TIDMALL
RNS Number : 4788U
Atlantic Lithium Limited
23 November 2023
23 November 2023
Quarterly Activities and Cash Flow Report
for the quarter ended 30 September 2023 - Updated
Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF,
"Atlantic Lithium" or the "Company"), the African-focused lithium
exploration and development company targeting to deliver Ghana's
first lithium mine, provides an update to the announcement
entitled, "Quarterly Activities and Cash Flow Report for the
quarter ended 30 September 2023", dated 31 October 2023.
Pursuant to ASX Listing Rule 5.3.5, the Company advises that
items 6.1 and 6.2 of Appendix 5B, which relate to payments of
salaries/fees (including superannuation) to Executive Directors,
which were erroneously omitted in the announcement dated 31 October
2023, have now been updated.
The updated Appendix 5B can be found below.
No other details in the announcement dated 31 October 2023 have
changed.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
=====================================================
ATLANTIC LITHIUM LIMITED
=====================================================
ABN Quarter ended ("current quarter")
=============== ==================================
17 127 215 132 30 September 2023
=============== ==================================
Consolidated statement of cash flows Current quarter Year to date (3 months)
$A'000 $A'000
1. Cash flows from operating activities
------ ---------------------------------------------------------------- ----------------- -------------------------
1.1 Receipts from customers - -
------ ---------------------------------------------------------------- ----------------- -------------------------
1.2 Payments for
(a) exploration & evaluation - -
(b) development - -
(c) production - -
(d) staff costs (389) (389)
(e) administration and corporate costs (1,645) (1,645)
1.3 Dividends received (see note 3) - -
------ ---------------------------------------------------------------- ----------------- -------------------------
1.4 Interest received - -
------ ---------------------------------------------------------------- ----------------- -------------------------
1.5 Interest and other costs of finance paid - -
------ ---------------------------------------------------------------- ----------------- -------------------------
1.6 Income taxes paid - -
------ ---------------------------------------------------------------- ----------------- -------------------------
1.7 Government grants and tax incentives - -
------ ---------------------------------------------------------------- ----------------- -------------------------
1.8 Other - -
------ ---------------------------------------------------------------- ----------------- -------------------------
1.9 Net cash from / (used in) operating activities (2,034) (2,034)
====== ================================================================ ================= =========================
2. Cash flows from investing activities
------ ----------------------------------------------------------------
2.1 Payments to acquire or for:
------ ----------------------------------------------------------------
(a) entities - -
(b) tenements - -
(c) property, plant and equipment (133) (133)
(d) exploration & evaluation (5,954) (5,954)
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal of:
------ ----------------------------------------------------------------
(a) entities -
(b) tenements -
(c) property, plant and equipment -
(d) investments 57 57
(e) other non-current assets -
2.3 Cash flows from loans to other entities -
------ ---------------------------------------------------------------- ----------------- -------------------------
2.4 Dividends received (see note 3) -
------ ---------------------------------------------------------------- ----------------- -------------------------
2.5 Other - Piedmont Contributions from farm-in arrangement 2,996 2,996
------ ---------------------------------------------------------------- ----------------- -------------------------
2.6 Net cash from / (used in) investing activities (3,034) (3,034)
====== ================================================================ ================= -------------------------
3. Cash flows from financing activities
------ ---------------------------------------------------------------- ----------------- -------------------------
3.1 Proceeds from issues of equity securities (excluding
convertible debt securities) -
------ ---------------------------------------------------------------- ----------------- -------------------------
3.2 Proceeds from issue of convertible debt securities -
------ ---------------------------------------------------------------- ----------------- -------------------------
3.3 Proceeds from exercise of options - -
------ ---------------------------------------------------------------- ----------------- -------------------------
3.4 Transaction costs related to issues of equity securities or - -
convertible debt securities
------ ---------------------------------------------------------------- ----------------- -------------------------
3.5 Proceeds from borrowings - -
------ ---------------------------------------------------------------- ----------------- -------------------------
3.6 Repayment of borrowings - -
------ ---------------------------------------------------------------- ----------------- -------------------------
3.7 Transaction costs related to loans and borrowings - -
------ ---------------------------------------------------------------- ----------------- -------------------------
3.8 Dividends paid - -
------ ---------------------------------------------------------------- ----------------- -------------------------
3.9 Other (provide details if material) - -
------ ---------------------------------------------------------------- ----------------- -------------------------
3.10 Net cash from / (used in) financing activities - -
====== ================================================================ ================= =========================
4. Net increase / (decrease) in cash and cash equivalents for the
period
------ ---------------------------------------------------------------- ----------------- -------------------------
4.1 Cash and cash equivalents at beginning of period 15,346 15,346
------ ---------------------------------------------------------------- ----------------- -------------------------
4.2 Net cash from / (used in) operating activities (item 1.9 above) (2,034) (2,034)
------ ---------------------------------------------------------------- ----------------- -------------------------
4.3 Net cash from / (used in) investing activities (item 2.6 above) (3,034) (3,034)
4.4 Net cash from / (used in) financing activities (item 3.10 - -
above)
------ ---------------------------------------------------------------- ----------------- -------------------------
4.5 Effect of movement in exchange rates on cash held 287 287
------ ---------------------------------------------------------------- ----------------- -------------------------
4.6 Cash and cash equivalents at end of period 10,565 10,565
====== ================================================================ ================= =========================
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash $A'000 $A'000
flows) to the related
items in the accounts
---- --------------------------------------------------------------------------- ---------------- -----------------
5.1 Bank balances 10,561 15,327
---- --------------------------------------------------------------------------- ---------------- -----------------
5.2 Call deposits - -
---- --------------------------------------------------------------------------- ---------------- -----------------
5.3 Bank overdrafts - -
---- --------------------------------------------------------------------------- ---------------- -----------------
5.4 Other - Petty Cash 4 19
---- --------------------------------------------------------------------------- ---------------- -----------------
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 10,565 15,346
==== =========================================================================== ================ =================
6. Payments to related parties of the entity and their associates Current quarter
$A'000
----- ----------------------------------------------------------------------------------------- ----------------
6.1 Aggregate amount of payments to related parties and their associates included in item 1 345
----- ----------------------------------------------------------------------------------------- ----------------
6.2 Aggregate amount of payments to related parties and their associates included in item 2 158
6.1 & 6.2 are payments of salaries/fees (including superannuation) to Executive Directors.
==================================================================================================================
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
NOTE : the term "facility' includes all $A'000 $A'000
forms of financing arrangements available
to the
entity.
Add notes as necessary for an
understanding of the sources of finance
available to the entity.
---- ------------------------------------------- ------------------------------------- ----------------------------
7.1 Loan facilities - -
---- ------------------------------------------- ------------------------------------- ----------------------------
7.2 Credit standby arrangements - -
---- ------------------------------------------- ------------------------------------- ----------------------------
7.3 Other - -
---- ------------------------------------------- ------------------------------------- ----------------------------
7.4 Total financing facilities - -
---- ------------------------------------------- -------------------------------------
7.5 Unused financing facilities available at quarter end -
---- ----------------------------------------------------------------------------------
7.6 Include in the box below a description of each facility above, including the lender, interest
rate, maturity date and whether it is secured or unsecured. If any additional financing facilities
have been entered into or are proposed to be entered into after quarter end, include a note
providing details of those facilities as well.
====
8. Estimated cash available for future operating activities $A'000
----- --------------------------------------------------------------------------------------------- --------
8.1 Net cash from / (used in) operating activities (item 1.9) (2,034)
----- --------------------------------------------------------------------------------------------- --------
8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (5,954)
----- --------------------------------------------------------------------------------------------- --------
8.3 Total relevant outgoings (item 8.1 + item 8.2) (7,988)
----- --------------------------------------------------------------------------------------------- --------
8.4 Cash and cash equivalents at quarter end (item 4.6) 10,565
----- --------------------------------------------------------------------------------------------- --------
8.5 Unused finance facilities available at quarter end (item 7.5) -
----- --------------------------------------------------------------------------------------------- --------
8.6 Total available funding (item 8.4 + item 8.5) 10,565
----- --------------------------------------------------------------------------------------------- --------
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.3
-----
NOTE : if the entity has reported positive relevant outgoings (ie a net cash inflow) in item
8.3, answer item 8.7 as "N/A". Otherwise, a figure for the estimated quarters of funding available
must be included in item 8.7.
-------------------------------------------------------------------------------------------------------------
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions:
8.8.1 Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer: Yes
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it believe
that they will be successful?
Answer:
* Atlantic Lithium Ltd has been funded under a
co-development agreement with Piedmont Lithium Inc.
Exploration and feasibility activities are 50% funded
by Piedmont and US$70.0m towards mine capex for the
Ewoyaa Lithium Project. Any additional expenditure
for the development of the Project will be shared
equally between the Company and Piedmont.
* Owing by Piedmont at end of September 2023 is US$2m.
* Atlantic Lithium has agreed non-binding Heads of
Terms with the Minerals Income Investment Fund of
Ghana ("MIIF") to invest a total of US$32.9m in the
Company and the Ghana subsidiaries. The proposed
investment will support the development of the
Project and the broader Cape Coast Lithium Portfolio
in Ghana. Under the terms of the non-binding
agreement, MIIF intend to invest an initial US$27.9m
to acquire a 6% contributing interest in the
Company's Ghana Portfolio and will make ongoing
contributions through monthly cash calls as the
Project develops. MIIF also intend to subscribe for
19,245,574 shares in Atlantic for a total value of
US$5m.
8.8.3 Does the entity expect to be able to continue its operations and to meet its business
objectives and, if so, on what basis?
Answer: Yes. The company has funding available (see 8.8.2).
NOTE : where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above
must be answered.
=============================================================================================================
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 31 October 2023
Authorised by: Authorised by the Board of Atlantic Lithium Limited
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of
Mineral Resources and AASB 107: Statement of Cash Flows apply to
this report. If this quarterly cash flow report has been prepared
in accordance with other accounting standards agreed by ASX
pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
For any further information, please contact:
Atlantic Lithium Limited
Neil Herbert (Executive Chairman)
Amanda Harsas (Finance Director and Company Secretary)
www.atlanticlithium.com.au
IR@atlanticlithium.com.au
Tel: +61 2 8072 0640
SP Angel Corporate Finance Yellow Jersey PR Limited Canaccord Genuity Limited
LLP Charles Goodwin Financial Adviser:
Nominated Adviser Bessie Elliot Raj Khatri (UK) /
Jeff Keating atlantic@yellowjerseypr.com Duncan St John, Christian
Charlie Bouverat Tel: +44 (0)20 3004 Calabrese (Australia)
Tel: +44 (0)20 3470 9512
0470 Corporate Broking:
James Asensio
Tel: +44 (0) 20 7523
4500
============================== ============================= =============================
Notes to Editors:
About Atlantic Lithium
www.atlanticlithium.com.au
Atlantic Lithium is an AIM and ASX-listed lithium company
advancing a portfolio of lithium projects in Ghana and Côte
d'Ivoire through to production.
The Company's flagship project, the Ewoyaa Project in Ghana, is
a significant lithium spodumene pegmatite discovery on track to
become Ghana's first lithium-producing mine.
The Definitive Feasibility Study for the Project indicates the
production of 3.6Mt of spodumene concentrate over a 12-year mine
life, making it one of the top 10 largest spodumene concentrate
mines in the world.
The Project, which was awarded a Mining Lease in October 2023,
is being developed under a funding agreement with Piedmont Lithium
Inc.
Atlantic Lithium holds 509km(2) and 774km(2) of tenure across
Ghana and Côte d'Ivoire respectively, comprising significantly
under-explored, highly prospective licences.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDBJBLTMTJTMRJ
(END) Dow Jones Newswires
November 23, 2023 04:39 ET (09:39 GMT)
Atlantic Lithium (LSE:ALL)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Atlantic Lithium (LSE:ALL)
Gráfica de Acción Histórica
De May 2023 a May 2024
