Name of the Project
Ewoyaa lithium project.

Location
Ghana’s Central Region, about 100 km south-west of Accra and about 110 km from Takoradi port.

Project Owner/s
Africa-focused lithium exploration and development company Atlantic Lithium.

Zhejiang Huayou Cobalt is now Atlantic Lithium’s project partner, having assumed Elevra Lithium’s rights under the Ewoyaa earn-in agreement. Its acquired rights relate to a 22.5% interest, with the potential to earn a further 27.5% through the agreed development funding. The 50% earn-in endpoint has not yet been reached.

Huayou’s separate proposed acquisition of Atlantic Lithium remains conditional.

Project Description
The Ewoyaa project is set to be Ghana’s first lithium-producing mine.

Over the 12-year life-of-mine (LoM), the project is expected to produce about 3.6-million tonnes of spodumene concentrate comprising 6% and 5.5% product, as well as 4.7-million tonnes of secondary product as a by-product of dense-media separation (DMS).

Development involves the opencut mining of several lithium-bearing pegmatite deposits, conventional DMS processing and supporting infrastructure. The project is based on conventional openpit mining and a simple, low-energy DMS flowsheet.

The June 2023 definitive feasibility study was based on a mineral resource of 35.3-million tonnes at 1.25% lithium oxide (Li₂O) and ore reserves of 25.6-million tonnes at 1.22% Li₂O. However, Atlantic Lithium announced an updated mineral resource in July 2024 of 36.8-million tonnes at 1.24% Li₂O, with 81% of the total resource in the measured and indicated categories.

Potential Job Creation
The project is expected to create more than 900 jobs, with Atlantic Lithium intending to apply a hire-local philosophy.

Net Present Value/Internal Rate of Return
The June 2023 DFS estimated an after-tax net present value, at an 8% discount rate, of $1.5-billion and an internal rate of return of 105%, with a 19-month payback.

Capital Expenditure
The June 2023 DFS estimated upfront capital of $185-million.

Planned Start/End Date
The mining lease was ratified in March 2026; the environmental permit and mine operating permit were granted in September and October 2024 respectively.

Latest Developments
Atlantic Lithium announced completion of the novation on October 26, 2026, following Ghana’s Ministry of Lands and Natural Resources confirming no objection to the relevant change of control. Huayou assumes Elevra’s previous spodumene offtake rights, and other project rights and obligations.

Development cost conditions precedent have been met or waived. Subject to the project and supplementary agreements, Huayou will start funding the remaining $66-million of the $70-million Stage 3 sole-funding obligation. Subsequent costs will be shared equally with Atlantic Lithium once Huayou earns the additional interest.

Key Contracts, Suppliers and Consultants
DRA Projects (DMS and project engineering work); and Zhejiang Huayou Cobalt (earn-in development funding and assumed spodumene offtake rights, replacing Elevra Lithium).

Contact Details for Project Information
Atlantic Lithium, tel +61 2 8072 0640 or email info@atlanticlithium.com.au.