Atlantic Lithium’s 2025 results: permits in the bag, parliament next for Ewoyaa
Atlantic Lithium has published its audited results to 30 June 2025 with a clear message: most of the heavy lifting on permits for the Ewoyaa Lithium Project in Ghana is done, and the final hurdle is parliamentary ratification of the Mining Lease. In a weak lithium market, the company has also lined up new funding and trimmed costs to keep momentum.
Below I break down what’s new, why it matters, and what to watch next.
Permitting progress at Ewoyaa: what’s approved and what’s pending
The company has secured a suite of critical approvals for Ewoyaa, its flagship hard-rock lithium project in Ghana. These include the Mine Operating Permit (described as the final regulatory approval required prior to construction), the environmental permit from Ghana’s Environmental Protection Authority, a Land Use Certificate to rezone the Mining Area for mining, and a Water Use Permit to draw from the Ochi-Amissah River as per the Definitive Feasibility Study (DFS).
The last step in the permitting process is parliamentary ratification of the Mining Lease. Atlantic Lithium confirms that its Mining Lease application has been submitted to Ghana’s Parliament. Post-period, Ghana’s Minister of Lands and Natural Resources confirmed that Cabinet has authorised negotiations for revised lease terms to be presented for review – an important step towards ratification.
Quick jargon check
- DFS: Definitive Feasibility Study – the detailed engineering and economic plan for a mine.
- MRE: Mineral Resource Estimate – an estimate of the size and grade of the deposit, reported under the JORC (2012) code.
- Ratification: Parliament’s formal approval of the Mining Lease terms, required in Ghana before full project advancement.
My take: getting the Mine Operating Permit, EPA permit, Land Use Certificate and Water Use Permit is a strong signal that in-country regulators are supportive. Ratification is now the gating item. The mention of revised fiscal terms suggests the company is pushing for a deal that reflects today’s lithium prices while still meeting Ghana’s objectives.
Revised fiscal terms: why negotiation matters for value
Atlantic Lithium has engaged stakeholders in Ghana to seek revised fiscal terms for the Mining Lease that reflect current lithium market conditions and deliver value to both shareholders and stakeholders. In plain English, this is about tax/royalty and related state participation terms. In a weaker price environment, these terms can materially affect the project’s returns and financing options.
Positively, Cabinet’s authorisation to negotiate revised terms indicates a constructive process. The flip side is timing risk: negotiations and ratification can take time, and the company does not provide a timetable. The prize, however, is clarity on the cost of doing business over the mine life – a key input for funding and construction decisions.
Resource base and exploration: scale confirmed, upside emerging
Atlantic Lithium reports a JORC (2012) compliant Lithium MRE of 36.8Mt at 1.24% Li2O for Ewoyaa. It also published a Feldspar MRE of 36.8Mt at 41.9% feldspar based on the same model. From the DFS, Ore Reserves (Probable) stand at 25.6Mt at 1.22% Li2O. This is a sizeable and well-defined resource base for a pre-construction West African lithium project.
Beyond Ghana, the company discovered spodumene pegmatite in outcrop and float at its 100%-owned Agboville and Rubino licences in Côte d’Ivoire, with Phase 2 soils at Rubino delineating strong lithium anomalies over a 2.5km by 2.0km area. This is early-stage, but it hints at pipeline potential alongside Ewoyaa.
Funding and cash: new facility secured, costs cut
Post period end, Atlantic Lithium signed binding financing agreements with Long State Investments Ltd for up to £28m over 24 months. The company completed an Initial Placement under this agreement, raising £2m via 24,786,526 shares at £0.081 per share. Separately, it raised A$10m in an institutional placement led by its largest shareholder, Assore International Holdings Limited.
Cost-saving measures have been implemented: the Chair has transitioned to a Non-Executive role, key leadership salaries have been reduced, the workforce has been rationalised, and spending on non-project-critical activities has been cut. Cash at 30 June 2025 was A$5.4m.
On balance, the new funding lines reduce near-term financing risk while the company waits for ratification. The trade-off is dilution, seen in the £2m placement at £0.081. The headline “up to £28m” is helpful optionality, but availability will likely depend on market conditions and facility mechanics (not disclosed).
Key numbers at a glance
| Mining Lease status | Submitted to Ghana’s Parliament; awaiting ratification |
| Permits secured | Mine Operating Permit; EPA environmental permit; Land Use Certificate; Water Use Permit |
| Lithium MRE | 36.8Mt at 1.24% Li2O (JORC 2012) |
| Ore Reserves (Probable) | 25.6Mt at 1.22% Li2O |
| Feldspar MRE | 36.8Mt at 41.9% feldspar |
| Cash (30 June 2025) | A$5.4m |
| Long State funding | Up to £28m over 24 months (binding agreements) |
| Initial Placement | £2m via 24,786,526 shares at £0.081 |
| Institutional placement | A$10m led by Assore |
Why this RNS matters for investors
- Permitting de-risking: With the operating, environmental, land use and water permits in hand, the project is substantially de-risked from a regulatory perspective. Parliamentary ratification is the final step before full advancement.
- Path to funding: Management states ratification will unlock project financing and development. The new £28m facility provides interim firepower and signals third-party confidence.
- Scale and quality: The 36.8Mt at 1.24% Li2O resource and 25.6Mt at 1.22% Li2O reserves underpin a credible development case, with feldspar providing potential by-product value (commercial details not disclosed).
- Cost discipline: The company has taken sensible steps to reduce cash burn while it navigates permitting and markets.
Risks and watchpoints
- Timing of ratification: No timetable is provided. Negotiations on revised fiscal terms add a moving part.
- Market backdrop: Management highlights a “significantly weakened lithium market”. Prolonged weakness could influence financing terms and development pacing.
- Funding mechanics: While up to £28m is available, drawdown conditions are not disclosed. Dilution from further placements is a possibility.
What could come next
- Announcement of agreed revised fiscal terms for the Mining Lease.
- Parliamentary ratification of the Mining Lease in Ghana.
- Updates on financing progression towards final investment decision (FID).
- Further exploration results from Côte d’Ivoire as Agboville and Rubino advance.
Josh’s view: constructive progress, now over to Parliament
This update reads positively. Ewoyaa has cleared nearly all permitting hurdles, which is no small feat. With Cabinet having authorised negotiations on revised terms, there’s a credible pathway to ratification.
On funding, the combination of the Long State agreements and the A$10m placement provides breathing room. Cash at year end was modest at A$5.4m, so the facility matters. The placement price of £0.081 is dilutive, but that’s the trade-off for staying on the front foot in a weak market.
Bottom line: if Atlantic Lithium secures ratification on acceptable fiscal terms, the investment case steps up a gear toward construction readiness. Until then, timing and terms are the key variables to watch.
