Parliamentary Ratification of Ewoyaa Mining Lease

Parliament of Ghana issues official approval of the Mining Lease in respect of the Ewoyaa Lithium Project, representing a significant de-risking milestone

Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, “Atlantic Lithium” or the “Company”), the Africa-focused lithium exploration and development company targeting the delivery of Ghana’s first lithium mine, is pleased to announce the ratification of the Mining Lease in respect of the Company’s flagship Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) by the Parliament of Ghana.

Ratification constitutes the Parliament of Ghana’s formal approval of the proposed Ewoyaa Lithium Mine and Processing Plant, enabling the Company to advance discussions relating to Project funding and continue its progress towards a Project Final Investment Decision.

The Ewoyaa Mining Lease is the first to be granted and ratified for the mining of lithium in Ghana, highlighting the Government’s support of the Company’s lithium production ambitions.

Under the terms of the Mining Lease, which was initially granted by Ghana’s Ministry of Lands and Natural Resources in October 2023, Atlantic Lithium has the exclusive rights to carry out mining and commercial production activities over the Mining Lease area for an initial 15-year period, renewable in accordance with Ghanaian legislation.

The ratified Mining Lease includes certain fiscal terms which were incorporated following Government consultation with relevant in-country stakeholders. The revised terms comprise the alignment of the Project’s royalty rate and Growth and Sustainability Levy to current legislated rates in Ghana.

The Company notes that, following the expiration of the 21-sitting-day review period, a new Legislative Instrument, Minerals and Mining (Royalty) Regulations, 2025, which outlines the following sliding scale in relation to royalty rates for lithium projects in Ghana, has become legally binding

All other fiscal terms outlined in the Mining Lease granted in October 2023 remain unchanged (refer announcement of 20 October 2023).

The revised terms are intended to ensure that the Project generates returns to shareholders, while maximising socio-economic value for Ghana and Ghanaians, particularly the residents of the Project’s catchment area communities in the Central Region, in the context of prevailing lithium market conditions.

Commenting, Keith Muller, Chief Executive Officer of Atlantic Lithium, said:

“Parliamentary ratification of the Mining Lease for the Ewoyaa Lithium Project marks a watershed moment for both Ghana and Atlantic Lithium.

“We are delighted to have the full support of the Government as we work towards achieving first production of spodumene. Having already built itself to become a leading gold producer, Ghana has now taken a major step towards a new lithium future.

“We are grateful to our stakeholders in Ghana, notably the relevant authorities that have supported the Company throughout the Project’s permitting process, and the…