Quarterly Activities and Cash Flow Report for the Quarter ended 30 June 2024

Atlantic Lithium Restricted (AIM: ALL, ASX: A11, OTCQX: ALLIF, “Atlantic Lithium” or the “Firm”), the African-focused lithium exploration and improvement firm focusing on to ship Ghana’s first lithium mine, is happy to announce its Quarterly Actions and Money Move Report for the interval ended 30 June 2024.

Highlights from the Reporting Interval:

Challenge Growth:

• Completion of a number of key milestones within the allowing course of for the development of the Firm’s flagship Ewoyaa Lithium Challenge (“Ewoyaa” or “the Challenge”) in Ghana.
  • Profitable completion of the second and ultimate Environmental Safety Company (“EPA”) public listening to in respect of the Challenge.
  • Submission of draft Setting Impression Assertion (“EIS”) to the EPA.
  • Admission of the Firm’s whole share capital by introduction and graduation of buying and selling on the Foremost Market of the Ghana Inventory Alternate, as agreed beneath the phrases of the grant of the Ewoyaa Mining Lease.
• Submit period-end, the Mining Lease in respect of the Challenge was submitted to parliament to endure the required ratification course of.

Exploration:

• Graduation of area work on the newly-granted Senya Beraku prospecting licence within the east of the Firm’s Cape Coast Lithium Portfolio in Ghana.
• Excessive-grade assay outcomes reported from the Canine-Leg goal, with highlights together with gap GRC0177: 27m at 1.85% Li₂O from 126m and gap GRC1059: 15m at 1.08% Li₂O from 126m.
• Completion of sterilisation reverse circulation (“RC”) drilling on the proposed plant website, with no mineralisation reported, offering elevated confidence within the proposed website location.
• Submit-period finish, Mineral Useful resource Estimate enhance reported for the Ewoyaa Lithium Challenge to 36.8Mt at 1.24% Li₂O, reported in accordance with the JORC Code (2012).

Company:

• Appointment of Minerals Earnings Funding Fund (“MIIF”) Chief Govt Officer Edward Nana Yaw Koranteng to the Firm’s Board of Administrators as Non-Govt Director, according to the completion of MIIF’s US$5m subscription within the Firm.
• The Firm has progressed negotiations on key agreements as a part of the continuing aggressive offtake partnering course of for spodumene focus produced at Ewoyaa to safe funding anticipated to sufficiently cowl the Firm’s allocation of the event expenditure for the Challenge.
• Money readily available at finish of quarter was A$12.7m.

Commenting, Neil Herbert, Govt Chairman of Atlantic Lithium, stated:

“Appreciable progress has been made in direction of advancing the Firm’s flagship Ewoyaa Lithium Challenge in direction of shovel-readiness. The Challenge is ready to be one of many main exhausting rock lithium tasks, anticipated to generate important advantages to the native communities wherein we function within the Central Area, and to Ghana extra broadly.

“Following the grant of the Mining Lease in October 2023, we obtained notification this month that the Mining Lease had been submitted to parliament to endure the required approval course of to allow the development of the Challenge in direction of building and operation.

“It’s anticipated that the Mining Lease will likely be ratified within the present parliamentary sitting or within the subsequent parliamentary session, anticipated to begin in October. We’re ready for all eventualities and can adapt plans as occasions unfold.

“We proceed to make robust progress by way of allowing hurdles, with the current submission of the draft Setting Impression Assertion and subsequent completion of the second and ultimate EPA public listening to in respect of the Challenge; each representing main occasions on the highway to manufacturing.

“In June, we have been delighted to record the Firm’s shares on the Ghana Inventory Alternate, offering Ghanaians the chance to share possession within the improvement of the nation’s first lithium mine. We additionally welcomed the appointment of Edward Koranteng, the CEO of MIIF, the sovereign wealth fund of Ghana, to the Firm’s Board as Non-Govt Director. This follows the completion of MIIF’s US$5m subscription within the Firm early within the 12 months.

“We’re busy working to conclude a number of main landmark occasions, together with the completion of the continuing offiake partnering course of, MIIF’s Challenge-level funding and the grant of the remaining permits as required for the development of the Challenge.

“We admire shareholders persistence and assist and sit up for offering additional updates on our progress.”

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