Atlantic Lithium Limited has reaffirmed its commitment to developing Ghana’s first lithium mine, with its flagship Ewoyaa Project moving closer to construction after securing critical regulatory approvals. The company, however, awaits parliamentary ratification of its mining lease, the final hurdle before full-scale development begins.
In its audited results for the year ended June 30, 2025, the Africa-focused lithium developer highlighted major strides despite delays in the lease ratification and the impact of a subdued global lithium market.
The approvals obtained include the Mine Operating Permit, Environmental Protection Agency (EPA) endorsement, Land Use Certificate, and a Water Use Permit, all of which represent essential milestones in the project’s permitting process.
Chief Executive Officer Keith Muller described the year as one of resilience and progress.
“The Company has continued to make meaningful progress in the advancement of the Project, despite the challenges presented by the delays to the ratification of the Mining Lease and the backdrop of a significantly weakened lithium market.
“We currently await the ratification of the Mining Lease by Ghana’s Parliament, which will unlock the financing and development of the Project.”
Chief Executive Officer Keith Muller
Strengthening Position in Ghana’s Mining Landscape
The Ewoyaa Project, located in Ghana’s Central Region, has already positioned itself as one of the most advanced pre-construction hard rock lithium assets globally.
Atlantic Lithium reported a JORC-compliant Mineral Resource Estimate of 36.8 million tonnes at 1.24% Li₂O, underlining the mine’s strong potential.
“I would like to thank our staff and partners in-country, who have enabled the timely delivery of these achievements, as well as the residents of the Project’s catchment area for their unwavering support.”
Chief Executive Officer Keith Muller
The company has also been exploring opportunities beyond Ghana, with discoveries of spodumene pegmatite at its Agboville and Rubino exploration licenses in Côte d’Ivoire, suggesting broader growth prospects in West Africa’s lithium corridor.
Atlantic Lithium has taken steps to strengthen its financial footing as it prepares for the construction phase.
In August, the company signed binding financing agreements with Long State Investments Ltd, securing access to up to £28 million over 24 months. This was complemented by a A$10 million institutional placement led by its largest shareholder, Assore International Holdings Limited.
“Long State’s investment serves as both its firm belief in the Company as an investment opportunity and its recognition of Ewoyaa’s potential to generate value for stakeholders and shareholders.
“With this funding solution in place, and with the ratification of the Mining Lease pending, the outlook for the year ahead for Atlantic Lithium is very positive.”
Chief Executive Officer Keith Muller
To optimize resources, the company implemented cost-saving measures, including executive salary reductions, workforce rationalisation, and a focus on project-critical activities. By the end of the financial year, Atlantic Lithium reported A$5.4 million in cash reserves.
Balancing Market Volatility and Long-Term Demand
The company acknowledged the difficulties presented by a weakened global lithium market, which has seen prices drop significantly since the lease was first awarded in 2023.
Nonetheless, management remains optimistic that Ewoyaa’s timeline to production aligns with an anticipated recovery in demand, driven by the global shift toward electric vehicles and renewable energy storage.
“Ewoyaa remains one of the most advanced, pre-construction hard rock lithium assets globally and, underpinned by strong demand, we believe that the Project’s timeline to production aligns well with an anticipated recovery in the market.”
Chief Executive Officer Keith Muller
The final step for Ewoyaa’s full-scale development is parliamentary ratification of the mining lease. Earlier this year, Ghana’s Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, confirmed that Cabinet had authorised revised terms of the lease to reflect current market realities before forwarding it to Parliament.
Atlantic Lithium has expressed confidence that ratification will be secured soon, a milestone that will allow the company to advance financing agreements and move into the construction phase.
For Ghana, the Ewoyaa Project represents more than just a mining operation. It is expected to create jobs, support community development, and solidify the country’s position as a key player in the global lithium supply chain.
With the energy transition accelerating worldwide, the project is poised to provide both economic and strategic benefits.
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