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 Piedmont 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, confirming the Project’s economic viability and profitability potential for the production of 3.6Mt spodumene concentrate over a 12-year Life of Mine (“LOM”).

The DFS incorporates the Project’s 35.3Mt @ 1.25 Li₂O Mineral Resource Estimate and Ore Reserves of 25.6Mt @ 1.22% Li₂O and considers conservative LOM concentrate pricing of US$1,587/t, FOB Ghana Port.

In October 2023, Atlantic Lithium was granted a Mining Lease for the Project, representing a major landmark for Ghana and the Company and paving the way for Ewoyaa to become one of the next major spodumene concentrate producers.

View the full Mining Lease Announcement

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
Ewoyaa on track to become one of the top 10 largest spodumene concentrate producers globally
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
Short payback period
DFS improves confidence in Ewoyaa becoming Ghana’s first lithium mine

View the full DFS Announcement

MINERAL RESOURCE ESTIMATE

Announced February 2023

35.3Mt at 1.25% Li₂O, reported in accordance with the JORC Code (2012)
79% (28Mt) in the Measured and Indicated categories
o 3.5Mt at 1.37% Li₂O in the Measured category
o 24.5Mt at 1.25% Li₂O in the Indicated category
MRE based on a total 137,153m of drilling
Mineralisation remains open at depth and along strike, providing confidence for further resource upgrades
Only 15km² drilled to date within the broader 560km² Cape Coast lithium portfolio

View February 2023 MRE Announcement

SIMPLE METALLURGY - PREMIUM PRODUCT

Coarse spodumene dominant pegmatites
Low contaminants; <1% Fe₂0₃, <3% combined Na₂O & K₂O
Conventional open-pit mining
3-stage crushing
Dense Media Separation processing
Producing SC6 and SC5.5 (50:50 ratio)

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 Piedmont
EWOYAA SET TO BECOME GHANA’S FIRST LITHIUM MINE

Piedmont investment

• £10.8m into ALL at 20p + £720k at 25p for 9.91%
• Right to nominate a director
• 12-month lock-in provision
• Completed 31 August 2021
• Initial earn in of 22.5% of Ghana portfolio at completion of;
• US$5m for accelerated regional exploration programs
• US$12m to complete DFS
• DFS criteria” 1.5mtpa to 2mtpa run-of-mine (“ROM”) operation; 12-year life of mine (“LOM”)
• Investment spend completed – all expenditure now shared equally
• Initial US$70m – sole funding
• Additional capex shared 50:50 between Piedmont and Atlantic Lithium
• To deliver a 1.5Mtpa to 2Mtpa ROM operation for a 10-year to 8-year LOM for a further 27.5% of Ghana portfolio
• If Stage 3 capex spend does not proceed, Piedmont forfeit stage 2 earn in.
• Offtake Agreement for 50% of the annual lithium spodumene concentrate (SC6) production at market.
• Cost savings and additional expenditure will be shared equally between Atlantic and Piedmont.