Atlantic Lithium Ltd (AIM:ALL, OTCQX:ALLIF, ASX:A11) said the chief focus of the past quarter was to continue de-risking the Ewoyaa lithium project in Ghana to enable it to break ground later this year.
"Key to achieving this milestone is the success of the ongoing permitting process, which is advancing as anticipated,” said executive chairman Neil Herbert in a quarterly update.
Looking forward, he flagged several “major catalysts in the months ahead of us”, including the conclusion of the competitive partnering process for a portion of Ewoyaa's remaining offtake available, the ratification of the mining lease by parliament and the grant of the final permits.
He noted the “overwhelming support” from the local community at the recent Environmental Protection Agency scoping public hearing, and the first US$5 million investment out of a planned US$32.9 million from the Minerals Income Investment Fund of Ghana as a valued local stakeholder and key funding partner.
The period also saw a feldspar and downstream conversion study for Ewoyaa completed and submitted to Ghana's Minerals Commission, as agreed under the terms of the grant of the mining lease for the project.
Herbert said work was also ongoing with the Ghana Stock Exchange and associated parties to enable the company’s secondary listing “as soon as possible”.
Encouraging results from 2023 drilling and further holes due to be bored in the second half of this year are expected to be incorporated into a mineral resource estimate (MRE) upgrade later this year.
Conversations are also being had with engineering firms with proven local experience ahead of a tender process for the award of the engineering, procurement, and construction management contracts.
Changes in the management team were also announced as Iwan Williams was promoted to general manager, exploration and Abdul Razak to exploration manager, Ghana, following chief geologist Len Kolff deciding to step down.
“Iwan and Razak have led the Company's exploration activities alongside Len since before the delivery of the Maiden MRE at Ewoyaa in 2020, and are, therefore, well-credentialled to lead the company's exploration efforts, focused primarily on advancing our current portfolio of assets in West Africa, as well as assessing new opportunities in Ghana and elsewhere,” said Herbert.