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Atlantic Lithium Ltd (LSE:ALL) has released its annual report, outlining significant progress in its transition from an exploration company to a mine developer. For the year ending 30 June 2024, the company achieved key milestones, including the grant of the mining lease for the Ewoyaa lithium project in Ghana. Following this, the lease has been submitted to Ghana's parliament for ratification.
The report details the completion of critical permitting stages, highlighted by the successful acquisition of a permit from the Environmental Protection Agency for the project. Additionally, a flotation study has confirmed the feasibility of a downstream flotation circuit, which enhances the project’s potential for value addition.
Executive Chairman Neil Herbert emphasized the importance of these developments, stating that the grant of the mining lease marks a significant de-risking milestone for the advancement of the project, representing a major achievement for both the company and Ghana. He noted that the company has fulfilled the key terms associated with the lease grant and is now on the verge of parliamentary ratification.
Herbert further highlighted the extensive work undertaken to progress the necessary permitting phases, indicating that the project is nearing full permitting and "shovel readiness" at Ewoyaa. The advantageous geology of the Ewoyaa project allows for simple dense media separation processing, coupled with exceptional infrastructure in the Central Region, which contributes to a low operating and development cost profile. This positioning is expected to support the project’s viability even in fluctuating pricing environments.
Financial results for the year indicated a loss after tax, slightly increased compared to the previous year, alongside a year-end cash balance that positions the company well for its upcoming activities. Herbert conveyed optimism for the upcoming year, anticipating a series of milestones that will bring the company closer to realizing Ewoyaa as a globally significant spodumene mine.
