Name of the Project
Ewoyaa lithium project.

Location
Ghana.

Project Owner/s
Aim-listed lithium explorer and developer Atlantic Minerals. Piedmont has an earn-in right of 50% of Atlantic’s Ghanaian projects, including Ewoyaa, and the company holds a 10% equity interest in lithium explorer Atlantic Lithium.

Project Description
The Ewoyaa project is set to be Ghana’s first lithium-producing mine.

Over the 12-year life-of-mine, the project is expected to produce 3.58-million tonnes a year of 6% and 5.5% spodumene concentrate, as well as 4.7-million tonnes of secondary product as a by-product of dense-media separation (DMS).

Development involves the opencut mining of several lithium-bearing pegmatite deposits, conventional DMS processing and supporting infrastructure.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $1.5-billion and an internal rate of return of 105%, with a payback of 19 months.

Capital Expenditure
$185-million.

Planned Start/End Date
Production of spodumene concentrate and secondary product is targeted for the second quarter of 2025.

Latest Developments
Atlantic Lithium has completed an institutional placement to raise A$10-million at A$0.23 a share. 

Under the placement, about 43.4-million new fully paid ordinary shares of no-par value each in the company will be issued.

Proceeds of the equity placing will be used to contribute to the funding of the Ewoyaa project towards a final investment decision (FID), including an optimisation and technical refinement of the Ewoyaa definitive feasibility study, and completing activities related to permitting and operating requirements before breaking ground.

The funds will also be used for working capital purposes.

As part of the equity placing, Assore International Holdings, Atlantic’s largest shareholder, has conditionally subscribed for A$7.5-million through the allotment of about 32.7-million new shares at the issue price.

Atlantic executive chairperson Neil Herbert, CEO Keith Muller and nonexecutive director Edward Koranteng have also conditionally subscribed for about 1.2-million new shares at the issue price, equating to an aggregate of A$290 000.

The participation of Assore and the director is conditional on shareholder approval at the company's upcoming annual general meeting (AGM). Assuming Assore's participation is approved, Assore will hold 30.56% of the company's issued share capital.

The successful placing, undertaken in a challenging market environment for lithium companies, demonstrates strong support for the project from existing and prospective shareholders.

" . . .  the placing puts the company on firm footing to achieve its ambitions of delivering commercial production of spodumene in Ghana,” Herbert has said.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Atlantic Minerals, tel +61 2 8072 0640 or email info@atlanticlithium.com.au.