7 August 2023

Statement re Media Speculation

Atlantic Lithium remains confident of the grant of the Mining Lease
to advance the Ewoyaa Lithium Project

Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, "Atlantic Lithium" or the "Company"), the African-focused lithium exploration and development company targeting to deliver Ghana's first lithium mine, notes recent media speculation regarding the introduction of a new Green Minerals Policy by the Government of Ghana and issues the following statement.

The Company acknowledges comments made by Ghana's Minister for Lands and Natural Resources, Hon. Samuel A. Jinapor, which relate to potential implications for mining companies from the introduction of the new policy, including changes to the mining royalty rate and the state's carried interest in minerals projects.

The Company confirms that it has been in regular discussion with Ghana's Minerals Commission, which is responsible for the determination and application of legislation within the mining sector, with regards to establishing a framework which is attractive for companies aiming to extract Ghana's natural resources, while also ensuring maximum value is delivered to Ghana and Ghanaians.

Atlantic Lithium is not in a position to disclose the nature of these discussions at this stage and will update the market with any developments when it is appropriate to do so.

The Company recognises the strong support in-country to deliver a successful production operation at its Ewoyaa Lithium Project ("Ewoyaa" or the "Project"), which is on track to become Ghana's first lithium mine, and remains of the belief that it will be granted the Mining Lease required to advance the Project.

For any further information, please contact:

Atlantic Lithium Limited

Neil Herbert (Executive Chairman)

Amanda Harsas (Finance Director and Company Secretary)

Notes to Editors:

About Atlantic Lithium

www.atlanticlithium.com.au

Atlantic Lithium is an AIM and ASX-listed lithium company advancing a portfolio of lithium projects in Ghana and Côte d'Ivoire through to production.

The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium spodumene pegmatite discovery on track to become Ghana's first lithium-producing mine. The Company signed a funding agreement with Piedmont Lithium Inc. towards the development of the Ewoyaa Project. Atlantic Lithium is currently advancing the Ewoyaa Project through feasibility studies and intends to be producing a spodumene concentrate via simple gravity only process flowsheet.

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