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Main milestones achieved on the Ewoyaa Venture to ship Ghana’s first lithium-producing mine
SYDNEY, AUSTRALIA / ACCESSWIRE / September 30, 2022 / Atlantic Lithium Restricted (AIM:ALL)(ASX:A11)(OTCQX:ALLIF) (“Atlantic Lithium” or the “Firm”), the funded African-focussed lithium exploration and improvement firm focusing on to ship Ghana’s first lithium mine, is happy to announce its audited outcomes for the 12 months ended 30 June 2022.
A full copy of 2022 Annual Report is on the market via the Investor Centre of the Firm’s web site https://www.atlanticlithium.com.au/ or might be seen within the PDF model by way of the next hyperlink:
http://www.rns-pdf.londonstockexchange.com/rns/3151B_1-2022-9-30.pdf
Operational highlights:
· JORC (2012) Mineral Useful resource Estimate (“MRE”) improve to 30.1Mt at 1.26% Li2O, representing a 42% improve, for the Ewoyaa Lithium Venture (“Ewoyaa”), a part of the Cape Coast Lithium Venture portfolio in Ghana
Improve to 21.3Mt at 1.31% Li2O, representing a 47% improve, introduced earlier within the reporting interval.
· Scoping Research introduced on Ewoyaa, which integrated the 21.3Mt JORC useful resource, demonstrating a major enchancment in undertaking economics.
Company highlights:
· Landmark settlement with Piedmont Lithium Inc. (NASDAQ: PLL, ASX: PLL) to fund Ewoyaa, by way of a staged earn in of US$103 million, to manufacturing.
· Grant of the Cape Coast exploration license in Ghana, offering the Firm entry to 139.23km2 of extremely potential lithium tenure adjoining to its current portfolio, bringing the full Ghana Cape Coast Lithium Portfolio to 560km2.
· Profitable demerger of the Firm’s gold belongings in Côte d’Ivoire and Chad into a brand new unlisted public entity, Ricca Assets Restricted, enabling the Firm to concentrate on the event of its lithium belongings.
· Appointment of the Firm’s Chief Working Officer, Len Kolff, to the Board of Administrators and in addition because the Firm’s Interim Chief Govt Officer following the passing of Founder, Chief Govt Officer and Managing Director Vincent Mascolo.
· Appointment of the Firm’s Chief Monetary Officer and Firm Secretary Amanda Harsas to the Board as Finance Director.
· Commenced buying and selling on the OTCQX Greatest Market (“OTCQX”) buying and selling platform within the USA, underneath the ticker “IRRLF”.
Monetary highlights:
· Exploration and analysis expenditure held on the stability sheet for the 12 months ended 30 June 2022 was A$11.1 million (2021: A$51.4 million).
· Money place at 30 June 2022 of A$23.9 million (2021: A$19.1 million).
Submit-period finish highlights:
· Strong Pre-Feasibility Research (“PFS”), which contains the elevated JORC useful resource of 30.1Mt at 1.26% Li2O, introduced for the Ewoyaa Venture, indicating revenues in extra of US$4.84bn in revenues over a 12.5-year mine life.
· Profitable admission of the Firm’s shares on the Official Checklist of the Australian Securities Change (“ASX”), underneath the ticker ‘A11’.
Commenting, Neil Herbert, Govt Chairman of Atlantic Lithium, stated:
“I’m delighted to report the Firm’s outcomes for the 12 months ended 30 June 2022. Now purely targeted on our lithium portfolio, following the profitable demerger of the Firm’s gold belongings, we’ve got continued to make nice strides, each operationally and commercially, as we work to carry on stream substantial lithium manufacturing in Ghana.
“A significant milestone for the Firm was securing the funding settlement with NASDAQ-listed Piedmont Lithium Inc., setting the Ewoyaa Lithium Venture, a part of the broader Cape Coast portfolio, on the trail to turning into Ghana’s first lithium-producing mine. The settlement recognises the Venture as an industry-leading lithium asset, removes funding dangers for the Firm’s shareholders and allows the Firm to put money into progress. It’s a main endorsement of the Firm’s technique to date.
“Over the interval, we elevated the Mineral Useful resource Estimate for Ewoyaa twice, in addition to delivering a Scoping Research and, post-period finish, a powerful Pre-Feasibility Research on the Venture. The PFS, which contains the elevated JORC useful resource of 30.1Mt at 1.26% Li2O, outlines a sturdy 2Mtpa operation, producing in extra of US$4.84bn in revenues over a 12.5-year mine life, with payback inside as little as 20 weeks. We’ve got lengthy been assured of the appreciable profitability that Ewoyaa gives, however the PFS supplies useful third-party vindication of our perception. Additionally it is vital to notice that ongoing drilling is meant to develop the useful resource additional.
“Our intention for the demerger was to focus time, assets and energy upon realising the numerous potential worth, which was not being absolutely appreciated, of our lithium belongings. It’s clear that this technique has begun to ship the meant outcomes. Atlantic Lithium is now in a wonderful place to advance Ewoyaa via research to succeed in manufacturing, and, in doing so, return vital worth to the Firm’s shareholders and in addition long-term advantages to all stakeholders.
“As at all times, we wish to thank our loyal shareholders for his or her continued help and the entire Firm’s workers and contractors for his or her laborious work.
“Pushing forward, we goal to additional improve the useful resource at Ewoyaa, with an replace anticipated later this 12 months or in the beginning of subsequent 12 months, earlier than delivering a Definitive Feasibility Research in 2023.
“We sit up for updating the market on our progress in the end.”
For any additional data, please contact:
Atlantic Lithium Restricted
Neil Herbert (Govt Chairman)
Amanda Harsas (Finance Director and Firm Secretary)
www.atlanticlithium.com.au
Tel: +61 2 8072 0640
[email protected]
SP Angel Company Finance LLP
Nominated Adviser
Jeff Keating
Charlie Bouverat
Tel: +44 (0)20 3470 0470
Canaccord Genuity Restricted
Joint Firm Dealer
Raj Khatri
James Asensio
Harry Rees
Tel: +44 (0) 20 7523 4500
Liberum Capital Restricted
Joint Firm Dealer
Scott Mathieson
Edward Thomas
Kane Collings
Tel: +44 (0) 20 3100 2000
SI Capital Restricted
Joint Firm Dealer
Nick Emerson
Jon Levinson
Tel: +44 (0) 1483 413 500
Tel: +44 (0) 207 871 4038
Yellow Jersey PR Restricted
Henry Wilkinson
Dominic Barretto
James Lingfield
Tel: +44 (0)20 3004 9512
Notes to Editors:
About Atlantic Lithium
www.atlanticlithium.com.au
Atlantic Lithium (previously “IronRidge Assets”) is an AIM and ASX-listed lithium exploration and improvement firm advancing a portfolio of lithium initiatives and licenses in Ghana and Côte d’Ivoire via to manufacturing.
The Firm’s flagship undertaking, the Ewoyaa Venture in Ghana, is a major lithium spodumene pegmatite discovery on monitor to change into Ghana’s first lithium-producing mine. The Firm signed a funding settlement with Piedmont Lithium Inc. for US$103m in the direction of the event of the Ewoyaa Venture. Based mostly on the Pre-Feasibility Research, the Ewoyaa Venture has indicated Lifetime of Mine revenues exceeding US$4.84bn, producing a spodumene focus by way of easy gravity solely course of flowsheet.
Atlantic Lithium holds 560km2 & 774km2 of tenure in Ghana and Côte d’Ivoire respectively, comprising considerably under-explored licenses.
This data is offered by RNS, the information service of the London Inventory Change. RNS is authorized by the Monetary Conduct Authority to behave as a Major Data Supplier in the UK. Phrases and situations referring to the use and distribution of this data could apply. For additional data, please contact [email protected] or go to www.rns.com.
SOURCE: Atlantic Lithium Restricted
View supply model on accesswire.com:
https://www.accesswire.com/718288/Atlantic-Lithium-Restricted-Declares-Company-Replace–2022-Annual-Monetary-Report
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