Atlantic Lithium Ltd (AIM:ALL, OTCQX:ALLIF, ASX:A11) has unveiled its quarterly activities and cash flow report for the three months to September, shedding light on advancements at the Ewoyaa Lithium Project, situated in Ghana.
One standout over the period was the commitment from partner Piedmont Lithium (ASX:NASDAQ:PLL, OTC:PLLTL) to shoulder the first US$70m of the projected US$185 million needed for Ewoyaa’s feasibility study.
Any additional costs that arise will see Piedmont covering half of them.
This partnership was further bolstered by the Minerals Income Investment Fund of Ghana, which charted out a plan to invest US$32.9 million to hasten the project's development.
In a bid to secure funding for half of the available feedstock from Ewoyaa, Atlantic Lithium also embarked on a competitive offtake partnering process. This is anticipated to cover the remaining financial requirements through a pre-payment arrangement.
Atlantic Lithium also forged an academic alliance, signing a Memorandum of Understanding with The University of Mines and Technology, Tarkwa, to explore the feasibility of producing feldspar feedstock at the Ewoyaa.
Additionally, DRA Global Ltd was appointed to conduct a study on the potential inclusion of an additional downstream flotation circuit.
Post the reporting period, Ewoyaa saw another milestone with the granting of a mining lease, placing it among the cheapest projects of its type globally.
Neil Herbert, Executive Chairman of Atlantic Lithium, expressed his enthusiasm over he developments.
“[This] follows yet another remarkable period of progress for Atlantic Lithium,” he commented.
“The mining lease represents the government's belief in the company as its partner of choice in its long-term lithium production objectives and sets Ewoyaa on a path to become one of the next major hard rock spodumene mines.
“We are now working to deliver upon a number of growth catalysts as we move towards production [including] the completion of the permitting process, conducting the flotation, feldspar and downstream conversion studies.”