30 August 2023

Grant of Options Under Employee Share Option Plan

The Board of 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, is pleased to advise the allotment and issue of a combined total of 4,650,000 unlisted options to key employees (or their nominees) involved in the development of the Ewoyaa Lithium Project.

The options are granted under the Company's Employee Share Option Plan, have an exercise price of 30 pence and an expiry date of 31 August 2025. The options are being granted under the Company's ASX listing rule 7.1 capacity and shareholder approval is not being sought.

The Company's Remuneration & Nomination Committee believes that the use of options provides a mechanism to attract, retain and reward employees and aligns the interests of employees with the growth objectives of the Company.

Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:

"Through the introduction of incentives to key members of our team, outside of senior management and Director positions, we hope to more closely align the interests of employees with the long-term growth ambitions of the Company. In doing so, we aim to attract and retain a highly skilled team, without which the success of the Company would not be possible. We are, therefore, pleased to issue these options to employees in recognition of their continued hard work and as an incentive to deliver further value for all stakeholders."

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.