The Atlantic Lithium Ltd annual report and accounts highlighted the progress made towards its transition from explorer to mine developer.
During the year to 30 June 2024, the African-focused company achieved several milestones, including the grant of the mining lease for the Ewoyaa lithium project in Ghana.
Post-period, the lease was submitted to Ghana's parliament for ratification. Atlantic Lithium also reported the completion of critical permitting stages, including securing the Environmental Protection Agency's permit for the project.
Additionally, a flotation study confirmed the viability of a downstream flotation circuit at the site, offering further value-addition potential.
Executive chairman Neil Herbert hailed the "significant progress" made towards the transition to mine developer and operator, with the grant of the mining lease serving as "an important de-risking milestone for the advancement of the project and represents a major landmark, both for the company and for Ghana".
Having delivered the key terms as agreed under the grant of the lease, he said the company now anticipates ratification by Ghana's parliament.
"Concurrently, considerable work has gone into the progression of the permitting phases as required for the project, and we now find ourselves within touching distance of achieving full permitting and shovel readiness at Ewoyaa," Herbert said.
"In the current lithium market, the project's characteristics, namely Ewoyaa's favourable geology, which enables simple dense media separation processing, and the exceptional infrastructure available to us in the Central Region, become even more important. These characteristics contribute to Ewoyaa's low operating and development cost profile, which we believe will ensure that the project is a success, even in lower pricing environments."
Results for the year showed a loss after tax of $12.65 million, versus $12.19 million the year before. A year-end cash balance of $12.67 million was reported.
Herbert said the company is looking forward to "a hugely exciting year ahead, marked by a number of milestones which will see us move closer to delivering Ewoyaa as a globally significant spodumene mine".