Atlantic Lithium Ltd (AIM:ALL, OTCQX:ALLIF, ASX:A11), in its quarterly activities report for the ASX, highlighted that in the three months, it advanced discussions with Ghanaian government representatives to secure revised fiscal terms for the Ewoyaa Mining Lease.
New terms would reflect current lithium prices, it noted.
“We are working alongside our Ghanaian stakeholders to chart a path to delivering a robust operation at Ewoyaa, capable of withstanding prolonged periods of weakened lithium pricing, and achieving our shared goal of first production of spodumene in Ghana,” said chief executive Keith Muller.
The company also highlighted that it has obtained all necessary regulatory approvals for the project, which now awaits parliamentary ratification.
Work to optimise the project design is underway to reduce operating costs and lower peak funding requirements.
"While we await parliamentary ratification of the Mining Lease, we continue to manage costs to ensure that the Company can survive the current lithium downturn and be in the best position to capitalise on a price recovery. We have made further cuts to this end,” Muller said.
Atlantic Lithium ended the quarter with A$5.4 million of cash.
Also in the period, the company discovered spodumene pegmatite in outcrop and float at its 100 %-owned Agboville and Rubino licences in Côte d’Ivoire.
Elsewhere, Phase 2 soil sampling at Rubino returned lithium anomalies between 210 ppm and 806 ppm over a 2.5 km by 2.0 km area.
Further sampling at both licences is ongoing.
Muller, meanwhile, added: “We believe that our exploration activities at Agboville and Rubino offer attractive upside potential at a low cost.
“While Ewoyaa remains our focus, the two licences present highly prospective tenure for lithium discovery and align with the company's aim of building a pipeline of projects to support long-term growth.”