Atlantic Lithium Limited — AGM Information 2023

Nov 29, 2023

30 November 2023

AGM Statement

Atlan�c Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, “Atlan�c Lithium” or the “Company”), the African-focused lithium explora�on and development company targe�ng to deliver Ghana’s first lithium mine, announces that, at the Company’s Annual General Mee�ng (“AGM”), which will be held at the offices of HopgoodGanim Lawyers, Allendale Square, Level 27, 77 St Georges Terrace, Perth WA 6000 at 2pm (Perth �me) today, Chief Execu�ve Officer Keith Muller will make the following statement:

“On behalf of the Board of Atlan�c Lithium, I would like to welcome shareholders to Perth for the Company’s 2023 Annual General Mee�ng.

“Incidentally, this mee�ng marks almost precisely a year since I joined Atlan�c Lithium, ini�ally as a Chief Opera�ng Officer. Now as Chief Execu�ve Officer, it gives me great pleasure to today present the significant progress that the Company has made during FY2023 and subsequently.

“Focus during the year was on de-risking and adding value to the Project, building upon the founda�ons the Company has established towards our ul�mate objec�ve of achieving produc�on at Ewoyaa.

as an industry-leading project. Indica�ng the produc�on of 3.6Mt of spodumene concentrate over a 12-year mine life[1] , delivering Life of Mine revenues of US$6.6bn when considering a conserva�ve long-term spodumene price of US$1,410/t, the DFS confirms the Project’s viability and places Ewoyaa as one of the top 10 hard rock mines in the world.

“The DFS incorporates the 35Mt @ 1.25% Li2O Mineral Resource Es�mate[1] (“MRE” or “Resource”) for the Project, as announced in February 2023. Our explora�on efforts, led by Head of Business Development and Chief Geologist Len Kolff, have been the underlying driver of the Company’s success to this point, and will remain a key component to growing value as we move forward. As such, recognising the considerable upside s�ll available across the Project and broader Cape Coast Lithium Por�olio, we recently enhanced the originally planned 18,500m drilling programme by a further 8,000m.

“The programme, which remains underway, con�nues to deliver impressive results. Only earlier this week, we announced the longest pegma�te interval intersected in the 2023 programme to date, as well as broad intervals of visible spodumene pegma�te from mul�ple drillholes outside of the MRE footprint. We look forward to repor�ng further progress from the current drilling programme, intended to support the delivery of an increased Resource therea�er.

announce that the first Mining Lease to be issued for lithium in Ghana had been awarded to the Ewoyaa Lithium Project. Serving as a major endorsement of the Project and represen�ng a momentous milestone for both Atlan�c

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30 November 2023

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Lithium and for the country, the Mining Lease closely aligns the Government with our objec�ves at Ewoyaa. We are proud to be ac�ng as the Government’s partner of choice to develop Ewoyaa and establish a long-term lithium supply in Ghana, which will put the country on the map as a leading hub in Africa in the EV supply chain.

“In addi�on, in September 2023, we were pleased to announce the signing of non-binding Heads of Terms with the Minerals Income Investment Fund of Ghana (“MIIF”). The investment, once completed, will see us welcome Ghana’s sovereign wealth fund on to the Atlan�c Lithium register as a valued shareholder and partner. The agreement not only represents MIIF’s recogni�on of the Project’s poten�al as an atrac�ve investment, but also as a means of delivering genera�onal change for Ghana. Through MIIF’s investment, we also further align our interests with those of our Ghanaian stakeholders, who we are proud to represent.

“These major developments since last year’s AGM posi�on the Company excellently to deliver near-term spodumene concentrate produc�on at Ewoyaa. Produc�on is an�cipated in H1 2025 through the modular Dense Media Separa�on plant, and in H1 2026 through the main plant. Being within only two years from first produc�on, as a business, our focus now lies on transi�oning successfully from an explorer and developer, to one of the next major lithium producers. In line with this transi�on, we con�nue to recruit strategically to grow the exper�se within the team, welcoming three General Managers to the Company in recent weeks. At a vital point in the Company’s development, these appointments will, no doubt, add valuable exper�se to our leadership team.

“Since joining the Company, my focus has been on building a robust lithium mine, capable of withstanding price pressures during poten�al downturns. With prices having fallen from the highs we experienced in late 2022, it is important to note that Ewoyaa stands out as a low-cost project versus its peers and that the outlook for near-term spodumene projects, driven by the underlying demand for lithium for use in EVs, remains strong. As indicated by the DFS, and under the terms of the grant of the Mining Lease for the Project, Ewoyaa’s economic outcomes indicate impressive margins even at these prices.

“Looking ahead, we have a number of catalysts in our sights that intend to further enhance the value of the Project and move us closer to achieving our goal of lithium produc�on at Ewoyaa. These include:

• A maiden Mineral Resource Es�mate for feldspar produc�on, due this quarter;

• Results of the Feldspar Feasibility Study, assessing the viability of feldspar produc�on at Ewoyaa, due in Q1 2024;

• Results of the Downstream Conversion Study, assessing the viability of establishing a conversion plant in Ghana, also due in Q1 2024;

• Further results of the drilling programme currently underway, due for comple�on in Q2 2024, with an updated Mineral Resource Es�mate for spodumene produc�on due in Q3 2024;

• The award of procurement contracts on the Project’s cri�cal path; and

• of the Mine Opera�ng Permit.

“At this exci�ng juncture in the Company’s journey, I would like to take this opportunity to thank the Company’s shareholders and partners for their valued support, and our staff, who remain pivotal to the Company’s success.

“I look forward to repor�ng our further progress in due course.”

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AGM Statement

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30 November 2023

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End Notes

1 Ore Reserves, Mineral Resources and Produc�on Targets

The informa�on in this announcement that relates to Ore Reserves, Mineral Resources and Produc�on Targets complies with the 2012 Edi�on of the Australasian Code for Repor�ng of Explora�on Results, Mineral Resources and Ore Reserves (JORC Code). The informa�on in this announcement rela�ng to the Mineral Resource Es�mate (“MRE”) of 35.3Mt @ 1.25% Li2O for Ewoyaa is extracted from the Company’s announcement dated 1 February 2023, and informa�on in this announcement rela�ng to Produc�on Targets is extracted from the Ewoyaa Lithium Project Defini�ve Feasibility Study (“DFS”), announced by the Company on 29 June 2023, both of which are available at atlan�clithium.com.au. The MRE includes a total of 3.5Mt @ 1.37% Li2O in the Measured category, 24.5Mt @ 1.25% Li2O in the Indicated category and 7.4Mt @ 1.16% Li2O in the Inferred category. The Company confirms that all technical parameters underpinning the MRE and the DFS con�nue to apply. Material assump�ons for the Project have been revised on grant of the Mining Lease for the Project, announced by the Company on 20 October 2023. The Company is not aware of any new informa�on or data that materially affects the informa�on included in this announcement or the announcements dated 1 February 2023, 29 June 2023 and 20 October 2023.

For any further informa�on, please contact:

Atlan�c Lithium Limited

Neil Herbert (Execu�ve Chairman)

Amanda Harsas (Finance Director and Company Secretary)

[www.atlan�clithium.com.au ]

IR@atlan�clithium.com.au

Tel: +61 2 8072 0640

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SP Angel Corporate Finance LLP Nominated Adviser Jeff Kea�ng Charlie Bouverat Tel: +44 (0)20 3470 0470

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Yellow Jersey PR Limited Canaccord Genuity Limited Charles Goodwin Financial Adviser: Bessie Elliot Raj Khatri (UK) / atlan�c@yellowjerseypr.com Duncan St John, Chris�an Tel: +44 (0)20 3004 9512 Calabrese (Australia) Corporate Broking: James Asensio Tel: +44 (0) 20 7523 4500

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AGM Statement

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30 November 2023

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Notes to Editors:

About Atlan�c Lithium

www.atlan�clithium.com.au

Atlan�c Lithium is an AIM and ASX-listed lithium company advancing a por�olio of lithium projects in Ghana and Côte d’Ivoire through to produc�on.

on track to become Ghana’s first lithium-producing mine.

year mine life, making it one of the top 10 largest spodumene concentrate mines in the world.

The Project, which was awarded a Mining Lease in October 2023, is being developed under a funding agreement with Piedmont Lithium Inc.

Atlan�c Lithium holds 509km[2] and 774km[2] of tenure across Ghana and Côte d'Ivoire respec�vely, comprising significantly under-explored, highly prospec�ve licences.

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AGM Statement

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