Atlantic Lithium Limited — Capital/Financing Update 2023

Nov 13, 2023

14 November 2023

Grant of Highly Prospective Licences for Lithium

Atlan�c Lithium granted new licence for lithium adjacent to historic Egyasimanku Hill spodumene pegma�te occurrence

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, is pleased to announce that the Company’s wholly-owned Ghanaian subsidiary Green Metals Resources Limited (“GMR”) has been granted the Bewadze and Senya Beraku prospec�ng licences in the eastern por�on of the Company’s Cape Coast Lithium Por�olio in Ghana (“CCLP”), which holds the flagship Ewoyaa Lithium Project (“Ewoyaa” or the “Project”).

The award of the Bewadze and Senya Beraku prospec�ng licences provides the Company exclusive access to explore new, undrilled tenure, offering significant poten�al to further enhance the Project and demonstra�ng the Government of Ghana’s desire to support the Company in its explora�on efforts to deliver successful, long-term lithium produc�on in Ghana following the recent grant of the Mining Lease for the Project.

Highlights

• Bewadze and Senya Beraku prospec�ng licences, covering 6.93km[2] and 82.11km[2] , respec�vely, granted to the Company’s wholly-owned Ghanaian subsidiary Green Metals Resources Limited (“GMR”).

• Licences situated within the Company’s Cape Coast Lithium Por�olio in Ghana (“CCLP”), with Bewadze along strike and within 300m of the historic Egyasimanku Hill occurrence, where spodumene pegma�tes have been observed.

• poten�al.

• Extensive work programmes planned to evaluate the poten�al for lithium and associated minerals at the newlygranted tenure.

• Licences crossed by high-voltage transmission lines and located adjacent to the N1 Accra-Takoradi highway; Bewadze within 48km and Senya Beraku within 70km from the Ewoyaa Project footprint.

• No previous explora�on completed at Senya Beraku, where younger north-east-trending bio�te granodiorites intrude bio�te gneisses and schists in a similar orienta�on as the Egyasimanku Hill spodumene pegma�te occurrence 20km to the west.

• The grant of the Bewadze and Senya Beraku licences follows the award of the Mining Lease for the Ewoyaa Lithium Project, represen�ng the Government’s support of the Company’s efforts to grow its lithium resources in Ghana.

14 November 2023

==> picture [90 x 21] intentionally omitted <==

Commen�ng, Neil Herbert, Execu�ve Chairman of Atlan�c Lithium, said :

“The grant of the Bewadze and Senya Beraku prospecting licences offers Atlantic Lithium the opportunity to apply its proven exploration strategy over a new significantly underexplored tenure package within its Cape Coast Lithium Portfolio in Ghana. Since we initiated exploration activities in Ghana, we have always bookmarked Bewadze, in particular, to be highly prospective for lithium discovery.

“The licence sits along strike and within only 300m of the historic Egyasimanku Hill occurrence where spodumene pegmatites have been observed. This, when considered alongside the radiometrics anomaly that runs into the licence, offers encouraging potential for mineralisation. With little modern exploration carried out across the licence to date, we are eager to get on the ground and commence an extensive work programme.

“Both Bewadze and Senya Beraku also benefit from exceptional existing infrastructure, including operational highvoltage transmission lines and the adjacent N1 highway, providing direct access to the Company’s Ewoyaa Lithium Project.

“No previous exploration has been completed at Senya Beraku, where north-east trending younger granitoids intrude gneisses and biotite schists in a similar orientation to the Egyasimanku Hill spodumene pegmatite occurrence, located within 20km of the licence.

“Subject to the success of our exploration efforts, we hope that we will be able to incorporate the licences into the Project footprint to further enhance the economics of the Project.

“We believe that the grant of the licences serves as the latest indication of the Government’s strong underlying support for the Ewoyaa Project and for the Company as its partner of choice in its ambitions of delivering long-term lithium production in Ghana. We have a number of licences still under application and hope that we see these granted in the near term, which will further assist us as we look to grow the current Resource at Ewoyaa.

“We look forward to providing further updates in due course.”

==> picture [524 x 305] intentionally omitted <==

Figure 1: Newly-granted Bewadze and Senya Beraku licences in rela�on to Cape Coast Lithium Por�olio and Ewoyaa Project with geology background and rubidium in soils geochemistry anomalism images.

==> picture [524 x 6] intentionally omitted <==

Grant of Bewadze and Senya Beraku Licences

Page 2 of 7

14 November 2023

==> picture [90 x 21] intentionally omitted <==

Bewadze Licence

The Company’s wholly-owned Ghanaian subsidiary Green Metals Resources Limited (“GMR”) has been granted the Bewadze prospec�ng licence, providing the Company with exclusive access to explore 9.93km[2 ] of highly prospec�ve tenure for a period of three years.

the Egyasimanku Hill occurrence, held by the Obotan Minerals JV within the Mankwadzi licence applica�on, where coarse spodumene pegma�tes have been observed and where historic trenching and drilling was completed by the Ghana Geological Survey during the 1970s ( refer Figure 1, Figure 2, and announcement of 14 June 2017 ).

explora�on upside within a favourable geological se�ng of mafic schists in contact with granitoids and known spodumene pegma�tes 300m along strike to the west.

Previously completed soil geochemistry and airborne radiometrics by the Company over the Apam East licence and Mankwadzi applica�on directly to the west, highlight a coincident north-east trending rubidium in soils with potassium radiometrics anomaly that is indica�ve of frac�onated granitoids and/or pegma�te trends. The radiometrics anomaly con�nues onto the newly-granted Bewadze licence which, along with the spodumene pegma�tes observed at Egyasimanku Hill and soil sampling that terminates at the licence boundary, indicate the highly prospec�ve nature of the Bewadze licence.

cover which could subdue the radiometrics response and, therefore, is prospec�ve for poten�al extensions of the Egyasimanku Hill pegma�tes in this area ( refer Figure 2 ).

==> picture [520 x 326] intentionally omitted <==

Figure 2: in coincident rubidium in soils and airborne potassium radiometrics anomalies.

==> picture [524 x 6] intentionally omitted <==

Grant of Bewadze and Senya Beraku Licences

Page 3 of 7

14 November 2023

==> picture [90 x 21] intentionally omitted <==

==> picture [524 x 373] intentionally omitted <==

Figure 3: mineralisa�on underfoot; insert close-up of spodumene crystals (green) with tourmaline (black).

==> picture [524 x 6] intentionally omitted <==

Grant of Bewadze and Senya Beraku Licences

Page 4 of 7

14 November 2023

==> picture [90 x 21] intentionally omitted <==

==> picture [515 x 509] intentionally omitted <==

Figure 4: Spodumene-rich pegma�te outcrop on Egyasimanku Hill with spodumene crystals (green) evident parallel to the direc�on of hammer handle throughout the outcrop.

Explora�on History

During the 1950s and 1960s, the Ghana Geological Survey (“GGS”) mapped and evaluated the Winneba area in the search for industrial minerals, with the focus on tantalum, cassiterite, columbite and beryl, as well as clay and feldspar feedstock for the ceramic industries.

A map on the evalua�on of the Egyasimanku pegma�te occurrence, which is located c. 100-500m SW of the newlygranted Bedwadze licence, outlines the surficial extent of spodumene pegma�te mineralisa�on in trenching over a 790m x 340m area, in addi�on to the loca�on of historic drill holes completed over the area.

==> picture [524 x 6] intentionally omitted <==

Grant of Bewadze and Senya Beraku Licences

Page 5 of 7

14 November 2023

==> picture [90 x 21] intentionally omitted <==

Subsequent to the work completed by the GGS and the demarca�on of the Yenku Forest Reserve over the Egyasimanku Hill occurrence ( refer Figures 1 and Figure 2 ), much of the follow-up groundwork was undertaken on the pegma�te intrusive swarms to the west of Egyasimanku Hill by Newmont Ghana and Leo Shield with a focus on �n, niobium and tantalum, with litle evidence of detailed geological groundwork in the area of the newly-granted licence.

Senya Beraku

The Senya Beraku licence covers 82.11km[2] and is within 20km of the Bewadze licence. No previous explora�on has been completed at Senya Beraku, where younger bio�te granitoids intrude bio�te gneisses and schists in a northeasterly orienta�on. Given the proximity and similar orienta�on of the granitoids to the Egyasimanku Hill spodumene pegma�te occurrence, without any previous explora�on, the Company sees value in assessing the grassroots poten�al of the licence area.

Proposed Work Programmes

The Company intends to systema�cally evaluate the lithium and associated minerals poten�al of the Bewadze prospec�ng licence, with par�cular emphasis on the poten�al for spodumene pegma�te extensions of the Egyasimanku Hill occurrence directly to the south-west of the licence boundary. Minerals associated with pegma�tes and reported within the area inclusive of tantalum, niobium and �n, in addi�on to minerals commonly used in the ceramics industry, such as clays and feldspar, will also be evaluated.

The Company plans to extend the soil sampling programme on a 100m x 100m grid over the licence area and a�er careful considera�on of the regolith profile. Field mapping will take place during the soil sampling programme, with further detailed mapping over high priority areas. On review of these preliminary results, and where warranted, an auger drilling programme may be ini�ated to test higher priority targets and define poten�al pegma�te footprints. Pending these results, the Company would look to RC drill test poten�al targets for mineralisa�on poten�al below the weathering profile.

to define gross lithological domains and iden�fy poten�al pegma�tes. Pending results, the Company will design a 100m x 100m soil sampling grid over the areas of interest ahead of determining the next steps.

Pending Licence Applica�ons

Through its Ghanaian subsidiaries, the Company awaits the grant of various other licences which remain under applica�on. The Company believes that, following the award of the Mining Lease for the Project, the Government is showing its support for the growth of the Company’s lithium resources within its Cape Coast Lithium Por�olio, with the aim of further enhancing the economics of the Project.

With the grant of the new licences and revision from the original applica�on submissions for said licences, the Company’s CCLP por�olio in Ghana, including pending applica�ons, now stands at a total of 509km[2] .

This announcement contains inside informa�on for the purposes of Ar�cle 7 of the Market Abuse Regula�on (EU) 596/2014 as it forms part of UK domes�c law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obliga�ons under Ar�cle 17 of MAR.

==> picture [524 x 6] intentionally omitted <==

Grant of Bewadze and Senya Beraku Licences

Page 6 of 7

14 November 2023

==> picture [90 x 21] intentionally omitted <==

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

==> picture [126 x 5] intentionally omitted <==

==> picture [114 x 33] intentionally omitted <==

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

==> picture [69 x 44] intentionally omitted <==

Yellow Jersey PR Limited Charles Goodwin Bessie Elliot atlan�c@yellowjerseypr.com Tel: +44 (0)20 3004 9512

==> picture [69 x 44] intentionally omitted <==

Canaccord Genuity Limited Financial Adviser: Raj Khatri (UK) / Duncan St John, Chris�an Calabrese (Australia)

Corporate Broking: James Asensio Tel: +44 (0) 20 7523 4500

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.

==> picture [524 x 6] intentionally omitted <==

Grant of Bewadze and Senya Beraku Licences

Page 7 of 7