5 February 2024

Multiple Broad and High-Grade Drill Intersections
Resource Extension Drilling Results
Ewoyaa Lithium Project, Ghana, West Africa

83m at 1% Li₂O from 36m Returned at Dog-Leg Target

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 further broad and high-grade assay results from the resource drilling completed during 2023 at the Company's flagship Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana, West Africa.

Highlights:

-       Further assay results received for 7,220m of extensional resource reverse circulation ("RC") drilling completed at Ewoyaa as part of the ongoing 2023/2024 drilling programme.

-       Multiple high-grade and broad extensional drill intersections reported at the new Dog-Leg target, Okwesi, Anokyi and Ewoyaa-South 2 deposits outside of the current 35.3Mt @ 1.25% Li₂O Ewoyaa Mineral Resource Estimate¹ ("MRE" or the "Resource"), including highlights at a 0.4% Li₂O cut-off and a maximum 4m of internal dilution of:

o  GRC1020: 83m at 1% Li₂0 from 36m

o  GRC1017: 47m at 1.05% Li₂O from 87m

o  GRC0996: 24m at 1.21% Li₂O from 29m

o  GRC0994: 11m at 1.9% Li₂O from 105m

o  GRC1023: 24m at 0.81% Li₂O from 159m

o  GRC1020: 21m at 0.87% Li₂O from 139m

o  GRC0989: 12m at 1.49% Li₂O from 108m

o  GRC0983: 12m at 1.34% Li₂O from 38m

o  GRC1000: 9m at 1.68% Li₂O from 22m

-       Results at Dog-Leg are significant; drilling has intersected shallow dipping, near surface mineralised pegmatite bodies with true thicknesses up to 35m outside of the MRE, proving potential for significant resource growth.

-       Drilling to recommence shortly; prioritisation of the recently added 3,000m plant site sterilisation programme in support of mine site commissioning, ahead of completion of the remaining 26,500m resource growth and infill programme commenced in 2023.

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

"We are pleased to deliver further impressive assay results from drilling completed in 2023, part of the ongoing programme. These latest results from the new Dog-Leg target, Okwesi, Anokyi and Ewoyaa South-2 deposits have returned multiple high-grade and broad extensional intersections, including 83m at 1% Li₂O from 36m and 47m at 1.05% Li₂O from 87m at the new Dog-Leg target.

"All reported drilling results fall outside of the current MRE; pertinent in that they occur both within a new mineralised area at the Dog-Leg target and near surface at both the Dog-Leg target and Ewoyaa-South 2 deposit strike extension.

"We are excited to re-commence drilling for the 2024 season with an initial focus on 3,000m of sterilisation drilling at the proposed plant site and then the remaining meterage of the ongoing 26,500m resource drilling programme targeting Resource growth and conversion.

"We look forward to updating shareholders on our ongoing progress, including as remaining assay results for drilling completed during 2023 become available."

New Drilling Results

Further assay results have been received for 7,720m of RC drilling from the ongoing 2023 drill programme at the Ewoyaa Lithium Project. Broad high-grade extensional drilling results have been reported at the new Dog-Leg target and Okwesi, Anokyi and Ewoyaa South-2 deposits. The reported results sit outside of the current MRE¹ (refer Table 1, Table 2, Appendix 1 and Appendix 2).

Further extensional drilling results have defined new mineralisation at the Dog-Leg target and extended mineralisation at depth outside of the current MRE¹ at the Okwesi, Anokyi and Ewoyaa-South 2 deposits (refer Figure 1, Figure 2, Figure 3 and Figure 4) respectively, including highlight intersections at a 0.4% Li₂O cut-off and a maximum 4m of internal dilution shown in Table 1.

Drilling aims to intersect mineralised pegmatite bodies 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.

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

Broad and high-grade drill intersections are reported for resource drilling at the new Dog-Leg target in addition to extensional resource drilling at the Okwesi, Anokyi and Ewoyaa South-2 deposits.

New drilling at the Dog-Leg target (refer announcement of 28 November 2023) has delivered broad and high-grade drill intersection, some of which occur near surface and all occurring outside of the current MRE¹. Highlights include hole GRC1020: 83m at 1% Li₂0 from 36m and hole GRC1017: 47m at 1.05% Li₂O from 87m (refer Figure 1, Figure 2 and Figure 3).

The results are significant in that an apparent shallow dipping mineralised pegmatite body has been intersected in multiple drill holes with true widths of 20m to 35m which has the potential to add significant near surface resource tonnes.

Figure 1:   Location of reported assay results with highlight drill intersections on transparent topography background

Figure 2:   Cross-section A-A' showing assay results received for holes GRC1020, GRC1021 and GRC1023 at the Dog-Leg target

Figure 3:   Cross-section B-B' showing assay results received for holes GRC1017 and GRC1019 at the Dog-Leg target

Mineralisation has been extended outside of the current MRE¹ along strike for a further 120m and near surface at the Ewoyaa-South 2 deposit including highlights in holes GRC0996: 24m at 1.21% Li₂O from 29m, GRC0983: 12m at 1.34% Li₂O from 38m and GRC1000: 9m at 1.68% Li₂O from 22m providing potential for further resource growth near surface (refer Figure 1 and Figure 4).

Figure 4:   Cross-section C-C' showing assay results received for hole GRC0996 and GRC0999, near surface at the Ewoyaa-South 2 deposit

Mineralisation has been extended along strike and at depth, outside of the current MRE¹ at the Okwesi deposit, including highlight holes of GRC0994: 11m at 1.9% Li₂O from 105m, GRC0989: 12m at 1.49% Li₂O from 108m and GRC1005: 8m at 1.75% Li₂O from 135m (refer Figure 1 and Figure 5).

Figure 5:   Cross-section C-C' showing assay results received for holes GRC1004, GRC1005, GRC1006 and GRC1007 at the Okwesi deposit; note mineralisation opening at depth

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.

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. Material assumptions for the Project have been revised on grant of the Mining Lease for the Project, announced by the Company on 20 October 2023. The Company it is not aware of any new information or data that materially affects the information included in this announcement or the announcements dated 1 February 2023 and 20 October 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.

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 509km² 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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