Atlantic Lithium Limited Announces Corporate Update and Half-year Financial Report

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Mar 31, 2022
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Interim Results
Highly Successful Operational, Corporate & Financial Period
Fully Funded Through to Production
On Track to Become West Africa's First Lithium Producing Mine

SYDNEY, AUSTRALIA / ACCESSWIRE / March 31, 2022 / Atlantic Lithium Limited (

AIM:ALL, Financial)(OTCQX:ALLIF, Financial) "Atlantic Lithium" or the "Company", the fully funded, African-focused lithium exploration and development company on track to become West Africa's first lithium producing mine, is pleased to announce Interim Results for the half year period ended 31 December 2021.

A full copy of today's report (including tables and diagrams referred to in this release) is available through the Investor Centre of the Company's website ( or can be viewed in the PDF version via the following link:

Operational Highlights

· JORC (2012) Mineral Resource Estimate ("MRE") upgrade to 21.3Mt at 1.31% Li2O for the Ewoyaa deposit and surrounding pegmatites (collectively the "Ewoyaa Project" or the "Project") within the Cape Coast Lithium Portfolio in Ghana, West Africa.

o Subsequent 42% MRE upgrade to 30.1Mt at 1.26% Li2O at Ewoyaa Project reported post-period end.

· Updated Scoping Study on the Ewoyaa Project, which supports a business case for a 2.0 million tonnes per annum ("Mtpa") production operation with life of mine ("LOM") revenues of US$3.43B and significant potential to extend LOM.

Corporate Highlights

· Binding agreement with Piedmont Lithium Inc. ("PLI" or "Piedmont"), a Nasdaq listed lithium exploration and development company, to fully fund and fast track development of the Ewoyaa Project to production for US$102m.

· IronRidge Resources Limited re-branded Atlantic Lithium Limited following the demerger of gold projects in Côte d'Ivoire and Chad into a new unlisted public company Ricca Resources Limited.

· Commenced trading on the OTCQX Best Market ("OTCQX") trading platform in the USA, under the ticker "IRRLF".

· Appointment of Canaccord Genuity as Joint Broker.

· Grant of the Cape Coast exploration license in Ghana, providing the Company access to 139.23km2 of highly prospective lithium tenure adjacent to its existing portfolio, bringing the total Ghana Cape Coast Lithium Portfolio to 560km2.

Financial Highlights

· Exploration and evaluation expenditure was A$13.1m for the six months to 31 December 2021 (H1 2020: A$8.0m), resulting in an overall total of A$15.9 million at period end, with continued exploration programmes conducted across the Company's projects in Ghana, net of contributions from Piedmont and the demerger of Côte d'Ivoire and Chad Assets.

· Successfully raised A$21.8m during the period to 31 December 2021 (H1 2020: A$2.8m)

· Strong cash position of A$23.3m at 31 December 2021 (31 December 2020: A$1.5m)

Post-Period Events

· JORC (2012) MRE upgrade to 30.1Mt at 1.26% Li2O for the Ewoyaa Project.

· Commenced reverse circulation ("RC") drilling at Ewoyaa Project. Programme planned to test several new targets within the Ewoyaa pegmatite corridor, to the north and south of the current MRE.

· Appointment of the Company's Chief Financial Officer and Company Secretary Amanda Harsas to the Board as Finance Director.

· Appointment of the Company's Chief Operating Officer, Len Kolff, to the Board of Directors and also as the Company's Interim Chief Executive Officer following the passing of Founder, Chief Executive Officer and Managing Director Vincent Mascolo.

Commenting, Chairperson Neil Herbert said:

"Atlantic Lithium's progress in the reporting period, and subsequently, has been truly remarkable. In July 2021, we were delighted to announce a binding agreement with Nasdaq listed lithium exploration and development company Piedmont Lithium Inc. to fully fund and fast track the Company's industry-leading asset, the Ewoyaa Lithium Project in Ghana, to production.

"The agreement reduces the funding requirements for Atlantic Lithium and its shareholders and sets the Project on the path to becoming West Africa's first lithium-producing mine. With global demand for lithium growing exponentially in line with the adoption of electric vehicles and more sustainable practices, the agreement establishes an entrance for Atlantic Lithium and West Africa to play an integral role in the lithium supply chain. The agreement provides Atlantic Lithium with a strong cash balance to further stimulate growth for the Company.

"Significant exploration developments have been made at the Ewoyaa Project since the start of the period, which continue to add value to the Project. This includes a total of 37,690m RC and diamond core resource drilling and 38,730m of exploration auger drilling completed during the period. This work has culminated in a MRE upgrade to 21.3Mt at 1.31% Li2O in December 2021, which was upgraded again post-period end to 30.1Mt at 1.26% Li2O. Earlier this month, we announced the start of RC drilling designed to test new targets to the north and south of the current MRE. To date, approximately 28km2 has been auger drill tested, with only 13km2 drill tested within our broader 560km2 portfolio in Ghana. This demonstrates the true untapped value potential that the Ewoyaa Project offers, which we are looking to capture.

"We were also proud to announce a Scoping Study on Ewoyaa, which incorporated the 21.3Mt JORC resource and demonstrated a significant improvement in project economics and life of mine. The Scoping Study retains a business case for a 2 million tonnes per annum production operation, producing an average 300,000tpa of 6% Li2O spodumene concentrate and with life of mine revenues estimated to exceed US$3.43bn. The most recent MRE of 30.1Mt is expected to significantly improve the fundamentals of the Project once more, while future resource upgrades are anticipated to further improve project economics.

"These developments have validated the Company's decision to focus whole-heartedly on its lithium portfolio. In line with this intention, the Company, then named IronRidge Resources Limited, successfully restructured and demerged its suite of gold projects in Côte d'Ivoire and Chad into a new private company, Ricca Resources Limited, and renamed as Atlantic Lithium. The demerger was intended to enable the Company to realise its full value potential through the development of the Ewoyaa Project. The process has been a great success and, alongside the advancement of the Project, has put Atlantic on excellent footing going forward.

"The position Atlantic Lithium finds itself in today would not have been possible without the unwavering dedication and hard work of our dear friend and colleague Vincent Mascolo, whose sudden passing on 10 March 2022 was met with great sadness from everyone involved with Atlantic Lithium. Vincent was the driving force behind the Company's success. The outpouring of condolences from the industry and from those that met Vincent has been truly touching and indicates his unique, charming personality. He will be sorely missed.

"We are confident that the foundations that Vincent has laid, combined with the expertise of the current team, will serve as an excellent platform for the Company to attain the great successes that Vincent had always imagined. I'd like to personally welcome both Len and Amanda to the Board. Their support has been unflappable.

"After a highly productive period for the Company, we bring great optimism into the remainder of 2022. I would like to thank our loyal shareholders for their continued support, and we look forward to updating the market of our progress in due course."

For any further information, please contact:

Atlantic Lithium Limited
Neil Herbert (Chairperson)
Amanda Harsas (Finance Director and Company Secretary)

Tel: +61 2 8072 0640

[email protected]

SP Angel Corporate Finance LLP
Nominated Adviser
Jeff Keating
Charlie Bouverat

Tel: +44 (0)20 3470 0470

Canaccord Genuity Limited
Joint Company Broker
Raj Khatri
James Asensio
Harry Rees

Tel: +44 (0) 20 7523 4500

Liberum Capital Limited
Joint Company Broker
Scott Matheson
Edward Thomas
Kane Collings

Tel: +44 (0) 20 3100 2000

SI Capital Limited
Joint Company Broker
Nick Emerson
Jon Levinson

Tel: +44 (0) 1483 413 500
Tel: +44 (0) 207 871 4038

Yellow Jersey PR Limited
Henry Wilkinson
Dominic Barretto
James Lingfield

Tel: +44 (0)20 3004 9512

Notes to Editors:

About Atlantic Lithium

Atlantic Lithium (formerly "IronRidge Resources") is an AIM-listed lithium company advancing a portfolio of projects in Ghana and Côte d'Ivoire through to production.

The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium pegmatite discovery on track to become West Africa's first lithium producing mine. The project is fully funded to production under an agreement with Piedmont Lithium for US$102m and set to produce a premium lithium product. A robust update Scoping Study indicates Life of Mine revenues exceeding US$3.4bn.

Atlantic Lithium holds a 560km2 & 774km2 tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licenses.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit

SOURCE: Atlantic Lithium Limited

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