24 December 2021

Corporate Update

Completion of Ricca Resources Limited Demerger

Atlantic Lithium Limited (AIM: ALL, OTC: ALLIF, "Atlantic Lithium" or the "Company"), the African focussed lithium exploration and development company, is pleased to announce that the in-specie distribution of all of the shares held by the Company in Ricca Resources Limited ("Ricca") to eligible Atlantic Lithium shareholders has now completed. The Company is also pleased to advise that Ricca has completed its non-renounceable pro rata rights issue offer to Eligible Atlantic Lithium Shareholders, in line with the timetable detailed in the Offer Information Statement dispatched to shareholders on 25 November 2021.

Share certificates are being dispatched to Ricca shareholders by post today. Ricca's share register is managed by Computershare Investor Services Pty Ltd. Ricca shareholders can contact Computershare Investor Services Pty Ltd with any questions regarding their shareholding on 1300 552 270 (within Australia) or +61 3 9415 4000 (outside Australia).

The number of fully paid ordinary shares on issue in Ricca is 143,435,996.

Further information about Ricca is available on its website www.riccaresources.com.au.

Ricca Shareholders are encouraged to register and subscribe to receive news and updates via the Ricca website.

The demerger of Ricca and the Company's gold assets completes the process that allows Atlantic Lithium to focus exclusively on lithium to realise the full potential of its asset portfolio and deliver value to Atlantic Lithium shareholders.

On 7 December 2021, the Company issued an updated scoping study on the Ewoyaa Lithium Project in Ghana, an industry- leading asset, with highlights outlined below:

·    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.

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

·    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

·    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

For any further information, please contact:

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 Scoping Study indicates Life of Mine revenues exceeding US$1.5bn.

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