REG - Atlantic Lithium Ltd - Updated Quarterly Activities and Cash Flow Report
23/11/2023 09:45
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RNS Number : 4788U Atlantic Lithium Limited 23 November 2023
23 November 2023
Quarterly Activities and Cash Flow Report
for the quarter ended 30 September 2023 - Updated
Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, "Atlantic Lithium"
or the "Company"), the African-focused lithium exploration and development
company targeting to deliver Ghana's first lithium mine, provides an update to
the announcement entitled, "Quarterly Activities and Cash Flow Report for the
quarter ended 30 September 2023", dated 31 October 2023.
Pursuant to ASX Listing Rule 5.3.5, the Company advises that items 6.1 and 6.2
of Appendix 5B, which relate to payments of salaries/fees (including
superannuation) to Executive Directors, which were erroneously omitted in the
announcement dated 31 October 2023, have now been updated.
The updated Appendix 5B can be found below.
No other details in the announcement dated 31 October 2023 have changed.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
ATLANTIC LITHIUM LIMITED
ABN Quarter ended ("current quarter")
17 127 215 132 30 September 2023
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 (389) (389)
(e) administration and corporate costs (1,645) (1,645)
1.3 Dividends received (see note 3) - -
1.4 Interest received - -
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other - -
1.9 Net cash from / (used in) operating activities (2,034) (2,034)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment (133) (133)
(d) exploration & evaluation (5,954) (5,954)
(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 57 57
(e) other non-current assets -
2.3 Cash flows from loans to other entities -
2.4 Dividends received (see note 3) -
2.5 Other - Piedmont Contributions from farm-in arrangement 2,996 2,996
2.6 Net cash from / (used in) investing activities (3,034) (3,034)
3. Cash flows from financing activities -
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity securities or convertible debt - -
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 - -
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 15,346 15,346
4.2 Net cash from / (used in) operating activities (item 1.9 above) (2,034) (2,034)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (3,034) (3,034)
4.4 Net cash from / (used in) financing activities (item 3.10 above) - -
4.5 Effect of movement in exchange rates on cash held 287 287
4.6 Cash and cash equivalents at end of period 10,565 10,565
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 10,561 15,327
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other - Petty Cash 4 19
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 10,565 15,346
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 345
in item 1
6.2 Aggregate amount of payments to related parties and their associates included 158
in item 2
6.1 & 6.2 are payments of salaries/fees (including superannuation) to
Executive Directors.
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) (2,034)
8.2 (Payments for exploration & evaluation classified as investing activities) (5,954)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (7,988)
8.4 Cash and cash equivalents at quarter end (item 4.6) 10,565
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 10,565
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.3
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7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the
current level of net operating cash flows for the time being and, if not, why
not?
Answer: 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 has been funded under a co-development agreement
with Piedmont Lithium Inc. Exploration and feasibility activities are 50%
funded by Piedmont and US$70.0m towards mine capex for the Ewoyaa Lithium
Project. Any additional expenditure for the development of the Project will be
shared equally between the Company and Piedmont.
· Owing by Piedmont at end of September 2023 is US$2m.
· Atlantic Lithium has agreed non-binding Heads of Terms with the Minerals
Income Investment Fund of Ghana ("MIIF") to invest a total of US$32.9m in the
Company and the Ghana subsidiaries. The proposed investment will support the
development of the Project and the broader Cape Coast Lithium Portfolio in
Ghana. Under the terms of the non-binding agreement, MIIF intend to invest an
initial US$27.9m to acquire a 6% contributing interest in the Company's Ghana
Portfolio and will make ongoing contributions through monthly cash calls as
the Project develops. MIIF also intend to subscribe for 19,245,574 shares in
Atlantic for a total value of US$5m.
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).
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 2023
Authorised by: Authorised by the Board of Atlantic Lithium Limited
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's activities
for the past quarter, how they have been financed and the effect this has had
on its cash position. An entity that wishes to disclose additional information
over and above the minimum required under the Listing Rules is encouraged to
do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows from
operating activities or cash flows from investing activities, depending on the
accounting policy of the entity.
4. If this report has been authorised for release
to the market by your board of directors, you can insert here: "By the board".
If it has been authorised for release to the market by a committee of your
board of directors, you can insert here: "By the [name of board committee - eg
Audit and Risk Committee]". If it has been authorised for release to the
market by a disclosure committee, you can insert here: "By the Disclosure
Committee".
5. If this report has been authorised for release
to the market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
For any further information, please contact:
Atlantic Lithium Limited
Neil Herbert (Executive Chairman)
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
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 and ASX-listed lithium company advancing a
portfolio of lithium projects in Ghana and Côte d'Ivoire through to
production.
The Company's flagship project, the Ewoyaa Project in Ghana, is a significant
lithium spodumene pegmatite discovery on track to become Ghana's first
lithium-producing mine.
The Definitive Feasibility Study for the Project indicates the production of
3.6Mt of spodumene concentrate over a 12-year mine life, making it one of the
top 10 largest spodumene concentrate mines in the world.
The Project, which was awarded a Mining Lease in October 2023, is being
developed under a funding agreement with Piedmont Lithium Inc.
Atlantic Lithium holds 509km(2) and 774km(2) of tenure across Ghana and Côte
d'Ivoire respectively, comprising significantly under-explored, highly
prospective licences.
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