Atlantic Lithium Ltd's (AIM:ALL, OTCQX:ALLIF, ASX:A11) executive chair Neil Herbert has told investors that key milestones now lie ahead for the company as it works to break ground on the Ewoyaa project in Ghana, expected in the fourth quarter.
Herbert’s comment comes as the company released its interim results statement and follows the granting of a mining lease by the authorities in Ghana in October.
"In granting the Mining Lease in respect of the Ewoyaa Lithium Project, the Government of Ghana has demonstrated its support for the advancement of the Project towards production as the country's first lithium mine,” Herbert said in the statement.
“This is a historic development for both the company and for Ghana.
"The grant of the mining lease enabled the commencement of the permitting process, which is now well underway.
“Key milestones, therefore, lie ahead of the company, namely EPA approval, parliamentary ratification of the mining lease and, as the final step before we can begin construction, the grant of the mine operating permit.
“With overwhelmingly strong support from our local stakeholders, the permitting phases are advancing as anticipated and we remain on track to break ground in Q4 2024.”
He added: "The agreed terms of the Mining Lease highlight the Ewoyaa Lithium Project as one of the most attractive, low-cost hard rock lithium assets globally.
“The considerable interest in the Project has been evident through our ongoing offtake partnering process.
“Representing a major milestone for the financing of the company's allocation of the development expenditure of the project, we look forward to completing the process in the coming months.”
The company present focus is securing the necessary remaining permits and ‘achieving shovel-readiness’, Herbert highlighted.
He describes 2024 as an exciting year for the company.
Looking back, in the half year results statement, meanwhile, the company also noted the ongoing positive drill programme – which is designed to further extend the project’s resource base.
The company also noted its successful A$8 million equity raise along with other corporate developments which included a strengthening of the leadership team, and the board.
Also during the period the company fended off takeover approaches from the company’s largest shareholder, Assore International, said to be priced at 33p per share (current share price: 18.69p).
Since the end of the reporting period, meanwhile, the company received a $5 million investment from the Minerals Income Investment Fund of Ghana, and, it completed the first phase of what’s described as a competitive offtake partnering process, which seeks to secure project funding.
Assore has also increased its stake in the company since the period’s end, buying shares held by project partner Piedmont at a premium price.