Atlantic Lithium Limited's (AIM:ALL, OTCQX:ALLIF, ASX:A11) executive chair highlighted a first quarter in which the company built on what he described as impressive progress made in 2022.
The AIM-quoted lithium firm is now on track to meet its targets through the rest of 2023, Neil Herbert noted.
In its statutory quarterly activities statement, covering the three months ended 31 March, the company reported considerable progress at it works to deliver the Ewoyaa project as Ghana’s first lithium mine.
It highlighted the project's notable Mineral Resource Estimate (MRE) upgrade to 35.3mln tonnes (Mt) at 1.25% Li2O at Ewoyaa, with the upgrade including 28mln tonnes in the Measured and Indicated categories, indicating a 79% confidence level.
The upgrade followed a successful 47,000-metre drill programme that was completed in 2022.
The company also noted the start of the 2023 exploration and resource drilling programmes and provided an update on the definitive feasibility study (DFS), due for release in the second quarter of this year.
"From its discovery, Atlantic Lithium has made great strides in de-risking and proving Ewoyaa to be a globally significant lithium asset,” Herbert commented.
As part of the DFS for the project, a staged project development plan is underway, focusing on improved plant efficiency and increased metal recovery to optimise the project's economics.
The company also joined the International Lithium Association as an associate member post-period end and it was listed in the 2023 OTCQX Best 50, an annual ranking of top-performing companies traded on the OTCQX Best Market in 2022.
Looking ahead, Herbert added: "2023 is set to be a major year for Atlantic Lithium and the development of the Ewoyaa Lithium Project.
“We are pushing ahead on all fronts to achieve our goals, with the aim of maximising value at Ewoyaa for the company and its shareholders."
Atlantic Lithium ended the quarter with AU$16.0mln of cash.