- Atlantic Lithium Limited NPV (DI)
- 13 March 2026 15:43:21
Source: Sharecast
In interim results for the six months ended 31 December, the AIM-traded firm said the Ewoyaa Lithium Project was currently awaiting ratification of its mining lease by Ghana’s parliament, representing the final stage in the permitting process.
The country’s Committee on Lands and Natural Resources reviewed the lease on 12 February following parliament’s reconvening earlier that month and was expected to provide a recommendation to parliament.
It said the mining lease includes revised fiscal terms following consultations with the Ghanaian government and industry stakeholders, aligning the project’s royalty rate and Growth and Sustainability Levy with current legislated rates in the country.
At the same time, Ghana’s Ministry of Lands and Natural Resources submitted a legislative instrument introducing a sliding scale for lithium royalty rates, which became legally binding after the expiry of the statutory 21-sitting-day review period following the reporting period.
Atlantic Lithium said it had also undertaken optimisation work on the Ewoyaa project’s design and engineering aimed at maintaining a capital-efficient operation while reducing operating costs and the project’s peak funding requirements, helping ensure resilience during lithium price volatility.
Exploration activities during the period included further progress in Côte d’Ivoire, where new spodumene pegmatite occurrences were identified from mapping within the Rubino licence area.
Lithium-in-soil sampling across the company’s Rubino and Agboville licences delineated multi-kilometre anomalies, including a linear anomaly more than five kilometres long at Agboville and an expanded anomalous zone of around six kilometres by 2.5 kilometres at Rubino.
Phase four soil sampling programmes across both licences were completed after the reporting period, with results pending.
On the corporate front, the company entered into financing agreements with Long State Investments providing access to up to £28m over two years to support the development of Ewoyaa.
The package included a share placement agreement for up to £8m and a committed equity facility of up to £20m.
During the reporting period the company completed two placements raising a combined £4m, while the facility remains available but optional.
Atlantic Lithium also confirmed that discussions with an undisclosed party regarding a potential takeover had been terminated after receiving a conditional, non-binding indicative proposal to acquire the company through a scheme of arrangement.
The board said the proposal did not fully reflect the value of the Ewoyaa project and the company’s wider exploration portfolio.
Cash on hand at the end of the period stood at AUD 5.4m (£2.87m).
Chief executive Keith Muller said lithium prices had recovered significantly during the period, rising from around $590 per tonne in June last year to more than $1,500 per tonne by January and subsequently exceeding $2,000 per tonne.
“We continue to receive positive indications in respect of the ratification process,” Muller said.
“Parliament reconvened on 3 February, and a meeting was held for the Select Committee to consider the Mining Lease on 12 February.
“The company eagerly awaits the conclusion of the select committee's review of the Mining Lease and the submission of its recommendation to parliament thereafter.”
He added that while Ewoyaa remained the company’s priority, exploration progress in Côte d’Ivoire is supporting a broader growth pipeline.
“While advancing Ewoyaa remains our priority, the impressive results delivered to-date from the two licences in Côte d'Ivoire provide us with confidence to build a pipeline of lithium production assets to drive the company's longer-term growth.”
At 1308 GMT, shares in Atlantic Lithium were down 8.54% at 14.91p.
Reporting by Josh White for Sharecast.com.