7 May 2024

Dog-Leg Delivers Further High-grade Intersections
Resource Extension Drilling Results
Ewoyaa Lithium Project, Ghana, West Africa

27m at 1.85% Li₂O from 126m returned at Dog-Leg target, outside of current MRE¹

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 resource drilling completed at the Company's flagship Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana, West Africa.

Highlights:

-      Assay results received for 4,101m of extensional resource drilling at the Dog-Leg target and sterilisation reverse circulation ("RC") drilling at the proposed plant site, respectively, representing the first results from drilling completed in 2024.

-      High-grade and broad extensional drill intersections reported at the new Dog-Leg target, outside of the current 35.3Mt @ 1.25% Li₂O JORC (2012) compliant 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  GRC0177: 27m at 1.85% Li₂O from 126m

o  GRC1059: 15m at 1.08% Li₂O from 126m

o  GRC1058: 8m at 0.93% Li₂O from 88m

-      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 MRE¹, proving potential for significant resource growth.

-       Assay results reported include a total of 3,177m of plant site sterilisation drilling completed, as part of the planned 2024 programme, with no mineralisation intersected, providing confidence in the proposed plant site location.

-       MRE upgrade, for both lithium and feldspar, to incorporate all drilling completed in 2023 and so far in 2024, now targeted for mid-year.   

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

"Initial assay results from the drilling completed so far in 2024 have again delivered impressive intersections, providing confidence in the growth potential of the current 35.3Mt @ 1.25% Li₂O Resource at the Ewoyaa Lithium Project.

"These results are from the new Dog-Leg target, located on the northern tip of the Ewoyaa Main deposit, outside of the current MRE, where drilling has returned multiple high-grade and broad near surface extensional intersections, including 27m at 1.85% Li₂O from 126m in these most recent results.

"We look forward to receiving further drilling results from the diamond tail drilling completed at Dog-Leg and delivering a MRE upgrade for the Project, now targeted for mid-year. The MRE upgrade will include updates to both the lithium and feldspar and incorporate all results received from drilling completed in 2023 and results from drilling completed so far during 2024.

"Furthermore, assay results have confirmed no mineralisation has been intersected at the plant site sterilisation drilling programme, allowing us to continue with our mine site designs and permitting.

"We look forward to updating shareholders on our ongoing progress."

New Drilling Results

Assay results have been received for 4,101m of resource extension and sterilisation RC drilling completed so far in 2024 at the Ewoyaa Lithium Project. The results include 924m of resource extension drilling at the Dog-Leg target and 3,177m of sterilisation drilling at the proposed plant site. High-grade extensional drilling results have been reported at the new Dog-Leg target. The reported results sit outside of the current MRE¹ (refer Table 1, Figure 1, Figure 2, Appendix 1 and Appendix 2).

Drilling is designed to intersect pegmatite bodies perpendicular to strike and dip to approximate true width as best possible. 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 5 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

New drilling at the Dog-Leg target (refer announcement of 28 November 2023) has delivered further mineralised drill intersections, predominantly outside of the current MRE¹. Highlights include hole GRC0177: 27m at 1.85% Li₂O from 126m and hole GRC1059: 15m at 1.08% Li₂O from 126m (refer Figure 1 and Figure 2).

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 greyscale topography background

Figure 2:   Cross-section A-A' looking west showing assay results received for hole GRC0177 at the Dog-Leg target

Figure 3:   Cross-section B-B' looking northwards showing assay results received for hole GRC1059 at the Dog-Leg target

The Company completed 3,177m of sterilisation drilling in 21 holes at the proposed plant site. No mineralisation was reported in drilling, providing confidence in the proposed plant site location. The drill rig has now been demobilised, with drilling planned to recommence in H2 2024.

Regional exploration programmes continuing concurrently in order to advance the Company's exploration project pipeline. The Company will incorporate the results of drilling completed in 2023 and drilling completed so far in 2024 into a MRE upgrade for the Project, targeted for mid-year.

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 its flagship project, the Ewoyaa Lithium Project, a significant lithium spodumene pegmatite discovery in Ghana, through to production to become the country'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 largest spodumene concentrate mines in the world.

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

Atlantic Lithium holds a portfolio of lithium projects within 509km² and 774km² of granted and under-application tenure across Ghana and Côte d'Ivoire respectively, which, in addition to the Project, comprises 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).

~end~