Name of the Project
Ewoyaa lithium project.

Location
Ghana.

Project Owner/s
Aim-listed lithium explorer and developer Atlantic Minerals. Piedmont has an earn-in right of 50% of Atlantic’s Ghanaian projects, including Ewoyaa, and the company holds a 10% equity interest in lithium explorer Atlantic Lithium.

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

Over the 12-year life-of-mine, the project is expected to produce 3.58-million tonnes a year of 6% and 5.5% spodumene concentrate, 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.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has 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 payback of 19 months.

Capital Expenditure
$185-million.

Planned Start/End Date
Production of spodumene concentrate and secondary product is targeted for the second quarter of 2025.

Latest Developments
Atlantic Lithium has secured access of up to $16.4-million in funding to support the advancement of Ewoyaa towards production.

The funding package comprises two components: a strategic investment of up to about $11-million by a group of Ghanaian pension funds through a share subscription and warrants issue, and a further $5.4-million raised under the company’s share placement agreement with Long State Investments.

The company has said the participation of the Ghanaian pension funds will broaden local ownership of the Ewoyaa project and align in-country investors with the development of what is expected to become Ghana’s first lithium mine. By issuing ordinary shares on the Ghana Stock Exchange, Atlantic Lithium also aims to strengthen Ghanaian participation in the project.

CEO Keith Muller has said the investment reflects growing local interest in Ghana’s critical minerals potential and in diversifying the country’s mining sector beyond gold. He has further indicated that the funding will provide the company with phased access to capital as key project milestones are achieved.

Simultaneously, Atlantic Lithium has agreed to a third placement with Long State Investments, raising an additional $5.4-million.

According to Muller, this will deplete the remaining capacity under the existing share placement agreement and provide further support for the project on favourable terms.

IC Asset Managers chief investment officer Obed Tawiah Odenteh has said the investment gives Ghanaian pension funds exposure to a strategically important mineral project tied to the global energy transition. 

Key Contracts, Suppliers and Consultants
None stated.

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