Aim-listed Atlantic Lithium says it welcomes the comments made during a Parliamentary session, in Ghana, on July 16, in which Ghanaian Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah confirmed that the country’s Cabinet had authorised that revised terms of Atlantic’s Ewoyaa mining lease be negotiated and presented for review by Cabinet, and by Parliament thereafter, for ratification.

In his remarks, the company notes that the Minister highlighted the importance of the job creation potential that the company’s flagship Ewoyaa lithium project presents, noting the immense support from residents of the project catchment area in the central region for the continued advancement of the project, in addition to the economic benefits that Ewoyaa is expected to generate.

Atlantic says the project is expected to play an important role in the socioeconomic development of the region through its spodumene concentrate production activities and offers considerable employment for Ghanaians, which the company says aligns with objectives set by Ghanaian President John Mahama during his December 2024 election campaign.

The mining lease was granted by Ghana's Ministry of Lands and Natural Resources in respect of the project in October 2023 during a period of elevated lithium prices.

Since then, the company notes, lithium prices have fallen significantly.

As previously disclosed, Atlantic Lithium says it has engaged relevant stakeholders in Ghana, including government representatives, to seek fiscal terms of the mining lease that reflect the current lithium pricing environment and that ensure that the project delivers long-term benefits for Ghana and Ghanaians.

With all of the necessary regulatory approvals secured, parliamentary ratification of the mining lease represents the final stage of the project's permitting phase and will enable the company to advance the financing of the project.

The company says it remains confident that ratification of the mining lease will be forthcoming in accordance with due parliamentary process and is supporting the process where possible.

It notes that further updates will be provided to shareholders as and when appropriate.

CEO Keith Muller says Atlantic remains actively engaged in discussions with relevant stakeholders in Ghana to consider a revision of the fiscal terms of the Ewoyaa mining lease that were initially agreed in October 2023 and welcomes the recent comments made by the Minister of Lands and Natural Resources regarding the project's latest progress.

"Having seen a significant shift in the lithium price environment since the mining lease was granted, we are seeking terms that reflect prevailing market conditions and that ensure the project can deliver value for shareholders and the generational benefits that Ewoyaa promises for Ghana and Ghanaians, including significant job creation and socio-economic development of the project's catchment area in the central region.

"We look forward to providing further developments in due course,” says Muller.