Atlantic Lithium Limited Announces Commencement of COO and Issue of Options

Rhea-AI Summary

Atlantic Lithium Limited announces the appointment of Keith Muller as Chief Operating Officer. He will receive 4,000,000 unlisted options with strike prices of 60 pence and 70 pence, each expiring in two years. The company, focused on developing Ghana's first lithium mine, is advancing its flagship Ewoyaa Project, which has projected revenues exceeding US$4.84 billion. This update is critical as it highlights a key appointment in management and ongoing project developments.

Positive

• Appointment of Keith Muller as Chief Operating Officer to strengthen management team.
• Issuance of 4,000,000 unlisted options as part of Muller’s contract, aligning interests with shareholders.
• Ewoyaa Project projected revenues over US$4.84 billion, showing strong financial potential.

Negative

• Unlisted options issuance may dilute existing shareholders if exercised.
• -

Corporate Update

Chief Operating Officer Commencement of Role

SYDNEY, AUSTRALIA / ACCESSWIRE / November 28, 2022 / Atlantic Lithium Limited (AIM:ALL)(ASX:A11)(OTCQX:ALLIF) "Atlantic Lithium" or the "Company"), the funded African-focussed lithium exploration and development company targeting to deliver Ghana's first lithium mine, is pleased to announce that Keith Muller has commenced his role as non-board Chief Operating Officer with the Company.

Issue of Unlisted Share Options

Accordingly, and as part of Mr Muller's employment contract, the Company will issue him with the following unlisted options:

Unlisted Options

Number of Options Strike Price Term to Expiry

2,000,000 60 pence 2 years from issue

2,000,000 70 pence 2 years from issue

The new unlisted options will be issued to him immediately.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

ISSUE OF UNLISTED OPTIONS

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Keith Muller
2.	Reason for the notification
a)	Position/status:	Chief Operating Officer (Non-Board)
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Atlantic Lithium Limited
b)	LEI:	213800H1JY3J7BB6BN06
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted.
a)	Description of the financial instrument, type of instrument: Identification code:	Unlisted options exercisable through to 28 November 2024. ISIN: AU0000237554
b)	Nature of the transaction:	Grant of options over ordinary shares.
c)	Price(s) and volume(s):	Price(s)	Volume(s)
		60p 70p	2,000,000 2,000,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above
		Price(s)	Volume(s)
		60p 70p	2,000,000 2,000,000
e)	Date of the transaction:	28 November 2022
f)	Place of the transaction:	Outside of a trading venue

For any further information, please contact:

Atlantic Lithium Limited Neil Herbert (Executive Chairman) Amanda Harsas (Finance Director and Company Secretary) www.atlanticlithium.com.au atlantic@yellowjerseypr.com	Tel: +61 2 8072 0640
SP Angel Corporate Finance LLP Nominated Adviser Jeff Keating Charlie Bouverat	Tel: +44 (0)20 3470 0470
Canaccord Genuity Limited Joint Company Broker Raj Khatri James Asensio Harry Rees	Tel: +44 (0) 20 7523 4500
Liberum Capital Limited Joint Company Broker Scott Mathieson Edward Thomas Kane Collings	Tel: +44 (0) 20 3100 2000
Yellow Jersey PR Limited Henry Wilkinson Dominic Barretto James Lingfield	Tel: +44 (0)20 3004 9512

Notes to Editors:

About Atlantic Lithium

www.atlanticlithium.com.au

Atlantic Lithium (formerly "IronRidge Resources") is an AIM and ASX-listed lithium exploration and development company advancing a portfolio of lithium projects and licenses in Ghana and Côte d'Ivoire through to production.

The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium spodumene pegmatite discovery on track to become Ghana's first lithium producing mine. The Company signed a funding agreement with Piedmont Lithium Inc. for US$103m towards the development of the Ewoyaa Project. Based on the Pre-Feasibility Study, the Ewoyaa Project has indicated Life of Mine revenues exceeding US$4.84bn, producing a spodumene concentrate via simple gravity only process flowsheet.

Atlantic Lithium holds 560km² & 774km² of tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licenses.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Atlantic Lithium Limited

View source version on accesswire.com:
https://www.accesswire.com/728826/Atlantic-Lithium-Limited-Announces-Commencement-of-COO-and-Issue-of-Options

FAQ

What is the significance of Keith Muller joining Atlantic Lithium as COO?

Keith Muller’s appointment as COO strengthens Atlantic Lithium's management as they aim to develop Ghana's first lithium mine.

What options were granted to Keith Muller?

Keith Muller was granted 4,000,000 unlisted options with strike prices of 60 pence and 70 pence, each expiring in two years.

What are the projected revenues from the Ewoyaa Project?

The Ewoyaa Project is projected to generate revenues exceeding US$4.84 billion, based on its pre-feasibility study.

How might the issuance of options affect Atlantic Lithium shareholders?

The issuance of options could lead to shareholder dilution if the options are exercised.

When did Keith Muller officially start his role as COO?

Keith Muller officially commenced his role as Chief Operating Officer on November 28, 2022.