Atlantic Lithium publishes new quarterly report

Quarterly highlights: Ewoyaa Lithium Project, Ghana

• Delivered robust pre-feasibility study (PFS), with highlights including:
  • Post-tax NPV8 of US$1.33 billion with free cash flow of US$2 billion from Life of Mine (LOM) revenues of US$4.84 billion.
  • Internal rate of return of 224% and payback less than five months, with an average LOM EBITDA of $248 million per annum.
  • Maiden Ore Reserve of 18.9 million t at 1.24% Li2O declared, demonstrating sound resource to reserve conversion.
  • 12.5-year mine life, 2 million tpy conventional dense media separation (DMS) processing facility with average 255 000 tpy 6% lithium spodumene concentrate (SC6) production.
• Received assay results for approximately 6900 m of Reverse Circulation (RC) drilling completed at the Ewoyaa Main and Grasscutter North targets as part of the planned 37 000 m resource evaluation and exploration RC and diamond core drilling (DD) programme.
• The programme, which was completed post-period end, was extended by 10 000 m for geotechnical, metallurgical, hydrogeological, and exploration drilling to a total of 47 000 m.

Corporate highlights

• Commenced trading on the Australian Securities Exchange (ASX) under the ticker ‘A11’.
• Cash on hand at end of quarter of AUS$23.4 million.
• During the quarter, the company spent AUS$6.7 million on its exploration and feasibility activities for its Ewoyaa Lithium Project in Ghana. This has been fully funded by Piedmont Lithium Inc. as part of the partnership arrangement announced on 1 July 2021.

Neil Herbert, Executive Chairman of Atlantic Lithium, comments

“We are pleased to be releasing the company’s quarterly report for the period ended 30 September 2022 – the first announcement of this kind following Atlantic Lithium’s Admission on the ASX.

“The publishing of the pre-feasibility study in September marked a significant milestone in the Ewoyaa Lithium Project’s journey towards production. We have continued to build on this progress post-period end through the submission of an application for a mining licence to the Minerals Commission of Ghana and the completion of the extended drilling programme at the project. Work is now ongoing to deliver a further resource upgrade at Ewoyaa in the final quarter of the year or early in 2023.

“We also believe that the company’s listing on the ASX during the period will enable us to extend the company's shareholder base, enable wider trading and offer greater liquidity for Atlantic Lithium shares. With a number of lithium companies on the ASX attracting significant investor interest recently, we hope that the listing will be a step towards achieving a more attractive valuation with respect to our industry-leading Ewoyaa Project. As an Australian-headquartered company, the listing also enables closer communication with our existing investor base in Australia.

“We look forward to providing further updates on our progress in due course.”

Read the article online at: https://www.globalminingreview.com/mining/27102022/atlantic-lithium-publishes-new-quarterly-report/