Funding Dispute and Parliamentary Delay Cloud Atlantic Lithium’s Ghana Ambitions

Negotiations Conclude on Ewoyaa Mining Lease Terms

Atlantic Lithium Limited has announced the successful conclusion of negotiations with the Government of Ghana regarding revised fiscal terms for the Mining Lease of its flagship Ewoyaa Lithium Project. These updated terms reflect current lithium market conditions and aim to balance shareholder returns with value creation for Ghana and its communities. The company now awaits parliamentary ratification, the final regulatory hurdle before advancing the project towards production.

The parliamentary session that began on 21 October 2025 has already highlighted the Ewoyaa Mining Lease as a priority for ratification, signaling government support. However, Atlantic Lithium cautions that while confidence remains high, the timing and certainty of ratification cannot be guaranteed.

Exploration Success Extends Lithium Anomalies in Côte d’Ivoire

Parallel to its Ghana operations, Atlantic Lithium reported impressive lithium-in-soil results from its 100%-owned Rubino and Agboville licences in Côte d’Ivoire. Phase 2 and 3 soil sampling delineated extensive lithium anomalies over several kilometres, with the Rubino licence showing a continuous anomalous zone approximately 6.0km by 2.5km in size. New spodumene pegmatite occurrences were also discovered, reinforcing the licences’ prospectivity.

The company is advancing further mapping and planning follow-up drilling to better understand these anomalies. To accelerate exploration, Atlantic Lithium has engaged a specialist corporate advisor to explore non-dilutive funding options, aiming to attract minority or project-level investments without impacting existing shareholders.

Significant Funding Secured to Advance Ewoyaa

Atlantic Lithium has entered into binding financing agreements with Long State Investments Ltd, securing access to up to £28 million over two years. This includes a Share Placement Agreement for up to £8 million and a Committed Equity Facility for up to £20 million. The company completed an initial £2 million placement in early September and is seeking shareholder approval for the first tranche under the equity facility at an upcoming Extraordinary General Meeting.

This capital injection positions Atlantic Lithium well to progress Ewoyaa towards a final investment decision and eventual production. The company has also taken steps to conserve cash, including headcount rationalisation and early termination of its Perth office lease, ending the quarter with A$4.1 million in cash.

Funding Dispute with Joint Venture Partner Elevra Lithium

Despite progress, Atlantic Lithium faces a funding dispute with Elevra Lithium Limited, its joint venture partner on the Ewoyaa project. The disagreement centers on the obligation to fund development costs, with Elevra reducing its contribution from 50% to 22.5% as of October 2025. Atlantic Lithium maintains that Elevra is contractually required to sole fund the initial US$70 million of development costs, a position Elevra disputes.

The dispute has led to Atlantic Lithium funding a larger share of project costs temporarily, with ongoing negotiations and arbitration processes in place. This uncertainty adds a layer of financial and operational risk as the project advances.

Community and Sustainability Engagement

Beyond exploration and financing, Atlantic Lithium continues to engage with local communities and invest in sustainability initiatives. Recent activities include fire safety training in partnership with the Ghana National Fire Service and participation in cultural festivals, underscoring the company’s commitment to social responsibility in its project regions.