Atlantic Lithium Limited Announces Ongoing High-Grade Lithium Intersections at Ewoyaa

Resource Evaluation Update

Multiple High-Grade and Broad Drill Intersections Reported

Drilling Programme Now Completed

Ewoyaa Lithium Project Ghana, West Africa

SYDNEY, October 20, 2022 - Atlantic Lithium Ltd. (AIM:ALL)(OTCQX:ALLIF)(ASX:A11) "Atlantic Lithium" or the "Company"), the funded African-focussed lithium exploration and development company targeting to deliver Ghana's first lithium mine, is pleased to announce assay results from the resource and exploration drilling programme now completed at the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana, West Africa.

HIGHLIGHTS:

• Assay results reported for 1,879m of infill diamond drilling ("DD") and 3,488m of infill and exploration reverse circulation ("RC") drilling completed at the Ewoyaa Main, Grasscutter East and Anokyi targets, part of the now completed resource evaluation and exploration RC and DD programme.
  
• Newly reported drilling results fall both within and outside the currently defined 30.1Mt @ 1.26% Li₂O Ewoyaa JORC (2012) Compliant Mineral Resource Estimate ("MRE" or the "Resource"); providing further confidence in Resource conversion and extending mineralisation downdip at the Ewoyaa Main and Grasscutter East deposits.
  
• Broad, high-grade infill drill intersections within the current MRE, reported at the Ewoyaa Main deposit, including highlights of:
  • GDD0073: 84.5m at 1.63% Li2O from 6m
  • GRC0690: 89m at 1.52% Li2O from 9m
  • GDD0071: 90.5m at 1.48% Li2O from 0m
  • GDD0070: 77.5m at 1.5% Li2O from 13m
  • GDD0069: 71.5m at 1.49% Li2O from 25m
  • GRC0686: 62m at 1.29% Li2O from 32m
  • GDD0077: 50m at 1.51% Li2O from 40m
  • GDD0074: 63.3m at 1.1% Li2O from 27m
  • GDD0075: 44.6m at 1.56% Li2O from 37m
  • GDD0078: 47.3m at 1.4% Li2O from 43.2m
  • GRC0677: 50m at 1.25% Li2O from 33m
  • GDD0079: 55m at 1% Li2O from 23m
  • GRC0669: 59m at 0.95% Li2O from 113m
    
• Broad, high-grade exploration drill intersections outside of the current MRE, reported at the Ewoyaa Main and Grasscutter East deposits, including highlights of:
  • GRC0688A: 67m at 1.51% Li₂O from 235m at Grasscutter East
  • GRC0680: 28m at 1.27% Li₂O from 116m
  • GRC0676: 20m at 0.75% Li₂O from 142m
  • GRC0684: 8m at 1.43% Li₂O from 96m
  • GRC0675: 7m at 1.53% Li₂O from 187m
  • GRC0684: 9m at 1.12% Li₂O from 154m
    
• Completion of the planned 37,000m RC and DD drilling programme, which was increased by an additional 10,000m for a total of 47,000m with approximately 15,000m of assay results reported to date.
  
• Recently announced Pre-Feasibility Study (refer RNS of 22 September 2022) delivers exceptional financial outcomes for a 2Mtpa operation, producing an average c. 255,000tpa of 6% Li₂O spodumene concentrate ("SC6") over a 12.5-year operation:
  • LOM revenues exceeding US$4.84bn, Post-tax NPV₈ of US$1.33bn, IRR of 224% over 12.5 years
  • US$125m capital cost with industry-leading payback period of <5 months
  • C1 cash operating costs of US$278 per tonne of 6% lithium spodumene concentrate Free on Board ("FOB") Ghana Port, after by-product credits
  • Average Life of Mine ("LOM") EBITDA of US$248m per annum
  • 18.9Mt at 1.24% Li₂O Maiden Ore Reserve
  • Average annualised US$1,359/dry metric tonne SC6 pricing used
    
• Significant potential for resource upgrades and exploration upside; project metrics substantially improve with increased LOM beyond 12.5 years.

Click on, or paste the following link into your web browser, to view the full announcement text: http://www.rns-pdf.londonstockexchange.com/rns/4989D_1-2022-10-20.pdf

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SOURCE: Atlantic Lithium Ltd.