Atlantic Lithium Records $13.4 Million Loss in H1 2024, Up from $11.3 Million in H1 2023
Atlantic Lithium Ghana for the first half of 2024 has recorded a total comprehensive loss of $13.4m.
This is an increase from the $11.3m total comprehensive loss recorded in the first half of 2023.
A perusal of the company‘s half-year financial statements revealed that the recorded loss was driven largely by consulting fees ($1.3m), employee benefits expenses ($2.7m), and share-based payments ($4.5m).
Given the loss recorded by the company, no dividends have been declared by Atlantic Lithium for the first half of 2024.
Within the review period, the company’s total assets value grew by some $4.4m from $36.7m to $41.1m driven mainly by an increment in the company’s non-current assets ($25.3m) as its current assets dipped to $15.7m from $17.4m in Q2 2023.
Liabilities of the company witnessed a reduction within the review period from $6.5m to $5.7m mainly on account of a significant decline in Atlantic Lithium’s current liabilities which dipped from $6.4m in Q2 2023 to $4.4m in Q2 2024.
On account of the increment in assets value and reduction in liabilities, Atlantic Lithium’s net assets value jumped to $35.4m at the end of Q2 2024 from $30.2m at the end of Q2 2023.
Commenting on the financial performance of the company for the review period, “Significant progress has
been made towards the Company’s ongoing transition from explorer to mine developer and operator. Ewoyaa’s low operating and development cost profile we believe will ensure that the Project is a success, even in lower pricing environments.”
“We would like to thank our Project partners and the Company’s shareholders for their unwavering support, we look forward to a hugely exciting year ahead, marked by a number of milestones that will see us move closer to
delivering Ewoyaa as a globally significant spodumene mine,” he added.
