Atlantic Lithium Ltd has achieved significant milestones for its Ewoyaa Lithium Project in Ghana, including necessary permits for construction and a successful fundraising of A$10 million. The project is moving toward a Final Investment Decision, while ongoing exploration has enhanced resource estimates, and discussions with funding providers continue.
Atlantic Lithium Ltd has made significant progress in Ghana, actively engaging with various funding providers for its Ewoyaa Lithium Project. The company has received all necessary approvals for construction, including a Mine Operating Permit from Ghana’s Minerals Commission. This project is poised to become Ghana’s inaugural lithium mine, pending the final ratification of its Mining Lease to make a pivotal Final Investment Decision.
The company has also obtained an environmental permit, a land use certificate, and a water use permit for water extraction from the Ochi-Amissah River, essential for the project. Additionally, exploration activities in Ghana and Côte d’Ivoire have improved resource estimates to 36.8 million tonnes of lithium-bearing material and identified high feldspar content as a potential by-product for Ghana’s ceramics industry.
On the corporate front, Atlantic Lithium successfully raised A$10 million through a share placement led by its largest shareholder, Assore International Holdings. This financing will aid in project optimization and technical refinement before the investment decision is made. Despite acknowledging the current weak lithium prices, Executive Chairman Neil Herbert expressed confidence about future demand and price rebounds.
Herbert highlighted that the company finished the six-month period ending December 31 with a robust financial standing, reporting A$11.8 million in reserves, while ongoing discussions with funding providers suggest that more updates will follow.
In summary, Atlantic Lithium is poised to advance its Ewoyaa Lithium Project in Ghana following the acquisition of vital permits and successful fundraising efforts. With a strong resource estimation and ongoing corporate activities, the company remains optimistic about the lithium market’s potential and is actively pursuing funding opportunities to ensure project success.
Original Source: www.proactiveinvestors.com.au
