07 November 2023

8,000m of Additional Resource Extension Drilling Planned
Resource and Metallurgical Drilling Results
Drilling Returns High-grade Infill & Extensional Intersections
Ewoyaa Lithium Project, Ghana, West Africa

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 announce the addition of 8,000m of drilling targeting resource growth to the ongoing 2023 programme and further assay results from the resource and metallurgical drilling programme underway at the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana, West Africa.

Highlights:

-     Ongoing drilling programme increased by 43% with the addition of 8,000m of extensional resource drilling targeting resource growth following the grant of the Mining Lease for the Project.

o  Planned 18,500m programme increased to a total of 26,500m targeted for completion in Q2 2024, of which 16,164m has been reported to date, including the results reported herewith.

-      Further assay results received for 2,362m of resource and metallurgical reverse circulation ("RC") and diamond core ("DD") drilling completed at Ewoyaa as part of the broader 2023 planned drilling programme.

-     High-grade infill and extensional drill intersections reported at the Ewoyaa Main, Anokyi and Ewoyaa South-2 deposits designed to provide metallurgical drill core whilst infilling the resource and extend mineralisation.

o  Reported assay results extend mineralisation at the Ewoyaa Main deposit, outside of the current 35.3Mt @ 1.25% Li₂O Ewoyaa Mineral Resource Estimate¹ ("MRE" or the "Resource") in hole GDD0093.

o  Shallow high-grade infill drill intersections at Ewoyaa Main, Anokyi and Ewoyaa South-2 reported as downhole intercepts, with estimated true widths included in the intersections table, including highlights at a 0.4% Li₂O cut-off and a maximum 4m of internal dilution of:

o  GDD0105: 47.6m at 1.25% Li₂O from 65.7m

o  GDD0107C: 53m at 0.93% Li₂O from 30m

o  GDD0109: 28.7m at 1.51% Li₂O from 79.3m

o  GDD0104: 28.2m at 1.23% Li₂O from 81.2m

o  GDD0106: 22.4m at 1.07% Li₂O from 34m

o  GDD0110: 14m at 1.46% Li₂O from 33m

Commenting on the Company's latest progress, Neil Herbert, Executive Chairman of Atlantic Lithium, said:

"We are pleased to report that a further 8,000m of drilling has been planned across the Ewoyaa Lithium Project in addition to the existing 18,500m programme. This planned drilling, which will bring the total programme to approximately 26,500m of infill, extensional, exploration and studies drilling, follows the recent grant of the Mining Lease for the Project and represents the commencement of an escalation in the Company's exploration efforts, which will go into Q2 2024, focused on growing the Ewoyaa Resource.

"At the same time, we continue to deliver impressive assay results from the ongoing programme. These latest results from the Ewoyaa Main, Anokyi and Ewoyaa South-2 deposits have returned multiple high-grade and broad infill intersections, including 47.6m at 1.25% from 65.7m and 28.7m at 1.51% Li₂O from 79.3m, which increase the confidence in the current Resource, whilst we have extended mineralisation beyond the Resource envelope in hole GDD0093, which intersected 15.5m at 0.83% Li₂O from 182.7m at Ewoyaa Main, where mineralisation remains open at depth.

"We look forward to updating shareholders on our ongoing progress, including as remaining assay results become available."

Expanded Drilling Programme

The 2023 drilling programme has been expanded with an additional approximate 8,000m of RC drilling planned for resource depth and strike extensions at the Okwesikrom, Anokyi, Grasscutter, Ewoyaa North-West and Ewoyaa South-2 deposits (refer Figure 1). The total programme now stands at approximately 26,500m with 16,164m reported to date and drilling targeted to be completed in Q2 2024.

Figure 1:   Expanded resource extension programme with newly planned holes highlighted in pink and deposit areas named

New Drilling Results

Further assay results have been received for 2,362m of RC and DD drilling from the ongoing metallurgical, extensional and infill drill programme at the Ewoyaa Lithium Project. High-grade metallurgical drilling results have been reported at the Ewoyaa Main, Anokyi and Ewoyaa South-2 deposits, also serving as infill resource holes. Further high-grade drill intersections have been reported for an extensional drilling result at the Ewoyaa Main deposit which sits outside of the current MRE¹ (refer Table 1, Table 2, Appendix 1 and Appendix 2).

Drilling aims to intersect mineralised pegmatite dykes perpendicular to strike and dip to approximate true width. This is not always achieved due to the variable nature of pegmatites or challenging drill access, with some drill intersections drilled down-dip as apparent widths. Accordingly, estimated true widths are included in the intersections table in Appendix 1.

Further metallurgical studies infill and extensional drilling results have confirmed mineralisation continuity and extended mineralisation at depth outside of the current MRE respectively (refer Figure 2, Figure 3 and Figure 4), including highlight intersections at a 0.4% Li₂O cut-off and a maximum 4m of internal dilution shown in Table 1.

Table 1:     Drill intersection highlights at greater than 10 Li x m, reported at a 0.4% Li₂O cut-off and maximum of 4m of internal dilution

Note: Metal content is based on intercept rather than estimated true width

Further high-grade drill intersections are reported for metallurgical drilling at the Ewoyaa Main, Anokyi and Ewoyaa South-2 deposits, providing drill core for future test-work as well as confirming mineralisation continuity within the current MRE as infill drilling results. High-grade and broad and shallow intersections include holes GDD105: 47.6m at 1.25% Li₂O from 65.7m, GDD107C: 53m at 0.93% Li₂O from 30m and GDD106: 22.4m at 1.07% Li₂O from 34m (refer Figure 2, Figure 3 and Figure 4).

Mineralisation has also been extended outside of the current MRE in hole GDD0093: 15.5m at 0.83% Li₂O from 182.7m and 13.2m at 0.74% Li₂O from 217.5m as depth extensions within the Ewoyaa Main deposit providing potential for further Resource¹ growth at depth (refer Figure 2 and Figure 5).

Sample preparation was completed by Intertek Ghana and assay by Intertek Perth, with all reported results passing QA/QC protocols, providing confidence in reported results.

Figure 2:   Location of reported assay results with highlight drill intersections

Figure 3:   Cross-section A-A' showing assay results received for metallurgical hole GDD0105 at the Ewoyaa Main deposit

Figure 4:   Cross-section B-B' showing assay results received for metallurgical holes GDD0106 and GDD0107C at the Ewoyaa Main deposit

Figure 5:   Cross-section C-C' showing assay results received for resource extension hole GDD0093 at the Ewoyaa Main deposit

End note

¹ Ore Reserves, Mineral Resources and Production Targets

The information in this announcement that relates to Ore Reserves, Mineral Resources and Production Targets complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). The information in this announcement relating to the Mineral Resource Estimate ("MRE") of 35.3Mt @ 1.25% Li₂O for Ewoyaa is extracted from the Company's announcement dated 1 February 2023, which is available at atlanticlithium.com.au. The MRE includes a total of 3.5Mt @ 1.37% Li₂O in the Measured category, 24.5Mt @ 1.25% Li₂O in the Indicated category and 7.4Mt @ 1.16% Li₂O in the Inferred category. The Company confirms that all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed, and it is not aware of any new information or data that materially affects the information included in this announcement or the announcement dated 1 February 2023.

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' and is a Qualified Person under the AIM Rules. 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. Mr Searle consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

The reported Ore Reserves have been compiled by Mr Harry Warries.  Mr Warries is a Fellow of the Australasian Institute of Mining and Metallurgy and an employee of Mining Focus Consultants Pty Ltd.  He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves' of December 2012 ("JORC Code") as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia and is a Qualified Person under the AIM Rules.  Mr Warries gives Atlantic Lithium Limited consent to use this reserve estimate in reports.

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.

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 Definitive Feasibility Study for the Project indicates the production of 3.6Mt of spodumene concentrate over a 12-year mine life, making it one of the top 10 largest spodumene concentrate mines in the world.

The Project, which was awarded a Mining Lease in October 2023, is being developed under a funding agreement with Piedmont Lithium Inc.

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

Appendix 1        New drill intersections reported in hole ID order, reported at a 0.4% Li₂O cut-off and maximum 4m of internal dilution

Note 1:       Metal content is based on intercept rather than estimated true width

Note 2:       Estimated true width only included for mineralised intersections greater than 4m

Appendix 2     Newly reported drill hole collar locations

Note: Grid references reported in projection UTM, WGS84, Zone 30N

The following extract from the JORC Code 2012 Table 1 is provided for compliance with the Code requirements for the reporting of Exploration Results.

JORC Code Table 1:  Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections).

'JORC Code 2012 Table 1' Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section).

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