Atlantic Lithium Ltd has passed significant permitting milestones for its Ewoyaa Lithium Project in Ghana, obtaining approvals including a Mine Operating Permit. The company is securing funding while the mining lease awaits ratification, and exploration has revealed substantial lithium resources.
Atlantic Lithium Ltd has progressed significantly with its Ewoyaa Lithium Project in Ghana, recently receiving crucial permitting approvals including a Mine Operating Permit from Ghana’s Minerals Commission. The company is actively engaging with various funding providers to secure financial backing necessary for construction. The anticipated finalization of the Mining Lease is key, with hopes of taking the Final Investment Decision shortly after Ghana’s recent elections.
Aside from the Mine Operating Permit, Atlantic Lithium has obtained several other essential permits, such as an environmental permit and a land use certificate, alongside a water use permit that permits water extraction from the Ochi-Amissah River to support their operations. During this reporting period, exploration activities in Ghana and Côte d’Ivoire have been fruitful, resulting in an updated resource estimate of 36.8 million tonnes of lithium-bearing material. Additionally, high feldspar content has been identified, presenting a potential revenue stream from sales to Ghana’s ceramics industry.
On the financial front, Atlantic Lithium successfully raised A$10 million through a share placement led by its largest shareholder, Assore International Holdings. These funds are earmarked for project optimization and refining technical aspects in anticipation of the final investment decision. Despite the current weakness in lithium prices, Executive Chairman Neil Herbert remains optimistic about strong demand and potential price increases upon the commencement of construction. The company ended the six-month period concluding December 31 with a robust financial standing of A$11.8 million.
Atlantic Lithium Ltd is advancing its Ewoyaa Lithium Project in Ghana, having achieved key permitting milestones and engaging potential funders. With an updated resource estimate and favorable financial backing, the company is poised for growth despite current market fluctuations. The ongoing exploration and strong demand in the lithium sector underscore the project’s potential viability.
Original Source: www.proactiveinvestors.com.au
