In Ghana, West Africa, the Company holds 560km² of granted and under application tenure through direct applications and earn-in agreements. To date, the Company has defined a 30.1Mt at 1.26% Li2O spodumene rich lithium pegmatite in its advanced stage project called the Ewoyaa Lithium Project, within close proximity to operational infrastructure and is advancing a pre-feasibility study and development targeting to deliver Ghana’s first lithium mine. Atlantic holds all of the necessary exploration and mining permits to progress Ewoyaa towards production.
Atlantic is funded to production through a co-development agreement made with Piedmont Lithium Inc (Piedmont) on 1 July 2021, where Piedmont has the right to earn up to 50% at the project level for 50% SC6 spodumene concentrate offtake at market rates by solely funding US$17.0m towards studies and exploration and US$70.0m towards mine capex. Piedmont also subscribed in Atlantic’s shares, investing £11.52m (US$16.0m) to receive a 9.9% interest in the Company.
Atlantic completed a Scoping Study for the Ewoyaa Project in December 2021 based upon a JORC 2012 resource of 21.3Mt @ 1.31% Li2O and assuming US$900/t SC6 pricing. The Scoping Study contemplated an 11.4 year mine life at Ewoyaa and otherwise produced positive results which justify committing to the next stage of exploration and development of by progressing through to a pre-feasibility study.
Accordingly, the Company has commissioned a pre-feasibility study for the Ewoyaa Lithium Project incorporating the expanded resource of 30.1Mt @ 1.26% Li2O and updated mining and financial metrics. The pre-feasibility study is due in the third calendar year quarter of 2022.
It is anticipated that A11 will list on the ASX during September 2022.
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