REG - Atlantic Lithium Ltd - Quarterly Activities and Cash Flow Report
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RNS Number : 8569Q Atlantic Lithium Limited 29 January 2026
29 January 2026
Quarterly Activities and Cash Flow Report
for the quarter ended 31 December 2025
Atlantic Lithium awaits parliamentary ratification of the revised Ewoyaa
Mining Lease
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
December 2025.
Highlights
Project Development:
- A revised version of the Mining Lease in respect of the
Company's flagship Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana
has been submitted to the Parliament of Ghana and referred to the Select
Committee, per the necessary process for ratification.
- The Mining Lease includes fiscal terms that were incorporated
following a period of consultation undertaken by the Minister of Lands and
Natural Resources and relevant local and industry stakeholders.
o The revised terms comprise the alignment of the Project's royalty rate and
Growth and Sustainability Levy to current legislated rates in Ghana.
o Concurrently, the Ministry of Lands and Natural Resources has submitted a
Legislative Instrument proposing a sliding scale for royalty rates for lithium
projects for parliamentary approval.
- The Company understands that Parliament has been called to
reconvene on Tuesday, 3 February 2026, following which the Select Committee is
expected to provide its recommendation to Parliament.
- With all the necessary regulatory approvals secured,
parliamentary ratification of the Mining Lease represents the final step in
the Project's permitting process.
Exploration:
- New spodumene pegmatite occurrences discovered in rock float
from further mapping completed within the Company's Rubino licence in Côte
d'Ivoire, in addition to the previously reported outcrop.
- Impressive lithium-in-soil results returned from soil sampling
completed across both of the Company's 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 2 results at Agboville have defined a pronounced linear anomaly
>5km in length, as well as other anomalous linear features.
o Phase 3 soil sampling at Rubino has extended the anomalous zone reported
previously to an increased area of approximately 6.0km by 2.5km.
- Phase 4 soil geochemical sampling now underway within the
Agboville licence, with 984 samples collected from the 1,054 sample sites
planned.
Corporate:
- Under its Share Placement Agreement with Long State Investments
Ltd ("Long State")(1), the Company is undertaking a placement to raise £2m
(A$4.1m) through the placement of 19,417,475 shares ("Second Placement").
o The Second Placement follows an Initial Placement completed under the
Share Placement Agreement, raising proceeds of £2,005,156.
- Cash on hand at end of quarter was A$5.4m.
Commenting, Keith Muller, Chief Executive Officer of Atlantic Lithium, said:
"Following a temporary period of consultation, we are pleased that the revised
Ewoyaa Mining Lease was submitted to Parliament before its adjournment for the
festive period. With Parliament set to reconvene on 3 February, and with the
Project's royalty rate and the Growth and Sustainability Levy now aligned to
current legislation in Ghana, we remain confident that ratification of the
Mining Lease will be forthcoming in accordance with due process.
"Concurrently, we have noted the marked improvement in sentiment across the
lithium market over recent months, with spodumene concentrate prices rising
from c. US$800/tonne in mid-October 2025 to current levels of c.
US$2,200/tonne, indicating a robust demand profile for lithium products as we
look ahead to the completion of permitting at Ewoyaa. At these prices, we
believe that the Project can attract improved funding options at a crucial
period in the Project's development.
"Building upon the encouraging results that have been returned from the
Company's initial exploration programmes in Côte d'Ivoire, we are also now
progressing Phase 4 soil sampling within the Agboville licence, while mapping
continues across both licences to assist in defining follow-up auger
programmes. The Company's Agboville and Rubino licences remain highly
prospective for lithium discovery. Accordingly, we continue to advance our
exploration programmes across the two licences to enhance the Company's future
growth potential beyond its flagship Ewoyaa Lithium Project.
"We look ahead to the rest of 2026 with excitement, with the hope that
ratification can occur in a timely manner.
"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/8569Q_1-2026-1-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8569Q_1-2026-1-29.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.
December 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
During the period, the Mining Lease for the Project was submitted to
Parliament and referred to the Select Committee for consideration, in line
with due process for parliamentary ratification in Ghana (refer announcement
of 12 November 2025).
Following a temporary withdrawal of the Mining Lease from consideration,
during which additional consultation took place between the Minister of Lands
and Natural Resources and relevant in-country stakeholders in relation to
Ghana's current mining code and the application of royalties, which was
supported by the Company, certain fiscal terms of the Mining Lease were
amended. The revised Mining Lease was subsequently re-submitted for
consideration prior to Parliament's adjournment for the festive period (refer
announcement of 22 December 2025).
The revised terms comprised the alignment of the Project's royalty rate and
Growth and Sustainability Levy to current legislated rates in Ghana.
Concurrently, the Company noted the submission by the Minister to Parliament
of a new Legislative Instrument, Minerals and Mining (Royalty) Regulations,
2025, which outlines the following proposed sliding scale in relation to
royalty rates for lithium projects in Ghana:
Spodumene Price, US$/tonne Royalty Applicable
Up to US$1,500/tonne 5.0%
Between US$1,501 - US$2,500 7.0%
Between US$2,501 - US$3,000 10.0%
Above US$3,000 12.0%
The Legislative Instrument will be considered in line with due parliamentary
process.
All other fiscal terms outlined in the Mining Lease granted in October 2023
remain unchanged (refer announcement of 20 October 2023).
The Company understands that Parliament has been called to reconvene on
Tuesday, 3 February, following which the Select Committee will undertake its
review of the revised Mining Lease and provide its recommendation to
Parliament.
With all the necessary regulatory approvals secured, the ratification of the
Mining Lease serves as the final step of the permitting process and will
enable the Company to advance the financing of the Project.
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 the proposed terms of the
Legislative Instrument will not change or 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
During the period, 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). The Phase 1 soil sampling
programme was a baseline soil programme undertaken along selected sections
during reconnaissance mapping, where different sample depths and sieve
fractions were tested and the results of which helped set the best parameters
for the subsequent grid soil programmes.
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 define 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 linear
trends identified from the Phase 2 and Phase 3 soil results warrant immediate
ground follow-up and subsequent sub-surface evaluation.
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.
Phase 4 soil geochemical sampling has been planned at Rubino, using an initial
400m by 100m spaced grid with localised infill sampling where warranted.
Agboville Licence
Lithium-in-soil results from the Phase 2 soil grid reported during the period
have defined a pronounced linear anomaly >5km in length trending NE-SW. The
anomaly 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 lithium-in-soil geochemical response
is more subdued in the Phase 3 soil grid; 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.
The Company's geological team also commenced Phase 4 soil geochemical sampling
at Agboville during the period, with 984 sites sampled from the 1,054 planned
sites. Evaluation of the results from the Phase 2 and 3 soil grids, where 100m
by 100m grid spacing was used, showed that the scale and tenor of the
geochemical anomalies encountered would still be detectable using a wider
sample traverse spacing. Accordingly, the Phase 4 soil grid has been adjusted
to a 400m by 100m grid, allowing the team to evaluate a larger area more
quickly and at lower cost. Any anomalies identified in the initial Phase 4
soil geochemical results can be followed up with localised infill soil
sampling on 200m by 100m or 100m by 100m grids as warranted.
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.
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 additional 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 December 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
Long State Corporate Funding
Receipt of Deferred Proceeds from the Initial Placement
During the period, the Company announced the receipt of £1,005,156 (A$2.0m)
from global investment company Long State Investments Ltd(1) ("Long State"),
being the deferred proceeds of the Initial Placement undertaken under the
Share Placement Agreement ("Share Placement Agreement") with Long State, as
announced on 3 September 2025.
The Pricing Period of the Initial Placement was concluded early, at a premium
due to the Company's positive share price movement through the Pricing Period,
through mutual agreement with Long State. Accordingly, proceeds from the
Initial Placement totalled £2,005,156, compared to the £2m intended.
Second Placement
Subsequent to the completion of the Initial Placement, the Company notified
Long State to undertake a second placement under the Share Placement Agreement
("Second Placement") to raise an additional £2m (A$4.1m) through the issue of
19,417,475 shares to Long State at an issue price of £0.103 per share
("Second Placement Price") (refer announcement of 26 November 2026).
The process in respect of the Second Placement aligns with the process of the
Initial Placement. Accordingly, 50% of the proceeds of the Second Placement
(i.e. £1m / A$2.0m) were paid on the issue of shares, with the remainder to
be deferred until the Trading Day immediately after the Pricing Period ("Swap
Payment Date").
Equity Placement Facility Agreement
Per the terms of the Equity Placement Facility Agreement with Long State to
raise up to £20m (A$41.1m) over a period of 24 months ("Equity Placement
Facility Agreement" or "the Facility") (refer announcement of 3 September
2025), and following shareholder approval at the Extraordinary General Meeting
("EGM"), held on 6 November 2025, the Company has issued warrants to Long
State(1) to acquire 10 million shares in the Company, exercisable during the
5-year period from 13 November 2025 at a price of £0.128.
In line with the terms of the Equity Placement Facility Agreement and
following shareholder approval at the EGM, the Company has also issued 10
million fully paid ordinary shares of nil value ("Security Shares") to Long
State(1). The Security Shares have been issued prior to undertaking the first
placement under the Facility.
(1) By way of Long State Investments Ltd nominated entity Patras Capital Pte
Ltd.
OTCID Listing
During the period, the Company withdrew its ordinary shares from trading on
the OTCID Basic Market. The decision was taken as part of the Company's
ongoing cost rationalisation programme, with Management believing that the low
trading volumes of the Company's shares on the market no longer justified the
cost of maintaining the listing. Following the withdrawal from the OTCID,
quotation will be maintained on the OTC market by broker-dealers on an
unsponsored basis (Pink Limited Market), without the Company's ongoing
sponsorship or active engagement with the OTC Markets Group.
The Company continues to trade its shares on AIM, the ASX and the GSE. The
Company's withdrawal from the OTCID has no impact on shareholders' ability to
trade the Company's shares on its principal markets, nor does it impact the
Company's ongoing operations or ability to achieve its strategic objectives.
Any investors holding the Company's shares that are currently trading on the
OTC are encouraged to consult their financial advisors if they require further
information.
Cash Conservation
Through the quarter, in light of the delay to the ratification of the Mining
Lease for the Project, the Company has continued to reduce its spending on
activities that are not currently considered critical to the advancement of
Ewoyaa towards a Project Final Investment Decision ("Project FID") (refer
Figure 6). This excludes 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.
Cash Flow
Figure 5: Net cash flows for December 2025 quarter (A$)
Note: Exploration & Evaluation ("E&E") refers to spend of A$2.0m in
Ghana and A$0.2m in Côte d'Ivoire. Operating Costs refers to corporate costs
that are not directly related to Exploration and Evaluation activities.
Figure 6: Total cash outflows per quarter for FY2025 (A$)
Note: Exploration & Evaluation ("E&E") refers to activities in both
Ghana and Côte d'Ivoire ("CDI"). 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. 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.
During the period of October 2025 to December 2025, Elevra contributed a total
of c. US$398,000 (A$607,000) towards the funding of the Project and the
Company's Ghana portfolio.
Stakeholder Engagement
The Company attended the following conferences and industry events during the
period:
· Ghana Mining Industry Awards, Accra (5 December)
· Swiss Mining Institute, Zurich (20 - 21 November)
Sustainability
Ewoyaa Water Treatment Plant and Storage System
Responding to residents' calls to address a lengthy water shortage, the
Company proudly commissioned a Reverse Osmosis (R.O.) Water Treatment Plant
and Storage System in Ewoyaa during the period. The facility, which comprises
a mechanised borehole, an R.O. water treatment plant with a capacity of
delivering 2,000 litres per hour, and a 20,000-litre capacity storage tank, is
now in operation, providing clean and potable water to over 500 people.
The initiative intends to significantly reduce the community's reliance on
unsafe water sources and the risk of catching water-borne diseases. At the
commissioning of the facility, Nana Kwesi Brebo III, Chief of Kuntu,
representing the Omanhen of the Nkusukum Traditional Area, who presided over
the event as Chairperson, praised the Company for enabling access to safe
drinking water to improve the conditions of those living within the Project's
catchment area.
Breast Cancer Sensitisation and Medical Screening Programme
In October, to mark Breast Cancer Awareness Month, the Company organised a
breast cancer sensitisation programme and free medical screening for women
across its host communities. Held under the theme "Screen Today, Live
Tomorrow", the initiative was run in partnership with the Mfantseman Municipal
Health Directorate, Assembly Members, and the Planned Parenthood Association
of Ghana (PPAG-Cape Coast, Central Region) over the course of five days.
The event aimed to raise awareness of breast cancer, particularly among women
in rural and less developed areas, to encourage early detection to save lives,
and to empower women with the knowledge and confidence to take charge of their
health. A total of 468 women participated.
Share Capital Changes - Ordinary Shares, Options and Performance Rights
Between 1 October 2025 and the date of this report, a total of 10,000,000
warrants exercisable at a price of £0.128 and 10,000,000 fully paid ordinary
shares of nil value ("Security Shares") were issued to Long State in
accordance with the terms of the Equity Placement Facility Agreement with Long
State and following shareholder approval at the Extraordinary General Meeting,
held on 6 November 2025. 19,417,475 new ordinary shares were issued under the
Share Placement Agreement with Long State.
During the same period, 2,154,282 performance rights lapsed and 217,720 vested
performance rights were exercised.
A summary of movement and balances of equity securities between 1 October 2025
and the date of this report is as follows:
Ordinary Unquoted Unquoted performance rights
Shares
Warrants
On issue at start of quarter 719,108,127 - 14,856,065
Performance Rights lapsed (21 November 2025) (2,154,282)
Issue of Warrants under the Equity Placement Facility Agreement (27 November 10,000,000
2025)
Securities issued under the Equity Placement Facility Agreement (27 November 10,000,000
2025)
Securities issued under Share Placement Agreement (27 November 2025) 19,417,475
Exercise of Performance Rights (11 December 2025) 217,720 (217,720)
Total securities on issue at date of this report 748,743,322 10,000,000 12,484,063
Compliance
During the quarter, the Company spent A$2.0m on its exploration, feasibility,
and development activities in Ghana. The Company spent A$0.2m on exploration
in Côte d'Ivoire during the quarter.
Under the Company's Share Placement Agreement with Long State, 19,417,475
ordinary shares were issued at an issue price of £0.103 (A$0.21) per share on
27 November 2025 for the second placement of shares. Proceeds of £1m (A$2.0m)
have been received, with payment of the remaining £1m 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.
During the quarter, deferred proceeds of £1.05m (A$2.0m) were received from
Long State for the Initial Placement undertaken under the Share Placement
Agreement.
Following shareholder approval at the Extraordinary General Meeting, held on 6
November 2025, and in line with the terms of the Equity Placement Facility
Agreement with Long State, the Company issued 10 million warrants exercisable
at a price of £0.128 and 10 million Security Shares for nil consideration to
Long State.
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 December 2025, the Company had cash resources of A$5.4m and no debt.
Exploration, feasibility, and development activities cash expenditure during
the quarter was A$2.2m. Elevra funded A$0.6m 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"): 31 December 2025
Consolidated statement of cash flows Current quarter Year to date (6 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 (322) (467)
(e) administration and corporate costs (608) (1,640)
1.3 Dividends received (see note 3) - -
1.4 Interest received - 1
1.5 Interest and other costs of finance paid (37) (149)
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 (967) (2,255)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment (2) (10)
(d) exploration, feasibility, and development (2,207) (6,649)
(e) investments - -
(f) other non-current assets (7) (7)
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 607 2,901
2.6 Other - Contribution from lessor for Lease Fit Out - -
2.7 Net cash from / (used in) investing activities (1,609) (3,611)
3. Cash flows from financing activities 4,002 6,035
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 (122) -
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 3,880 5,912
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4,071 5,387
4.2 Net cash from / (used in) operating activities (item 1.9 above) (967) (2,255)
4.3 Net cash from / (used in) investing activities (item 2.7 above) (1,609) (3,611)
4.4 Net cash from / (used in) financing activities (item 3.10 above) 3,880 5,912
4.5 Effect of movement in exchange rates on cash held 25 (33)
4.6 Cash and cash equivalents at end of period 5,400 5,400
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
flows) to the related items in the accounts
5.1 Bank balances 5,381 4,043
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other - Petty Cash 19 28
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 5,400 4,071
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 184
in item 1
6.2 Aggregate amount of payments to related parties and their associates included 100
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) 56,451 6,048
7.4 Total financing facilities 56,451 6,048
7.5 Unused financing facilities available at quarter end 50,402
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 under the Share Placement
Agreement, raising £2,005,156.
o Under the Second Placement to raise an additional £2m (A$4.1m), the
Company has received £1m (A$2.02m), with payment of the remaining £1m
deferred until the trading day immediately after an 80-trading day pricing
period. On this date, Atlantic Lithium will also receive or pay a swap amount
depending on the movement in the market price of the shares compared to the
issue price.
o Upon completion of the Second Placement, the Company can, at its sole
discretion, undertake two additional placements of £2m each, provided that
the maximum aggregate amount raised under the Share Placement Agreement shall
not exceed £8m.
· A Committed Equity Facility to raise up to a total aggregate
placement amount of £20m over a period of two years.
o Under the terms of the agreement, other than the first placement of
£500,000, the Company may draw in tranches of up to £500,000 at its full
discretion, and up to £5 million with mutual consent.
o The utilisation of this equity facility is at Atlantic Lithium's sole
discretion.
The
unu
sed
amo
unt
ava
ila
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und
er
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agr
eem
ent
s
at
31
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202
5
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£25
m
(A$
50.
4m)
.
Thi
s
inc
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the
rem
ain
ing
£1m
yet
to
be
rec
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ed
und
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the
Sec
ond
Pla
cem
ent
of
the
Sha
re
Pla
cem
ent
Agr
eem
ent
.
Any
fut
ure
pla
cem
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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) (967)
8.2 (Payments for exploration & evaluation classified as investing activities) (2,207)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (3,174)
8.4 Cash and cash equivalents at quarter end (item 4.6) 5,400
8.5 Unused finance facilities available at quarter end (item 7.5) 50,402
8.6 Total available funding (item 8.4 + item 8.5) 55,802
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 17.6
NO
TE
:
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.7
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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: 29 January 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:
Jeff Keating Annie Williams 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 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 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
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 22 December 2025, the Company announced that a revised
version of the Mining Lease for the Project had been submitted to the
Parliament of Ghana, per the necessary process for ratification. There can be
no certainty that the proposed terms of the Mining Lease will not change, nor
that the Parliament of Ghana will indeed ratify the Mining Lease. The Company
is not aware of any new information or data that materially affects the
information included in this report or the announcements dated 22 December
2025, 20 October 2025, 30 July 2024, 20 October 2023 and 29 June 2023, which
are all 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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