Atlantic Lithium Limited, the Africa-focused exploration and development company progressing Ghana’s first lithium mine, has announced significant progress in its funding arrangements with Long State Investments Ltd.
The update follows earlier disclosures made on 3 September 2025 and marks another step toward securing the financial resources needed for the company’s flagship Ewoyaa Lithium Project.
In a statement, the company confirmed the receipt of £1 million, representing the deferred proceeds of the Initial Placement under its Share Placement Agreement with Long State.
According to Atlantic Lithium, this amount corresponds to the outstanding balance from the first phase of the investment arrangement announced earlier in September.
“The Pricing Period of the Initial Placement was concluded early, at a premium, through mutual agreement with Long State.”
Atlantic Lithium Limited
Atlantic Lithium disclosed that the pricing period for the Initial Placement was concluded earlier than scheduled.
The company said the decision, reached in mutual agreement with Long State, reflected favourable market conditions that resulted in the placement being closed at a premium. The early conclusion, the company noted, underscores growing investor confidence and improved trading performance.
Chief Executive Officer Keith Muller reinforced this point, stating that the company had experienced “a positive trading period, which has seen a notable increase in the Company’s share price.”
He added that closing the Initial Placement at a premium had enabled the firm to raise £2 million under favourable conditions.
Second £2m Placement Initiated
Building on the successful Initial Placement, Atlantic Lithium announced it has notified Long State to proceed with a Second Placement under the Share Placement Agreement. This phase is expected to raise an additional £2 million through the issuance of 19,417,475 new shares.
As part of the agreed structure, 50% of the proceeds equivalent to £1 million will be paid immediately upon issuance of the shares, while the remaining half will be deferred until what the company described as the “Swap Payment Date.”
This approach, Atlantic Lithium said, is aligned with its strategy to strengthen liquidity while carefully managing shareholder dilution.
CEO Keith Muller welcomed the development, noting that the additional capital would support the company’s operational and development plans as it moved closer to establishing Ghana’s first commercial lithium mine.
“We are proceeding with the Second Placement to raise an additional £2m, intended to further enhance the Company’s financial position in a manner that minimizes shareholder dilution.”
Chief Executive Officer Keith Muller
The company also confirmed that it had completed additional actions linked to its broader equity facility arrangement with Long State.
“Following shareholder approval at an Extraordinary General Meeting (EGM) held on 6 November 2025, the company issued 10 million warrants exercisable at £0.128, as well as 10 million security shares for no consideration.”
Chief Executive Officer Keith Muller
These issuances form part of the Equity Placement Facility Agreement and provide Long State with future exercise rights while strengthening Atlantic Lithium’s access to additional capital over time.
Strengthening Financial Base for Ghana’s First Lithium Mine
The company’s latest funding developments come as Atlantic Lithium advances its Ewoyaa Project, which is expected to position Ghana as a key player in global lithium supply chains.
As demand for lithium continues to surge, driven by electric vehicle manufacturing and renewable energy technologies, the successful financing and development of the Ewoyaa mine is considered critical to both the company’s growth and Ghana’s emerging battery minerals industry.
Muller underscored this broader strategic ambition, stressing that recent funding progress aligns with the company’s vision of delivering a world-class lithium operation in West Africa.
He noted that the strengthened financial position would enable Atlantic Lithium to sustain momentum at a pivotal stage of its project pipeline.
As Atlantic Lithium continues to secure funding for its operations, industry observers will be watching closely for further developments, including progress with permitting, construction timelines, and additional financing milestones as Ghana prepares to host its first lithium mine.
