Atlantic Lithium Ltd has secured all necessary permits for its Ewoyaa Lithium Project in Ghana, including a Mine Operating Permit. The company is in the process of raising funds while optimistic about the project’s future following recent elections. With upgraded resource estimates and financial backing, Atlantic Lithium is well-positioned for its planned construction phase.
Atlantic Lithium Limited has achieved significant progress in its Ewoyaa Lithium Project located in Ghana, having secured all necessary approvals to commence construction, including a Mine Operating Permit granted by Ghana’s Minerals Commission. The company is currently engaging various funding sources as it prepares to finalize its Mining Lease, which is essential for making a Final Investment Decision.
The Ewoyaa project is set to become Ghana’s inaugural lithium mine. Atlantic Lithium’s Executive Chairman, Neil Herbert, expressed confidence that the final ratification of the mining lease will occur shortly, particularly following the recent elections in Ghana. Furthermore, the firm has obtained an environmental permit along with a land use and water use permit, enabling them to utilize water from the Ochi-Amissah River for project operations.
Exploratory efforts continue in both Ghana and Côte d’Ivoire, with updated resource estimates now totaling 36.8 million tonnes of lithium-bearing materials. Additionally, the company has identified a high feldspar content that presents opportunities to supply Ghana’s ceramics industry as a supplementary product.
From a financial standpoint, Atlantic Lithium successfully raised A$10 million via a share placement orchestrated by its principal shareholder, Assore International Holdings. The raised funds are designated for optimizing the project and refining technical details prior to the important investment decision.
Despite weak lithium prices currently, Mr. Herbert believes that the ongoing demand remains robust, with projections indicating potential price increases by the time construction completes. The company ended the six months concluded on December 31 with a solid financial standing, having A$11.8 million reported on its balance sheet and will provide further updates concerning funding opportunities.
In summary, Atlantic Lithium Limited has reached crucial milestones for its Ewoyaa Lithium Project, positioning itself for institutional engagement and funding. The successful acquisition of necessary permits, alongside strategic fundraising efforts, demonstrates the company’s readiness to advance. Despite current market conditions, the prospect for enhanced lithium prices and resource improvements suggest a positive outlook for future developments within the project.
Original Source: www.proactiveinvestors.com.au
