Atlantic Lithium confirms investment proposal from Ghana’s MIIF

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The company’s flagship asset is the Ewoyaa lithium project in Ghana in which it is partnered with Piedmont Lithium

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Atlantic Lithium is focused on developing the Ewoyaa lithium project in Ghana. (Credit: dyet/Freeimages)

Atlantic Lithium (formerly IronRidge Resources) has confirmed media speculation that it has been approached by Ghana’s Minerals Income Investment Fund (MIIF) over a potential investment in the company.

The Africa-focused lithium exploration and development company said that it has signed a non-disclosure agreement to enter into talks with MIIF in this regard.

Atlantic Lithium revealed that no discussions have taken place so far between the parties.

Based in Australia, the company is currently listed on Alternative Investment Market (AIM) in the UK. The company said that it is mulling a secondary listing on the Australian Stock Exchange (ASX) as disclosed previously.

Atlantic Lithium has lithium assets in West Africa. Its flagship asset is the Ewoyaa lithium project in Ghana in which it is partnered with Piedmont Lithium.

In August 2021, the company closed a deal under which Piedmont Lithium agreed to fully fund and fast track the Ewoyaa lithium project to production through a farm-in deal worth $102m.

Apart from Ewoyaa, Atlantic Lithium owns a portfolio of exploration and development assets across Ghana and Côte d’Ivoire.

The company said that three more drilling rigs have been mobilised at the Ewoyaa lithium project. It also announced the expansion of the drilling programme from nearly 19,000m to around 37,000m and new drilling observations at the project.

Atlantic Lithium said that it completed nearly 9,166m of reverse circulation (RC) drilling for 52 holes so far, with assays pending. It claimed to have observed multiple and considerable visual spodumene pegmatite drill intercepts up to 80m long in RC drill chips.

Atlantic Lithium CEO Len Kolff said: “The exploration potential is clear, and we see significant opportunity for resource growth.

“Not only do we believe that Project metrics will improve significantly beyond the current defined mine life, but we also see the potential for further economic improvement due to the recent increases in spodumene concentrate pricing which have far exceeded our initial SC6 price modelling parameters.

“These fundamentals continue to demonstrate Ewoyaa as an industry-leading asset; with the Company ideally positioned to benefit from the growing lithium demand.”

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