Atlantic Lithium Limited (ALL) 2024年年度報告「LSE」.pdf

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1、ANNUAL REPORT 2024ACN:127 215 132ASX:A11 AIM:ALL GSE:ALLGH OTCQX:ALLIFCORPORATE DIRECTORYDIRECTORSNeil Herbert Keith MullerAmanda HarsasKieran DalyChristelle van der MerweJonathan HenryEdward KorantengCOMPANY SECRETARYAmanda HarsasREGISTERED OFFICE Level 17,Angel Place 123 Pitt StreetSydney,NSW 2000

2、Phone:+61 2 8072 0640Email:.auWeb Site:.auAUDITORBDO Audit Pty LtdLevel 1 1,1 Margaret StreetSydney,NSW 2000AustraliaNOMINATED ADVISERSP Angel Corporate Finance LLPPrince Frederick House35-39 Maddox StreetLondon W1S 2PPUnited KingdomAUSTRALIAN AND UK BROKERCanaccord Genuity Limited88 Wood Street Lon

3、don EC2V 7QR United KingdomGHANAIAN BROKERBlack Star Brokerage LimitedThe Rhombus,Plot 24 Tumu Avenue Kanda Estates,AccraGhanaBANKERSWestpac Banking Corporation(Sydney Branch)Ground Level 275 Kent StreetSydney NSW 2000AustraliaAUSTRALIAN SOLICITORSHopgood GanimLevel 8,Waterfront Place1 Eagle StreetB

4、risbane QLD 4000 AustraliaGHANAIAN LAWYERJLD&MB Legal ConsultancyAirport Residential AreaPO Box 410Accra GhanaLONDON LAWYERSHill DickinsonThe Broadgate Tower20 Primrose StreetLondon,EC2A 2EWUnited KingdomIVORIAN LAWYERMining Services&Consulting Level Cocody-Riviera GolImmeuble Bunker 2me tage Appt 7

5、4625 BP 390 Abidjan Ivory CoastREGISTRARSComputershare Investor Services plcThe Pavilions,Bridgwater RoadBristol BS99 7NHUnited KingdomCONTENTSCORPORATE INFORMATION 1OUR VISION,MISSION&VALUES3COMPANY OVERVIEW 5FY2024 HIGHLIGHTS 6MESSAGE FROM THE CHAIRMAN 7MESSAGE FROM THE CEO 9MESSAGE FROM THE FINAN

6、CE DIRECTOR&COMPANY SECRETARY 11DIRECTORS REPORT 13CORPORATE GOVERNANCE SUMMARY 202459INTEREST IN TENEMENTS 65AUDITORS INDEPENDENCE DECLARATION 67FINANCIAL STATEMENTS 68CONSOLIDATED ENTITY DISCLOSURE STATEMENT97DIRECTORS DECLARATION 98INDEPENDENT AUDITORS REPORT 99SHAREHOLDER INFORMATION 103121COMPA

7、NY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCORPORATE GOVERNANCE SUMMARY 2024INTEREST IN TENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATION2 2OU

8、R VISIONEmpowering generational change.OUR MISSIONTo enable the renewable energy transition through the responsible production of lithium products.OUR VALUESCOLLABORATIONAUTHENTICITYRESPECTEXCELLENCE3434COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCORPORATE GOVERNANCE SU

9、MMARY 2024INTEREST IN TENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATION4FY2024 has marked a transformative year for Atlantic Lithium,with significant progress made acro

10、ss all aspects of the business.Some of the key highlights are outlined below:PROJECT DEVELOPMENTGrant of Ghanas first Mining Lease for lithium for the Ewoyaa Lithium Project Completion of key permitting milestones:Commencement of trading on the Ghana Stock Exchange Completion of the downstream conve

11、rsion and feldspar feasibility studies Completion of two Environmental Protection Agency public hearingsEnvironmental Impact Statement SubmissionCORPORATECompletion of MIIFs US$5m Subscription in the CompanyAppointment of Edward Koranteng and Jonathan Henry to the BoardKey strategic appointments to

12、bolster the expertise of the teamSuccessful A$8m Equity PlacingCommencement of a competitive partnering process for spodumene offtake from EwoyaaEXPLORATION Increased Ewoyaa Mineral Resource to 36.8Mt 1.24%Li2O1 Maiden Feldspar Mineral Resource of 15.7Mt at 40.2%FeldsparGrant of the Rubino and Agbov

13、ille exploration permits,marking entry into Cte dIvoireGrant of the Bewadze and Senya Beraku prospecting licences in Ghana;Commencement of field work at Senya Beraku13,900m of drilling completed over the periodCOMPANY OVERVIEWAtlantic Lithium is a lithium-focused exploration and development company

14、advancing its flagship project,the Ewoyaa Lithium Project,a significant lithium spodumene pegmatite discovery in Ghana,through to production to become the countrys first lithium-producing mine.The Definitive Feasibility Study for the Project indicates the production of 3.6Mt of spodumene concentrate

15、 over a 12-year mine life,making it one of the largest spodumene concentrate mines in the world.Through the period,the Company has advanced the Project through several major de-risking milestones,including the grant of the Mining Lease and the achievement of key criteria as agreed under the terms of

16、 the Mining Lease,and made considerable progress with regards to the necessary permitting phases,moving the Project to the brink of construction.Ewoyaa is one of few globally significant hard rock lithium projects expected to start production in the coming years,in line with strong demand for lithiu

17、m forecasted over the medium to long-term,driven by the global adoption of electric vehicles.Atlantic Lithium holds a portfolio of lithium projects across Ghana and Cte dIvoire respectively,comprising significantly under-explored,highly prospective licences,which support the Companys ambition of bec

18、oming a leading producer of spodumene in Africa.With a clear strategy for growth and a leadership team with proven mine build and operating experience,Atlantic Lithium is confident that it can deliver significant value for the Companys shareholders.As a modern mining company,Atlantic Lithium is comm

19、itted to working in the best interests of the local communities in which it operates and delivering long-lasting benefits to the Central Region,to Ghana and to West Africa.In doing so,Atlantic Lithium hopes to put Ghana on the map as a major hub for lithium production,vital in the electric vehicle s

20、upply chain,establishing the country as an important contributor to global efforts to combat climate change.FY2024 HIGHLIGHTS Mineral Resource36.8Mt 1.24%Li2OMeasured&Indicated 81%Ore Reserves25.6Mt 1.22%Li2OSteady state spodumene concentrate production365ktpaLow-grade Li2O Secondary Product4.7MtMai

21、den Feldspar Mineral Resource15.7Mt 40.2%FeldsparCapital Cost US$185mAll-in Sustaining CostUS$675/t“Atlantic Lithium is confident that it can deliver significant value for the Companys shareholders”5EWOYAA PROJECT OVERVIEW1COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCOR

22、PORATE GOVERNANCE SUMMARY 2024INTEREST IN TENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATION6 6In line with MIIFs Subscription,we welcomed MIIF CEO Edward Koranteng to t

23、he Board of Directors,which followed Jonathan Henrys appointment as Independent Non-Executive Director earlier in the period.Both Edward and Jonathan bring extensive mining experience to the Company at an important time in the Companys development.As we move ever closer towards breaking ground at Ew

24、oyaa,their appointments speak to the growth and aspirations of the Company.Building on the success achieved through the period,we continue to focus on activities that are critical towards advancing towards a Final Investment Decision(“FID”)at Ewoyaa and,importantly,have made excellent progress with

25、regards to obtaining full permitting for the Project.Following the grant of the EPA permit post-period end,we are now working to secure the Mine Operating Permit,which represents the final approval we need to break ground at the Project.We are also working hard to finalise the ongoing competitive of

26、ftake partnering process for product from Ewoyaa.The process has highlighted the considerable demand for near-term lithium production from the Project,reaffirming our belief in Ewoyaa as an industry-leading asset.We are also making headway with the preparation of the contracts associated with the co

27、nstruction and operation of the Project,the front-end loading studies to support the issue of these contracts and the detailed design of the Project.Under Keith Mullers leadership,the Project continues to move forward at an exciting pace,ensuring that,once the Mining Lease is ratified by parliament

28、and necessary approvals granted,the Company can press on towards construction in a timely manner.Concurrent to our focus at Ewoyaa,we are also delighted to have received receipt of the exploration permits in respect of the Rubino and Agboville licences during the period,which extends our lithium exp

29、loration activities outside of Ghana into neighbouring Cte dIvoire for the first time.Exploration over the licences will run alongside our development activities at Ewoyaa,which we consider to be the principal driver for value for shareholders in the near term.As we navigate the headwinds of the cur

30、rent lithium pricing environment,which has seen a number of our peers pausing operations or delaying investment into their respective projects,we remain prudent of our cash flow and,such as,will continue to channel expenditure towards our Project-critical activities.With several major milestones ahe

31、ad of us,including the ratification of the Mining Lease by parliament,the competition of the offtake partnering process,the completion of MIIFs Project-level investment,the grant of the final permits and,subsequently,breaking ground at Ewoyaa,the year ahead is set to be another pivotal period for th

32、e Company.I would like to take this opportunity to thank our Project partners,our key stakeholders,notably within the areas of our operations,the Companys employees and our loyal shareholders for their ongoing support.We look forward to updating the market on our progress in due course.Yours sincere

33、ly,NEIL HERBERT EXECUTIVE CHAIRMAN 18 September 2024Considerable progress has been made during the period towards the Companys ongoing transition from explorer to developer.Our efforts through FY2024 have focused on translating the significant potential indicated by the Definitive Feasibility Study(

34、“DFS”)for the Project,as announced in June 2023,into a reality.To this end,the Company has taken major strides over the past year to advance Ewoyaa through the completion of several landmark Project milestones to grow the business in line with its near-term ambitions of delivering Ewoyaa as one of t

35、he worlds leading hard rock lithium mines.Since the commencement of its operations in Ghana,Atlantic Lithium has been proud to lead the countrys lithium ambitions,which aim to put Ghana on the map as a leading hub for spodumene production for the EV supply chain.Significant headway was made towards

36、these goals through the grant of the Mining Lease in respect of the Project,the first to be granted for lithium in Ghana,in October 2023.The issue of the Mining Lease affirms the Ghana Governments underlying support for the Companys objectives at Ewoyaa,marking an important de-risking milestone in t

37、he advancement of the Project.Having only announced the maiden Mineral Resource Estimate for the Project in January 2020,the grant of the Mining Lease is testament to the incredible hard work of our team over many years and underscores the strong support for the Project from our Ghanaian stakeholder

38、s.Importantly,the terms of the Mining Lease align with the Governments new green minerals policy and affirm the Projects strong commercial viability and exceptional profitability potential.Following the grant of the Mining Lease,our team has worked diligently through the period to complete several o

39、f the Projects permitting hurdles as required under Ghanaian legislation,and the satisfaction of the various criteria as agreed under the grant of the Mining Lease.These included the completion of Downstream Conversion Study,to assess the viability of downstream processing in Ghana,and the Feldspar

40、Study,to assess the viability of producing feldspar as a by-product from spodumene production operations at Ewoyaa,as well as the listing of the Companys shares on the Ghana Stock Exchange(“GSE”).Pivotal to enable the ratification of the Mining Lease by parliament and demonstrating the Companys long

41、-term commitment to supporting Ghanas socio-economic development,the Company is proud to have achieved these milestones during the period.The successful listing of the Companys shares on the Main Market of the GSE marked a joyous occasion for the Company and its Ghanaian stakeholders and showcased t

42、he considerable support from the countrys illustrious mining industry,representatives of local and national government,and leading members of the Companys Project-affected communities for the advancement of the Project.Not only a requirement of the grant of the Mining Lease,Atlantic Lithiums admissi

43、on to the GSE illustrates the Companys efforts to provide Ghanaians the opportunity to share ownership in the success of the Project.In this way,we hope to more closely align the Companys ambitions with its local stakeholders,who we are proud to represent.Further to this point,following the completi

44、on of its Subscription in the Company in January 2024,we are delighted to have welcomed the Minerals Income Investment Fund(“MIIF”),as a strategic shareholder and partner in the Project.We believe that MIIFs endorsement reflects the countrys long-term lithium ambitions and enables greater Ghanaian r

45、epresentation in the direction of the Company.The Subscription forms the first stage of MIIFs Strategic Investment,with the second stage comprising MIIFs proposed investment at the Project level for a contributing interest in the Project.We are working closely with MIIFs team to conclude the terms o

46、f the Project-level investment and hope to provide an update on these efforts in due course.Dear Shareholder,I am pleased to present the Annual Report of Atlantic Lithium Limited for the year ended 30 June 2024.“the Company has taken major strides over the past year to advance Ewoyaa through the com

47、pletion of several landmark Project milestones”MESSAGE FROM THE CHAIRMAN“aim to put Ghana on the map as a leading hub for spodumene production for the EV supply chain”7AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 248AT L A N T I C

48、L I T H I U M A N N U A L R E P O R T 20 24COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCORPORATE GOVERNANCE SUMMARY 2024INTEREST IN TENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTS

49、HAREHOLDER INFORMATIONDIRECTORS DECLARATIONI am incredibly proud of the Companys achievements through the year,which should be attributed to every member of our team.In particular,the grant of the Mining Lease the first for lithium in Ghana represents a milestone that should not for a minute be unde

50、restimated.Atlantic Lithium has worked tirelessly to certify itself and maintain its position as a responsible and transparent mining company that acts with the best interests of its stakeholders in mind.This accomplishment,further exemplified by the grant of the EPA permit post-period end,is theref

51、ore not only testament to the huge opportunity that Ewoyaa presents,but also the Companys professionalism since it began operating in Ghana.Further to the grant of the Mining Lease,through the period,we delivered upon key milestones that we set out to achieve to further de-risk Ewoyaa,namely the com

52、pletion of the agreed criteria under the terms of the Mining Lease and the accomplishment of several of the necessary permitting steps,while also taking considerable steps to enhance the value of the Project.Among these were the completion of the flotation study,the definition of a maiden Feldspar M

53、ineral Resource Estimate and the commencement,and ongoing advancement,of the competitive offtake partnering process.These activities,further to the development of the Project through permitting towards shovel readiness,speak to the Companys efforts to leave no stone unturned when it comes to deliver

54、ing upon Ewoyaas considerable potential as an industry-leading hard rock lithium asset.In addition,remarkable progress has been made internally to enable the Companys continued growth.To this end,through a series of strategic appointments in key positions,we have added a vast amount of expertise to

55、the business,with a particular emphasis on mine build and mine operatorship experience,as well as in roles that support the Companys increasing activities.In line with these appointments,a concerted approach has been taken to reviewing,establishing and/or enhancing processes and procedures to bring

56、the Company to where it needs to be as we near mine construction.To this end,significant steps have been made to more closely align the practices,channels of communication and cultures of our teams in Ghana and in Australia,aiming to optimise the Companys performance across all functions and departm

57、ents,and to build upon the Companys foundations that have made it the happy and inclusive working environment for our employees that is today.With this in mind,we are proud to have recently introduced our CARE values Collaboration,Authenticity,Respect and Excellence which serve to guide the Company

58、and its employees in their daily activities and ensure that Atlantic Lithium maintains the strong support of its stakeholders.Since assuming the mantle as CEO,the Companys focus has been on moving forward towards its goal of delivering Ewoyaa as a successful,low-cost spodumene mine,capable of withst

59、anding commodity price cycles and generating significant benefits to all stakeholders.“a responsible and transparent mining company that acts with the best interests of its stakeholders in mind”MESSAGE FROM THE CEOAs we await the ratification of the Mining Lease for the Project,and with consideratio

60、n to the current lithium pricing environment,our focus lies firmly on the completion of the critical steps ahead of us to achieve FID and enable us to break ground at Ewoyaa as soon as possible.These include the grant of the remaining permits we require,the detailed design work and the preparation o

61、f the contracts for the construction and operation of the Project.These activities are progressing at pace,and we look forward to updating shareholders with developments in respect of these workstreams in due course.Following the grant of the exploration permits in respect of the Rubino and Agbovill

62、e licences in Cte dIvoire,we are delighted to be progressing our maiden exploration campaign outside of Ghana,which supports the Companys long-term ambitions of becoming a leader producer of spodumene in Africa.Our attention,however,remains primarily on delivering Ewoyaa as Ghanas first lithium mine

63、 and the Companys resources will be allocated accordingly.Nevertheless,we see great value potential in the exploration of the Cte dIvoire licences.As such,exploration will be run concurrent to the activities at Ewoyaa,albeit at moderate levels whilst remaining conscious of the Companys cashflows.Fol

64、lowing yet another period of immense progress,we find ourselves today on the brink of construction at Ewoyaa,with commercial production of spodumene well and truly in our sights.I would like to take this moment to thank our staff,our Project partners and all of our stakeholders that have contributed

65、 and supported our efforts to this point.We take great pride in the role we hold in leading Ghanas lithium production ambitions and driving the countrys socio-economic development,focused primarily on our Project-affected communities in the Central Region.We,therefore,look forward with great anticip

66、ation to achieving the goals we have defined for FY2025 and making it an even more successful year than the last.Yours sincerely,KEITH MULLER CHIEF EXECUTIVE OFFICER18 September 2024“we find ourselves today on the brink of construction at Ewoyaa and with commercial production of spodumene well and t

67、ruly in our sights”9AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 2410AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCORPORATE GOVERNANCE SUMMARY 2

68、024INTEREST IN TENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATIONCognisant of the need to continue to build upon its current skillset,the Board updated the Board of Dire

69、ctors skills matrix during the period.This important initiative was aimed at identifying areas in which the Company may be able to add experience and expertise,notably to ensure the Company is able to successfully transition from explorer to developer and producer,as well as being focused on improvi

70、ng the Companys corporate governance.The results of the skills assessment will be taken into consideration as new Directors are added to the Board over time.As we advance Ewoyaa through the permitting phases,whilst remaining conscious of current lithium market conditions,our focus remains on critica

71、l activities that advance Ewoyaa to FID.Accordingly,we have taken steps to rationalise expenditure on non-critical activities,intended to ensure that the Company is primed to deliver upon its target of achieving production at Ewoyaa.At this point,we would like to thank the Companys loyal shareholder

72、s for their ongoing support.In December 2023,through our A$8m Equity Placing,we received strong support from our existing,core institutional shareholders,while,at the same time,welcoming new institutions onto to our register.We continue to note growing interest from institutional investors,who,we be

73、lieve,are increasingly recognising Ewoyaas status as an industry-leading asset.We also thank the Companys retail shareholders who closely follow the Company and form the backbone of Atlantic Lithiums success.We aim to communicate as often and as openly as possible,particularly through our attendance

74、 at conferences,social media channels and through our Investor Meet Company webinars.This regular dialogue,we believe,is key to enabling shareholders maximum access to the Management team and ensuring transparency with regards to the Companys activities.While the Companys share price has been impact

75、ed,understandably,by the decline in spodumene prices,we are confident that,with several major catalysts ahead,the Company can unlock the significant value potential that Ewoyaa holds for shareholders.Against a challenging backdrop,Atlantic Lithium has performed well over the last year.We have delive

76、red upon a number of the targets we had set out at the beginning of the year and are now in a strong position for the period ahead.We look forward to providing further updates on our progress in due course.Yours sincerely,AMANDA HARSAS FINANCE DIRECTOR&COMPANY SECRETARY 18 September 2024MESSAGE FROM

77、 THE FINANCE DIRECTOR&COMPANY SECRETARYThe period has been marked by a number of major milestones that support our project development activities at Ewoyaa and position the business well to deliver upon its strategic objectives and generate value for shareholders.In particular,our efforts have resul

78、ted in considerable progress with regards to de-risking the Companys funding obligations for the Projects capital expenditure,enhancing the Companys strong partner and stakeholder support,broadening the Companys global reach for investors,and enabling the Companys ongoing transition from explorer to

79、 developer.A major achievement towards these aims was the signing of the Heads of Terms agreement with the Minerals Income Investment Fund(“MIIF”)for its planned US$32.9m Strategic Investment to expedite the development of the Project.In line with the first stage of the Strategic Investment,we were

80、delighted to announce the completion of the MIIFs Subscription for Atlantic Lithium shares to a value of US$5m in January 2024.As the countrys mineral sovereign wealth fund,MIIF serves as a highly influential stakeholder within Ghanas mining industry.MIIFs Subscription,therefore,represents a major e

81、ndorsement for the Project,as well as MIIFs underlying belief in the Companys potential as an investment opportunity.Following the completion of the Subscription,we are working hard to conclude MIIFs intended US$27.9m Project-level investment,which forms the second stage of its Strategic Investment

82、and which will see MIIF contribute directly to the advancement of the Project.At such a crucial point for Ewoyaa,we are grateful for the significant backing we continue to receive from our Project partners,which now includes MIIF.Assore has been fundamental to the Companys growth for many years,havi

83、ng supported Atlantic Lithium since its London listing.Without Assore,the considerable progress we have made at Ewoyaa would likely never have been possible.With this in mind,we believe that Assores two offers to take over the Company during the period demonstrate Assores recognition for Ewoyaas sig

84、nificant potential.While we felt that these offers were not in the best interest of shareholders at the time,we welcome Assores ongoing,valued contribution towards the advancement of the Project.Earlier in the period,we were also pleased to receive Piedmonts notification of intent to support Ewoyaas

85、 funding,in line with Piedmonts agreement to earn in to Atlantic Lithiums interest in the Project.As a key partner and customer,Piedmont provides significant input in the direction of the Project.Piedmonts notification,therefore,serves as an important landmark for the Projects development.Alongside

86、MIIF,Assore and Piedmont,we look forward to working towards our shared goal of achieving production at Ewoyaa.During the period,having already received overwhelming interest for near-term offtake from Ewoyaa,we kickstarted the competitive offtake partnering process for up to 500,000 tonnes of spodum

87、ene concentrate from the Project.Through the first stage,we received expressions of interest from some 80 players covering all corners of the industry,including OEMs,battery gigafactories,traders and chemical processors.Through vigorous review,we whittled this list down to parties whose offers align

88、ed with the Companys ultimate objectives of securing a route to market for Ewoyaas product and supported the Company and Ghanas long-term lithium production ambitions.Whilst there can be no certainty on the timing or terms of any offtake agreement,the Company is now nearing the conclusion of the pro

89、cess,which will serve as a major de-risking milestone in the Companys funding of the Project.Another landmark,not only for Atlantic Lithium,but also for Ghana,was the Companys listing on the Main Market of the GSE.To have completed the listing in the time that we did,which saw the Company become the

90、 first lithium company and first pre-construction project listed on the GSE,was testament to the impressive work of our team,our advisors and the relevant regulatory bodies in Ghana.We consider the listing as a means of demonstrating the Companys ongoing commitment to Ghanas economic development by

91、enabling Ghanaians the opportunity to grow wealth through the Companys lithium production activities.Through the listing,we are proud to have extended the Companys reach to Ghanaian investors and further enhanced the Projects awareness in-country and globally.I am very pleased to report on what has

92、been an exceptionally busy and successful year for the Company.“We are grateful for the significant backing we continue to receive from our Project partners”“We have delivered upon a number of the targets we had set out at the beginning of the year and are now in a strong position for the period ahe

93、ad”1 1AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 2412AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCORPORATE GOVERNANCE SUMMARY 2024INTEREST IN

94、 TENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATIONThe Companys Directors submit their report on Atlantic Lithium Limited(“Atlantic Lithium”or the“Company”)and its contr

95、olled entities(“the Group”)for the year ended 30 June 2024.DIRECTORSThe names and details of the Companys Directors in office during the financial year and until the date of this report are as follows.Directors were in office for this entire period unless otherwise stated.Neil HerbertKeith Muller Am

96、anda Harsas Kieran DalyChristelle Van der MerweJonathan Henry(appointed 19 December 2023)Edward Koranteng(appointed 15 May 2024)Lennard(Len)Alexander Kolff van Oosterwijk(resigned 20 December 2023)Patrick Brindle(resigned 29 January 2024)Holly Waldeck(alternate for Kieran Daly resigned 30 April 2024

97、)Neil Herbert Executive Chairman Appointed as Executive Chairman 22 April 2022,appointed as Non-Executive Chairman 23 May 2018 and appointed as Non-Executive Director 12 February 2015FCCAMr Herbert is a Fellow of the Association of Chartered Certified Accountants with over 30 years of experience in

98、finance.Further,Mr Herbert has over 25 years of experience growing and developing mining,oil and gas companies both as an executive and as an investor.Until May 2013,Mr Herbert was co-chairman and managing director of AIM-listed natural resources investment company Polo Resources Limited.Prior to th

99、is,he was a director of resource investment company Galahad Gold plc.During his time at Galahad Gold plc,Mr Herbert acted as the finance director of the companys most successful investment,a start-up uranium company called UraMin Inc from 2005 to 2007,during which time Mr Herbert worked to float Ura

100、Min Inc on AIM and the Toronto Stock Exchange,successfully raised US$400 million in equity financing and subsequently negotiated the sale of the group for US$2.5 billion.Mr Herbert has also held board positions at several other resource companies where he was involved in managing numerous acquisitio

101、ns,disposals,stock market listings and fundraisings.Mr Herbert holds a joint honours degree in economics and economic history from the University of Leicester.Mr Herbert is a member of the Audit&Risk Committee and is the chair of the Executive Committee.During the past three years,Mr Herbert has als

102、o served as a director of the following listed companies:Pulsar Helium Inc(appointed 17 November 2022)which is listed on the Toronto Stock Exchange(TSX).Pasofino Gold Limited(appointed on 1 1 February 2021 and resigned 5 October 2023)which is listed on the Toronto Stock Exchange(TSX-V).Firering Stra

103、tegic Minerals plc(appointed on 12 November 2021 and resigned 6 October 2023)which is listed on the London Stock Exchange(AIM).Premier African Minerals(resigned 27 April 2022),which is listed on the London Stock Exchange(AIM).Keith Muller Chief Executive Officer Appointed as Executive Director 31 Ma

104、y 2023BEng Mining,MMinEng,FAusIMM(CP)Mr Muller is a mining engineer with over 20 years of operational and leadership experience across domestic and international mining sectors,including in the lithium sector.He has a strong operational background in hard rock lithium mining and processing,particula

105、rly in DMS spodumene processing.Before joining Atlantic Lithium,he held roles as both a Business Leader and General Manager at Allkem,where he worked on the Mt Cattlin lithium mine in Western Australia,and,prior to that,as Operations Manager and Senior Mining Engineer at Simec.Mr Muller has built an

106、 impressive track record as a technical and operational leader and,throughout his career,has been responsible for improving efficiency,driving commercial opportunities,increasing mine longevity,and enhancing safety across the projects he has worked on.He is also a fellow and chartered professional o

107、f the Australian Institute of Mining and Metallurgy.Mr Muller joined the Company in November 2022 as Chief Operating Officer and,in June 2023,was promoted to Chief Executive Officer.During the past three years,Mr Muller has also served as a director of Bulletin Resources Limited(appointed on 03 Febr

108、uary 2023),which is listed on the ASX.DIRECTORS REPORTAmanda Harsas Finance Director and Company Secretary Appointed as Executive Director 1 1 March 2022Bachelor of Business,CAMs Harsas has over 25 years experience in strategic finance,business transformation,commercial finance,customer and supplier

109、 negotiations and company secretarial and capital management across various firms including PwC,Healius and Law Society of Australia.With extensive experience in mining and exploration,healthcare,retail,and professional services sectors throughout Australia,Asia,Europe and the USA,Ms Harsas brings a

110、 unique perspective to the Board.Ms Harsas graduated from the University of Technology,Sydney with a Bachelor of Business.She is a member of Chartered Accountants Australia and New Zealand and the Australian Institute of Company Directors.Ms Harsas joined the Company in November 2020 as Chief Financ

111、ial Officer and was subsequently appointed as Company Secretary in January 2021.In March 2022,Mrs Harsas was promoted to Finance Director.During the past three years,Ms Harsas has not served as a director of any other listed company.Kieran Daly Non-Executive Director Appointed 9 April 2019Bsc(Mining

112、 Engineering),MBAMr Daly has extensive experience working in investment banking/equity research and is the Executive:Growth&Strategic Development at Assore.Prior to joining Assore in 2018,Mr Daly worked for firms such as UBS Group AG,Macquarie Group Limited and Investec Limited.During the first 15 y

113、ears of his mining career,Mr Daly worked in the coal division of Anglo American plc(Anglo Coal)in a number of international roles including operations,sales&marketing,strategy and business development.His key roles included leading and developing Anglo Coals marketing efforts across Asia and acting

114、as the global Head of Strategy for Anglo Coal.Mr Daly is chair of the Companys Audit&Risk Committee and also a member of the Nomination&Remuneration Committee.During the past three years,Mr.Daly has also served as an alternate director of Gemfields Group Limited(appointed 12 November 2021)which is l

115、isted on the Johannesburg Stock Exchange(JSE)and AIM.Christelle van der Merwe Non-Executive Director Appointed as Non-Executive Director 22 December 2020BSc Hons(Geology),BSc(Geology&Environmental Management),CAGS(Adv Min Resource Mgmt-Mining Engineering),MAP,BArch Ms van der Merwe is a Senior Manag

116、er in the Growth&Strategic Development team at Assore.She has been a geologist for Assore since 2013 and is involved with strategic and resource investment decisions of the company.Ms van der Merwe is a member of SACNASP,the GSSA and AUSIMM.During the past three years,Ms van der Merwe has not served

117、 as a director of any other listed company.Jonathan Henry Non-Executive Director Appointed 19 December 2023BA(Hons)in Natural ScienceMr Henry is an experienced Non-Executive Director,having held various leadership and Board roles across the mining industry for nearly two decades.Mr Henry has signifi

118、cant expertise working across capital markets,business development,project financing,key stakeholder engagement,and the reporting and implementation of ESG-focused initiatives.Mr Henry has a wealth of experience advancing projects towards production and commercialisation to deliver shareholder value

119、.Mr Henry has previously served as Non-Executive Chair and Executive Chair of Giyani Metals Corporation,a battery development company advancing its portfolio of manganese oxide projects in Botswana,Executive Chair and Non-Executive Director at Ormonde Mining plc,Non-Executive Director at Ashanti Gol

120、d Corporation,President,Director and Chief Executive Officer at Gabriel Resources Limited and various roles,including Chief Executive Officer and Managing Director,at Avocet Mining PLC.Mr Henry is a member of the Companys Audit&Risk Committee and Nominations&Remuneration Committee.During the past th

121、ree years,Mr Henry has served as a director of the following listed companies:Giyani Metals Corporation(appointed 27 August 2018 and retired 24 May 2024)which is listed on the Toronto Venture Exchange(TSV-X).Ormonde Mining plc(appointed 2016 and resigned 30 September 2021)which is listed on the Aqui

122、s Stock Exchange Growth Market.13AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 2414AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCORPORATE GOVERNA

123、NCE SUMMARY 2024INTEREST IN TENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATIONEdward Koranteng Non-Executive Director Appointed 15 May 2024BA(Hons),LLMMr Koranteng is a

124、lawyer and an experienced corporate and investment banker.He has served as Chief Executive Officer of the Minerals Income Investment Fund(“MIIF”)since 2021.Prior to joining MIIF,Mr Koranteng held the role of Business Head for East,Central and Southern Africa for Ghana International Bank plc(“GHIB”),

125、where he was responsible for GHIBs energy and mining portfolio.He also worked with the Chase Bank Group(Kenya),now SBM Bank of Mauritius,as Group Head for Energy,Oil,Gas and Mining.Edward currently sits on the boards of MIIF and Glico General Insurance Ltd.Mr Koranteng holds a BA(Hons)from the Unive

126、rsity of Ghana,a Master of Laws in International Banking and Finance from the University of Leeds in the UK,a Postgraduate Diploma from BPP Law School in the UK and the Ghana School of Law.He has practised as a barrister in both the UK and Ghana and holds various executive and postgraduate certifica

127、tions,including in Oil,Gas and Mining from the Blavatnik School of Government,University of Oxford in the UK.Mr Koranteng is chair of the Companys Nominations&Remuneration Committee.During the past three years,Mr Koranteng has also served as a director of the following listed companies:Asante Gold C

128、orporation(appointed 16 March 2023),which is listed on the Canadian Securities Exchange(CSE)and Ghana Stock Exchange(GSE).Lennard Kolff Head of Business Development&Chief GeologistAppointed as Executive Director 29 March 2022 and resigned 20 December 2023BSc(Hons)Mecon Geol(Economic Geology)Mr Kolff

129、 holds a Bachelor of Science(Honours)degree from the Royal School of Mines,Imperial College,London and a Masters of Economic Geology from CODES,University of Tasmania.Mr Kolff has over 25 years of mining industry experience in the design,implementation and execution of exploration activities,resourc

130、e evaluation and project studies and appraisals within the major and junior resources sector.Mr Kolff has a proven track record in deposit discovery across a wide variety of jurisdictions,with a particular focus on Africa.Mr Kolff was instrumental in the discovery and evaluation of Atlantic Lithiums

131、 Ewoyaa Lithium Project in Ghana,as well as the discovery and evaluation of the Mofe Creek iron ore project in Liberia during his time working with Tawana Resources.Prior to this,Mr Kolff worked with Rio Tinto for 16 years and was involved in several high-profile projects,including the Simandou iron

132、 ore project in Guinea and the Northparkes Copper-Gold mine in Australia.Mr Kolff joined the Company in 2015 as a Country&Technical Manager and,in 2019,was promoted to Chief Operating Officer.In March 2022,Mr Kolff was appointed as Interim Chief Executive Officer until his appointment as Head of Bus

133、iness Development&Chief Geologist in June 2023.During the past three years,Mr Kolff has not served as a director of any other listed company.Patrick Brindle Non-Executive DirectorAppointed as Non-Executive Director 31 May 2023 and resigned 29 January 2024BSc(Environmental Science),BSc(Civil Engineer

134、ing)Mr Brindle currently serves as Executive Vice President&Chief Operating Officer at Piedmont Lithium Inc.He joined Piedmont in January 2018 and,prior to his appointment as Executive Vice President and Chief Operating Officer in March 2022,held roles as Vice President of Project Management and sub

135、sequently as Chief Development Officer.Mr Brindle has more than 20 years experience in senior management and engineering roles and has completed EPC projects in diverse jurisdictions including the United States,Canada,China,Mongolia,Australia and Brazil.Before joining Piedmont,he was Vice President

136、of Engineering for DRA Taggart,a subsidiary of DRA Global,an engineering firm specialising in project delivery of mining and mineral processing projects globally.During the past three years,Mr Brindle has not served as a director of any other listed company.Holly Waldeck Alternate Director for Kiera

137、n DalyAppointed 30 November 2020 and resigned 30 April 2024 B.Comm(with Honours),CTA,CAMs Waldeck is currently the Commercial Director in the international commodities marketing business of the Assore group.During the past three years,Ms Waldeck has not served as a director of any other listed compa

138、ny.Number of Ordinary SharesNumber of options over ordinary sharesExecutive DirectorsNeil Herbert1 8,106,305 2,000,000 Keith Muller 200,000 6,000,000 Amanda Harsas2 4,500,000 2,000,000 Non-Executive DirectorsKieran Daly-Christelle van der Merwe-Jonathan Henry 51,518 -Edward Koranteng-1 Neil Herbert

139、shares are held by Huntress CI Nominees Limited.2 Amanda Harsas shares are held by Birubi Grove Pty Ltd ATF Harsas Family Trust.As at 18 September 2024,the interest of the Directors in the shares and options of Atlantic Lithium were:DIRECTORS REPORTCORPORATE STRUCTUREAtlantic Lithium Limited is a co

140、mpany limited by shares that is incorporated and domiciled in Australia.It was converted to a public company on 22 August 201 1 and was admitted to AIM(“AIM”),a market owned and operated by the London Stock Exchange Group Plc,on 12 February 2015,admitted to the Australian Stock Exchange(“ASX”)on 26

141、September 2022 and admitted to the Ghana Stock Exchange(GSE)on 13 May 2024.DIVIDENDSNo dividends were declared or paid during the financial year.15AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 2416COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCORPORATE GOVERNANC

142、E SUMMARY 2024INTEREST IN TENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATION1616PRINCIPAL ACTIVITIESThe Companys corporate strategy is to create and sustain shareholder

143、value through the evaluation,development and production of its flagship advanced Ewoyaa Lithium Project in Ghana,the ongoing exploration and evaluation of the highly prospective lithium tenure package in Ghana and Cte dIvoire,as well as the ongoing review of new opportunities,with a primary focus on

144、 Africa.In Ghana,the Company holds 509km of granted and under application tenure through direct applications and earn-in agreements.In 2018,the Company was responsible for the discovery of the spodumene-rich lithium pegmatite in Ghanas Central Region called the Ewoyaa Lithium Project,where the Compa

145、ny has defined a 36.8Mt at 1.24%Li2O Mineral Resource.1 In October 2023,a Mining Lease was granted in respect of the Project,paving the way for the Project to be advanced through permitting towards construction,operation and commercial production,as the countrys first lithium mine.The Definitive Fea

146、sibility Study for the Project indicates a low capital and operating cost profile project,with significant,near-term production potential.The Project benefits from favourable metallurgy,close proximity to operational infrastructure and requires simple,low water and energy intensive processing,making

147、 it one of the industrys leading hard rock lithium assets.The Ewoyaa Project is being funded to production through a co-development agreement with Nasdaq and ASX-listed Piedmont Lithium Inc.(NASDAQ:PLL,ASX:PLL,“Piedmont”).Under the agreement,Piedmont has the right to earn up to 50%of the Companys in

148、terest in the Project by sole funding US$17.0m towards studies and exploration and US$70.0m towards development expenditure,with any cost overruns shared equally,and an offtake agreement for 50%of the Projects spodumene concentrate production at market rates.The Company believes that,as the countrys

149、 first lithium mine,Ewoyaa has the potential to deliver significant,long-lasting benefits to Ghana and its Project-affected communities.FIGURE 1 ATLANTIC LITHIUMS TENURE AND OPERATIONAL INFRASTRUCTURE IN GHANA.“as the countrys first lithium mine,Ewoyaa has the potential to deliver significant,long-l

150、asting benefits to Ghana”DIRECTORS REPORTIn Cte dIvoire,the Company holds 771km2 of highly prospective tenure within Birimian terrain.Leveraging synergies with its existing operations and applying its extensive experience of lithium exploration,discovery and evaluation in tropical weathering environ

151、ments,the Company intends to advance its portfolio in Cte dIvoire concurrent to its activities to advance Ewoyaa towards production.17AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 241818COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTCORPORATE GOVERNANCE SUMMARY 2024INTEREST IN T

152、ENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATIONDIRECTORS REPORT18OPERATIONS REPORTProject DevelopmentMINING LEASEIn October 2023,the Companys subsidiary Barari DV Ghan

153、a Limited(“Barari”)was granted the Ewoyaa Mining Lease,comprising the proposed Ewoyaa Lithium Mine and Processing Plant,as detailed in the Ewoyaa Definitive Feasibility Study(“DFS”),announced in June 2023,enabling the advancement of the Project towards construction,operation and commercial productio

154、n.The Mining Lease grants the Company exclusive rights to work,develop and produce lithium over the 42.63 km area(“Lease Area”)within the Mankessim licence,which is held by Barari and contains the Project,for an initial period of 15 years,representing a major de-risking milestone for the advancement

155、 of the Project.The Mining Lease is the first to be granted for lithium in Ghana,reflecting the countrys proactive step towards diversifying its domestic mineral production,which is currently dominated by its gold industry,towards the production of critical minerals to support global climate change

156、initiatives.The Projects economics position Ewoyaa as among the largest hard rock lithium projects globally,producing a total of 3.6Mt of spodumene concentrate(approximately 350,000tpa)over a 12-year mine life1,and indicate a low capital and operating cost profile:C1 cash operating costs of US$377/t

157、 of concentrate Free-On-Board(“FOB”)Ghana Port,after by-product credits;All-in Sustaining Cost(“AISC”)of US$675/t;Development cost estimate of US$185m.In accordance with the terms of the Mining Lease,the Company agreed to undertake:i.a scoping study to evaluate the economic benefits and viability of

158、 downstream lithium conversion in Ghana(“Downstream Conversion Study”);ii.a feasibility study to assess the viability of producing and processing feldspar feedstock as by-product of spodumene concentrate production at the Project(“Feldspar Study”);andiii.a listing of the Companys shares on the Ghana

159、 Stock Exchange.The Downstream Conversion Study was undertaken in partnership with Engineering Procurement and Construction firm Mincore,while the Feldspar Study was conducted by the University of Mines and Technology(“UMaT”),Tarkwa in the Western Region of Ghana.Following the completion of these cr

160、iteria,the Company received notification in July 2024 that its Mining Lease application had been submitted to parliament for ratification,as required under Ghanaian law.The Company currently awaits the ratification of the Mining Lease,which,alongside the grant of the remaining permits,serves as an i

161、mportant pre-requisite to breaking ground at Ewoyaa.FELDSPAR STUDY The Feldspar Study undertaken by the Company alongside UMaT confirms the viability of producing and processing feldspar feedstock as by-product of spodumene concentrate production at Ewoyaa and supports the Companys plans of supplyin

162、g feldspar produced at Ewoyaa into the local Ghanaian market.The delivery of the Feldspar Study follows the report of the maiden JORC-compliant Mineral Resource Estimate for feldspar during the period,detailed further in this report,which confirms that Ewoyaa represents a major source of feldspar in

163、 Ghana.Expected to deliver a modest revenue stream for the Company,the Company believes that the supply of feldspar will generate significant value to its Project-affected communities and to Ghana,including through the growth of businesses associated with the ceramics industry,the establishment of p

164、rocessing facilities or factories and the creation of new jobs.The Company has begun engaging local parties in Ghana to seek expressions of interest for the feldspar by-product to establish a preferred route to market aimed at maximising benefits to the local industry.The Company believes that the s

165、upply of feldspar from Ewoyaa further strengthens the Companys social licence to operate and reflects its commitment to support the long-term socio-economic development of the Central Region.GHANA STOCK EXCHANGE LISTINGOn 13 May 2024,following the approval of the GSEs Listing Committee and Ghanas Se

166、curities and Exchange Commission(“SEC”)earlier in the month and in line with the agreed terms of the Ewoyaa Mining Lease,the Company completed the listing of its entire share capital,being 649,669,053 Ordinary Shares,by introduction on the Main Market of the GSE.The listing ceremony welcomed leading

167、 figures from across Ghanas mining industry,demonstrating strong continued stakeholder support for the advancement of the Project towards achieving commercial production.Through its admission,Atlantic Lithium became the first lithium company to join the exchange,representing the Companys firm commit

168、ment to the long-term development of the Ghanaian economy by offering investors and financial institutions in Ghana the opportunity to create wealth in line with the success of the Companys lithium production ambitions at Ewoyaa.The listing also aligns with the ambitions of the GSE which has been wo

169、rking to implement initiatives to provide Ghanaians with earlier investor access to mining companies,enabling them to capture a greater portion of the value chain.With the Companys shares already trading on the Australian Securities Exchange(“ASX”),London Stock Exchanges AIM market(“AIM”)and the OTC

170、QX in North America,the GSE listing extends the Companys increasingly global investor reach and further raises the profile of the Company and its industry-leading lithium asset.Atlantic Lithium shares trade on the GSE under the ticker“ALLGH”.DIRECTORS REPORT“commitment to the long-term development o

171、f the Ghanaian economy”19AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 2420AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCORPORATE GOVERNANCE SUMM

172、ARY 2024INTEREST IN TENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATIONDIRECTORS REPORTPERMITTINGFollowing the grant of the Mining Lease,the Company has made strong progr

173、ess with regards to completing the permitting steps required for the advancement of the Project towards shovel-readiness,while maintaining the strong support of its local communities.EPA Public HearingsDuring the period,following the Companys submission of the Scoping Report to the Ghana Environment

174、al Protection Agency(“EPA”),which included the Terms of Reference and was based on the activities proposed in the agreed Mining Lease,the EPA held two public hearings in respect of the Project in two of the Project-affected communities.Both events,held in Ewoyaa in February 2024 and in Krofu in June

175、 2024,were attended by over 1,000 local stakeholders,respectively,comprising members of local and regional governments,paramount and divisional chiefs,representatives of the Projects catchment area communities,representatives of the Minerals Commission,and the EPA.During the events,members of the Co

176、mpanys leadership team detailed the planned activities at the Project,as outlined in the DFS,addressed queries from audience members and outlined the benefits that the Project is set to deliver to the Central Region and to Ghana.On behalf of the EPA,Deputy Executive Director Mr Ransford Sekyi stated

177、 that the EPA would ensure that operations are carried out with the best interests of the Project-affected communities in mind.The Company welcomed the exceptional support for the advancement of the Project demonstrated by the members of its Project-affected communities over the two events,which the

178、 Company considers fundamental to the long-term success of the Project.In May 2024,following the completion of the first hearing,the Company submitted its draft Mine and Process Environment Impact Statement(“EIS”)to the EPA.Post-period,following the resubmission of the Companys final EIS,which incor

179、porated the EPAs feedback(both on the draft EIS and regarding queries raised in the second public hearing),the EPA granted the environmental permit the Company required for the advancement of the Project.Inaugural Community Consultative Committee meetingEarlier in the period,the Company held its ina

180、ugural Community Consultative Committee(“CCC”)meeting in Saltpond,in Ghanas Mfantseman Municipality.Chaired by Municipal Chief Executive Hon.Ike Lord Ennu and comprising representatives of the communities surrounding the Project area,the CCC was established to enable transparent discussion between t

181、he Company and its local stakeholders.At the meeting,the Companys proposed activities at Ewoyaa were explained in greater detail and discussed in an open forum.The meeting was well attended,with members of the Project-affected areas vocal in their advocacy for the Project.Additional PermitsThe Compa

182、nys Environmental&Social team continues to work towards securing the remaining permits required for the Project.To expedite the grant of the Mine Operating Permit,which forms the final approval required by the Company to commence construction at the Project,the Company has completed its draft Mine O

183、perating Plan and Emergency Response Plan,adhering to the guidance and support provided by the Minerals Commission.Comprehensive crop and land surveys for compensation purposes have also been completed,enabling land acquisition ahead of breaking ground at the Project.The Project was also awarded a B

184、ulk Customer Permit by Ghanas Energy Commission which classifies the Project as a bulk consumer of electricity and allows the Company to enter into a competitive bid process with various bulk energy suppliers in Ghana.The process is expected to enable the Company to secure a 30-50%reduction in the P

185、rojects overall power cost.FLOTATION STUDYDuring the period,in partnership with DRA Projects(“DRA”),the Company completed a scoping study(“Flotation Scoping Study”)to assess the viability of including a flotation circuit to run independently from the Dense Media Separation-only(“DMS”)plant at Ewoyaa

186、.The results of the Flotation Scoping Study confirm the viability of beneficiating the 4.7Mt of 1.2%Li2O naturally-occurring fines material1,outlined in the DFS for the Project to be intended to be sold as a low-grade lithium secondary product,as feedstock for the flotation circuit to produce a high

187、er value,lower volume concentrate product that would replace the lower-grade secondary product.The results of the Study also support the Companys intention to process the DMS processing plant middlings,which were not previously considered a saleable product from Ewoyaa,through the flotation circuit

188、to achieve 5%Li2O concentrate grades.The Study results also confirm a circa fourfold improvement of metal recovery of the finer-grained P2 spodumene-bearing pegmatite material through the flotation circuit versus when it is processed through the main DMS plant alone.The positive results of the Flota

189、tion Scoping Study support the case for the inclusion of a downstream flotation circuit,which the Company will investigate as an opportunity to further optimise the Project following the commencement of production at Ewoyaa.PIEDMONT NOTIFICATION OF COMMITMENT TO EWOYAA DEVELOPMENT FUNDING Under the

190、Projects current funding arrangements,and considering a total development expenditure of US$185m for the Project,as indicated in the DFS,funding partner Piedmont Lithium Inc.(“Piedmont”)is required to contribute the first US$70m of development expenditure as sole funding,and 50%of all development ex

191、penditure thereafter.During the period,Piedmont notified the Company of its intent to support the development of the Project towards production and,in line with the satisfaction of the terms set out in Stage 2 of Piedmonts earn-in agreement with the Company,exercised its option to acquire an initial

192、 22.5%interest in the Companys ownership of Atlantic Lithiums spodumene projects in Ghana(“Ghana Portfolio”).Under the terms set out in Stage 3 of the agreement,through sole funding the US$70m,Piedmont will earn a further 27.5%of the Companys interest in the Ghana Portfolio,taking its total interest

193、 to 50%.The completion of Stage 3 is intended to result in the construction of the Project and achievement of initial spodumene concentrate production from Ewoyaa,whereby Piedmont will earn the rights to 50%of the total spodumene concentrate production from Ewoyaa at market price.212221COMPANY OVERV

194、IEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCORPORATE GOVERNANCE SUMMARY 2024INTEREST IN TENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATION2222EPA APPRO

195、VAL TO DIVERT MANKESSIM TRANSMISSION LINESFollowing the Companys request,the EPA has issued its authorisation of the diversion of two transmission lines which currently traverse planned mining areas within the Ewoyaa Lease Area to the northern border of the Companys Mankessim licence.The diversion o

196、f the transmission lines will be carried out by Ghana Grid Company Ltd in order to enable alignment with the mine plan for the Project.KEY CONTRACTSThrough the period,the Company has progressed activities associated with the award of several key contracts required for the construction and operation

197、of the Project,including the Engineering,Procurement,Construction,and Management(“EPCM”)contract and the mining services contract,which will be subject to the satisfaction of the FID as a Condition Precedent.Supporting the preparation of these contracts,the Company continues to work with DRA,which h

198、as significant experience of DMS processing plant construction globally,including in Ghana,to complete front-end loading studies in respect of the Project.MODULAR DMS UNITPost period-end,the Company announced its decision to remove early ore processing using a modular DMS unit,which had been previou

199、sly included in the Ewoyaa DFS,from the development schedule for the Project.The modular unit had been initially identified as an opportunity to capitalise on the heightened lithium prices to generate early cashflow and as a means to train staff on the operation of a smaller-scale plant and test the

200、 Projects logistics before the commencement of full operations at the main plant.Considering the delays to the parliamentary ratification of the Mining Lease,which has shortened the expected window of time between ratification and first production from the initially-planned modular unit,as well as t

201、he significantly weaker current spodumene concentrate price versus the price indicated in the DFS,which would cut margins considerably,the Company believed it to be more prudent to conserve cash and focus on delivery of the main DMS processing plant,rather than committing itself to delivering the mo

202、dular DMS unit.STAFF FATALITYOn 9 July 2024,the Company experienced a tragic event which sadly resulted in the death of a member of the Companys workforce.Immediately following the accident,the Project site was shut,activities suspended,and the relevant authorities notified.Following the Companys co

203、operation with the Minerals Commissions investigation,which included several site visits by the Inspectorate Division of the Minerals Commission,the site was released back to Atlantic Lithium and operations authorised to recommence.The Company considers the safety and well-being of its staff of the

204、upmost importance and is committed to ensuring that relevant learnings from the Minerals Commissions investigation and its own internal investigation are integrated into its operations and systems enhanced accordingly.Our thoughts remain with the family and friends of our teammate.We continue to off

205、er our full support to all those affected.CorporateMIIF STRATEGIC INVESTMENT In September 2023,the Company announced that it had agreed non-binding Heads of Terms with the Minerals Income Investment Fund of Ghana(“MIIF”),Ghanas sovereign minerals wealth fund,to invest a total of US$32.9m in the Comp

206、any and its Ghanaian subsidiaries(“Strategic Investment”)to expedite the development of the Project towards commercial production.Representing the first stage of the Strategic Investment,in January 2024,MIIF completed its subscription for 19,245,574 Atlantic Lithium shares at a price of US$0.2598(A$

207、0.39/0.20*)per share,for a total consideration of US$5m(“Subscription”).Through the Subscription,Atlantic Lithium welcomes MIIF as a key,strategic shareholder and partner in the advancement of the Project,which further de-risks the success of the Project and more closely aligns the Companys objectiv

208、e of achieving commercial production at Ewoyaa with its Ghanaian stakeholders.MIIFs Subscription,therefore,represents its belief in the significant value potential that Atlantic Lithium holds through its ability to deliver upon the Company and Ghanas long-term lithium production ambitions.Under the

209、agreed terms of the Subscription,9,622,787 options were granted to MIIF with an exercise price of US$0.3637 and an expiry date of 23 July 2025.In addition,MIIF was granted the right to nominate one person to the Companys Board of Directors,which has subsequently been taken up through the appointment

210、 of MIIF Chief Executive Officer Edward Koranteng as Non-Executive Director.Representing the second stage of its Strategic Investment,subject to the Company reaching a binding agreement with MIIF,MIIF has agreed to invest a further US$27.9m in the Companys Ghanaian subsidiaries to acquire a 6%contri

211、buting interest in the Ghana Portfolio,inclusive of the Project.Both the US$27.9m investment in the Ghana Portfolio and the contributing interest will take the form of funding of development,exploration and studies expenditure to support the advancement of the Project.The Company is currently workin

212、g closely with MIIF to finalise the second stage of the Strategic Investment.*As at date of announcement(24 January 2024),converted at 0.79 to GBP and 1.52 to AUDBOARD CHANGESAssuming the position available to MIIF as agreed under the terms of its Subscription in the Company,Atlantic Lithium welcome

213、d Edward Nana Yaw Koranteng,who has held the position of MIIF CEO since 2021,to the Board of Directors as Non-Executive Director.Edward is a lawyer and a corporate and investment banker with over 23 years of experience,through which he has developed considerable natural resources expertise working i

214、n Ghana and across Africa.His appointment reflects MIIF and the Ghana governments firm commitment to supporting the advancement of the Project towards production and enables greater Ghanaian representation in the strategic direction of the Company,more closely aligning the goals of the Company with

215、its Ghanaian stakeholders.The Company also announced the appointment of Jonathan Henry to the Board of Directors as Independent Non-Executive Director.Jonathan is a senior executive with significant,global listed company experience,primarily in the mining industry,having held various leadership and

216、Board roles for nearly two decades.Through his appointment,Jonathan brings to the Company invaluable learnings from mining projects that he has worked on throughout his career and considerable capital markets expertise.DIRECTORS REPORT“Atlantic Lithium welcomes MIIF as a key,strategic shareholder an

217、d partner”23AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 2424AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCORPORATE GOVERNANCE SUMMARY 2024INTER

218、EST IN TENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATIONSTRATEGIC APPOINTMENTS The Company leverages extensive global project delivery experience,with a strong focus on

219、 Ghana,as well as significant expertise in hard rock lithium mining and processing operations.In line with the advancement of the Project towards shovel-readiness,the Company has recruited key positions that focus on adding mine build and mine operating experience to the team,as well as corporate fu

220、nctions that support its increasing operations,both in Australia and in Ghana.This includes the appointments of Michael Bourguignon as Head of Capital Projects,and five new General Managers(Ahmed-Salim Adam as GM Operations,Andrew Henry as GM Commercial&Finance,Simone Horsfall as GM People,Belinda G

221、ethin as GM Corporate Finance&Company Secretary,and Iwan Williams as GM Exploration).These appointments bring invaluable expertise from companies in Ghana and globally,particularly from the mining sector,to support the Companys transition from explorer to developer and mine operator.The Company has

222、also expanded other functions across the business,including Human Resources and Environmental&Social and Finance,that support its increasing activities.In line with the growth of the Companys Project development team,the Company signed a five-year lease for a new office in West Perth,Australia,which

223、 the team moved into during the period.COMPETITIVE OFFTAKE PARTNERING PROCESSRecognising the significant demand for near-term spodumene concentrate production globally,the Company is nearing the completion of a competitive offtake partnering process to secure a customer for up to 500,000 tonnes of s

224、podumene concentrate of the remaining available feedstock from the Project.The objective of the process is to attract funding offers to sufficiently cover the Companys allocation of development expenditure for the Project,to expedite and de-risk the development of the Project,realise attractive term

225、s for any offtake contracted and secure a well-credentialled partner that will support the Companys and Ghanas objectives of supplying lithium into the global electric vehicle market.The Company is now in the final stage of the process,with negotiations underway to agree final terms and conclude the

226、 process.The process has highlighted robust underlying demand from offtakers despite a weakened lithium price,highlighting the Projects favourable location for shipping and the quality of lithium products to be produced at Ewoyaa(in addition to its spodumene concentrate production),which the Company

227、 believes makes Atlantic Lithium an attractive supplier for the EV market and supports its ability to identify potential offtakers for its lithium products;at Ewoyaa or other future projects.In line with Jonathans appointment,Len Kolff took the decision to step down from his role on the Board and su

228、bsequently left the Company to follow other business interests.Len assumed his role on the Board at a crucial time in the Companys journey and,through his time at the Company,contributed greatly to the success and growth of the Company.Following Lens departure,Exploration Manager Iwan Williams was s

229、ubsequently promoted to General Manager Exploration while Country Manager Abdul Razak was promoted to Exploration Manager,Ghana.Piedmont Lithium Executive Vice President&Chief Operating Officer Patrick Brindle also stepped down from his role on the Board during the period,following Piedmonts holding

230、 in Atlantic Lithium falling below 9%,in accordance with Piedmonts agreement with the Company.The Atlantic Lithium Board of Directors and management team wish to express their thanks to both Len and Patrick for their respective contributions to the Company and wish them every success in their future

231、 endeavours.A$8 MILLION EQUITY PLACINGOn 15 December 2023,the Company announced that it had successfully completed a placement(“Equity Placing”),raising A$8.0m(equivalent to approximately 4.2m)at a price of A$0.44(23.35 pence)per New Share.Proceeds of the Equity Placing strengthened the Companys cas

232、h balance,supported the Companys drilling programme and were used to facilitate work to progress the Project in line with the development schedule,including the completion of activities agreed under the grant of the Mining Lease for the Project,key items of early works and permitting-related Project

233、 expenditure,and for working capital.The Equity Placing was supported by the Companys existing institutional shareholders and saw a number of new institutions welcomed onto the Atlantic Lithium share register.REJECTION OF NON-BINDING INDICATIVE OFFERS On 15 November 2023,the Company announced the re

234、jection of two conditional and non-binding offers from its largest shareholder,Assore International Holdings Limited(“Assore”),to acquire all the shares in the Company that it does not already own at an offer price of 0.33 per share(A$0.63).After careful consideration,the offers were rejected by the

235、 Atlantic Lithium independent board committee,which was established to consider the approaches from Assore,on the grounds that the offers undervalued the Company and were,therefore,not in the best interests of shareholders.Assore remains highly supportive of the Companys advancement of the Project a

236、nd,through its representation on the Project Steering Committee and at a Board level,continues to provide considerable insight towards the successful delivery of the Project and the shared goal of achieving spodumene concentrate production at Ewoyaa.ASSORE SHARE PURCHASE Assore has supported the Com

237、pany as cornerstone investor since the Companys listing on London Stock Exchanges AIM in 2015,steadily build upon its stake in Atlantic Lithium over this time.Further representing its considerable belief in the Companys value potential and ability to successfully deliver commercial production at the

238、 Project,during the period,Assore increased its stake in the Company through the purchase of shares from Piedmont at a premium to the share price at the time.The Companys focus remains firmly on leading Ewoyaa to production as Ghanas first lithium mine.The Company highly values the support of Assore

239、 and its Project partners in these ambitions.DIRECTORS REPORT25AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 2425COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCORPORATE GOVERNANCE SUMMARY 2024INTEREST IN

240、TENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATION2626ExplorationDuring the period,the Company completed a total of 13,861m of reverse circulation(“RC”)drilling,of which

241、 9,252m contributed to the July 2024 Mineral Resource upgrade(“MRE”)1,detailed further below,comprising infill and step-out RC drilling at Ewoyaa South-2(where a goal of the drilling was also to close off the ore body at depth,where the Company had observed it tapering out,to feed into tailings mana

242、gement planning),Ewoyaa North-East and Ewoyaa North-West Sill,and exploration drilling at the newly-delineated Dog-Leg pegmatite.Additional drilling undertaken included 3,177m of sterilisation RC drilling completed in 21 holes at the proposed plant site,which did not intersect mineralisation,providi

243、ng confidence in the plant site location,and 900m of RC drilling in 10 holes to test targets generated by the Fleet Space Technologies ANT(Ambient Noise Tomography)passive seismic test survey.Diamond drilling completed during the financial year,primarily to provide metallurgical testwork samples,tot

244、alled 899m,which included a 69m“diamond tail”at Dog-Leg,which all also contributed to the July 2024 MRE1 upgrade.EWOYAA MINERAL RESOURCE UPGRADEPost-period end,the Company reported an upgraded MRE of 36.8Mt at 1.24%Li2O1 for the Ewoyaa Lithium Project,comprising the Ewoyaa deposit and surrounding pe

245、gmatites.The MRE1 increase followed a targeted drilling programme aimed at supporting the mine build activities at the Project,consisting of sterilisation drilling to support the plant and haul road design and resource conversion drilling to convert Inferred resources to Indicated and Measured,enabl

246、ing mine plan optionality.During the drilling programme,through the observation of broad intervals of visible coarse-grained spodumene at shallow depths outside of the February 2023 MRE footprint,the Dog-Leg target was identified.Included within the observations at Dog-Leg,the Company reported the l

247、ongest continuous pegmatite interval in the 2023/2024 drilling programme of 106m in hole GRC1020 from 6m.Through these observations,the Company recognised the potential to add near-surface tonnes to the February 2023 MRE.Prioritised drilling at the target returned multiple broad and high-grade inter

248、sections,including highlights from hole GRC0177:27m at 1.85%Li2O from 126m,GRC1059:15m at 1.08%Li2O from 126m and GRC1058:8m at 0.93%Li2O from 88m,from which the Company has identified a shallow-dipping,near-surface mineralised pegmatite body with true thickness up to 35m.Of the total increased MRE

249、to 36.8Mt at 1.24%Li2O1,the Dog-Leg target contributed 890,892 tonnes,comprising 332,100 tonnes at 1.01%Li2O Indicated and 558,792 tonnes at 1.13%Li2O Inferred.Table 1:Ewoyaa Mineral Resource Estimate(0.5%Li2O Cut-off)1TypeMeasured Mineral ResourceTonnageMtLi2O%Cont.Lithium OxidektPrimary3.71.3751To

250、tal3.71.3751TypeIndicated Mineral ResourceTonnageMtLi2O%Cont.Lithium OxidektWeathered0.51.085Primary25.61.25319Total26.11.24324Type Inferred Mineral ResourceTonnageMtLi2O%Cont.Lithium OxidektWeathered1.81.1220Primary5.21.1660Total7.01.1580TypeTotal Mineral ResourceTonnageMtLi2O%Cont.Lithium OxidektW

251、eathered2.31.1 125Primary34.51.25430Total36.81.24455NOTE:The Mineral Resource has been compiled under the supervision of Mr.Shaun Searle who is a director of Ashmore Advisory Pty Ltd and a Registered Member of the Australian Institute of Geoscientists.Mr.Searle has sufficient experience that is rele

252、vant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the JORC Code.All Mineral Resources figures reported in the table above represent estimates at June 2024.Mineral Resource estimates ar

253、e not precise calculations,being dependent on the interpretation of limited information on the location,shape and continuity of the occurrence and on the available sampling results.The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate.Rounding

254、may cause some computational discrepancies.Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves(The Joint Ore Reserves Committee Code JORC 2012 Edition).The programme also increased the combined Measured and I

255、ndicated resource for the Project to 81%(29.8 Mt at 1.26%Li2O1)of the Total Mineral Resource1,further de-risking the success of the Project.The increased MRE1 is based on 168,015m of drilling completed at the Project to date,inclusive of infill and extensional drilling undertaken since the February

256、2023 MRE reported by the Company,and includes a total of 3.7Mt at 1.37%Li2O in the Measured category,26.1Mt at 1.24%Li2O in the Indicated category and 7.0Mt at 1.15%Li2O in the Inferred category.While the Companys focus remains on advancing Ewoyaa toward shovel-readiness,there remains significant po

257、tential to grow the Resource1.DIRECTORS REPORT27AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 2428AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCORPORATE GOVERNANCE SUMMARY 2024INTEREST IN TENEMENTSCONTEN

258、TSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATION27The delivery of the maiden Feldspar MRE enables the potential inclusion of feldspar by-product credits in future feasibility study r

259、evisions for the Project,believed to drive down operating costs and generate a modest revenue in addition to its spodumene production.In line with the Feldspar MRE,ceramic application trials were undertaken in Stoke-on-Trent(The Potteries),UK for vitreous hotelware,high-end earthenware and floor til

260、es using feldspar samples from Ewoyaa.In all cases,the trial firings produced acceptable ware,comparable to industry standards in all aspects,including contraction,water absorption,density,porosity,shape,colour and appearance,indicating Ewoyaas potential to produce commercial quantities of feldspar

261、suitable for use in end-user products.The delivery of the Feldspar MRE,in addition to the Feldspar Study,detailed earlier in this report,further underscores the Companys belief that Ewoyaa represents a large-scale source of feldspar which it intends to supply into the local Ghanaian market.SENYA BER

262、AKU AND BEWADZE PROSPECTING LICENCESIn November 2023,the Company announced the grant of the Senya Beraku and Bewadze prospecting licences in the eastern portion of its Cape Coast Lithium Portfolio in Ghana(“CCLP”)to the Companys wholly-owned Ghanaian subsidiary Green Metals Resources Limited(“GMR”).

263、The award of the licences provides the Company exclusive access to explore undrilled,highly prospective tenure,covering 82.1 1km2 and 6.93km2,respectively,offering significant potential to generate shareholder value through exploration success and further enhance the Project.Both licences benefit fr

264、om exceptional existing infrastructure,including operational high-voltage transmission lines that cross the licences and the adjacent N1 highway,which provides direct access to the Mining Lease area for the Project,the capital of Accra and the operating deep-sea port of Takoradi.As the Governments p

265、artner of choice,the grant of the licences also demonstrates the alignment of the Companys long-term lithium production ambitions in Ghana with the Governments green minerals policy and its objective of establishing the country as a leading hub in Africa in the EV supply chain.Bewadze The Bewadze li

266、cence is located directly adjacent to the non-JORC compliant Egyasimanku Hill spodumene pegmatite mineral occurrence(“Egyasimanku Hill”),within the Mankwadzi licence application held by the Obotan Minerals joint venture,where coarse spodumene pegmatites have been observed and where historic trenchin

267、g and drilling was completed by the Ghana Geological Survey during the 1970s.Previously completed soil geochemistry and airborne radiometrics by the Company over the Apam East licence and Mankwadzi application directly to the west,highlight a coincident north-east trending rubidium in soils with pot

268、assium radiometrics anomaly that is indicative of fractionated granitoids and/or pegmatite trends.The radiometrics anomaly continues onto the Bewadze licence which,along with the spodumene pegmatites observed at Egyasimanku Hill and soil sampling that terminates at the licence boundary,indicate the

269、highly prospective nature of the Bewadze licence.In addition,the flat terrain that extends across the Bewadze licence moving north-eastward is interpreted as thin cover which could subdue the radiometrics response and,therefore,remains prospective for potential extensions of the Egyasimanku Hill peg

270、matites.The Company intends to systematically evaluate the lithium potential of the licence,with particular emphasis on the potential for spodumene pegmatite extensions of the Egyasimanku Hill occurrence.A soil sampling programme and concurrent field mapping is planned,with the view of identifying t

271、argets for drilling,where warranted.MAIDEN FELDSPAR MINERAL RESOURCE ESTIMATEDuring the period,the Company reported a maiden JORC(2012)compliant Mineral Resource Estimate of 15.7Mt at 40.2%feldspar for the Project(“Feldspar MRE”).The Feldspar MRE confirms the Companys belief that Ewoyaa represents a

272、 major source of domestic feldspar for Ghana,which the Company had identified as a by-product of spodumene concentrate production at the Project and which it intends to supply into the local Ghanaian ceramics market.The Feldspar MRE was confined to the Ewoyaa Main,Ewoyaa North-East,Ewoyaa South-1 an

273、d Ewoyaa South-2 deposits,which represent approximately the first five years of planned production from the Project,as detailed in the DFS,and was based on the same geological model that resulted in the February 2023 resource.The Feldspar MRE includes a total of 3.5Mt at 39.7%feldspar in the Measure

274、d category,10.2Mt at 40.5%feldspar in the Indicated category and 2Mt at 40.1%feldspar in the Inferred category.In addition to the feldspar,the Feldspar MRE identified quartz and muscovite as additional potential by-products of spodumene concentrate production at Ewoyaa.Table 2:Ewoyaa Feldspar Minera

275、l Resource Estimate(0.5%Li2O Cut-off)DepositMeasured Mineral ResourceTonnageFeldsparQuartzMuscoviteMt%Mt%Mt%MtEwoyaa Main3.539.71.3731.81.101 1.50.40Total3.5*39.71.3731.81.1011.50.40DepositIndicated Mineral ResourceTonnageFeldsparQuartzMuscoviteMt%Mt%Mt%MtEwoyaa Main6.540.82.6631.62.061 1.90.78Ewoya

276、a North-East3.139.41.2329.60.931 1.10.35Ewoyaa South-10.442.10.1629.30.1 11 1.70.04Ewoyaa South-20.241.90.0725.20.0413.00.02Total10.2*40.54.1330.83.1411.71.19DepositInferred Mineral ResourceTonnageFeldsparQuartzMuscoviteMt%Mt%Mt%MtEwoyaa Main0.641.80.2330.60.171 1.50.06Ewoyaa North-East0.439.50.1530

277、.50.1 113.00.05Ewoyaa South-10.440.40.1632.60.1312.80.05Ewoyaa South-20.738.80.2731.70.2212.60.09Total2.0*40.10.8131.40.6312.40.25DepositTotal Mineral ResourceTonnageFeldsparQuartzMuscoviteMt%Mt%Mt%MtEwoyaa Main10.540.54.2731.63.331 1.71.24Ewoyaa North-East3.539.41.3829.71.041 1.30.40Ewoyaa South-10

278、.841.30.3231.00.2412.20.09Ewoyaa South-20.939.40.3530.40.2712.70.1 1Total15.7*40.26.3131.14.8711.71.84NOTE:Based on the lithium Mineral Resource Estimate reported for the Project in February 2023 and confined to the Ewoyaa Main,Ewoyaa North-East,Ewoyaa South-1 and Ewoyaa South-2 deposits.Total tonna

279、ge figures do not include tonnage of spodumene as indicated in the February 2023 Mineral Resource Estimate for the Project,nor minor accessory minerals.The Feldspar MRE has been compiled under the supervision of Mr.Shaun Searle who is a director of Ashmore Advisory Pty Ltd and a Registered Member of

280、 the Australian Institute of Geoscientists.Mr.Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the JORC Code and a Qualified Person under

281、the AIM Rules for Companies.Mr Searle consents to the inclusion of the information in relation to the Mineral Resource in the form and context in which it appears.All Mineral Resources figures reported in the table above represent estimates at December 2023.Mineral Resource estimates are not precise

282、 calculations,being dependent on the interpretation of limited information on the location,shape and continuity of the occurrence and on the available sampling results.The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate.Rounding may cause som

283、e computational discrepancies.Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves(The Joint Ore Reserves Committee Code JORC 2012 Edition).DIRECTORS REPORT29AT L A N T I C L I T H I U M A N N U A L R E P O R

284、T 20 24AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 2430AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCORPORATE GOVERNANCE SUMMARY 2024INTEREST IN TENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANC

285、IAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATIONSenya BerakuThe Senya Beraku licence sits within 20km of the Egyasimanku Hill occurrence and within 70km of the footprint of the Companys Ewoyaa Lithium Project.At Senya Berak

286、u,younger north-east-trending biotite granodiorites intrude biotite gneisses and schists in a similar orientation as at Egyasimanku Hill,indicating the potential for spodumene pegmatite discovery.During the period,the Companys field teams completed a maiden 100m x 100m soil geochemical sampling prog

287、ramme across prospective areas of the licence in which 5,237 samples were collected,representing the first lithium exploration to be completed over the licence.Samples have been submitted for in-house processing and are being analysed at the Companys Mankessim facility using pXRF(portable X-Ray Fluo

288、rescence)and LiBS(Laser-induced breakdown spectroscopy)analysers.Alongside the soil sampling programme,the Company completed first pass surface geological mapping across the prospective Birimian geology within the licence.Weathered,coarse-grained pegmatite units have been mapped(no spodumene mineral

289、isation observed),with rock chip samples collected and submitted for assay by Intertek(sample preparation in Tarkwa,Ghana and analysis in Perth,Australia).All soil samples will be processed and analysed,following which data interpretation will be undertaken on the entire tenement area,with a view to

290、 identifying geochemical anomalies for detailed follow-up mapping and possible auger drill evaluation and ultimately reverse circulation drill testing,where warranted.ASSAY RESULTSDuring the period,the Company reported results received for a total of 27,791m of drilling completed at the Project,incl

291、usive of infill,resource and metallurgical RC and DD drilling,prioritised exploration drilling at the Dog-Leg target and sterilisation drilling over the proposed location of the processing plant.In addition to the Dog-Leg target,which contributed 890,892 tonnes to the increased MRE1,multiple high-gr

292、ade and broad drill intersections were reported over the Ewoyaa Main,Ewoyaa North-East,Ewoyaa North-West,Okwesikrom,Anokyi and Ewoyaa South-2 deposits,extending mineralisation beyond the footprint of the February 2023 MRE(refer Table 3).DIRECTORS REPORTTable 3:Drill intersection highlights at greate

293、r than 10 Li x m,reported at 0.4%Li20 cut-off and maximum of 4m internal dilutionHole _IDFrom _mTo _mInterval _mLi2O%Intersectionmetal content Li x mHole PurposeDepositGRC1024451 1469250 GRC1024:69m at 1.25%Li2O from 45m86.25 Resource DrillingDog-LegGRC1024451 1469250 GRC1024:69m at 1.25%Li2O from 4

294、5m86.25 Resource DrillingDog-LegGRC1020361 1983250 GRC1020:83m at 1%Li2O from 36m83 Resource DrillingDog LegGDD010565.71 13.347.6150 GDD0105:47.6m at 1.25%Li2O from 65.7m59.42 Metallurgical StudiesEWY_MainGRC017712615327180 GRC0177:27m at 1.85%Li2O from 126m49.85 Resource DrillingDog-LegGRC101787134

295、47156 GRC1017:47m at 1.05%Li2O from 87m49.35 Resource DrillingDog LegGDD0107C308353100 GDD0107C:53m at 0.93%Li2O from 30m49.29 Metallurgical StudiesEWY_MainGDD010979.310828.7180 GDD0109:28.7m at 1.51%Li2O from 79.3m43.24 Metallurgical StudiesAKYGRC092818420723230 GRC0928:23m at 1.74%Li2O from 184m40

296、.12 Resource DrillingEwoyaa NEGRC102716019434230 GRC1027:34m at 1.02%Li2O from 160m34.68 Resource DrillingDog-LegGRC102716019434230 GRC1027:34m at 1.02%Li2O from 160m34.68 Resource DrillingDog-LegGDD010481.2109.428.2150 GDD0104:28.2m at 1.23%Li2O from 81.2m34.45 Metallurgical StudiesEWY_MainGRC09962

297、9532480 GRC0996:24m at 1.21%Li2O from 29m29.04 Resource DrillingEWY_Sth2GDD01063456.422.490 GDD0106:22.4m at 1.07%Li2O from 34m23.8 Metallurgical StudiesEWY_MainGRC09941051 161 1135 GRC0994:1 1m at 1.9%Li2O from 105m20.82 Resource DrillingOkwesiGDD01 10334714180 GDD01 10:14m at 1.46%Li2O from 33m20.

298、42 Metallurgical StudiesAKYGRC091 1688315151 GRC091 1:15m at 1.30%Li2O from 68m19.45 Resource DrillingEWY_Sth2GRC102315918324212 GRC1023:24m at 0.81%Li2O from 159m19.44 Resource DrillingDog LegGRC102414116322250 GRC1024:22m at 0.85%Li2O from 141m18.78 Resource DrillingDog-LegGRC102414116322250 GRC10

299、24:22m at 0.85%Li2O from 141m18.78 Resource DrillingDog-LegGRC102013916021250 GRC1020:21m at 0.87%Li2O from 139m18.27 Resource DrillingDog LegGRC098910812012140 GRC0989:12m at 1.49%Li2O from 108m17.79 Resource DrillingOkwesiGRC091 1486214151 GRC091 1:14m at 1.26%Li2O from 48m17.68 Resource DrillingE

300、WY_Sth2GRC10301 1 112716200 GRC1030:16m at 1.08%Li2O from 1 1 1m17.27 Resource DrillingDog-LegGRC10301 1 112716200 GRC1030:16m at 1.08%Li2O from 1 1 1m17.27 Resource DrillingDog-LegGDD010883.9 106.416.1140 GDD0108:16.1m at 1.04%Li2O from 83.9m16.74 Metallurgical StudiesEWY_Sth2GRC105912614115180 GRC

301、1059:15m at 1.08%Li2O from 126m16.06 Resource DrillingDog-LegGRC0983385012120 GRC0983:12m at 1.34%Li2O from 38m16.01 Resource DrillingEWY_Sth2GRC100022319120 GRC1000:9m at 1.68%Li2O from 22m15.08 Resource DrillingEWY_Sth2GRC09272632729296 GRC0927:9m at 1.56%Li2O from 263m14.07 Resource DrillingEwoya

302、a NEGRC10051351438160 GRC1005:8m at 1.75%Li2O from 135m13.95 Resource DrillingOkwesiGRC09126201456 GRC0912:14m at 0.99%Li2O from 6m13.79 Resource DrillingEWY_Sth2GRC09861221319150 GRC0986:9m at 1.51%Li2O from 122m13.54 Resource DrillingOkwesiGRC091065761 1120 GRC0910:1 1m at 1.22%Li2O from 65m13.4 R

303、esource DrillingEWY_Sth2GRC1032839512180 GRC1032:12m at 1.1 1%Li2O from 83m13.29 Resource DrillingDog-LegGRC1032839512180 GRC1032:12m at 1.1 1%Li2O from 83m13.29 Resource DrillingDog-LegGDD0093182.7198.215.5300 GDD0093:15.5m at 0.83%Li2O from 182.7m12.83 Resource DrillingEWY_MainGRC09149610913145 GR

304、C0914:13m at 0.97%Li2O from 96m12.61 Resource DrillingEWY_Sth2GRC09901421519170 GRC0990:9m at 1.39%Li2O from 142m12.48 Resource DrillingOkwesiGRC093520221210300 GRC0935:10m at 1.22%Li2O from 202m12.19 Resource DrillingOkwesiGRC0918941039150 GRC0918:9m at 1,33%Li2O from 94m1 1.97 Resource DrillingEWY

305、_Sth2GRC099115016010180 GRC0991:10m at 1.2%Li2O from 150m1 1.93 Resource DrillingOkwesiGRC099214815810175 GRC0992:10m at 1.14%Li2O from 148m1 1.32 Resource DrillingAnokyiGRC09151061 171 1145 GRC0915:1 1m at 0.98%Li2O from 106m10.78Resource DrillingEWY_Sth2GDD01081 1 1.61208.4140 GDD0108:8.4m at 1.28

306、%Li2O from 1 1 1.6m10.69Metallurgical StudiesEWY_Sth231AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 2432AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS R

307、EPORTCORPORATE GOVERNANCE SUMMARY 2024INTEREST IN TENEMENTSCONTENTSAUDITORS INDEPENDENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATIONInfill drilling undertaken at Ewoyaa South-2 was designed to convert

308、Inferred Resources to higher confidence Indicated Resources for future mine sequencing optionality.Infill and step-out drilling undertaken at Okwesikrom,Anokyi,Ewoyaa Main,Ewoyaa North-East and the newly-defined Dog-Leg pegmatite led to the increase in the combined Measured and Indicated resource fo

309、r the Project to 81%(29.8 Mt at 1.26%Li2O1)of the total Mineral Resource1,as announced on 30 July 2024.SOIL GEOCHEMISTRY SURVEYFollowing the completion of the 100m x 100m grid soil geochemistry survey over the Cape Coast licence,the Company is now progressing mapping and rock chip sampling over the

310、licence area.Detailed surface mapping of access roads and drill pads over the 13km mine corridor at the Project is also underway.AUGER DRILLINGDuring the period,the Company completed the 20,000m auger drilling programme testing multiple coincident geochemical and geophysical targets within the Proje

311、ct corridor and broader CCLP,concentrated on extensions to the known pegmatite swarm and exploration targets within the Saltpond licence.Through the auger programme,the Company identified the new Otsir target within the Mankessim licence for RC drill evaluation.FIGURE 2 ATLANTIC LITHIUMS TENURE AND

312、OPERATIONAL INFRASTRUCTURE IN COTE DIVOIRE“Cte dIvoire is vastly underexplored for lithium”Cte dIvoireIn Cte dIvoire,the Companys wholly-owned subsidiary Khaleesi Resources SARL(“Khaleesi”)has been granted exploration permits over the highly prospective Rubino and Agboville exploration licences,exte

313、nding the Companys lithium exploration activities beyond Ghana for the first time and supporting the Companys strategic objectives of becoming a leading producer of spodumene in Africa.The grant of the permits in respect of the two contiguous licences provide the Company with exclusive rights to con

314、duct lithium exploration over new,untested tenure covering highly prospective Birimian aged geological terrain,including possible fractionated granitic intrusive centres,offering significant potential to generate value through exploration success.Historical country-wide mineral occurrence mapping un

315、dertaken during the 1960s and 1970s by SODEMI(Socit pour le Dveloppement Minier de la Cte dIvoire)identified one of only two spodumene occurrences across the entire country at the time within the Rubino licence,which occurs within a broad belt of columbite,tantalum,tin and beryl occurrences that cro

316、ss both the Rubino and Agboville licences.The identified spodumene pegmatite occurrence is associated with a granitic body located close to the shared boundary of the two licences,with a number of similar mapped granitic bodies of the same age also identified within both licences.The two licences,wh

317、ich cover 374.18 km2 and 396.89 km respectively,sit within 80km of Cte dIvoires economic capital and port city of Abidjan and are well-serviced with extensive existing infrastructure,including sealed roads,an operational train line(the main line of which links the port of Abidjan and Burkina Fasos c

318、apital city,Ouagadougou),cellular network and nearby high-voltage transmission lines.The Company believes that the grant of the two licences provides an opportunity for the Company to build upon its progress in Ghana,which has resulted in the award of the countrys first Mining Lease for lithium and

319、sees the Ewoyaa Lithium Project on the brink of construction.Despite being a well-established mining jurisdiction,with a number of mining majors operating in country,Cte dIvoire is vastly underexplored for lithium.In line with the increasing global demand,lithium exploration has ramped up in Cte dIv

320、oire in recent years,although,prior to the Companys maiden campaign,no modern-day exploration for lithium had been completed over the two licence areas.The Company successfully completed the mandatory public engagement process ahead of field activities,facilitated through the office of the Prfet,whi

321、ch included local authorities and representatives from the affected communities.The Companys geologists have commenced its exploration programme with preliminary mapping traverses and are currently undertaking baseline soil and stream sediment geochemical sampling campaigns,required to help design a

322、nd plan a systematic exploration programme over the two permits.The Company intends to apply its proven track record of lithium exploration,discovery and evaluation in tropical weathering environments and leverage synergies with its existing operations,to its newly-granted exploration portfolio in C

323、te dIvoire.DIRECTORS REPORT33AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 2434AT L A N T I C L I T H I U M A N N U A L R E P O R T 20 24COMPANY OVERVIEW&FY2024 HIGHLIGHTSMESSAGES FROM MANAGEMENTDIRECTORS REPORTCORPORATE GOVERNANCE SUMMARY 2024INTEREST IN TENEMENTSCONTENTSAUDITORS INDEPEND

324、ENCE DECLARATIONFINANCIAL STATEMENTSCONSOLIDATED ENTITY DISCLOSURE STATEMENTINDEPENDENT AUDITORS REPORTSHAREHOLDER INFORMATIONDIRECTORS DECLARATION33End Note1 Ore Reserves,Mineral Resources and Production Targets The information in this Annual Report that relates to Ore Reserves,Mineral Resources an

325、d Production Targets complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves(JORC Code).The information relating to the Mineral Resource Estimate(“MRE”)of 36.8Mt 1.24%Li2O for Ewoyaa is extracted from the Companys MRE announceme

326、nt dated 30 July 2024,which is available at .au.The MRE includes a total of 3.7Mt 1.37%Li2O in the Measured category,26.1Mt 1.24%Li2O in the Indicated category and 7.0Mt 1.15%Li2O in the Inferred category.The Company confirms that all material assumptions and technical parameters underpinning the MR

327、E continue to apply.The information relating to Ore Reserves of 25.6Mt 1.22%Li2O and Production Targets for Ewoyaa is extracted from the Companys Definitive Feasibility Study(“DFS”)announcement dated 29 June 2023,which is available at .au.Material assumptions for the Project have been revised on gra

328、nt of the Mining Lease for the Project,announced by the Company on 20 October 2023.The Company is not aware of any new information or data that materially affects the information included in this announcement and the accompanying Annual Report,the MRE announcement(dated 30 July 2024),the DFS announc

329、ement(dated 29 June 2023),or the Grant of the Ewoyaa Mining Lease announcement(dated 20 October 2023).Ewoyaa to become one of the largest spodumene concentrate producers globally-Based on a comparison of targeted spodumene concentrate production capacity(ktpa,100%basis)of select hard rock spodumene

330、projects globally(refer Company presentation dated 8 September 2023).Competent PersonsInformation in this Annual Report relating to exploration results is based on data reviewed by Mr I.Iwan Williams(BSc.Hons Geology),General Manager-Exploration of the Company.Mr Williams is a Member of the Australi

331、an Institute of Geoscientists(#9088)who has in excess of 30 years experience in mineral exploration and is a Qualified Person under the AIM Rules.Mr Williams consents to the inclusion of the information in the form and context in which it appears.Information in this Annual Report relating to Mineral

332、 Resources was compiled by Shaun Searle,a Member of the Australian Institute of Geoscientists.Mr Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined i

333、n the 2012 Edition of the Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves and is a Qualified Person under the AIM Rules.Mr Searle is a director of Ashmore.Ashmore and the Competent Person are independent of the Company and other than being paid fees for services in compiling this report,neither has any financial interest(direct or contingent)in the Company