Atlantic Lithium Limited Announces Mining Licence Application Lodged for Ewoyaa

Rhea-AI Summary

Atlantic Lithium Limited has submitted a Mining Licence application for the Ewoyaa Lithium Project in Ghana. This application, lodged by its subsidiaries, supports the project moving towards permitting after extensive exploration and studies. The assessment will be conducted by the Ghanaian Government. The project promises significant economic benefits and is seen as a key development amidst rising lithium demand. The Pre-Feasibility Study indicates potential revenues exceeding US$4.84 billion, establishing Ewoyaa as a contender for Ghana's first lithium mine.

Positive

• Successful lodging of Mining Licence application for Ewoyaa Lithium Project.
• Strong potential for revenue exceeding US$4.84 billion indicated in Pre-Feasibility Study.
• Significant economic and social benefits anticipated for local communities and Ghana.

Negative

• None.

Mining Licence Application Lodged for Ewoyaa Lithium Project Ghana, West Africa

SYDNEY, AUSTRALIA / ACCESSWIRE / October 13, 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 the submission of the Mining Licence ("ML") application in respect to the extraction of minerals from the proposed Ewoyaa Lithium Mine ("Ewoyaa" or the "Mine") to the Minerals Commission of Ghana ("MinCom"), in West Africa.

HIGHLIGHTS:

• Atlantic Lithium's majority-owned Ghana company, Barari DV Ghana Ltd, and wholly-owned Ghana company, Green Metals Resources Ltd, have lodged initial documents in support of its ML application for the Ewoyaa Lithium Project.
• The application will now be assessed by the Ghanaian Government as soon as practicably possible as part of the approval process ahead of the grant of the ML.
• The application includes the submission of the Company's recent Pre-Feasibility Study (announced on 22 September 2022), which forms part of the necessary required documentation.
• This is a significant milestone for the Company as it moves the Ewoyaa Lithium Project from the discovery stage to the delivery of studies and the submission of a ML application, towards permitting.

Commenting on the Company's latest progress, Lennard Kolff, Interim Chief Executive Officer of Atlantic Lithium, said:

"We are pleased to have lodged our application for a Mining Licence at the Ewoyaa Lithium Project in Ghana, which has a compelling case for development at a time of unprecedented lithium demand.

"The application marks a significant milestone for the Company having completed extensive exploration and technical programmes, environmental and social studies, economic studies and the valuation of the Project.

"As evidenced by our work to date and highlighted by the recent Pre-Feasibility Study, we can demonstrate a fundamentally robust development case at Ewoyaa, which delivers extensive social and economic benefits to our local communities and the Republic of Ghana.

"We look forward to working closely with MinCom, the Ministry of Lands and Natural Resources, the EPA, local Government authorities, our host communities and other regulatory bodies towards the grant of the Ewoyaa ML.

"Our ongoing and planned activities now focus on further de-risking the development timelines of the Project, rapidly advancing a detailed design and construction phase and ultimately, moving into production whilst continuing to grow our exploration pipeline."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For any further information, please contact:

Atlantic Lithium Limited Lennard Kolff (Interim CEO) Amanda Harsas (Finance Director and Company Secretary) www.atlanticlithium.com.au	Tel: +61 2 8072 0640
atlantic@yellowjerseypr.com
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
SI Capital Limited Joint Company Broker Nick Emerson Jon Levinson	Tel: +44 (0) 1483 413 500 Tel: +44 (0) 207 871 4038
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 licences 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 a 560km² & 774km² tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licences.

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

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FAQ

What is the status of Atlantic Lithium's Ewoyaa Lithium Project as of October 2022?

Atlantic Lithium has submitted a Mining Licence application for the Ewoyaa Lithium Project in Ghana.

What potential revenue is projected from the Ewoyaa Lithium Project?

The Pre-Feasibility Study projects revenues exceeding US$4.84 billion.

What are the key highlights of the Mining Licence application lodged by Atlantic Lithium?

The application includes extensive studies confirming the project's viability and support from subsidiaries.

How does the Ewoyaa Lithium Project contribute to the local economy?

The project is expected to deliver significant economic and social benefits to local communities.

What impacts does the Mining Licence application have on Atlantic Lithium's future?

The application marks a critical step toward permitting and advancing the project towards production.