Atlantic Lithium said its progress at its Ewoyaa lithium prospects over the past six months had justified its decision to demerge its gold assets from the rest of the business.
“Over the period, we increased the Mineral Resource Estimate for Ewoyaa twice, as well as delivering a Scoping Study and, post-period end, an impressive Pre-Feasibility Study on the project,” said Neil Herbert, executive chairman.
As such Atlantic Lithium is now “in an excellent position to advance Ewoyaa through studies to reach production, and, in doing so, return significant value to the company's shareholders,” he added.
"Pushing ahead, we aim to further increase the resource at Ewoyaa, with an update expected later this year or at the beginning of next year, before delivering a Definitive Feasibility Study in 2023,” said Herbert.
Atlantic Lithium posted a loss for the year to end June 2022 of A$34.7mln (A$4.6mln) with cash at the end of June of A$23.9mln.