7 December 2021

scoping Study UPDATE YIELDS SIGNIFICANT UPSIDE

Ewoyaa Lithium Project 11 Year Mine Life 

Post-Tax NPV Increases to US$789m
 

Scoping Study Update Confirms Ewoyaa Lithium Project is an Industry-leading Asset

Atlantic Lithium Limited (AIM: ALL, OTC: ALLIF, "Atlantic Lithium" or the "Company"), the African focussed lithium exploration and development company, is pleased to announce an updated Scoping Study (the "Study Update") on the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana, West Africa, reaffirming it is an industry-leading asset. The Scoping Study Update incorporates the increased JORC resource of 21.3Mt, resulting in a significant improvement in project economics and life of mine.

Figures and Tables referred to in this release can be viewed in the PDF version available via this link:

http://www.rns-pdf.londonstockexchange.com/rns/8028U_1-2021-12-7.pdf

HIGHLIGHTS:

Ø Scoping Study Update retains business case for 2 million tonnes per annum ("Mtpa") production operation with life of mine ("LOM") revenues exceeding US$3.43bn.

Ø Study Update increases Project's LOM operations to over 11 years, producing an average 300,000tpa of 6% Li₂O spodumene concentrate.

Ø In addition to spodumene production, the Study Update incorporates two additional revenue streams:

o  A saleable direct shipping ore ("DSO") Fines product

o  A saleable Feldspar by-product

Ø Study Update delivers exceptional financial outcomes:

o  LOM revenues exceeding US$3.43bn, Post-tax NPV₈ of US$789m, IRR of 194% over 11.4 years

o  US$70m capital cost with industry-leading payback period of <1 year

o  C1 cash operating costs of US$249 per tonne of 6% lithium spodumene concentrate Free on Board ("FOB") Ghana Port, after by-product credits

o  Pre-tax NPV₈ of US$1.23bn and EBITDA of US$2.02bn for LOM

o  Average EBITDA of US$178m per annum

Ø Preliminary Australian Nuclear Science and Technology Organization ("ANSTO") test-work confirms Ewoyaa concentrate produces high purity, battery-grade Lithium Carbonate ("LC") and Lithium Hydroxide Monohydrate ("LHM").

Ø Project provides outstanding asset fundamentals, logistics and access to infrastructure:

o  Conventional open cut mining operation from surface with low to moderate stripping ratios

o  Simple processing via conventional Dense Media Separation only ("DMS"), producing a premium 6% spodumene concentrate saleable product at a 6.3mm coarse crush

o  Excellent geology and metallurgy with potential upside for improved DMS recoveries

o  First quartile cash costs; low capital and operating costs with a low carbon footprint

o  Significant exploration upside potential from the historic Egyasimanku Hill deposit (1.5Mt @ 1.66% Li₂O, non-JORC) and surrounding 560km² portfolio

o  Close proximity to excellent logistics and infrastructure - only 110km by road from the deep-sea port of Takoradi, adjacent to highway and high voltage ("HV") powerlines, including hydroelectric sources

Ø Significant potential for resource upgrades; project metrics substantially improve with increased LOM beyond 12 years.

Commenting on the Company's latest progress, Vincent Mascolo, CEO of Atlantic, said:

"Today's landmark update regarding the Company's exceptional Scoping Study confirms that the Ewoyaa is an industry-leading asset and transformational for Atlantic Lithium.

"The Study outlines a robust 2Mtpa operation which can deliver excellent cash flows, a very quick payback and a pre-tax NPV of over a billion US dollars from a 11.4-year operation, producing a coarse, premium DMS concentrate product.

"The Project leverages existing infrastructure, including directly adjacent HV power, a major highway within 1km of the site, and the major port of Takoradi 110km away. Few hard-rock lithium projects worldwide can boast the proximity to existing operational infrastructure, lithium grade and a simple DMS-only process route that separates Ewoyaa from its peers. With the benefit of adjacent infrastructure and without the need to include expensive milling and flotation circuits, the Project benefits from a very low upfront capital expenditure.

"Our resource continues to grow, and the upside of the Project is clear; further resource drilling recently completed, as such, we expect that the Project metrics will improve beyond the current defined LOM. It is estimated that every additional year of production will add up to c. US$60m in post-tax NPV per annum. Given these fundamentals, we are very excited by the resurgence and exponential growth potential across the lithium supply chain and reaffirm to the market that Atlantic is ideally poised to capture the lithium market going forward."

Project Summary

The original Scoping Study results (refer RNS of 19 January 2021) were based on a maiden Mineral Resource Estimate ("MRE") of 14.5Mt grading 1.31% Li₂O (189kt of contained Li₂O). This Scoping Study Update is based on the upgraded MRE (refer RNS of 1 December 2021) which increased total resources to 21.3Mt at 1.31% Li₂O (278,000 tonnes of contained Li₂O).

The original concepts comprising the 2Mtpa Project particulars, as announced on 19 January 2021, have been retained, with the following enhancements:

§ DSO Fines Saleable Product

The DSO Fines product is a separate product produced from the DMS processing plant that would normally report as a c.1% low-grade waste stream and represents 10-15% of the feed mass or 200,000 to 300,000 tpa. In the original Scoping Study, the DMS fines reported to the tailings dam, however Atlantic has engaged with potential off-takers for the sale of these fines and operating costs and revenues have been included in the Study Update.

§ Feldspar Saleable Product

An additional DMS processing circuit was added to the original process plant design to accommodate the extraction of Feldspar, in addition to the primary spodumene concentrate product. Processing by DMS is expected to yield up to 300,000tpa of Potassium oxide / Sodium oxide ("K₂O / Na₂O") mixed alkali Feldspar as a by-product, with potential for applications in glass, ceramics and other traditional Feldspar industries. The extraction of Feldspar is supported by initial metallurgical testwork, and a marketing study prepared by First Test Minerals Ltd (UK). Ceramics industries represent an excellent opportunity to Atlantic, owing to the established markets in north Africa, Spain, Portugal and Italy which are logistically well positioned to Ghana, as well as local ceramics industries in Ghana.

Unchanged from the original study, the Project proposes a contract mining operation, semi-mobile contract crushing facility and fixed conventional DMS processing facility for spodumene concentration, capable of treating 2.0Mtpa of ore over an initial 11.4-year mine life. The Project benefits from easy access to infrastructure, including the major Accra-Takoradi highway within 1km of the site, high voltage power running through the exploration lease area, and ample accommodation in the vicinity of the Project, providing localised benefits for employment of labour, and utilisation of existing service providers and suppliers (refer Figure 1).

Atlantic managed the Scoping Study Update with various industry expert consulting firms retained to contribute to key areas. This announcement provides a summary of the key findings of the Study highlighting significantly enhanced results when compared to the original scoping study.

Project Location

The Project includes the Ewoyaa, Ewoyaa Northeast, Abonko, Anokyi, Grasscutter, Kaampakrom, Bypass, Sill and Okwesi deposits located approximately 100km southwest of the capital of Accra. The Project area is immediately north of Saltpond, in the Central Region, and falls within the Mfantseman Municipality where Saltpond is the district capital (refer Figure 2).

Access to the site from Accra is along the asphalt N1 Accra-Cape Coast-Takoradi highway which runs along the southern boundary of the Project. Several laterite roads extend northwards from the highway and link communities in the Project area. The port of Takoradi is within 110km to the west from the site, and accessible via the same highway.   

Geological Setting

The Project area lies within the Birimian Supergroup, a Proterozoic volcano-sedimentary basin located in Western Ghana. The Project area is underlain by three forms of metamorphosed schist; mica schist, staurolite schist and garnet schist. Several granitoids intrude the basin metasediments as small plugs. These granitoids range in composition from intermediate granodiorite (often medium grained) to felsic leucogranites (often coarse to pegmatoidal grain size), sometimes in close association with pegmatite veins and bodies.

Pegmatite intrusions generally occur as sub-vertical dykes with two dominant trends: either striking north-northeast (Ewoyaa Main) and dipping sub-vertically to moderately southeast to east-southeast, or striking west-northwest (Abonko, Kaampakrom, Anokyi, Okwesi and Ewoyaa Northeast) dipping sub-vertically northeast. Pegmatite thickness varies across the Project, with thinner mineralised units intersected at Abonko and Kaampakrom between 4m and 12m; and thicker units intersected at Ewoyaa Main between 30m and 60m, and up to 100m at surface.

Mineralisation

The Project area has two clearly defined domains, or material types, of spodumene bearing lithium mineralisation. Atlantic has termed these material types as Pegmatite Type P1 and Pegmatite Type P2; viz:

§ P1: Coarse grained spodumene material, the dominant spodumene bearing pegmatite encountered to date, exhibiting very coarse to pegmatoidal, euhedral to subhedral spodumene crystals composing 20% to 40% of the rock.

§ P2: Medium to fine grained spodumene material, where abundant spodumene crystals of a medium crystal size dominates. The spodumene is euhedral to subhedral and can compose up to 50% of the rock. The spodumene can be bi-modal with some larger phenocrysts entrained within the medium grained spodumene bearing matrix. Minor other lithium bearing phases are present.

There are four geometallurgical domains; coarse grained type P1 and finer grained type P2 pegmatites and their weathered or fresh equivalents. It is noted that metallurgical recoveries differ between the four material types, which is discussed later in this report. 

Mineral Resource

A JORC (2012) compliant MRE was prepared by Ashmore Advisory Pty Ltd ("Ashmore") using ordinary kriging methods for resource estimation with a 0.5% Li₂O cut-off. The JORC (2012) compliant Mineral Resource was released to market on 1 December 2021 and is shown in Table 1.

Drilling at the deposit extends to a maximum drill depth of 254m and the mineralisation was modelled from surface to a depth of approximately 230m below surface.  The estimate is based on good quality reverse circulation ("RC") and diamond core ("DD") drilling data.  Drill hole spacing is predominantly 40m by 40m in the well drilled portions of the Project and up to 80m by 80m to 100m by 100m across the breadth of the known mineralisation.

The Current MRE is based on approximately 56,500m of drilling with an additional 28,000m of infill resource and extensional drilling completed not included in the MRE and with assays pending. The majority of the additional drilling is infill reverse circulation ("RC") and diamond core ("DD") resource drilling for conversion of inferred mineral resources to indicated. A smaller portion of extensional RC drilling was completed for resource growth with assays pending.  Ongoing regional shallow auger grid drilling is continuing to define multiple additional pegmatite targets within the Ewoyaa pegmatite camp for future RC drill testing.

The Company is targeting a resource upgrade to a minimum total resource of 24Mt with a view of supporting a plus 12 year mine life for the PFS study. It is estimated that every additional year of production will add up to c. US$60m in post-tax NPV per annum.

Carbon Footprint

The Electric Vehicle ("EV") industry supply chain is committed to a net zero carbon target and the European Union ("EU") in particular has proposed new regulations on carbon limits. From 1 January 2026, lithium-ion batteries will have to bear a carbon intensity performance class label and, from 1 July 2027, must comply with maximum carbon footprint thresholds.

The Ewoyaa project has an advantage over other spodumene projects in terms of:

§ Power generation - this will be sourced from existing operational hydroelectric plants in the region.

§ Shipping distance - close proximity to both Europe and the US compared to many peers.

§ Product haulage - only 110km from the major port of Takoradi.

As the mine develops, the intention is to assess the potential of ongoing developments in alternative fuel sources for mine vehicles and other sustainable power sources including solar and pumped hydro.

Mining Studies

Ewoyaa is a hard-rock, pegmatite (spodumene rich) hosted system with mineralisation beginning near surface and extending to depths exceeding 200m. The width of the mineralised pegmatite dykes varies between 100m to less than 10m over a cumulative pegmatite strike of approximately 5.2km (individual strike lengths between 600m to 140m). The currently defined pegmatites occur within a 3.5km by 2.5km area which remains open in all directions. In the more continuous sections of the Ewoyaa Main Zone the pegmatite thickness is typically between 30m to 60m.

These pegmatite veins have been assessed for open pit mining and processing via a crushing circuit and DMS process to produce a coarse spodumene concentrate. On this basis, a preliminary review of open pit mining was completed by Mining Focus Consultants Pty Ltd ("MFC") utilising the 'Whittle Four-X' software.  

The WHITTLE™ pit optimisations were conducted for the Study by MFC based on MRE by Ashmore. Pit Optimisation Parameters are summarised in Table 2 and pit shells depicted in Figure 3.

A summary of open pit optimisations is indicated in Figure 4 below.

The optimisation results show that a mining operation could be developed at the Project at the throughput case examined of 2Mtpa. Further study of capital and operating costs to generate project cash flows was conducted, supporting the development of mine production schedules.

Scheduling Results

The mine scheduling results are summarised in the tables and figures below, and indicate that:

§ Plant throughput targets had been achieved for the 2Mtpa production rate.

§ Processing of Inferred resources had been deferred to the back end of the production schedule.

§ Material movement appeared achievable for all cases and mining would be completed in advance of processing.

§ Bench turnovers are considered to be within acceptable limits, however detailed analysis has not been conducted given the early study phase of the Project.

§ The release of pits and pit stages is dictated by both value and Project logistics.

§ Egyasimanku Hill is not included in the JORC MRE, however was included in the cash flow modelling at the back end of the production schedule, adding 1.48Mt to the overall total ore mined. 

§ An additional 2Mt of ore based on the assumption of discovering additional material from ongoing exploration at Ewoyaa, included in the cash flow modelling during the last 12 months of production.

Processing/Metallurgy

Metallurgical test work supervision, interpretation and flow sheet development work to support the Study was managed by Trinol Pty Ltd ('Trinol') and all beneficiation testing performed by NAGROM Laboratories ("NAGROM") in Perth, Western Australia.

Drill core from a total of seventeen composites, obtained from the Ewoyaa lithium deposit in late 2018, was sent to NAGROM for preliminary metallurgical assessment. Geometallurgically, the mineralisation was identified as coarse P1 and fine P2 types with fresh and transitional zones within each type as noted above:

§ P1: Coarse grained spodumene ore, the dominant spodumene bearing pegmatite encountered.

§ P2: Medium to fine grained spodumene ore, where abundant spodumene crystals of a medium crystal size dominates.

The metallurgical test work was conducted from March to July 2019 to measure key physical properties, to gauge initial response to gravity separation using heavy liquid separation ("HLS") testing and to characterize crystal phases using X-ray diffraction ("XRD").

Follow up testwork was conducted at a larger scale using P1 Fresh ore in a 100mm DMS cyclone to generate bulk sample for preliminary conversion tests at Australia's Nuclear Science and Technology Organisation ("ANSTO") in Sydney and to investigate the effect of re-crushing DMS middlings on overall product recovery and yield of P1 and P2 ores.

Physical Parameters

Before core composites were crushed, key physical parameters were measured as recorded in Table 4. The Uniaxial Compressive Strength ("UCS") and Crusher Work Index ("CWi") values indicate that Ewoyaa mineralisation is slightly harder than other pegmatites and this is reflected in the lower production of fines after crushing in the laboratory.

DSO Potential

Size by size analysis after crushing from 10mm to 6.3mm indicated the lithium was fairly evenly distributed through the size fractions which suggested the mineralisation was not amenable to simple beneficiation for the production of direct shipping ore ("DSO").

Gravity Processing

The overall results obtained from HLS and DMS100 testing are summarised in the tables below:

These results demonstrated that both ore types responded well to gravity processing, with up to 72% recovery for the P1 Fresh and an average of 51% for the P2 Fresh after re-crushing the gravity middlings. Further geological work is planned to better delineate the zones of P1 and P2 ore types within the resource to allow a blending regime to be developed to optimise annual plant recovery.

Concentrate Quality

A feature of the metallurgical test work was the consistently good quality of concentrates produced. The iron content of the concentrates, as expressed by % Fe₂O₃, was below 1% and combined alkalis, % Na₂O & K₂O, less than 3%. Coupled with the coarse size of the concentrates and the very favourable project logistics, these are very desirable properties for off-takers.

Fines Processing

Around 10-15% of the contained lithium is in the -0.5mm fines fraction that is screened out before gravity processing in the DMS circuit, as gravity processing below this size is challenging. A number of mines utilise flotation to recover value from this fraction and a preliminary series of tests were done on P2 Fresh mineralisation to gauge the amenability of Ewoyaa spodumene to standard flotation techniques. The results were encouraging with 6% concentrates being produced at a recovery of 49% and a mass yield of 11%. This demonstrated the potential to improve overall recovery by capturing lithium loss due to fines generation during crushing, and so expand the economic lithium inventory of the deposit. The flotation option is not contemplated in this current phase given the DMS recoveries experienced, the higher demand for premium coarse product and the potential to sell the fines as a DSO product.

Conversion to Hydroxide

Ewoyaa concentrate was tested by ANSTO (refer RNS of 21 January 2020) to demonstrate that it could be converted to lithium hydroxide using a conventional conversion process based on the preparation of lithium carbonate followed by conversion to hydroxide.

The report concluded that "lithium carbonate could be produced which was amenable to conversion to high quality lithium hydroxide via metathesis with high purity lime, followed by evaporation and crystallisation."

Lithium carbonate of 99.92% purity was produced from which high purity 56.5% lithium hydroxide monohydrate (LHM) was made.

Processing Plant Concept and Layout

The cost of the plant and infrastructure has been based on similar gravity DMS installations that are operating in Western Australia. The following key parameters and assumptions were made and varied only as the throughput rate demands. A conceptual flow sheet design and layout are shown in Figure 5.

§ Three-stage crushing which was assumed to be sufficient to meet the target crush size for liberation of spodumene; circa 6.3mm. Contract crushing provision was assumed and quotations were solicited from a reputable Ghanaian contractor.

§ Conventional two stage DMS processing plant; screening of fines at 0.5mm via dewatering and desliming cyclones in conjunction with a vibrating screen; allowance for re-crushing of secondary DMS middlings. At this stage of study, a flotation circuit was not included, with the Company focus being on low capital cost and ease of operation solution via DMS only.

§ Product and rejects from the DMS circuit would be stockpiled and removed by front end loader and truck. The final concentrate product would be stockpiled for similar removal and assumed to be loaded onto 35 tonne tipper trucks. There was no capital cost allowance for the trucks, and it was assumed that a transport contractor could provide this service, from loading of concentrate right through to port storage and loadout. A separate quotation from an experienced freight forwarder was solicited and included in the operating costs.

§ All equipment was assumed to be new, excepting contractor provided equipment i.e., crushing and freight equipment.

By-Product Processing

Gravity test work on the Ewoyaa material using bench scale HLS highlighted the potential to produce a feldspar product in the light 2.6 SG fractions. Results are summarised in Table 7. Feldspar is generally defined as material containing a combined alkali content of Na₂O + K₂O in excess of 10%. Such a product would be attractive to the domestic ceramics industry in Ghana as well as the main target market of the European ceramics industry.

These results indicate that on average, around 10-15% of the material fed to the DMS plant could be recovered as a feldspar product. This translates to up to 300,000tpa of feldspar by-product based on the overall processing plant throughput of 2.0Mtpa.

Atlantic Lithium commissioned a preliminary marketing study from a recognised UK industrial minerals authority, First Test Minerals Ltd, and it demonstrated that because of the high alkali content, consistently low iron content and negligible titania content, this by-product would be attractive to the European tiles and sanitaryware industries. Selling prices of US$25 -100/t FOB Ghana port were indicated, which could amount to additional revenue ranging from US$7.5 - 30 million per annum. This additional income was considered to be significant in terms of the overall project viability and the production of feldspar product will be examined in more detail in the next study phase.

Financials

Operating Costs

Operating costs were developed from first principles, utilising a combination of database information from similar projects (both in Ghana and other lithium projects) and from project specific budgetary quotations solicited from experienced suppliers/contractors active in the region; refer Table 8.

Operating Cost Assumptions

§ Operating cost target accuracy, ±25%.

§ Operating costs are reported in US$, all costs and exchange rates are as at 1Q2021, with the following forex rates used: US$ 1.00 = A$1.52, ZAR13.

§ Power costs have been based on grid supply; electricity cost US$0.16/kWh assumed.

§ Maintenance costs have been factored from the capital cost estimate supply cost.

§ Corporate costs and associated company overheads are excluded.

§ Ghana administration office costs are excluded.

§ Corporate Tax, Ghana Education Trust Fund (GET) and VAT are addressed separately in the cash flow model; other taxes or duties are excluded.

§ Project financing costs and sunk costs are excluded.

§ Escalation and fluctuations in foreign exchange rates are excluded.

§ Subsidies to local communities are excluded.

§ Overtime allowance/loading for local Ghana labour set at 10%.

Capital Costs

The capital costs for the Project were estimated based on recent cost data from similar sized projects, as summarised in Table 9.

Capital Cost Exclusions

The capital cost estimate did not include for the following:

§ Deferred capital costs of c. US$1.5m for the by-product processing equipment, noting that the production profile assumes by-product production will commence six months after commissioning of the lithium DMS plant. These deferred costs will be funded from Year 1 cash flows.

§ Corporate costs and associated company overheads.

§ Costs for potential future upgrades.

§ Project financing costs.

§ GST, VAT, or other taxes or duties.

§ Sunk costs.

Financial modelling

A high-level preliminary financial model was developed for the purpose of evaluating the economics of the Project. Summary results from the financial model outputs are presented in tables within this section, including financial analysis, cash flow projections and sensitivities.

All costs are presented in current US Dollars ("US$").

The funding for the Project has been included on the premise that all project development requirements will be funded via the development funding agreement with Piedmont Lithium (NASDAQ: PPL).

Revenue was based on a fixed lithium selling price of US$900/t for a 6% concentrate, Free on Board ("FOB") Ghana port of Takoradi.

Operating costs for processing and administration were derived from estimates generated by budget quotations or benchmarking from similar operations and first principle estimates based on typical operating data. Mining costs have been provided by MFC based on contractor mining. No funding for exploration work during operations was included.

Depreciation and amortisation have been expensed at the rates applicable for tax deductibility under the Ghana fiscal regime for mining companies.

The Project would be subject to standard Ghana corporate taxation arrangements for exploitation companies. The model provided for the inclusion of a corporate tax rate of 35% and royalties paid to the Government based on a percentage of the return from production.

A 5% royalty is payable to the Ghanaian Government on sale of lithium concentrate. Additional royalties for the concessions are payable to one joint venture partner; 1% for LOM to the Ewoyaa, Abonko and Kaampakrom deposit JV partner, but capped at US$2M.

Cash flow models were prepared, and the results of the financial analysis are summarised in Tables 10-12 following.

Table 12 provides the results of pre- and post-tax cash flows, NPV's and Internal Rate of Returns ("IRR") for the base case, using a constant lithium concentrate selling price of US$900/t, feldspar selling price of US$50/t and 1% DSO fines product selling price of US$65/t: all FOB Ghana port.

Cash Flow Sensitivities

The post-tax Net Present Value ("NPV") sensitivity results are represented in Figure 6.

Project cash flows were most sensitive to changes in concentrate selling price where a 5% drop in price resulted in a greater than 20% change to the post-tax NPV. This was closely followed by the sensitivity to changes in recovery or grade.

Sensitivity adjustments of project expenses demonstrated that mining costs, which made up the largest portion of operating expenditure, result in the most significant movements in project NPV followed by processing, concentrate transport and capital costs.

Study Team

The main consultants engaged on the Study, including area of contribution, were:

For any further information, please contact:

Competent Persons

Information in this report relating to the exploration results is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of the Australian Institute of Geoscientists who has in excess of 20 years' experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Kolff consents to the inclusion of the information in the form and context in which it appears.

Information in this report relating to Mineral Resources was compiled by Shaun Searle, a Member of the Australian Institute of Geoscientists.  Mr Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Searle is a director of Ashmore. Ashmore and the Competent Person are independent of the Company and other than being paid fees for services in compiling this report, neither has any financial interest (direct or contingent) in the Company.

Information in this report relating to metallurgical results is based on data reviewed by Mr Noel O'Brien, Director of Trinol Pty Ltd. Mr O'Brien is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr O'Brien consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Notes to Editors:

About Atlantic Lithium

www.atlanticlithium.com.au

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