Ewoyaa Lithium Undertaking Granted EPA Allow

Evaluation

Atlantic Lithium Restricted (AIM: ALL, ASX: A11,GSE: ALLGH, OTCQX:ALLIF) is an African-focused lithium exploration and construction corporate advancing its flagship Ewoyaa Lithium task via to manufacturing as Ghana’s first lithium mine. Regardless of its lengthy mining historical past, beneficial regulatory local weather and strong political backdrop, Ghana stays in large part overpassed as an funding jurisdiction for battery metals. Located at the West African coast, the rustic boasts a robust strategic location, between Europe, the Americas and Asia, to serve the worldwide battery metals marketplace. Ghana may be house to an abundance of mineral wealth, with c. 180,000 tonnes of estimated lithium assets.

Atlantic Lithium intends to provide spodumene listen in a position to conversion to lithium hydroxide and carbonate to be used in electrical automobile batteries, serving to force the transition to decarbonisation.

A definitive feasibility find out about (DFS) launched in June 2023 presentations Ewoyaa has demonstrable financial viability, low capital depth and superb profitability. After drilling on the new Canine-Leg goal, with high-grade assay effects, the JORC mineral useful resource estimate at Ewoyaa now stands at 36.8 million lots (Mt) at 1.24 % lithium oxide, 81 of which is now within the upper self assurance measured and indicated classes (3.7 Mt at 1.37 % within the measured class, 26.1 Mt at 1.24 % within the indicated class, and seven Mt @ 1.15 % within the Inferred class).

Thru easy open-pit mining, three-stage crushing and standard Dense Media Separation (DMS) processing, the DFS (additionally taking into consideration the fiscal phrases agreed upon the grant of the Mining Rent for the task in October 2023) outlines the manufacturing of three.6 Mt of spodumene listen over a 12-year mine lifestyles, handing over US$6.6 billion life-of-mine revenues, a post-tax NPV8 of US$1.3 billion and an inside charge of go back of 94 %.

The task is predicted to ship nameplate manufacturing from its plant as early as 2026.

As of July 2024, Atlantic Lithium has reached some necessary milestones within the allowing procedure for the Ewoyaa task, together with: the a success of completion of the second one and ultimate Environmental Coverage Company (EPA) public listening to; submission of draft atmosphere have an effect on commentary to the EPA; advent and graduation of buying and selling at the Major Marketplace of the Ghana Inventory Change, as agreed below the phrases of the grant of the Ewoyaa Mining Rent.

The Mining Rent for the Ewoyaa task has now been submitted to parliament to go through a ratification procedure.

Undertaking Investment

The improvement of the task is co-funded below an settlement with NASDAQ and ASX-listed Piedmont Lithium (ASX:PLL), with Piedmont anticipated to fund c. 70 % of the USA$185 million general construction expenditure indicated through the DFS.

Based on the settlement, Piedmont has finished investment of US$25 million against research and exploration, and can sole fund an preliminary US$70 million, plus 50 % of prices thereafter (shared 50:50 between Atlantic Lithium and Piedmont), against the entire construction expenditure for the task, as indicated through the DFS.

In go back, Piedmont will obtain 50 % of the spodumene listen produced at Ewoyaa, offering a path to customers via a number of main battery producers, together with Tesla.

The Minerals Source of revenue Funding Fund (MIIF), Ghana’s minerals sovereign wealth fund, has additionally agreed to take a position a complete of US$32.9 million within the corporate and on the project-level to expedite the advance of the task.

Representing the primary a part of the Strategic Funding, MIIF finished a Subscription for US$5 million Atlantic Lithium stocks in January 2024, to turn out to be a big strategic shareholder within the corporate.

Representing the second one a part of the Strategic Funding, MIIF has agreed to take a position, matter to the corporate attaining a binding settlement with MIIF, US$27.9 million within the corporate’s Ghanaian subsidiaries to obtain a 6 % contributing hobby within the task. The United States$27.9 million project-level funding and the contributing hobby are anticipated to take the type of investment for construction, exploration and research expenditure to improve the development of the task.

As well as, Atlantic Lithium is within the ultimate phases of a aggressive offtake partnering procedure to protected investment for a portion of the rest 50 % to be had feedstock from Ewoyaa.

The target of the method is to draw investment gives to sufficiently duvet the Corporate’s allocation of construction expenditure for the Undertaking, to expedite and de-risk the advance of the Undertaking, realise sexy phrases for any offtake gotten smaller and protected a well-credentialled spouse that may improve the corporate’s and Ghana’s targets of supplying lithium into the worldwide electrical automobile marketplace.

The corporate has indicated its most well-liked phrases of as much as 500,000 lots of spodumene listen to be gotten smaller over a 3- to 5-year duration, the use of a beneficial market-based pricing mechanism, for a attention of as much as US$100 million within the type of a pre-payment association, which is predicted to sufficiently duvet the corporate’s allocation of construction expenditure.

Ghana

Ghana is a well-established mining area with get entry to to dependable, current infrastructure and an important mining personnel. There are lately 16 working mines within the nation.

Already the most important taxpayer and employer in Ghana’s Central Area, Atlantic Lithium is predicted to supply direct employment to over 800 workforce at Ewoyaa and, via its network construction fund, wherein 1 % of income will probably be allotted to native tasks, will ship long-lasting advantages to the area and Ghana.

Thru its confirmed lithium discovery, exploration and analysis methodologies, Atlantic Lithium has the prospective to capitalise on its intensive exploration portfolio and ship upon its targets of turning into a number one manufacturer of lithium in West Africa.

Atlantic Lithium’s flagship Ewoyaa Lithium Undertaking is located inside 110 kilometres of Takoradi Port and 100 kilometres of Accra, with get entry to to superb infrastructure and a talented native personnel.

Atlantic Lithium was once granted a Mining Rent in recognize of the Undertaking in October 2023. The Corporate is lately advancing the Undertaking throughout the allowing procedure against manufacturing.

Highlights:

• Promising DFS Effects: Atlantic Lithium’s DFS reaffirmed Ewoyaa as an industry-leading asset with low capital depth and superb profitability. Highlights come with:
  • Estimated 12-year lifetime of mine, generating 3.6 Mt spodumene listen.
  • 365 ktpa secure state manufacturing
  • Reasonable LOM EBITDA of US$316 million in step with annum
  • NPV of US$1.3 billion
  • Lifestyles-of-mine revenues of US$6.6 billion
  • Modest $185 million construction expenditure
  • Tough US$675/t All in maintaining price and US$377 C1 money price.
• Beneficial Location: The task’s starter pits are located inside one kilometre of its processing plant. Moreover, Ewoyaa has get entry to to dependable current infrastructure, positioned inside 800 metres from the N1 freeway and adjoining to grid energy.
• Promising Reserves: Ewoyaa’s present mineral useful resource estimate (as of July 2024) at is 36.8 Mt at 1.24 % lithium oxide, of which 81 % is now within the upper self assurance measured and indicated classes (3.7 Mt at 1.37 % lithium oxide within the measured class, and 26.1 Mt at 1.24 % lithium oxide within the indicated class, and seven Mt @ 1.15 % lithium within the inferred class).
• Attainable for Additional Exploration: There stays important exploration doable, with only one % of Atlantic Lithium’s general tenure having been drilled up to now.
• Robust Partnerships: Atlantic Lithium has a 50-percent offtake deal with Piedmont Lithium, which itself has offtake agreements with each Tesla and LG Chem, and has an agreed with Ghana’s Minerals Source of revenue Funding Fund to expedite the advance of the Undertaking.
• Certain Presence: Atlantic Lithium will generate important financial advantages for the area. As soon as operational, the task is predicted to make use of over 800 workforce and ship roughly US$4.9 billion in worth to Ghana, together with via taxes, royalties, employment and native procurement.

Atlantic Lithium lately has two packages pending for a space of more or less 774 sq. kilometres within the West African nation of Côte d’Ivoire. The underexplored but extremely potential area is understood to be underlain through prolific birimian greenstone belts, characterized through fractionated granitic intrusive centres with lithium and colombite-tantalum occurrences and outcropping pegmatites. The world may be extremely well-served, with intensive street infrastructure, well-established mobile community and high-voltage transmission line inside 100 kilometres of the rustic’s financial capital, Abidjan.

Control Crew

Neil Herbert – Government Chairman

Neil Herbert is a fellow of the Affiliation of Chartered Qualified Accountants and has over 30 years of revel in in finance. He has been fascinated by rising mining and oil and gasoline corporations, each as an govt and as an investor, for over 25 years.

Till Might 2013, he was once co-chairman and managing director of AIM-quoted Polo Assets, a herbal assets funding corporate. Previous to this, Herbert was once a director of useful resource funding corporate Galahad Gold, and then he changed into finance director of its maximum a success funding, the start-up uranium corporate UraMin, from 2005 to 2007. All through this era, he labored to flow the corporate on AIM and the Toronto Inventory Change in 2006, carry US$400 million in fairness financing and negotiate the sale of the crowd for US$2.5 billion.

Herbert has held board positions at a lot of useful resource corporations the place he has been fascinated by managing a lot of acquisitions, disposals, inventory marketplace listings and fundraisings. He holds a joint honours level in economics and financial historical past from the College of Leicester.

Keith Muller – Leader Government Officer

Keith Muller is a mining engineer with over two decades of operational and management revel in throughout home and global mining, together with within the lithium sector. He has a robust operational background in laborious rock lithium mining and processing, specifically in DMS spodumene processing.

Prior to becoming a member of Atlantic Lithium, he held roles as each a industry chief and basic supervisor at Allkem, the place he labored at the Mt Cattlin lithium mine in Western Australia and, previous to that, Muller served as operations supervisor and senior mining engineer at Simec.

Muller holds a Grasp of Mining Engineering from the College of New South Wales and a Bachelor of Engineering from the College of Pretoria. He’s additionally a member of the Australian Institute of Mining and Metallurgy, the Board of Skilled Engineers of Queensland, and the Engineering Council of South Africa.

Amanda Harsas – Finance Director and Corporate Secretary

Amanda Harsas is a senior finance govt with a demonstrable observe document and over 25 years’ revel in in strategic finance, industry transformation, industrial finance, buyer and provider negotiations and capital control. Previous to becoming a member of Atlantic Lithium, she labored in numerous sectors, together with healthcare, insurance coverage, retail {and professional} products and services, throughout Asia, Europe and the U.S. Harsas holds a Bachelor of Industry from the College of Era, Sydney and is a member of Chartered Accountants Australia and New Zealand and the Australian Institute of Corporate Administrators.

Kieran Daly – Non-executive Director

Kieran Daly is the chief of Enlargement and Strategic Building at Assore. He holds a BSc Mining Engineering from Camborne College of Mines (1991) and an MBA from Wits Industry College (2001) and labored in funding banking/fairness analysis for greater than 10 years at UBS, Macquarie and Investec, previous to becoming a member of Assore in 2018.

Daly spent the primary 15 years of his mining occupation at Anglo American’s coal department (Anglo Coal) in a lot of global roles together with operations, gross sales and advertising, technique and industry construction. Amongst his key roles had been main and growing Anglo Coal’s advertising efforts in Asia and to metal {industry} consumers globally. He was once additionally the World Head of Technique for Anglo Coal right away previous to leaving Anglo in 2007.

Christelle Van Der Merwe – Non-executive Director

Christelle Van Der Merwe is a mining geologist answerable for the mining-related geology and assets of Assore’s subsidiary corporations (comprising the pyrophyllite and chromite mines) and may be all for the corporate’s iron and manganese mines. She has been the Assore workforce geologist since 2013 and is concerned with the strategic and useful resource funding choices of the corporate. Van Der Merwe is a member of SACNASP and the GSSA.

Edward Nana Yaw Koranteng – Non-executive Director

Edward Koranteng is a legal professional and an skilled company and funding banker with over 23 years of revel in. He has served as the executive govt officer of the Minerals Source of revenue Funding Fund (MIIF), Ghana’s sovereign minerals wealth fund, since 2021.

Previous to becoming a member of MIIF, Koranteng held the function of Industry Head for East, Central and Southern Africa for Ghana World Financial institution plc (“GHIB”), the place he was once answerable for GHIB’s power and mining portfolio. He additionally labored with the Chase Financial institution Team (Kenya), now SBM Financial institution of Mauritius, as workforce head for power, oil, gasoline and mining. Koranteng lately sits at the forums of Asante Gold Company, MIIF and Glico Common Insurance coverage Ltd.

Koranteng holds a BA (Hons) from the College of Ghana, a Grasp of Regulations in World Banking and Finance from the College of Leeds in the United Kingdom, a Postgraduate Degree from BPP Regulation College in the United Kingdom and the Ghana College of Regulation. He has practiced as a barrister in each the United Kingdom and Ghana and holds more than a few govt and postgraduate certifications, together with in oil, gasoline and mining from the Blavatnik College of Executive, College of Oxford in the United Kingdom.

Jonathan Henry – Unbiased Non-executive Director

Jonathan Henry is an skilled Non-Government Director, having held more than a few management and board roles for almost twenty years. Henry has important experience running throughout capital markets, industry construction, task financing, key stakeholder engagement, and the reporting and implementation of ESG-focused tasks. Henry has a wealth of revel in initiatives against manufacturing and commercialisation to ship shareholder worth.

Henry additionally serves as non-executive chair of Toronto Project Change-listed (TSX-V) Giyani Metals Company, a battery construction corporate advancing its portfolio of manganese oxide initiatives in Botswana, having in the past held the function of govt chair. His earlier roles come with as govt chair and non-executive director at Ormonde Mining plc, non-executive director at Ashanti Gold Company, president, director and leader govt officer at Gabriel Assets Restricted and more than a few roles, together with leader govt officer and managing director, at Avocet Mining PLC. He holds a BA (Hons) in Herbal Sciences from Trinity School, Dublin.

Michael Bourguignon – Head of Capital Initiatives

Michael Bourguignon is a prominent task control skilled with a wealthy historical past of main important tasks within the mining and effort sectors. Maximum not too long ago, he served because the COO at Evolution Power Minerals in Tanzania, the place he controlled the optimisation and replace of the Definitive Feasibility Learn about, controlled the Entrance-Finish Engineering Design package deal, and oversaw the of completion of the Relocation Motion Plan and different community-related works.

Previous to this, Bourguignon labored with Rio Tinto in Australia as a consulting building supervisor, in addition to Glencore’s Mopani Copper Mines in Zambia, the place he was once the task director for the Mopani Synclinorium Concentrator, and Syrah’s Balama Graphite Mine in Mozambique, the place he was once task director. He has additionally in the past labored in Ghana and Cote d’Ivoire with Perseus Mining.

Bourguignon holds an MBA from Murdoch College and is a member of the Australian Institute of Undertaking Control.

Andrew Henry – Common Supervisor, Industrial and Finance

Andrew Henry is an completed Common Supervisor with over a decade’s revel in within the operational mining sector, specialising in technique, making plans and research, contracts, large-scale task construction and website operations.

Prior to becoming a member of Atlantic Lithium, Henry held the function of business supervisor at international lithium chemical substances corporate Allkem and, previous to that, he spent over 4 years with main gold mining corporate Newcrest Mining.

Henry holds a Bachelor of Trade from the College of South Australia and is a member of CPA Australia.

Ahmed-Salim Adam – Common Supervisor, Operations

Ahmed-Salim Adam is an skilled mining basic supervisor with over 15 years of revel in main more than a few large-scale initiatives in Ghana throughout all phases of mine construction, manufacturing, and closure, with a focal point on protection and sustainability.

Adam has in the past held a lot of management roles, together with as senior marketing consultant of Metallurgy at GEOMAN Seek the advice of Ltd, as a director for FGR Bogoso Prestea Ltd’s Refractory Undertaking and as basic supervisor at Golden Big name Assets Ltd.

He holds a MPhil Minerals Engineering and a Bachelor of Science (Hons) in Mineral Engineering, each from the College of Mines and Era, Ghana. He’s additionally a member of The Institute of Fabrics, Minerals and Mining (IOM3) in the UK and the Australasian Institute of Mining and Metallurgy (AusIMM) in Australia.

Simone Horsfall – Common Supervisor, Other folks

Simone Horsfall joins Atlantic Lithium as Common Supervisor, Other folks with over 25 years of revel in running throughout a extensive vary of industries, with a focal point at the mining sector. In the past, Horsfall spent over a decade at AngloGold Ashanti Australia as human assets supervisor and, extra not too long ago, at 29Metals as workforce supervisor of human assets.

Horsfall holds a degree in Human Useful resource Control, a school certificates in Psychology from Edith Cowan College, Sydney, and a post-graduate degree in Human Assets from Deakin College.

Belinda Gethin – Common Supervisor, Company Finance and Corporate Secretary

Belinda assumed the function of basic supervisor, company – finance and corporate secretary in January 2024, having first of all joined the corporate as monetary reporting supervisor in June 2023. To her function at Atlantic Lithium, Gethin brings a wealth of revel in in all sides of statutory, monetary and company reporting, together with the preparation of monetary statements and accounting for advanced transactions. Prior to becoming a member of Atlantic Lithium, Gethin labored as the executive monetary officer for Lumus Imaging and, previous to that, as the crowd reporting supervisor at Healius. Gethin is a chartered accountant and holds a Bachelor of Trade from UNSW in Sydney, Australia.

Iwan Williams – Common Supervisor, Exploration

Iwan Williams is an exploration geologist with over two decades’ revel in throughout a extensive vary of commodities, basically iron ore, manganese, gold, copper (porphyry and sed. hosted), PGE’s, nickel and different base metals, in addition to chromitite, phosphates, coal and diamond.

Williams has intensive southern and west African revel in and has labored in Central and South The united states. His revel in comprises all sides of exploration control, task technology, alternative evaluations, due diligence and mine geology. He has intensive research revel in having participated within the supply of more than one task research together with useful resource, mine design standards, baseline environmental and social research and metallurgical test-work programmes. He’s very conversant in running in Africa having spent 23 years of his 28-year geological occupation in Africa. Williams is a graduate of the College of Liverpool.

Abdul Razak – Exploration Supervisor, Ghana

Abdul Razak has intensive exploration, useful resource analysis and task control revel in all over West Africa with a robust focal point on data-rich environments. He has intensive gold revel in having labored all over Ghana with AngloGold Ashanti, Goldfields Ghana, Perseus and Golden Big name, in addition to global exploration and useful resource analysis revel in in Burkina Faso, Liberia, Ivory Coast, Republic of Congo, Nigeria and Guinea.

Razak is an integral member of the group, managing all website actions together with drilling, laboratory, native groups, geotech and hydro, network consultations and stakeholder engagements and was once instrumental in status quo of the present construction group and defining Ghana’s maiden lithium useful resource estimate.