Atlantic Lithium Raises A$10M for Ewoyaa Mine in Ghana

Atlantic Lithium (ASX: A11) — concurrently listed on ASX, AIM, GSE and OTCQX — announced that it has raised AUD 10 million mostly from institutional investors at AUD 23 cents per share. Assore International Holdings (AIH) will become Atlantic Lithium largest shareholder and has conditionally subscribed to 32.7 million shares at issue price worth about AUD 7.5 million.

If approved at the upcoming Shareholders Meeting, Assore will hold 30.56% of Atlantic Lithium. The proceeds are earmarked for the flagship Ewoyaa #Lithium Mining Project in Ghana which is moving toward Final Investment Decision (FID).

“We are pleased to have raised A$10m in an equity placing led by the company’s largest shareholder, Assore, and supported by existing, new institutional shareholders and participating directors … Assore has proven to be a hugely supportive shareholder and partner since the company’s admission to AIM and, through its participation in the equity placing, has demonstrated its ongoing belief in the success of the project.”

Atlantic Lithium Executive Chair Neil Herbert

Part of the fund will go to the completion of the Feasibility Study along with all necessary permits and licences before breaking ground at the mine. Back in October 2023, Atlantic Lithium secured the mining permit for the Ewoyaa #Lithium Mine for a duration of 15 years. Then, in September 2024, Atlantic Lithium passed the Environmental and Socioeconomic Impact Assessment (ESIA) stage.

The Ewoyaa Mine will be developed in partnership with Piedmont Lithium (ASX: PLL) under an Earn-In Agreement. In addition to Ghana, Atlantic Lithium’s portfolio also includes mining assets in Cote d’Ivoire.

Based on initial prospection, the Ewoyaa mine contains spodumene pegmatite, an lithium-containing ore. The preliminary study indicates that the mine can produce 36.8 million tonnes of spodumene at 1.24% #lithium content over 12 years.

Spodumene concentrate (6% LiO2) prices recently dropped from a high of over USD 6,000 per tonne in November 2022 to the current price of USD 1,000 per tonne. However, long-term prospects for lithium is still bright given the global acceleration of the #EnergyTransition.

If the project materializes, Ewoyaa will become Ghana’s first lithium mine. Thee mine is situated near the coast on the Atlantic Ocean between Accra and Takoradi in the Cape Coast province. Ghana firmly intends not to miss the lithium boom as a result of the trend toward Electric Vehicles (#EV) worldwide.