EWOYAA, GHANA

set to be Ghana’s first lithium-producing mine

The Company’s flagship project, the Ewoyaa Lithium Project, set to be Ghana’s first lithium-producing mine, is being advanced to production under an agreement with Elevra Lithium.

The project is well located to excellent infrastructure and is proven to produce a spodumene concentrate product suitable for conversion to be used in EV batteries.

In June 2023, the Company announced its Definitive Feasibility Study (“DFS”) for the Ewoyaa Project. The DFS considers the February 2023 Mineral Resource Estimate of 35.3Mt @ 1.25% Li₂O (since increased in July 2024 to 36.8Mt @ 1.24% Li₂O) and Ore Reserves of 25.6Mt @ 1.22% Li₂O.

In March 2026, the Mining Lease for the Project was ratified by the Parliament of Ghana, becoming the first Mining Lease to be granted and ratified for lithium in Ghana. Ratification represents a major milestone on the path for Ewoyaa to become the first producer of spodumene concentrate in the country.

Announcement: Parliamentary ratification of the Ewoyaa Mining Lease

CAPE COAST LITHIUM PORTFOLIO

509km² land package secured via earn-in & application
Within 110km of Takoradi port and 100km of Accra
Flagship Ewoyaa Lithium Project

EWOYAA GRANTED MINING LEASE

Announced October 2023

First Mining Lease to be granted in Ghana for lithium
Major de-risking milestone in advancing Ewoyaa towards production

View the full Mining Lease Announcement

DFS CONFIRMS PROJECT VIABILITY AND PROFITABILITY POTENTIAL

Announced June 2023

DFS indicates low capital and energy intensity
Modest capital cost
DFS improves confidence in Ewoyaa becoming Ghana’s first lithium mine

View the full DFS Announcement

MINERAL RESOURCE ESTIMATE

Announced July 2024

36.8Mt at 1.24% Li₂O, reported in accordance with the JORC Code (2012)
81% of the Total Resource now in the higher confidence Measured and Indicated categories
o   3.7Mt at 1.37% in the Measured category
o   26.1Mt at 1.24% in the Indicated category
o   7.0Mt @ 1.15% Li₂O in the Inferred category
Based on 168,015m of drilling completed to date
Significant potential to grow the Resource further

View July 2024 MRE Announcement

SIMPLE METALLURGY - PREMIUM PRODUCT

Coarse spodumene dominant pegmatites
Low contaminants
Conventional open-pit mining
3-stage crushing
Dense Media Separation processing

EXCEPTIONAL LOGISTICS

Multiple high voltage power lines adjacent to site
225kV, 161kV & 69kV with Subtransmission at 33kV and 11kV
Sealed bitumen road within 1km of deposit footprint
110km from project footprint to Takoradi port
Grid power adjacent to deposit footprint, fed by hydro and thermal plants

Funding Agreement with Elevra

The Company has a binding agreement with Elevra Lithium to provide funding for the Ewoyaa Lithium Project as it moves towards production.

•Subscription completed in August 2021
•Initial earn in of 22.5% of Atlantic’s Ghana portfolio now complete
- Sole funding: Initial US$70m of development expenditure
- Shared funding: 50% of additional development expenditure after initial US$70m
Upon completion of funding:
- Elevra will earn a further 27.5% interest in Atlantic Lithium’s holding in the Ghana portfolio, taking its total interest to 50%
- Offtake agreement enabled for 50% of annual spodumene concentrate production at market prices from Ghana Portfolio
- Atlantic Lithium maintains operatorship
- Additional 27.5% ownership when Elevra completes sole funding of development expenditure of US$70m
- Atlantic Lithium discovered and advanced Ewoyaa through studies – Elevra have an earn-in agreement
- Offtake rights only enabled on completion of funding to achieve initial concentrate production (US$70m plus 50% additional expenditure)