Atlantic Lithium Ltd has made key advancements in its Ewoyaa Lithium Project in Ghana, having secured all necessary permits for construction. The project is on track to become Ghana’s first lithium mine, with funding discussions ongoing as the company raised A$10 million. The financial health and strong demand for lithium suggest a promising future despite current market challenges.
Atlantic Lithium Ltd has achieved significant progress in its Ewoyaa Lithium Project in Ghana, as it has successfully passed critical milestones in the permitting process. The company has secured all necessary approvals to commence construction, including a Mine Operating Permit issued by Ghana’s Minerals Commission. This positions the Ewoyaa project to become Ghana’s inaugural lithium mine, currently awaiting the final ratification of its Mining Lease prior to making a Final Investment Decision.
Executive Chairman Neil Herbert has expressed optimism regarding the timely finalization of the Mining Lease, particularly following the recent elections in Ghana. In addition to the Mine Operating Permit, Atlantic Lithium has obtained critical environmental and land use permits, along with a water use permit allowing the extraction of water from the Ochi-Amissah River for operational needs.
Exploration efforts continue across Ghana and Côte d’Ivoire, resulting in an upgraded resource estimate of 36.8 million tonnes of lithium-bearing material. Notably, the company identified a high feldspar content that presents an opportunity for additional revenue through the ceramics industry in Ghana.
From a financing perspective, Atlantic Lithium successfully raised A$10 million through a share placing led by its primary shareholder, Assore International Holdings. The capital raised is earmarked for further optimization of the project and enhancement of technical aspects in preparation for the investment decision. Herbert acknowledged the current weakness in lithium prices but emphasized strong demand and anticipated price increases by the time construction commences.
As of the conclusion of the six-month period ending December 31, Atlantic Lithium reported a healthy financial standing with A$11.8 million available on its balance sheet.
In summary, Atlantic Lithium has made substantial advances in its Ewoyaa Lithium Project, having secured vital permits and raised significant funds for project enhancement. The company’s optimistic outlook, backed by strong demand for lithium and ongoing engagement with potential funders, underscores its potential for success amidst fluctuating market prices. The strong financial position fortifies its readiness for forthcoming project phases.
Original Source: www.proactiveinvestors.com.au
