Atlantic Lithium, the Australian-listed company behind Ghana’s flagship Ewoyaa Lithium Project, has announced the successful conclusion of negotiations with the Government of Ghana regarding revised fiscal terms for its mining lease.
The company now awaits parliamentary ratification, marking the final step before full-scale project implementation.
In a statement, Keith Muller, Chief Executive Officer of Atlantic Lithium, described the negotiations as a milestone achievement in the company’s journey to deliver Ghana’s first lithium mine. “These recent months have proven to be an important period for the Company and the Ewoyaa Lithium Project,” Muller stated.
“Having engaged the Government to seek a revision of the fiscal terms of the Ewoyaa Mining Lease, we are pleased to report that these negotiations have now concluded.
“We believe that Ewoyaa can have a significant positive impact for Ghana and Ghanaians, and we have greatly appreciated the Government’s attentiveness through our engagements.”
Keith Muller, Chief Executive Officer of Atlantic Lithium
The company’s discussions with government officials centered on revising fiscal terms initially agreed upon when the mining lease was granted in October 2023.
The new framework, according to Atlantic Lithium, is designed to balance returns to shareholders with enhanced value for Ghana, taking into account the volatility in global lithium prices and changing market dynamics.
Awaiting Parliamentary Ratification
Following the conclusion of negotiations, the company confirmed that all necessary regulatory approvals have been secured. The only outstanding step is parliamentary ratification of the mining lease, a constitutional requirement for all mineral agreements in Ghana.
Parliament reconvened on October 21, 2025, and the Majority Leader, in his opening address, listed the Ewoyaa lease among pending agreements that the Ministry of Lands and Natural Resources is expected to submit for approval during the current session.
“We are pleased to note the comments made by the Majority Leader in his opening address, in which he stated that the Ewoyaa Mining Lease was among those that would be put forward for Parliament to ratify in this session.
“Having endured a lengthy delay to the development of the Project to date, we hope that ratification can occur promptly.”
Keith Muller, Chief Executive Officer of Atlantic Lithium
He also commended host communities for their patience and continued support during the delay. “Ratification will move us closer to delivering the significant benefits for the Central Region that Ewoyaa promises,” Miller added.
The Ewoyaa Lithium Project, situated near Saltpond in Ghana’s Central Region, is widely seen as a cornerstone of the country’s ambitions to enter the global electric vehicle supply chain.
Once operational, the project is expected to generate hundreds of jobs, provide substantial foreign exchange earnings, and contribute to Ghana’s growing critical minerals sector.
Exploration Success in Côte d’Ivoire
Beyond Ghana, Atlantic Lithium continues to strengthen its exploration portfolio across West Africa. The company recently reported impressive lithium-in-soil results from its Rubino and Agboville exploration licences in Côte d’Ivoire.
Phase 3 sampling at Rubino identified a large anomaly covering approximately 6.0 km by 2.5 km, while Phase 2 work at Agboville defined a distinct 5 km-long lithium trend associated with spodumene pegmatite occurrences. Muller said these results underline the company’s long-term regional growth potential.
“We are also pleased to have delivered further impressive results from our ongoing exploration programmes within the Agboville and Rubino licenses in Côte d’Ivoire.
“While only at an early stage, the results demonstrate the prospectivity of the two licenses, which we believe can support the Company’s long-term growth ambitions.”
Keith Muller, Chief Executive Officer of Atlantic Lithium
The company has engaged a specialist corporate advisor to explore non-dilutive funding options to accelerate exploration in Côte d’Ivoire, signalling its confidence in the geological potential of the region.
In a parallel development, Atlantic Lithium announced binding financing agreements with Long State Investments Ltd, securing access to up to £28 million over a two-year period to advance the Ewoyaa project toward production.
Under the agreement, the company completed an initial £2 million placement, issuing 24.7 million shares at £0.081 per share, and will seek shareholder approval for a further £500,000 placement during its Extraordinary General Meeting on November 6, 2025.
Muller said the funding arrangement provides vital flexibility and confidence to progress toward a Final Investment Decision (FID).
“Through the agreement of binding funding arrangements with Long State, the Company has secured access to a significant pool of capital over a two-year period, which positions us well to deliver upon the Company’s objectives.
“We welcome Long State’s endorsement, which supports the promising direction in which the Company is travelling.”
Keith Muller, Chief Executive Officer of Atlantic Lithium
Outlook and Strategic Vision
As the company refines its project execution strategy, it has implemented targeted cost-saving measures, including rationalizing headcount and placing some staff on reduced working hours.
These adjustments, Muller said, will allow the company to channel resources into critical project development activities.
“With a key catalyst ahead of us in the form of the ratification of the Mining Lease, we look forward to providing further updates in due course.”
Keith Muller, Chief Executive Officer of Atlantic Lithium
With cash reserves of A$4.1 million at the end of the quarter and fresh funding secured, Atlantic Lithium appears well-positioned to advance Ghana’s most significant lithium development to date.
The Ewoyaa Lithium Project, once ratified and fully financed, is expected to produce between 275,000 and 325,000 tonnes of lithium concentrate annually, cementing Ghana’s position as a key player in the global clean energy supply chain.
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