Atlantic Lithium Secures A$10m Equity Placement to Advance Ewoyaa Project
Atlantic Lithium has announced its interim financial results for the half-year period ended December 2024, highlighting key developments in the advancement of its flagship Ewoyaa Lithium Project in Ghana.
A significant milestone achieved during the period was the successful completion of an A$10 million equity placement.
The placement, led by the company’s largest shareholder, Assore International Holdings Limited (AIH), is expected to fund critical activities, including the optimization and technical refinement of the Definitive Feasibility Study (DFS) for the Ewoyaa Project.
The refined DFS will form part of the documentation supporting the company’s Final Investment Decision (FID) on the project.
The company also reiterated its commitment to the project under the leadership of Lucas Dow, the intended CEO and Managing Director of the enlarged entity following the proposed merger between Piedmont Lithium Inc. and Sayona Mining.
Piedmont, a key strategic funding partner for the Ewoyaa Project, is expected to play a pivotal role in its financing and development.
At the end of the period, Atlantic Lithium reported a cash balance of A$11.8 million, positioning the company to continue advancing the project towards construction.
Awaiting Mining Lease Ratification
Commenting on the results, Neil Herbert, Executive Chairman of Atlantic Lithium, noted that the company has secured all necessary approvals for the construction of the Ewoyaa Lithium Project, with the final step being the ratification of the Ewoyaa Mining Lease.
“We await the ratification of the Ewoyaa Mining Lease, which represents the final step in the permitting process and which will enable us to advance towards a Project Final Investment Decision,” Herbert stated.
Following Ghana’s recent general elections, the company remains confident that the ratification will proceed as per the due parliamentary process. Meanwhile, Atlantic Lithium continues to engage various funding providers to secure financing for the project’s development.
Lithium Market Outlook
Herbert also addressed market conditions, acknowledging the current subdued price of spodumene concentrate but expressing optimism regarding long-term lithium demand.
“While the price of spodumene concentrate remains subdued, lithium demand continues to grow significantly, and prices are expected to rise over the estimated period of plant construction,” he noted.
Atlantic Lithium is expected to provide further updates on project financing and regulatory progress in the coming months.
