Atlantic Lithium Ltd (AIM:ALL, ASX:A11, OTCID:ALLIF), in its quarterly activities report, highlighted that during the period, it had cleared a major permitting hurdle for what is expected to become the country’s first lithium mine, as Ghana’s Parliament has ratified the Mining Lease for its Ewoyaa Lithium Project.
The ratification represented formal approval for the mine and processing plant ,and enables the company to progress funding talks and continue work towards a project final investment decision.
Atlantic said the ratified lease includes revised fiscal terms, aligning the project’s royalty rate and Growth and Sustainability Levy with current Ghanaian legislation. A new lithium royalty regime is now legally binding, with rates on a sliding scale from 5.0% to 12.0% depending on spodumene prices.
The company also secured access to funding of up to US$16.4 million during the quarter, including up to around US$11.0 million from Ghanaian pension funds and US$5.4 million through a third placement with Long State Investments.
Cash at the end of March was A$13.9 million, with Atlantic reporting no debt and estimated available funding of A$56.1 million.
Chief executive Keith Muller called the ratification “a defining milestone” for Ewoyaa and said it provides “the foundations for the Project's development towards becoming the country's first lithium mine”.
Atlantic also completed Phase 4 soil sampling at its wholly owned Agboville and Rubino licences in Côte d’Ivoire, where results remain pending.