Shares in Atlantic Lithium Ltd (AIM:ALL, ASX:A11, OTCID:ALLIF) jumped 30% to 10.26p after the group said it remains confident that its mining lease for the Ewoyaa lithium project in Ghana will be ratified, despite revisions to fiscal terms.
The Africa-focused developer said a revised mining lease has now been formally submitted to the Parliament of Ghana and referred to a select committee, restarting the approval process required before production can begin.
Ewoyaa is the company’s flagship project and is expected to become Ghana’s first lithium mine. The original lease was granted in October 2023, but was later revisited as the government reviewed how royalties and levies should apply to lithium developments.
Following consultations led by the minister of lands and natural resources, the revised lease aligns Ewoyaa’s royalty rate and Growth and Sustainability Levy with existing Ghanaian mining law.
As part of the process, a new legislative instrument has been submitted to parliament proposing a sliding scale of royalties linked to spodumene prices, ranging from 5% at lower prices to 12% at higher levels.
All other fiscal terms remain unchanged. While parliament has adjourned for the festive period, Atlantic Lithium expects the select committee to review the lease in the new year and said it remains confident of ratification, while noting the outcome cannot be guaranteed.