- Atlantic Lithium Advances Ewoyaa Project After Ghana Ratifies Mining Lease
Atlantic Lithium says it has cleared a major regulatory hurdle in its bid to develop Ghana’s first lithium mine after Parliament ratified the mining lease for the company’s flagship Ewoyaa Lithium Project in the Central Region.
The ratification, completed during the first quarter of 2026, represents the Government of Ghana’s formal approval of the proposed Ewoyaa Lithium Mine and Processing Plant and marks one of the most significant milestones yet in the country’s attempt to enter the global lithium supply chain.
Atlantic Lithium, which is listed on AIM, ASX and the Ghana Stock Exchange, said in its quarterly activities and cash flow report for the period ended March 31, 2026 that the parliamentary approval now allows the company to advance funding discussions and continue work towards a final investment decision for the project.
The company described the ratification as a major de-risking milestone for Ewoyaa, which is expected to become Ghana’s first operating lithium mine. The project is located about 100 kilometres southwest of Accra, within one kilometre of the Takoradi-Accra N1 highway, 110 kilometres from the Takoradi deep-sea port and close to grid power.
Keith Muller, Chief Executive Officer of Atlantic Lithium, said the approval marked a defining moment for the project. “Thanks to the commitment of the Atlantic Lithium team over recent years, we are delighted to have secured parliamentary ratification of the Ewoyaa Mining Lease during the period, marking a defining milestone for the project,” he said.
“The approval, alongside the introduction of the new legislative instrument for royalty rates for lithium projects in Ghana, provides the foundations for the project’s development towards becoming the country’s first lithium mine.”
The mining lease was first awarded by the Ministry of Lands and Natural Resources in October 2023, granting Atlantic Lithium exclusive rights to undertake mining and commercial production activities at Ewoyaa for an initial 15-year period, renewable under Ghanaian law.
However, the lease underwent further consultation after it was submitted to Parliament, leading to revisions in some fiscal terms. The company said the revised terms aligned the project’s royalty rate and Growth and Sustainability Levy with Ghana’s current legislated rates, while all other fiscal terms in the original October 2023 lease remained unchanged.
A new Legislative Instrument, the Minerals and Mining Royalty Regulations, 2025, has since become legally binding, introducing a sliding-scale royalty regime for lithium projects. Under the new framework, royalties will range from 5 per cent when spodumene prices are up to US$1,500 per tonne to 12 per cent when prices exceed US$3,200 per tonne.
For Ghana, the approval of Ewoyaa comes at a politically sensitive moment. Lithium is increasingly seen as a strategic mineral in the global energy transition, and the government has sought to frame the project as a test case for extracting greater domestic value from mineral resources.
Atlantic Lithium said work is underway to finalise a programme of socio-economic development initiatives for communities affected by the project. The programme is expected to include employment and training opportunities, particularly for young adults, as well as infrastructure projects focused on water, healthcare and local schools.
The company also plans to finalise the parameters of a Community Development Fund, through which a portion of project revenues will be directed towards socio-economic initiatives in catchment communities. Atlantic Lithium said it had recently commissioned a water treatment plant and storage system in the Ewoyaa community, providing clean and safe water for more than 500 people.
Despite the regulatory breakthrough, the project still faces important commercial and financing tests.
Atlantic Lithium disclosed that it had secured access to funding of up to US$16.4 million through a strategic investment by a group of Ghanaian pension funds and a third placement under its share placement agreement with Long State Investments Limited.
The Ghanaian pension funds, facilitated by IC Asset Managers Ghana, agreed to invest up to about US$11.0 million in the company through ordinary shares and milestone-linked warrants. The investors subscribed for 25.38 million Atlantic Lithium shares at US$0.197 per share for a value of US$5.0 million.
The company also issued 20.27 million warrants to the Ghanaian investors, exercisable upon pre-defined project milestones, including parliamentary ratification, final investment decision and breaking ground at Ewoyaa.
Alongside the Ghanaian investment, Atlantic Lithium moved to raise US$5.4 million through a third placement under its agreement with Long State Investments. The company said it had cash on hand of A$13.9 million at the end of the quarter and no debt.
Yet the report also highlights unresolved tensions around the project’s joint venture structure. Elevra Lithium Limited, formerly Piedmont Lithium, has completed Stage Two of its investment in the project, entitling it to an initial 22.5 per cent interest in Atlantic Lithium’s project ownership.
From October 1, 2025, Elevra reduced its funding to 22.5 per cent, with costs being funded by Atlantic Lithium and Elevra according to their respective interests. Atlantic Lithium said it is in dispute with Elevra regarding project expenditure under the project agreement, though discussions remain ongoing and a dispute resolution process exists, including good-faith negotiations and possible arbitration.
The company also noted that Elevra had publicly stated that Ewoyaa sits lower on its list of capital deployment priorities and that it wishes to amend the joint venture structure. Atlantic Lithium said it is assessing options to advance the project while maximising value for shareholders.
Beyond Ghana, Atlantic Lithium continued low-cost exploration in Côte d’Ivoire during the quarter. The company completed Phase Four soil geochemical sampling within its wholly owned Agboville and Rubino licences, with results pending. The licences cover 396.89 square kilometres and 374.18 square kilometres respectively and are located about 80 kilometres north of Abidjan.
The company reported cash expenditure of A$2.2 million on exploration, feasibility and development activities in Ghana during the quarter, and A$0.2 million on exploration in Côte d’Ivoire.
