Atlantic Lithium raises A$10m for Ewoyaa Lithium Project
Atlantic Lithium has successfully raised A$10 million (US$6.7 million) through an institutional placement to fund the ongoing development of its Ewoyaa Lithium Project in Ghana.
This equity placement, priced at A$0.23 per new share, will see the issuance of over 43.4 million new shares. Atlantic Lithium’s largest shareholder, Assore International Holdings, has committed US$5 million to the raise by conditionally subscribing to over 32.7 million shares, pending shareholder approval. If approved, Assore will increase its stake to 30.56% of the company.
Objectives
The funds will support further technical optimizations and completion activities required for the Ewoyaa project’s final investment decision (FID), as well as cover permitting, operational preparations, and working capital. This capital raise, despite the challenging market for lithium stocks, highlights strong shareholder confidence in the project’s potential.
Atlantic Lithium recently received a critical mining permit for Ewoyaa, which now positions the project to move towards construction. Neil Herbert, Atlantic Lithium’s executive chair, expressed satisfaction with the support from Assore and other shareholders, noting the commitment as a positive signal for the project’s progress.
The Ewoyaa Lithium Project is situated in the Cape Coast region of Ghana, approximately 100 kilometers southwest of the capital, Accra, and near the port of Takoradi, providing an advantageous logistical position for export. Ewoyaa is known for its high-grade spodumene lithium deposit, which is a primary source of lithium for battery production, particularly for electric vehicles (EVs) and energy storage systems.
