Atlantic Lithium Ltd has achieved key milestones for the Ewoyaa Lithium Project in Ghana, securing essential permits and preparing for construction. The company is confident about funding and resource prospects, while also navigating current lithium price conditions. Financially, it reported strong balances, indicating potential for future growth.
Atlantic Lithium Ltd has made significant progress with its Ewoyaa Lithium Project in Ghana, having passed essential milestones in the permitting process. The company has acquired all necessary approvals for construction, including a Mine Operating Permit from Ghana’s Minerals Commission.
Ewoyaa is poised to become Ghana’s inaugural lithium mine and is currently awaiting the final ratification of its Mining Lease before it can proceed to the Final Investment Decision. Executive Chairman Neil Herbert expressed optimism regarding the impending ratification, noting the impact of Ghana’s recent elections.
Additionally, Atlantic Lithium obtained an environmental permit, land use certificate, and a water use permit for the extraction of water from the Ochi-Amissah River to support the project. Exploration efforts continue in both Ghana and Côte d’Ivoire, with resource estimates now reaching 36.8 million tonnes of lithium-bearing material. The identification of significant feldspar content also presents a potential by-product opportunity for the local ceramics industry.
Financially, Atlantic Lithium secured A$10 million in a share placement led by its largest stakeholder, Assore International Holdings. The raised funds will facilitate further project optimization and technical refinements prior to the investment decision. Herbert acknowledged the current weakness in lithium prices but remains positive about demand and anticipates price increases by the commencement of construction.
As of December 31, the company reported a robust financial position with A$11.8 million in its balance sheet, positioning it well for upcoming developments and funding initiatives.
In conclusion, Atlantic Lithium has made noteworthy strides in advancing the Ewoyaa Lithium Project in Ghana, successfully achieving critical milestones in permitting and preparation for construction. With a positive outlook on funding and resource potential, the company is well-positioned to capitalize on the growing demand for lithium as market conditions remain favorable.
Original Source: www.proactiveinvestors.com.au
