Atlantic Lithium Ltd (AIM:ALL, ASX:A11, OTCID:ALLIF) said it is poised for a pivotal few months, with the long-awaited parliamentary ratification of its Ewoyaa mining lease in Ghana now the final step before development of the country’s first lithium mine can begin.
In its quarterly activity report, the Africa-focused miner reminded investors that it has concluded negotiations with the government of Ghana over revised fiscal terms for the project, designed to balance shareholder returns with national benefit amid shifting lithium market conditions.
Parliament reconvened on 21 October, and the Majority Leader confirmed that the Ewoyaa Mining Lease would be among those due for ratification in the current session.
Chief executive Keith Muller said the company “greatly appreciated the government’s attentiveness” during the talks and hoped for a swift conclusion. “Having endured a lengthy delay to the development of the project, we hope that ratification can occur promptly,” he said.
In Côte d’Ivoire, Atlantic Lithium reported encouraging lithium-in-soil results from its Rubino and Agboville exploration licences, where kilometre-scale anomalies and new spodumene-bearing rocks have been discovered.
The company has appointed advisers to explore non-dilutive funding options to accelerate exploration in the country.
Financially, Atlantic Lithium secured a £28 million funding facility with Long State Investments, providing flexibility to advance Ewoyaa towards a final investment decision. An initial £2 million share placement has been completed, and shareholders will vote on a further £500,000 tranche at an extraordinary meeting on 6 November.
The company ended the September quarter with A$4.1 million in cash, following cost-cutting measures and reduced headcount to focus resources on critical project milestones.
Muller said the coming months would be “an important period” for Atlantic Lithium: “With a key catalyst ahead of us in the form of the ratification of the Mining Lease, we look forward to providing further updates in due course.”