
- Work underway to finalise a programme of initiatives focused on the
socio-economic development of the Project's affected communities in Ghana's
Central Region.
Exploration:
- Completion of Phase 4 soil sampling within the Company's
wholly-owned Agboville and Rubino licences in Côte d'Ivoire, with results
pending.
Corporate:
- Secured access to funding of up to a combined value of US$16.4m
(AUD 23.1m / £12.2m) through:
o A Strategic Investment by a group of Ghanaian pension funds (together, the
"Ghanaian Investors") to invest up to c. US$11.0m (AUD 15.5m / £8.2m) in the
Company; and
o A third placement under the Company's share placement agreement with Long
State Investments Ltd ("Long State") to raise US$5.4m (AUD 7.6m / £4.0m).
- Cessation of discussions with an undisclosed entity in respect of a
potential corporate transaction, following the receipt of a conditional,
non-binding, indicative change of control proposal for the acquisition of 100%
of the Company's share capital by way of a scheme of arrangement (the
"Proposal").
- Cash on hand at end of quarter was A$13.9m.
Commenting, Keith Muller, Chief Executive Officer of Atlantic Lithium, said:
"Thanks to the commitment of the Atlantic Lithium team over recent years, we
are delighted to have secured parliamentary ratification of the Ewoyaa Mining
Lease during the period, marking a defining milestone for the Project. The
approval, alongside the introduction of the new Legislative Instrument for
royalty rates for lithium projects in Ghana, provides the foundations for the
Project's development towards becoming the country's first lithium mine.
"The ratification of the Mining Lease enables us to advance discussions with
all our partners in the Project relating to Project funding and the
establishment of an agreed pathway to Project FID, which will be led by the
learnings of the work completed through H2 2025 to identify optimisations to
the Project's design and engineering.
"Concurrently, we are taking steps to finalise a programme of activities
centred on the socio-economic development of our local communities in the
Central Region. Our local stakeholders have remained vocal in their support
for the Project, throughout the permitting process and subsequently, and this
programme reflects the step-up, post-ratification, of the Company's efforts
towards delivering the long-term, sustainable benefits that the Project is
expected to deliver for these communities.
"We look forward to providing further updates in due course."
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/5299C_1-2026-4-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5299C_1-2026-4-30.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.
March Quarter Activities
During the period, the Company continued to advance its flagship project, the
Ewoyaa Lithium Project, towards production 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
Ratification of Ewoyaa Mining Lease
In October 2023, the Ministry of Lands and Natural Resources awarded a Mining
Lease in respect of the Project. The Mining Lease provides the Company with
exclusive rights to undertake mining and commercial production activities at
Ewoyaa for an initial 15-year period, renewable in accordance with Ghanaian
legislation.
The Mining Lease was submitted to Parliament and referred to the Select
Committee for consideration during the December 2025 quarter. Following a
temporary withdrawal from consideration, enabling further consultation to take
place between the Minister of Lands and Natural Resources and key stakeholders
in relation to Ghana's mining code and the application of royalties, certain
fiscal terms of the Mining Lease were amended.
The revised terms, which comprised the alignment of the Project's royalty rate
and Growth and Sustainability Levy to current legislated rates in Ghana, were
incorporated to ensure that the Project generates returns to shareholders,
while maximising socio-economic value for Ghana and Ghanaians, in the context
of prevailing lithium market conditions. All other fiscal terms outlined in
the Mining Lease granted in October 2023 remain unchanged (refer announcement
of 20 October 2023).
The revised Mining Lease was re-submitted for consideration prior to
Parliament's adjournment for the festive period in December 2025. Having
reconvened in early February, Parliament ratified the Mining Lease on 19 March
2026, becoming the first Mining Lease to be both awarded and ratified for
lithium in Ghana.
Ratification constitutes the Parliament of Ghana's formal approval of the
proposed Ewoyaa Lithium Mine and Processing Plant, representing a major
de-risking milestone in the advancement of the Project towards production.
Prior to the ratification of the Mining Lease, a new Legislative Instrument,
Minerals and Mining (Royalty) Regulations, 2025, which was submitted to
Parliament at the time of the submission of the revised Mining Lease to
Parliament, became legally binding, following the statutory 21-sitting-day
review period. The Legislative Instrument introduced a sliding scale royalty
regime for lithium projects in Ghana, as outlined below:
Spodumene Price, US$/tonne Royalty Applicable
Up to US$1,500 5.0%
Between US$1,500 - US$2,300 7.0%
Between US$2,300 - US$3,200 10.0%
Above US$3,200 12.0%
Ratification of the Ewoyaa Mining Lease enables the Company to advance
discussions relating to Project funding and continue its progress towards
Project FID.
Project Development Pathway
Through H2 2025, the Company completed work to assess possible options to
enhance the viability of the Project through ongoing price volatility. The
work is expected to steer the direction of the Project's development and
inform the steps to be taken ahead of Project FID.
Led by the findings of this work, the Company has proposed a possible
alternative pathway for the Project's development to the Project's Technical
Committee (comprised equally of representatives of Atlantic Lithium and Elevra
Lithium Limited ("Elevra")), which remains under discussion. The decision to
further explore the proposed pathway is subject to unanimous approval by the
Technical Committee.
Elevra has stated publicly that Ewoyaa sits lower on its list of priorities in
terms of capital deployment and that it wishes to amend the structure of the
joint venture with the Company in respect of the Project. The Company is in
discussions with Elevra with regards to this matter and is assessing options
available to the Company to advance the Project while maximising value for
shareholders.
Local Socio-economic Development
Following the ratification of the Ewoyaa Mining Lease, the Company is working
to finalise a programme of activities focused on enhancing the livelihoods of
residents affected by the Project in the Central Region.
Amongst other initiatives, the programme outlines the roll-out of a pipeline
of new employment and training opportunities (particularly targeting young
adults), the delivery of several infrastructure-related projects (focusing, in
particular, on improving access to water, healthcare and supporting local
schools), and the finalisation of the parameters of the Community Development
Fund, through which a portion of the Project's revenues will be directed
towards initiatives that support the socio-economic development of the
Project's catchment area communities. The programme will be run alongside a
structured calendar of events for local stakeholders, ensuring that all
Project-affected residents are updated with progress relating to the Project
on a regular basis.
Through the programme, the Company intends to deliver immediate and tangible
benefits, as recently evidenced by the water treatment plant and storage
system commissioned by the Company in the Ewoyaa community, providing clean,
safe water for over 500 people, while laying the foundations to enable
generational change for the region.
Accordingly, the Company believes it will more closely align the successful
development of the Project with the interests of local stakeholders, further
strengthening its social licence to operate.
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
During the period, the Company completed its Phase 4 soil geochemical sampling
programmes within its Agboville and Rubino licences. Within the Rubino
licence, 1,469 sites were sampled from 1,488 planned sites. Within the
Agboville licence, 1,041 sites sampled were from 1,054 planned sites. Results
from both programmes are pending. Both programmes used an initial 400m by 100m
spaced grid to enable the Company's geologists to evaluate a larger area more
quickly and at lower cost. Localised infill soil sampling on 200m by 100m or
100m by 100m grids may be warranted to follow up on any anomalies identified,
depending on results received.
Mapping and rock-chip sampling
Geological mapping continues within both the Agboville and Rubino licences, in
parallel with the soil sampling and as traverse and anomaly follow-up mapping,
as part of the exploration programme. This mapping will assist in defining
follow-up auger drill programmes to map the source of the anomalies below the
laterite at surface, intended to support the definition of potential reverse
circulation and diamond drill targets.
Funding to Accelerate Côte d'Ivoire Exploration
Through the period and subsequently, the Company has continued the formal
process to source funding options to accelerate the 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 31 March 2026, 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 Company has no reason to believe the renewal will not be
granted.
Corporate
Corporate Funding
During the period, the Company announced that it had secured access to funding
of up to a combined value of US$16.4m (AUD 23.1m / £12.2m) to support the
advancement of the Project. This comprises:
1. A Strategic Investment by a group of Ghanaian pension funds (together,
the "Ghanaian Investors") to invest up to c. US$11.0m (AUD 15.5m / £8.2m);
and
2. A placement under the Company's share placement agreement with Long
State Investments Ltd ("Long State") to raise US$5.4m (AUD 7.6m / £4.0m).
Strategic Investment by Ghanaian Pension Funds
The Company has entered into binding subscription agreements with the Ghanaian
Investors, which are clients to IC Asset Managers (Ghana) Ltd ("ICAMGH"),
whereby the Ghanaian Investors have agreed to invest up to c. US$11.0m in the
Company through a subscription for ordinary shares in the Company and the
issue of milestone-linked warrants ("Strategic Investment").
The agreements with the Ghanaian Investors were facilitated by ICAMGH, a
subsidiary of IC Group Limited; an Africa-focused investment banking,
securities dealing and investment management firm.
Per the terms of the Strategic Investment, the Ghanaian Investors subscribed
for 25,380,709 Atlantic Lithium shares ("Ordinary Share Subscription") at a
price of US$0.197 (AUD 0.277 / £0.146) per share ("Ordinary Shares
Subscription Price") for a value of US$5.0m (AUD 7.0m / £3.7m).
The ordinary shares issued to the Ghanaian Investors through the Ordinary
Share Subscription are being held on the Ghana Stock Exchange. In this way,
the Company intends to provide greater opportunity for Ghanaians to
participate in the ownership of the Project and support Ghana's lithium
production ambitions.
Per the terms of the Strategic Investment, on completion of the Ordinary Share
Subscription, the Company also issued a total of 20,270,266 warrants to the
Ghanaian Investors at an exercise price of US$0.296 (AUD 0.415 / £0.219) per
warrant ("Warrants"), being 50% premium to the Ordinary Shares Subscription
Price, for a total value of US$6.0m (AUD 8.5m / £4.5m).
The warrants will become exercisable on the achievement of the following
pre-defined milestones (to be made public by way of an ASX announcement),
aligned with advancing Ewoyaa towards production:
· 6,081,082 Class A Warrants - exercisable following parliamentary
ratification of the Ewoyaa Mining Lease (now completed - refer announcement of
20 March 2026);
· 8,108,102 Class B Warrants - exercisable upon achievement of Project
FID; and
· 6,081,082 Class C Warrants - exercisable upon achievement of breaking
ground at Ewoyaa.
Of the total number of warrants issued, 6,081,082 Class A Warrants were issued
at the same time as the Ordinary Share Subscription. The issue of the
8,108,102 Class B Warrants and 6,081,082 Class C Warrants remains subject to
shareholder approval.
The full vesting conditions of the Warrants issued under the Strategic
Investment are detailed in the announcement of 17 March 2026.
Third Placement under Long State Share Placement Agreement
Alongside the Strategic Investment, the Company also notified Long State to
undertake a third placement under the Share Placement Agreement (refer
announcement of 3 September 2025) ("Third Placement").
Under the Third Placement, the Company issued 27,379,260 shares ("Third
Placement Shares") to Long State(1) at an issue price of £0.146 ("Third
Placement Price") to raise an additional £4.0m. The Third Placement comprises
a combination of the two remaining placements of £2.0m each under the Share
Placement Agreement into a single, final £4.0m placement, as mutually agreed
with Long State.
The process in respect of the Third Placement aligns with the process for the
Initial Placement and Second Placement (refer announcements of 3 September
2025 and 26 November 2025). Accordingly, 50% of the proceeds of the Third
Placement (i.e. £2.0m / US$2.7m / AUD 3.7m) were paid on the issue of shares,
with the remainder (adjusted for the Swap Amount) to be deferred until the
Trading Day immediately after the Pricing Period ("Swap Payment Date").
Upon the completion of the Third Placement, the Company will have fully
utilised the £8.0m capacity under the Share Placement Agreement with Long
State.
(1) By way of Long State Investments Ltd nominated entity Patras Capital Pte
Ltd.
Cash Flow
Figure 3: Net cash flows for March 2026 quarter (A$)
Note: Exploration & Evaluation ("E&E") refers to spend of A$2.2m in
Ghana and A0.2m in Côte d'Ivoire. Operating Costs refers to corporate costs
that are not directly related to Exploration and Evaluation activities.
Project Joint Venture Arrangements
Under the Project's current funding and joint venture arrangements, 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. From 1 October 2025, Elevra reduced its funding to 22.5%,
with all costs currently being funded by the Company (77.5%) and Elevra
(22.5%).
At the time of this report, the Company is in dispute regarding expenditure
for the Project as defined under the Project Agreement with Elevra. The
Company remains engaged in discussions with Elevra concerning the amounts
under dispute and an established process exists within the Project Agreement
for resolution including good faith negotiations and referral to arbitration.
Stakeholder Engagement
The Company attended the following conferences and industry events during the
period:
· Mining Indaba, Cape Town (9 - 12 February)
Sustainability
Engagement with Persons with Disabilities
During the period, the Company held an engagement with persons with
disabilities from communities within the Ewoyaa Lithium Project catchment
area. Forming part of the Company's ongoing stakeholder consultations in line
with the advancement of the Project, the engagement enabled participants to
hear the latest developments regarding the Project, ensuring that the
Company's progress remains transparent for all stakeholders, and provided an
opportunity for participants to voice their views on matters relating to the
Project. Through the engagement, the Company continues to promote inclusivity
and diversity in Ghana's mining sector, while supporting local employment and
driving community development.
Share Capital Changes - Ordinary Shares, Options and Performance Rights
A summary of movement and balances of equity securities between 1 January 2026
and the date of this report is as follows:
Ordinary Unquoted Unquoted performance rights
Shares
Warrants
On issue at start of quarter 748,743,322 10,000,000 12,484,063
Securities issued under Share Placement Agreement (18 March 2026) 27,379,260 - -
Securities issued under the Strategic Investment (01 April 2026) 25,380,709 - -
Issue of Warrants under the Strategic Investment (01 April 2026) - 6,081,082 -
Total securities on issue at date of this report 801,503,291 16,081,082 12,484,063
Compliance
Expenditure
During the quarter, the Company spent A$2.2m on its exploration, feasibility,
and development activities in Ghana. The Company spent A$0.2m on exploration
in Côte d'Ivoire during the quarter.
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 31 March 2026, the Company had cash resources of A$13.9m and no debt.
Exploration, feasibility, and development activities cash expenditure during
the quarter was A$2.4m.
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"): 31 March 2026
Consolidated statement of cash flows Current quarter Year to date (9 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 (355) (823)
(e) administration and corporate costs (1,003) (2,454)
1.3 Dividends received (see note 3) - -
1.4 Interest received - 1
1.5 Interest and other costs of finance paid (3) (152)
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other Income 218 218
1.9 Net cash from / (used in) operating activities (1,143) (3,210)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment (15) (26)
(d) exploration, feasibility, and development (2,382) (9,219)
(e) investments - -
(f) other non-current assets - (8)
2.2 Proceeds from the disposal of: - -
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) Investments (Proceeds from Term Deposit) - 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 - 2,901
2.6 Other - Contribution from lessor for Lease Fit Out - -
2.7 Net cash from / (used in) investing activities (2,397) (6,198)
3. Cash flows from financing activities 12,249 18,284
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 (35) (157)
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 12,214 18,127
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 5,400 5,387
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,143) (3,210)
4.3 Net cash from / (used in) investing activities (item 2.7 above) (2,397) (6,198)
4.4 Net cash from / (used in) financing activities (item 3.10 above) 12,214 18,127
4.5 Effect of movement in exchange rates on cash held (154) (186)
4.6 Cash and cash equivalents at end of period 13,920 13,920
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 13,908 5,381
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other - Petty Cash 12 19
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 13,920 5,400
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 201
in item 1
6.2 Aggregate amount of payments to related parties and their associates included 57
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) 53,709 11,509
7.4 Total financing facilities 53,709 11,509
7.5 Unused financing facilities available at quarter end 42,200
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 £8m over a period of two
years.
o The Company completed an Initial Placement and a Second Placement under
the Share Placement Agreement, raising £4m in total.
o Under the Third Placement to raise an additional £4m (A$7.6m), the
Company received £2m (A$3.8m) in the March 2026 quarter, with payment of the
remaining £2m deferred until the Trading Day immediately after the 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.
o Upon the completion of the Third Placement, the Company will have fully
utilised the £8.0m capacity under the Share Placement Agreement with Long
State.
· A Committed Equity Facility to raise up to a total aggregate placement
amount of £20m over a period of two years.
o Under the terms of the agreement the Company may draw in tranches of up to
£500,000 at its full discretion, and up to £5 million with mutual consent.
o The utilisation of this equity facility is at Atlantic Lithium's sole
discretion.
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8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (1,143)
8.2 (Payments for exploration & evaluation classified as investing activities) (2,382)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (3,525)
8.4 Cash and cash equivalents at quarter end (item 4.6) 13,920
8.5 Unused finance facilities available at quarter end (item 7.5) 42,200
8.6 Total available funding (item 8.4 + item 8.5) 56,120
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 15.9
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7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Answer: 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: 30 April 2026
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 - e.g. 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:
Matthew Johnson Annabelle Wills Duncan St John, Christian Calabrese (Australia)
atlantic@yellowjerseypr.com (mailto:atlantic@yellowjerseypr.com)
Charlie Bouverat
Tel: +44 (0)20 3004 9512
Richard Morrison
Corporate Broking:
Tel: +44 (0)20 3470 0470
James Asensio (UK)
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 and GSE-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 Parliament of Ghana ratified the Mining Lease in respect of the Project in
March 2026. The Project was granted an Environmental Protection Authority
("EPA") Permit in September 2024 and a Mine Operating Permit in October 2024.
The Company published a Definitive Feasibility Study in respect of the Project
in July 2023.(2) The Project is being developed under an earn-in agreement
with Elevra Lithium Limited.
The Ewoyaa Mineral Resource Estimate (JORC) totals 36.8Mt at 1.24% Li₂O 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% Li₂O 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 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% Li₂O
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". On 20 March 2026, the Company announced that the Mining
Lease in respect of the Project had been ratified by the Parliament of Ghana.
In the announcement, the Company noted the alignment of certain fiscal terms
of the Mining Lease to legislated rates in Ghana. All other fiscal terms
outlined in the October 2023 Mining Lease remain unchanged. 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 March 2026, 30 July
2024, 20 October 2023 and 29 June 2023, which are all available at
www.atlanticlithium.com.au (http://www.atlanticlithium.com.au) .
Exchange Rates
This announcement considers the following exchange rates:
· USD/GBP: 1.34
· AUD/USD: 0.71
· GBP/AUD: 1.89
Competent Persons
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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