Atlantic Lithium (ASX:A11, AIM:ALL, OTCQX:ALLIF) intends to leverage Ghana’s 180,000 tonnes of estimated resources through its flagship Ewoyaa project, set to become Ghana’s first lithium-producing mine. Atlantic Lithium intends to produce spodumene concentrate capable of conversion to lithium hydroxide and carbonate for electric vehicle batteries.
In June 2023, Atlantic Lithium released a definitive feasibility study (DFS) indicating Ewoyaa with demonstrable economic viability, low capital intensity and excellent profitability. The DFS showed 35.3 million tons (Mt) @ 1.22 percent lithium oxide JORC Mineral Resource Estimate and conservative life-of-mine concentrate pricing of US$1,587/t.
Atlantic Lithium plans to deploy a Modular DMS plant ahead of commencing operations at the large-scale main plant to generate early revenue. This intends to reduce the peak funding requirement of the main plant. The project is expected to deliver first spodumene production as early as April 2025.
The development of the project is co-funded under an agreement with NASDAQ and ASX-listed Piedmont Lithium (ASX:PLL), with Piedmont expected to fund c. 70 percent of the US$185 million total capex. In accordance with the agreement, Piedmont is funding US$17 million towards studies and exploration and an initial US$70 million towards the total capex. Costs are split equally between Atlantic Lithium and Piedmont thereafter.
Company Highlights
A mining and exploration company operating in West Africa, Atlantic Lithium is set to deliver Ghana’s first lithium-producing mine with its flagship Ewoyaa Lithium Project.Ghana is a well-established mining region with access to reliable, existing infrastructure and a significant mining workforce. There are currently 16 operating mines in the country.There is significant government interest in getting Ewoyaa operational to diversify the country’s production from gold.Atlantic Lithium is already the leading taxpayer and employer in the region and, through Ewoyaa, expects to bring significant business and development locally.The June 2023 definitive feasibility study proves Ewoyaa to be a financially viable, major near-term lithium-producing asset.The project is co-funded under an agreement with Piedmont Lithium.With 50 percent of offtake still uncommitted, the company is one of few near-term spodumene producers with offtake available.Situated on the West African coast, Atlantic Lithium is well-positioned to serve the global electric vehicle markets.
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