TIDMALL
RNS Number : 1978V
Atlantic Lithium Limited
30 November 2023
30 November 2023
AGM Statement
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, announces that, at the Company's Annual General
Meeting ("AGM"), which was held at the offices of HopgoodGanim
Lawyers, Allendale Square, Level 27, 77 St Georges Terrace, Perth
WA 6000 today, Chief Executive Officer Keith Muller issued the
following statement:
"On behalf of the Board of Atlantic Lithium, I would like to
welcome shareholders to Perth for the Company's 2023 Annual General
Meeting.
"Incidentally, this meeting marks almost precisely a year since
I joined Atlantic Lithium, initially as a Chief Operating Officer.
Now as Chief Executive Officer, it gives me great pleasure to today
present the significant progress that the Company has made during
FY2023 and subsequently.
"Focus during the year was on de-risking and adding value to the
Project, building upon the foundations the Company has established
towards our ultimate objective of achieving production at
Ewoyaa.
"In June, we reported the exceptional results of the Definitive
Feasibility Study ("DFS"), reaffirming the Project's status as an
industry-leading project. Indicating the production of 3.6Mt of
spodumene concentrate over a 12-year mine life(1) , delivering Life
of Mine revenues of US$6.6bn when considering a conservative
long-term spodumene price of US$1,410/t, the DFS confirms the
Project's viability and places Ewoyaa as one of the top 10 hard
rock mines in the world.
"The DFS incorporates the 35Mt @ 1.25% Li(2) O Mineral Resource
Estimate(1) ("MRE" or "Resource") for the Project, as announced in
February 2023. Our exploration efforts, led by Head of Business
Development and Chief Geologist Len Kolff, have been the underlying
driver of the Company's success to this point, and will remain a
key component to growing value as we move forward. As such,
recognising the considerable upside still available across the
Project and broader Cape Coast Lithium Portfolio, we recently
enhanced the originally planned 18,500m drilling programme by a
further 8,000m.
"The programme, which remains underway, continues to deliver
impressive results. Only earlier this week, we announced the
longest pegmatite interval intersected in the 2023 programme to
date, as well as broad intervals of visible spodumene pegmatite
from multiple drillholes outside of the MRE footprint. We look
forward to reporting further progress from the current drilling
programme, intended to support the delivery of an increased
Resource thereafter.
"Key milestones have been achieved subsequent to the end of the
financial year. Most notably, we were delighted to announce that
the first Mining Lease to be issued for lithium in Ghana had been
awarded to the Ewoyaa Lithium Project. Serving as a major
endorsement of the Project and representing a momentous milestone
for both Atlantic Lithium and for the country, the Mining Lease
closely aligns the Government with our objectives at Ewoyaa. We are
proud to be acting as the Government's partner of choice to develop
Ewoyaa and establish a long-term lithium supply in Ghana, which
will put the country on the map as a leading hub in Africa in the
EV supply chain.
"In addition, in September 2023, we were pleased to announce the
signing of non-binding Heads of Terms with the Minerals Income
Investment Fund of Ghana ("MIIF"). The investment, once completed,
will see us welcome Ghana's sovereign wealth fund on to the
Atlantic Lithium register as a valued shareholder and partner. The
agreement not only represents MIIF's recognition of the Project's
potential as an attractive investment, but also as a means of
delivering generational change for Ghana. Through MIIF's
investment, we also further align our interests with those of our
Ghanaian stakeholders, who we are proud to represent.
"These major developments since last year's AGM position the
Company excellently to deliver near-term spodumene concentrate
production at Ewoyaa. Production is anticipated in H1 2025 through
the modular Dense Media Separation plant, and in H1 2026 through
the main plant. Being within only two years from first production,
as a business, our focus now lies on transitioning successfully
from an explorer and developer, to one of the next major lithium
producers. In line with this transition, we continue to recruit
strategically to grow the expertise within the team, welcoming
three General Managers to the Company in recent weeks. At a vital
point in the Company's development, these appointments will, no
doubt, add valuable expertise to our leadership team.
"Since joining the Company, my focus has been on building a
robust lithium mine, capable of withstanding price pressures during
potential downturns. With prices having fallen from the highs we
experienced in late 2022, it is important to note that Ewoyaa
stands out as a low-cost project versus its peers and that the
outlook for near-term spodumene projects, driven by the underlying
demand for lithium for use in EVs, remains strong. As indicated by
the DFS, and under the terms of the grant of the Mining Lease for
the Project, Ewoyaa's economic outcomes indicate impressive margins
even at these prices.
"Looking ahead, we have a number of catalysts in our sights that
intend to further enhance the value of the Project and move us
closer to achieving our goal of lithium production at Ewoyaa. These
include:
-- A maiden Mineral Resource Estimate for feldspar production, due this quarter;
-- Results of the Feldspar Feasibility Study, assessing the
viability of feldspar production at Ewoyaa, due in Q1 2024;
-- Results of the Downstream Conversion Study, assessing the
viability of establishing a conversion plant in Ghana, also due in
Q1 2024;
-- Further results of the drilling programme currently underway,
due for completion in Q2 2024, with an updated Mineral Resource
Estimate for spodumene production due in Q3 2024;
-- The award of procurement contracts on the Project's critical path; and
-- Key milestones required before breaking ground, such as EPA
approval, Mining Lease ratification and the issue of the Mine
Operating Permit.
"At this exciting juncture in the Company's journey, I would
like to take this opportunity to thank the Company's shareholders
and partners for their valued support, and our staff, who remain
pivotal to the Company's success.
"I look forward to reporting our further progress in due
course."
End Notes
(1) Ore Reserves, Mineral Resources and Production Targets
The information in this announcement that relates to Ore
Reserves, Mineral Resources and Production Targets complies with
the 2012 Edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (JORC
Code). The information in this announcement relating to the Mineral
Resource Estimate ("MRE") of 35.3Mt @ 1.25% Li(2) O for Ewoyaa is
extracted from the Company's announcement dated 1 February 2023,
and information in this announcement relating to Production Targets
is extracted from the Ewoyaa Lithium Project Definitive Feasibility
Study ("DFS"), announced by the Company on 29 June 2023, both of
which are available at atlanticlithium.com.au . The MRE includes a
total of 3.5Mt @ 1.37% Li(2) O in the Measured category, 24.5Mt @
1.25% Li(2) O in the Indicated category and 7.4Mt @ 1.16% Li(2) O
in the Inferred category. The Company confirms that all technical
parameters underpinning the MRE and the DFS continue to apply.
Material assumptions for the Project have been revised on grant of
the Mining Lease for the Project, announced by the Company on 20
October 2023. The Company is not aware of any new information or
data that materially affects the information included in this
announcement or the announcements dated 1 February 2023, 29 June
2023 and 20 October 2023.
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 Corporate Broking:
0470 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.
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END
AGMFDISMSEDSEIF
(END) Dow Jones Newswires
November 30, 2023 02:02 ET (07:02 GMT)
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