Atlantic Lithium Limited

DEFINITIVE FEASIBILITY STUDY

DFS CONFIRMS PROJECT’S ECONOMIC VIABILITY AND INDICATES LOW CAPITAL INTENSITY AND EXCEPTIONAL PROFITABILITY POTENTIAL

Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, “Atlantic Lithium” or the “Company”), the African-focused lithium exploration and development company targeting to deliver Ghana’s first lithium mine, is pleased to announce its Definitive Feasibility Study (“DFS”) for the Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) in Ghana, West Africa.

DFS HIGHLIGHTS:

3.6 million tonnes (“Mt”) spodumene concentrate production over 12-year Life of Mine (“LOM”).
Exceptional Project economics: Post-tax Net Present Value (“NPV8”) of US$1.5bn with free cash flow of US$2.4bn from LOM revenues of US$6.6bn, Average LOM EBITDA of US$316 million per annum, Internal Rate of Return (“IRR”) of 105% and short payback of 19 months.
C1 cash operating costs of US$377/t of concentrate Free-On-Board (“FOB”) Ghana Port, after by-product credits from conventional open cut mining operation; All in Sustaining Cost (“AISC”) of US$610/t.
Modest capital cost estimate of US$185 million.
Incorporates Modular DMS units to generate early cash flow and increased throughput from 2Mtpa to 2.7Mtpa:
Modular DMS cash flow reduces mine build peak funding requirement; capex paid back prior to full completion of plant build; and
DFS maintains low capital intensity of US$64/t of annualised throughput.
Throughput increased by 35% following significant uplift in Ore Reserves to 25.6Mt @ 1.22 % Li2O.
Simple mineralogy enables simple flowsheet comprising integrated 3-stage crushing facility through conventional Dense Media Separation (“DMS”) processing, producing 6% (“SC6”) and 5.5% (“SC5.5”) concentrate (approx. 50:50 ratio) at 10mm top size crush.
Additional 4.7Mt of secondary product anticipated as by-product from DMS concentrator, with average grade of 1.16% Li2O.
DFS incorporates Mineral Resource Estimate[1] (“MRE”) of 35.3Mt @ 1.25 Li2O and conservative LOM concentrate pricing of US$1,587/t, FOB Ghana Port.
Project benefits from close proximity to operational infrastructure, low energy and water-intensity process flow sheet, proximity to potential off-takers and skilled Ghanaian workforce within surrounding communities; over 800 direct jobs to be created.
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KEITH MULLER
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CEO

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Commenting, Keith Muller, Chief Executive Officer of Atlantic Lithium, said : “The Definitive Feasibility study has reaffirmed the Ewoyaa Lithium Project’s impressive economic outcomes and profitability potential, providing improved confidence in Ewoyaa’s ability to become a significant, near-term producer of spodumene concentrate.

“Using conservative pricing, the DFS outlines 3.6Mt concentrate production over a 12-year mine life, delivering US$6.6bn Life of Mine revenues, a post-tax NPV8 of US$1.5bn and an Internal Rate of Return of 105%. The Study indicates payback within only 19 months and maintains a low capital intensity, further reinforcing Ewoyaa’s position among the leading pre-production hard rock lithium assets globally.

“The increase in capex from the PFS results from the inclusion of the Modular DMS units and the increased throughput of 2.7Mtpa. Early revenue generated by the Modular DMS units will reduce peak funding requirement for the mine build, strongly justifying these developments. Furthermore, this will provide a valuable opportunity to train national staff and engineer out any mining, materials handling or logistics bottlenecks ahead of large-scale operations commencing for a potentially quicker commissioning phase.

“The deployment of the Modular DMS units has been reallocated from Stage 2 to Stage 1 of the Project’s development. Stage 2 includes the evaluation of a Feldspar circuit, a by-product of the DMS process that we intend to supply to the local Ghanaian ceramics market, and a Flotation circuit, further enhancing the Project’s economics.

“Ewoyaa’s favourable mineralogy enables a simple flowsheet comprising a 3-stage crushing facility and Dense Media Separation processing from conventional, open pit mining to produce a spodumene concentrate proven suitable for carbonate, sulphide or hydroxide conversion. Due to its grade, the Project’s coastal location and against the backdrop of the global decarbonisation movement, demand from off-takers for product from Ewoyaa has been strong.

“The Project benefits from a low water and energy-intensive plant, close proximity to exceptional infrastructure, including adjacent grid power, as well as a skilled Ghanaian workforce within Ewoyaa’s supportive surrounding communities. These favourable characteristics underlie the viability of the Project.

“Understanding the role we can play, we are fully committed to the development of our host communities. This includes local investment via a community development fund, apportioning an equivalent of 1% of retained earnings to local initiatives, and the creation of employment opportunities. As we set our sights on first production, we firmly believe that Ewoyaa will deliver long-lasting benefits for the Central Region, to Ghana and to West Africa.”

1 Ore Reserves, Mineral Resources and Production Targets

The information in this announcement that relates to Ore Reserves, Mineral Resources and Production Targets complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). The information in this announcement relating to the Mineral Resource Estimate (“MRE”) of 35.3 Mt @ 1.25% Li2O for Ewoyaa is extracted from the Company’s announcement dated 1 February 2023, which is available at atlanticlithium.com.au. The MRE includes a total of 3.5 Mt @ 1.37% Li2O in the Measured category, 24.5 Mt @ 1.25% Li2O in the Indicated category and 7.4 Mt @ 1.16% Li2O in the Inferred category. The Company confirms that all material assumptions and technical parameters underpinning the Mineral Resource Estimate in the announcement dated 1 February 2023 continue to apply and have not materially changed, and it is not aware of any new information or data that materially affects the information included in this announcement or the announcement dated 1 February 2023.

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1.0 PROJECT INTRODUCTION

1.1 PROJECT OVERVIEW AND SUMMARY

Atlantic Lithium has undertaken a Definitive Feasibility Study (“DFS”) for the development of the Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) in Ghana, West Africa. The DFS builds upon previous studies completed in 2021 and 2022.

The Project development involves open cut mining of several lithium-bearing pegmatite deposits, conventional Dense Media Separation (“DMS”) processing and supporting infrastructure to target the production of spodumene concentrate and secondary product by Q2 2025 (Figure 1). The development timeline is contingent on the permitting schedule as outlined in Table 16.

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FIGURE 1 SITE OVERVIEW LOOKING NORTHEAST, YEAR 1 OPERATION

Initial processing of approximately 450,000t of ore will be carried out over the first nine months, starting Q2 2025, in an early production processing plant fed from Ewoyaa South 2 pit, prior to processing through the main 2.7Mtpa processing facility from Q1 2026 for 11 years.

Over the life of mine (“LOM”), the Project is estimated to produce 3.58Mt of 6% (SC6) and 5.5% (SC5.5) grade spodumene concentrate, as well as 4.7Mt of secondary product, which have been identified to be saleable given current and forecast lithium demand projections.

Key Project metrics from the DFS are listed in Table 1, demonstrating robust Project financial outcomes and metrics.

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TABLE 1 EWOYAA DFS KEY METRICS (100% PROJECT BASIS[2] )

Item	Units	DFS Result
Mineral Resource3	Mt @ %	35.3Mt @ 1.25% Li2O
Measured Indicated Mineral Resource	Mt @ %	3.5Mt @ 1.37% Li2O
Indicated Mineral Resource	Mt @ %	24.5Mt @ 1.25% Li2O
Inferred Mineral Resource	Mt @ %	7.4Mt @ 1.16% Li2O
Mine Life	Years	12
Ore Reserves (Probable)	Mt @ %	25.6Mt @ 1.22% Li2O
Total Material Movement LOM	Mt	406
Mined Waste	Mt	375.4
Mined Ore	Mt	30.6
Strip Rato	W:O	12.3
Processed Ore LOM	Mt	27.3
DMS Plant Feed Rate	Mtpa	2.7
Li2O Head Grade (average)	%	1.22
Average Whole of Ore Recovery SC6	%	62.1
Average Whole of Ore Recovery SC5.5	%	67.2
Secondary Product Mass Yield (% of ROM Feed)	%	17.0
SC6 Produced	LOM, t	1,792,222
SC5.5 Produced	LOM, t	1,792,195
Secondary Product Produced	LOM, t	4,733,264
Project Total Upfront Capital Cost	US$M	185
SC6 Sell Price, LOM Average, FOB Ghana	US$/t	1,695
SC5.5 Sell Price, LOM Average, FOB Ghana	US$/t	1,478
Secondary Product Sell Price, LOM Average, FOB Ghana	US$/t	186
Revenue (all products)	US$M	6,566
Post-tax IRR	%	105
C1 Cash Cost, afer secondary product credits	US$/t	377
All In Sustaining Cost (AISC)	US$/t	610
Surplus Cashfow, Post Tax	US$M	2,438
NPV8Post Tax	US$M	1,498
Payback	Months	19
NPAT, LOM	US$M	2,284

2 Whilst the asset is currently wholly owned by Atlantic Lithium Ltd, Piedmont Lithium Inc. can earn up to half the asset through the funding agreement, whilst the Government of Ghana has the right to a 10% free carry once in production.

3 Mr S. Searle of Ashmore Advisory Pty Ltd for Mineral Resources and Mr H. Warries of Mining Focus Consultants Pty Ltd for Ore Reserves. For full Competent Persons statements, refer to Table 5 and Table 12.

NOTE: Mineral Resources are inclusive of the Ore Reserves.

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1.2 PROJECT LOCATION AND ACCESS

The Project area is immediately north of Saltpond in the Central Region of Ghana and falls within the Mfantseman Municipality where Saltpond is the district capital (Figure 2).

The site is approximately 100km southwest of the capital of Accra. Site access is from the sealed N1 Accra-Cape CoastTakoradi highway which runs along the southern coastal boundary of the Project and links Accra and the deep-sea port of Takoradi, approximately 110km west of the site. Several unsealed roads extend northwards from the highway and link communities within the Project area. A new site access road will be developed to join to existing roads and to the highway.

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FIGURE 2 PROJECT LOCATION AND EXPLORATION PERMITS

The Project area is in Mfantseman Municipality, which falls under the local governance of the Mfantseman Municipal Assembly, which also falls under the Central Regional Coordinating Council.

The Municipality has a projected population of 176,288 representing 6.6% of the Central Region. Mfantseman is largely an agrarian economy with 27% of the economically active population employed in mainstream agriculture. Industrial activity occurs in the various market centres at Anomabo, Biriwa, and Yamoransa, with Mankessim as the commercial hub. The three major industries of employment in the Municipality include agriculture/forestry/fishing (37%), wholesale/retail trade/auto repairs (23.7%) and manufacturing (8.4%).

1.3 SUPPORTING INFRASTRUCTURE

The existing, sealed N1 Accra-Cape Coast-Takoradi highway provides access to Accra and the Takoradi port. A new access road will be built to the facility from existing road infrastructure.

Several High Voltage (HV) powerlines traverse or run nearby to the Project site, facilitating connection to the existing power grid and access to existing power supply. Relocation of some HV powerlines within planned mining areas will be required and forms part of the Project scope.

No water supply for the operation currently exists but will be sourced from a combination of pit dewatering, site water capture and pumped supply from a nearby reservoir for makeup water.

Connection to existing communications infrastructure for internet and telephony will also be possible.

Existing port facilities are available at Takoradi, approximately 110km west of the site, and at Tema, 140km east, for Project construction and operations logistics requirements.

The nearest international airports are the Kotoka International Airport in Accra and Sekondi-Takoradi Airport Port in Takoradi, thus no site airstrip will be required.

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FIGURE 3 EXISTING GRID POWER, N1 HIGHWAY AND TAKORADI PORT CLOSE TO THE PROJECT SITE

1.4 CLIMATE

The climate around Cape Coast is typical of the dry equatorial region of Ghana, characterised by an average temperature of 24°C and relative humidity of 70%. There are double rainfall peaks with a pronounced rainfall increase during May-June and a lesser rainfall peak sometimes occurring around September-October. Mean annual rainfall ranges from 730mm to 1,230mm along the coast and up to 1,600mm inland, and dry seasons extend from December to February and from July to September.

1.5 TOPOGRAPHY

The topography of the Project area varies with steep hills surrounding low-lying valleys throughout the proposed mining area. The terrain of the Project area rises sharply from a narrow coastal plane to an undulating peneplain where elevation ranges from 20m to 120m above mean sea level.

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2.0 OWNERSHIP, TENURE AND LEGAL

2.1 COMPANY STRUCTURE AND OWNERSHIP

Atlantic Lithium holds 100% ownership over IronRidge Resources Singapore Pte Ltd, and IronRidge Resources Singapore Pte Ltd holds both 100% ownership of Green Metals Resources Ltd (“GMR”) and 90% ownership in Barari Development Ghana Ltd (“BDV”). The inter-corporate relationship is depicted in Table 2.

The subsidiary companies and related tenement/mineral right for which this DFS relates to is summarised in Table 2.

FIGURE 4 ATLANTIC LITHIUM CORPORATION STRUCTURE

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TABLE 2 SUBSIDIARY COMPANIES PROPERTY RIGHTS

Subsidiary	Identifying Number	Incorporated Location and Date	Percentage Holding	Activity
IronRidge Resources Singapore Pte Ltd	UEN 201829622K	Incorporated in Singapore on 29 August 2018	Atlantic Lithium Limited owns 100%	Holder of shares in Barari DV Ghana Ltd & Green Metals Resources Ltd
Green Metals Resources Limited	CS080712016	Incorporated in Ghana on 10 May 2016	IronRidge Resources Singapore Pte Ltd owns 100%	Owns assets being the tenements / mineral rights #PL3/109
Barari DV Ghana Ltd	CS134902018	Incorporated in Ghana on 27 April 2011	IronRidge Resources Singapore Pte Ltd owns 90%	Owns assets being the tenements / mineral rights #RL3/55

Barari DV Ghana LTD is the “Operating Company” and hold the mineral right intended to be converted to a Mining Lease for the Project. The Operating Company will be required to obtain a Mining Lease in order to exploit the minerals in the licence area. A holder of a reconnaissance licence or a prospecting licence may, prior to the expiration of the licence, apply for one (1) or more Mining Leases in respect of all or any of the minerals the subject of the licence and in respect of all or any one or more of the blocks which constitutes the licence area.

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MINERAL RIGHTS

Atlantic Lithium holds rights to six prospecting licences and three applications through outright ownership and joint venture (Table 3) host the current Project site and form the basis of the Mining Lease area application.

TABLE 3 EWOYAA LITHIUM PROJECT MINERAL RIGHTS

Number	Tenement name	Size (km2)	Minerals	Holder	Date of grant	Renewal date	Expiry date	Term
PL3/55	Mankessim	74.67	Gold, Lithium, Base Metals	Barari DV Ghana Ltd	23 March 2018	27 July 2021	26 Jul 2024	3 yrs
PL3/109	Mankessim South	13.02	Gold, Lithium, Base Metals	Green Metals Resources Ltd	19 Feb. 2020	N/A	18 Feb 2023 (renewal in process)	3 yrs
PL3/102	Saltpond	88.62	Feldspar	Joy Transporters Ltd	30 Dec. 2016	21 Aug. 2019	20 Aug. 2022 (renewal in process)	3 yrs
PL3/106	Cape Coast	136.23	Lithium	Joy Transporters Ltd	15 Nov. 2021	N/A	14 Nov. 2024	3 yrs
PL3/67	Apam	20.50	Gold, Columbite, Tantalite	Obotan Minerals Company Ltd	3 Sep. 2002	27 June 2019	26 Jun 2022 (renewal in process)	3 yrs
PL3/92	Apam West	33.35	Gold	Obotan Minerals Company Ltd	6 Jan. 2017	21 Aug. 2019	20 Aug. 2022 (renewal in process)	3 yrs

The Project intends to transfer a portion of tenement PL3/109 from Green Metals Resources Ltd (“GMR”) to Barari to enable Atlantic Lithium to apply for a single Mining Lease covering the Project area.

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2.2 LEGAL

Key legislation relevant to the Project are the Minerals and Mining Act, 2006, (Act 703) as amended and the Minerals and Mining Regulations passed under the Act. Together, these instruments regulate mine development and operation in Ghana. The Ministry of Lands and Natural Resources, and the Minerals Commission, are primarily responsible for the administration of mining activity in Ghana.

The Operating Company will be required to obtain a Mining Lease to exploit minerals in the licence area. Mining companies are also required under the Environmental Protection Agency Act, 1994 (Act 490) to obtain an environmental permit from the EPA before commencing exploration and mining operations.

2.3 TAXATION AND PROJECT FISCAL REGIME

All taxes, royalties, fees, charges, and costs applicable to the Project in accordance with Ghanaian legislation have been identified. These elements are implemented in the financial model for assessment of post-tax financial performance (Section 13.0).

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3.0 GEOLOGY AND RESOURCE

3.1 GEOLOGY

The regional geology of western Ghana is characterised by a thick sequence of steeply dipping metasediments, alternating with metavolcanic units of Proterozoic age. The sequences belong to the Birimian Supergroup and extend for approximately 200km along strike in several parallel north-easterly trending volcano-plutonic belts and volcanosedimentary basins, of which the Kibi-Winneba Belt and Cape Coast Basin extend through the region in the Company’s Mankessim licence area.

The mineralised pegmatite intrusions generally occur as sub-vertical bodies with two dominant trends as briefly outlined earlier: either striking north-northeast (Ewoyaa Main) and dipping sub-vertically to moderately southeast to east-southeast, or striking west-northwest to east-west (Abonko, Kaampakrom, Anokyi, Okwesi, Grasscutter and Ewoyaa Northeast) dipping sub-vertically to moderately northeast or north. Pegmatite thickness varies across the Project, with thinner mineralised units intersected at Abonko and Kaampakrom between 4m and 12m; and thicker units intersected at Ewoyaa Main between 30m and 60m, and up to 100m at surface.

The mineralisation at Ewoyaa has been confirmed to be associated with spodumene-bearing pegmatite as the main lithium bearing mineral. No petalite or lepidolite have been observed in any of the resource RC and diamond core drill logging. The pegmatites are predominantly quartz-albite-muscovite +/- microcline and spodumene in composition with accessory blue-green apatite, and less common colourless to light blue beryl, barite and secondary Fe-Mn-Li bearing phosphates.

The Project has two clearly defined geometallurgical domains or material types of spodumene bearing lithium mineralisation. Atlantic Lithium has termed these material types as Pegmatite Type (“P1”) and Pegmatite Type (“P2”):

P1: Coarse grained spodumene material (>20mm), the dominant spodumene-bearing pegmatite encountered to date, exhibiting very coarse to pegmatoidal, euhedral to subhedral spodumene crystals composing 20 to 40% of the rock and
P2: Medium to fine grained spodumene material (<20mm), where abundant spodumene crystals of a medium crystal size dominates. The spodumene is euhedral to subhedral and can compose up to 50% of the rock. The spodumene can be bimodal with some larger phenocrysts entrained within the medium grained spodumene bearing matrix. There are indications of very minor occurrences of other lithium bearing phases present .

The vast majority of the finer grained spodumene P2 ore is found within the Ewoyaa Main pegmatite bodies and preferentially occurring towards the footwall contact of the Ewoyaa Main pegmatites, but with some exceptions. Any finer grained spodumene P2 pegmatite material occurring in the Abonko trending pegmatite bodies are generally rare and of limited extent.

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3.2 MINERAL RESOURCE

Drilling programmes undertaken at the Project site used reverse circulation (“RC”) drill rigs and a portion using diamond core (“DD”) drill rigs. Over several drilling phases to date a total of 137,153m in 1,025 holes were drilled (Table 4). Drilling at the deposit extends to a maximum drill depth of 386m.

Earlier phase RC drilling was completed on a nominal 100m by 50m grid pattern, with subsequent phases of RC and DD reducing the wide spacing to 80m by 40m and down to 40m by 40m during infill drilling phases.

TABLE 4 SUMMARY OF DRILLING USED FOR THE EWOYAA RESOURCE ESTIMATE

Hole Type	In Database In Mineral Resource
	Drill holes Drill holes Intersecton
	Number Metres Number Metres Metres
RCH	11 1,100
RC	878 119,745 616 88,967 16,959
RCD	35 4,998 32 4,568 733
DD	101 11,310 93 10,159 4,987
Total	1,025 137,153 741 103,694 22,679

3.3 MINERAL RESOURCE ESTIMATE

An updated JORC (2012) compliant Mineral Resource Estimate (“MRE”) was prepared by Ashmore Advisory Pty Ltd using analytical data from a total of 741 drillholes totalling 103,694m (Table 4) and ordinary kriging methods for resource estimation (Table 5). The MRE is based on a 0.5% reporting cut-off grade (constrained to above -190mRL), within a 0.4% Li2O wireframed pegmatite body.

The MRE was classified as Measured, Indicated and Inferred Mineral Resource based on data quality, sample spacing, and lode continuity. The Measured Mineral Resource was confined to fresh rock within areas drilled at 20m by 15m along with robust continuity of geology and Li2O grade. The Indicated Mineral Resource was defined within areas of close spaced drilling of less than 40m by 40m, and where the continuity and predictability of the lode positions was good. In addition, Indicated Mineral Resource was classified in weathered rock overlying fresh Measured Mineral Resource. The Inferred Mineral Resource was assigned to transitional material, areas where drill hole spacing was greater than 40m by 40m, where small, isolated pods of mineralisation occur outside the main mineralised zones, and to geologically complex zones.

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TABLE 5 EWOYAA MRE BY DEPOSIT AND JORC CLASSIFICATION (0.5% LI2O CUT-OFF, ABOVE -190MRL)

	Measured Mineral Resource
Deposit	Tonnage Li2O Cont. Lithium Oxide
	Mt % kt
Ewoyaa	3.5 1.37 48
Total	3.5 1.37 48

	Indicated Mineral Resource
Deposit	Tonnage Li2O Cont. Lithium Oxide
	Mt % kt
Abonko	1.1 1.31 14
Anokyi	2.9 1.42 41
Ewoyaa	9.7 1.15 111
Ewoyaa Northeast	3.3 1.40 46
Grasscuter	5.8 1.19 69
Kaampakrom	0.9 1.40 13
Okwesi	0.6 1.47 9
Sill	0.4 1.36 5
Total	24.5 1.25 307

	Inferred Mineral Resource
Deposit	Tonnage Li2O Cont. Lithium Oxide
	Mt % kt
Abonko	0.7 1.20 9
Anokyi	0.5 1.16 5
Bypass	0.3 1.00 3
Ewoyaa	2.9 1.09 32
Ewoyaa Northeast	0.4 1.25 5
Grasscuter	1.7 1.25 22
Kaampakrom	0.5 1.11 6
Okwesi	0.3 1.35 4
Sill	0.1 1.51 1
Total	7.4 1.16 86

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			Total Mineral Resource
Deposit	Tonnage	Li2O	Cont. Lithium Oxide
	Mt	%	kt
Abonko	1.8	1.26	23
Anokyi	3.3	1.38	46
Bypass	0.3	1.00	3
Ewoyaa	16.0	1.19	190
Ewoyaa Northeast	3.6	1.38	50
Grasscuter	7.5	1.20	90
Kaampakrom	1.4	1.30	18
Okwesi	0.9	1.43	13
Sill	0.5	1.38	6
Total	35.3	1.25	440

COMPETENT PERSONS NOTE:

The Mineral Resource has been compiled under the supervision of Mr. Shaun Searle who is a director of Ashmore Advisory Pty Ltd and a Registered Member of the Australian Institute of Geoscientists. Mr. Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the JORC Code. Mr Searle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

All Mineral Resources figures reported in the table above represent estimates at January 2023. Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate. Rounding may cause some computational discrepancies.

Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code – JORC 2012 Edition).

There are two main geometallurgical domains at the Project which are shown in Table 6 .

TABLE 6 GEOMETALLURGICAL OCCURANCE

Ore Type Tonnage Mt	Grade Cont. Lithium	Concentrate Grade Lab HLS Recovery
	% Li2O kt	% Li2O %
P1 31.3	1.27 398	5.5% 74%
		6% 70%
P2 4	1.06 42	5.5% 25%
		6% 18%
Total 35.3	1.25 440

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4.0 MINING

4.1 INTRODUCTION

Mining Focus Consultants Pty Ltd were engaged to undertake a mining study as part of the DFS. The scope of works included Pit Optimisations, Mine pit design and scheduling, Mining Cost development and preparation of an Ore Reserve statement.

The Project comprises eight main deposits including Ewoyaa, Okwesi, Anokyi, Grasscutter, Abonko, Kaampakrom, Sill and Bypass (Figure 5). Deposits are broadly 4km apart, spread out over approximately 8km[2] . Two waste dumps will be constructed west and northeast of Ewoyaa Main pit.

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Kaampakrom
North-eastern
WD
Ewoyaa North
Western Grasscutter
WD
Ewoyaa Ewoyaa Main
Village Abonko
Ewoyaa NE
Okwesi
Ewoyaa
Middlings South 1
Crusher Anokyi
pad
ROM Ewoyaa Sill
Process Plant overflow South 2
ROM pad
ROM haul
Mining road after
Contractor Year 10
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FIGURE 5 EWOYAA LITHIUM PROJECT PIT LAYOUT

Conventional open pit mining methods of drill and blast followed by load and haul will be employed at the Project. Drilling and blasting will be performed on benches between 5m and 10m high. Mining equipment will likely consist of 100t to 200t hydraulic excavators and 90t to 150t off-highway dump trucks, supported by standard open-cut drilling and auxiliary equipment. A contract mining model will be employed under the supervision of an Atlantic Lithium mining management team.

Mining operations are scheduled to work 365 days in a year, less unscheduled delays such as high rainfall events. The mine workforce will operate on a two shift, three panel roster, seven days a week, in two 12 hour working shifts.

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4.2 PIT OPTIMISATION

Mine pit optimisation works were undertaken based on the updated MRE (Section 3.3) and using WHITTLE™ Four-X optimisation software using the Lerchs-Grossmann algorithm. Optimisations were carried out on two scenarios:

The total MRE; and
The Measured and Indicated resource only.

The supplied resource model was re-blocked from a sub-blocked mode to a regular parent block size of 10mE x 10mN x 10mRL, which is considered a reasonable selective mining unit for the size of mining equipment envisaged for the Project.

The key economic input parameters used for the pit optimisation are shown in Table 7.

TABLE 7 SUMMARY OF KEY PIT OPTIMISATION INPUT PARAMETERS

Unit	Value	Value
	P1 Pegmatite P2 Pegmatite
Mtpa $/t % % % % % $/t processed $/t processed $/t conc. $/t mined $/t $/t processed $/t processed % % Degree	2.0
	1,500
	6
	6.2
	1
	68 70	35 35
	13.50
	3.20
	25.00
	3.61
	0.54
	0.44
	0.64
	95
	5
	Ranging from 30.0o (Oxide) to 50.4o (Fresh)

Pit optimisation results show that for both scenarios the optimum pit shell based on the maximum average discounted operating cash flow is pit shell 29 (Figure 6).

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750 5,000
Optimum Pit Shell 29 based on max. UCF
600 4,000
450 3,000
300 2,000
150 1,000
0 0
Pit Shell
Waste Mill FeedPlant Feed Undisc. CF Disc. CF Best Disc. CF Worst Disc. CF Av.
Tonnes (Mt)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69
Operating Cashflow ($ million)
----- End of picture text -----

FIGURE 6 PIT OPTIMISATION RESULTS TOTAL RESOURCE

4.3 MINE DESIGN AND SCHEDULING

Pit shell 29 for the total Mineral Resource was selected from pit optimisation works as the basis for the life of mine detailed pit design. Pit design parameters for the DFS are based on established mining practices and parameters detailed in Table 8.

TABLE 8 SUMMARY PIT DESIGN PARAMETERS

	Pit Design Parameter
Pit Wall Parameters	As per Section 3*
Haul Road Design	Width - Dual Lane - Single Lane 25m 16m
	Gradient 10%
Working width	Minimum pit base width (goodbye cut) 10m
	Minimum cutback width 20m

Staged development of the pits is driven by the desire to maximise the grade of the initial plant feed, minimise waste pre-stripping and the requirement for consistent total material movement.

Comparison of the LOM pit design to the Whittle optimised shell is provided in Table 9.

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TABLE 9 COMPARISON PIT DESIGN VERSUS PIT OPTIMISATION SHELL

Item	Total Material Waste Strip Ratio*	Plant F eed Concentrate	Sub-grade Material
	[Mt] [Mt] [w:o]	Tonnes Li2O Grade [kt] [Mt] [%]	Tonnes Li2O Grade
			[Mt] [%]
Shell 29	370.7 339.9 11.0	30.8 1.21 4,146	5.9 0.27
LOM Pit	412.7 381.7 12.3	31.1 1.21 4,163	5.9 0.26
Variance [%]	11.3 11.7 11.3	0.8 -0.2 0.6

*Inclusive of sub-grade material (< 0.5% Li2O) that is shown as plant feed in the optimisation results

Variances between pit design and the Whittle shell are a function of applying ramp design parameters and detailed slope design parameters to the pit design, using actual batter and berm values compared to initial estimates of the overall slope angle (inclusive of a ramp system) used for the pit optimisation.

WASTE DUMPS

The mine generates 382Mt of waste or about 195Mm[3] at a swell factor of 25%. Two waste dumps with a total capacity of about 190Mm[3] have been designed, with some waste to be backfilled into the southern end of the Ewoyaa Main pit. The Western waste dump reaches a maximum height of 70mRL, covers about 34Ha and has a capacity of approximately 6.5Mm[3] . The North-eastern waste dump reaches a maximum height of 95mRL, covers about 340Ha and has a capacity of approximately 182.4Mm[3] .

Three to five years’ worth of tailings will be stored in an Integrated Waste Landform Tailings Storage Facility (IWLTSF) within the north-eastern waste dump.

STOCKPILING AND ROM

A stockpiling strategy has been adopted where all inferred plant feed is stockpiled for the first five years, with a 10% limit of Inferred being fed to the crusher in subsequent years. Further, P1 Pegmatite is being preferentially processed, with P2 Pegmatite limited to 10% of the ore blend where possible.

A ROM area adjacent to the crushing plant will accommodate about 500kt of stockpiling, with two additional stockpile areas identified some 600m NE of the ROM pad.

HAUL ROADS

Mine Roads will be designed to allow all-weather trafficability. This will include regular spreading and compaction of suitable crushed rock road base material. A total of six major haul road segments that connect pits with the ROM/crusher and waste dumps. Most roads traverse over moderately sloping terrain and do not require any major cut and fill, other than the main road connecting the pits with the ROM/crusher will traverse through some steeper terrain and will require cut and fill.

By the end of Year 10, an alternative road to the crusher needs to be developed and a preliminary design has been completed in the study.

4.4 MINE PRODUCTION SCHEDULE

Subsequent to the pit design work, pits with 100% of plant feed classified as Inferred Resources were removed from DFS mine schedule. Five pits were removed, namely both Bypass pits, Anokyi South pit, Abonko East pit and Kaampakrom Far East.

The mine production schedule was developed in monthly increments and is based on a total material movement of 406Mt, comprising 375.0Mt of waste and 30.6Mt of ore at 1.21% Li2O of plant feed, for a 12.2:1 waste to ore strip ratio.

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Staged development of the pits is driven by the desire to maximise the grade of the initial plant feed, minimise waste pre-stripping and the requirement for consistent total material movement. In addition, four constraints were imposed on the mine production schedule as listed below:

First access to mining areas: mining commences in Ewoyaa South 2 pit whilst removal of existing HV powerlines traversing the Ewoyaa main pit location occurs;
Processing rate: The Early Production Phase targets 50kt per month of crusher feed with the first year of full production targeting 2Mt, increasing to an annual crusher feed rate of 2.7Mt per annum thereafter;
P2 ore limit: % of P2 in the ore blend is limited to 10% where possible; and
Inferred limit: Inferred material deferred/stockpiled for the first five years and limited to 10% of the total plant feed thereafter.

During the Early Production Phase, the total material movement is 6.1Mt, including a total of 453kt of ore that is processed by early production DMS plant. Total material movement increases to 18Mt in the first year of the fixed process plant operation and thereafter gradually increases on account of higher mining strip ratios.

Stockpile tonnage reaches about 0.4Mt at the end of Year 1 (Early Production Phase) and increasing over the years up to 3.6Mt in Year 11 on account of stockpiling inferred material and limiting the amount processed to 10% of total plant feed until the final year of operation.

A total of 1.7Mt at 1.19% Li2O of Inferred Resource is included as plant feed, equivalent to approximately 6% of the total plant feed.

TABLE 10 SUMMARY MINE PRODUCTION SCHEDULE

Year	Total Material Waste Strip Ratio	Probable Ore Reserves Processed Inferred Mineral Resource Processed Total	Probable Ore Reserves Processed Inferred Mineral Resource Processed Total
		Tonnes Li2O Tonnes	Li2O Tonnes Li2O
	[Mt] [Mt] [w:o]	[kt] [%] [kt]	[%] [kt] [%]
1*	6.1 5.3 6.5	453 1.43% -	453 1.43%
2	18.2 15.0 4.7	2,000 1.29% -	2,000 1.29%
3	24.8 21.6 6.8	2,700 1.27% -	2,700 1.27%
4	38.6 36.1 14.3	2,707 1.09% -	2,707 1.09%
5	41.1 37.7 11.0	2,700 1.24% -	2,700 1.24%
6	39.5 36.2 10.9	2,430 1.31% 270	1.25% 2,700 1.30%
7	43.6 40.9 15.3	2,430 1.22% 270	1.04% 2,700 1.20%
8	45.3 42.6 15.3	2,437 1.22% 271	1.21% 2,707 1.22%
9	48.9 46.8 21.9	2,430 1.17% 270	1.18% 2,700 1.18%
10	48.7 46.2 18.2	2,331 1.12% 259	1.24% 2,589 1.13%
11	43.9 40.6 12.2	2,147 1.26% 239	1.18% 2,385 1.25%
12	7.2 6.5 9.5	881 1.23% 98	1.29% 979 1.24%
Total	406.0 375.4 12.3	25,645 1.22% 1,676	1.19% 27,321 1.22%

* Early production phase, which covers 14 months.

CAUTIONARY STATEMENT:

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60
Ewoyaa
South
50
Ewoyaa
Main
Ewoyaa NE
40
Anokyi
30
Ewoyaa
North
20 Grasscutter
Abonko
10
Kaampakro
m
0
Year
Total Materila Movement (t) Millions
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FIGURE 7 TOTAL MATERIAL MOVEMENT BY CUTBACK

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5.0 ORE RESERVES

5.1 INTRODUCTION

This section describes the methodology used and the economic criteria applied to derive at the Ore Reserves as defined in the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’ of December 2012 (“JORC Code”) as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy.

The Ore Reserves were determined as part of the mine planning work that MFC undertook for Atlantic Lithium as part of the Company’s Definitive Feasibility Study.

Mining will be undertaken by conventional open pit methods of drill and blast, followed by load and haul. Processing incorporates well-tested technology and utilises conventional dense media separation techniques to produce a SC6.0 and SC5.5 concentrate products, as well as a secondary product that comprises fines material (-0.85+0.053mm).

5.2 MODIFYING FACTORS

The term ‘Modifying Factors’ is defined to include mining, metallurgical, economic, marketing, legal, environmental, social and governmental considerations.

The sources for the Modifying Factors are summarised in Table 11.

TABLE 11 SOURCE MODIFYING FACTORS USED FOR ORE RESERVE DETERMINATION

Item	Source
Commodity price	Atlantic Lithium
Royalty, insurance and marketing	Atlantic Lithium
Processing and administration cost	Atlantic Lithium, Primero Ltd
Mining costs	RFQ submissions
Other miscellaneous costs	Atlantic Lithium
Mine planning	MFC
Metallurgy and processing	Primero Ltd, Trinol Pty Ltd, Nagrom
Capital costs	Atlantic Lithium, Primero Ltd
General site infrastructure	Atlantic Lithium, Primero Ltd
Geotechnical investigation	SRK Consulting
Hydrogeology	SRK Consulting South Africa & Ghana
Tailings storage facility	Geocrest & REC
Mining dilution and recovery	MFC
Social and Environmental	NEMAS Consult Limited and Environmental and Social Sustainability (ESS)
Legal tenure	Atlantic Lithium
Government	Atlantic Lithium

The Ore Reserves as determined for the Project were based on the Modifying Factors as summarised in Table 12.

All currencies are denominated in United States of America dollars, unless specifically stated otherwise.

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TABLE 12 SUMMARY OF MODIFYING FACTORS FOR ORE RESERVE DETERMINATION

Item Unit	Value
	P1 Pegmatite P2 Pegmatite
Plant throughput Mtpa	2.7
Spodumene price (SC6.0 and SC5.5 product) $/t	1,587
Concentrate grade - SC6.0 Product (50% of total production) - SC5.5 Product (50% of total production) %	6.0 5.5
Secondary product price $/t	186
Secondary product recovery (of total crusher feed) %	17
Royalty %	6.0
Processing recovery SC6.0 SC5.5	62.1 67.2 NA 14.9
Processing Cost $/t processed	7.77
General and Administration (Incl. Marketing and insurance) $/t processed	6.18
Lithium Concentrate Transport Costs SC6.0 and SC5.5 Secondary product $/t conc.	29.81 32.65
Average Mining Cost (Contract mining) $/t mined	3.82
Mining recovery %	95
Mining dilution %	5
Overall Pit Wall Slope Angle (inclusive of a ramp system) Degree	Ranging from 30.0o(Oxide) to 50.4o (Fresh)
Capital expenditure $M	185.2
Sustaining capital $M	112.2
Discount rate %	8

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5.3 ORE RESERVE SUMMARY

The mine plan as described in Section 4 includes 1.7Mt at 1.19% Li2O or 6% of Inferred Resources. In order to determine whether to Project was still economically viable when plant feed that was classified as Inferred was excluded from the mine plan (and re-categorised from plant feed to waste), Atlantic Lithium developed a cash flow model with all Inferred Resources excluded from plant feed and re-assigned as waste.

CAUTIONARY STATEMENT:

There is a low level of geological confidence associated in inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. In order to determine whether the Project was still economically viable when plant feed that was classified as Inferred was excluded from the mine plan a cash flow model was developed with all Inferred Resources excluded from plant feed and re-assigned as waste. This alternative cash flow model indicated that the Project is still financially robust when all Inferred Resources plant feed is treated as waste. Therefore, the Company is satisfied that the use of Inferred Resources is not a determining factor in the overall Project viability.

Based on the above, Probable Ore Reserves were declared for the Project and shown in Table 13. All stated Probable Ore Reserves are completely included within the quoted Mineral Resources and are quoted in dry tonnes. Probable Ore Reserves were declared based on the Measured and Indicated Mineral Resources only contained within the pit designs.

This alternative cash flow model indicated that the Project is still financially robust when all Inferred Resources plant feed is treated as waste with the All-In-Sustaining Cost (AISC) margin greater than 50%.

Based on the above, Ore Reserves were declared for the Project.

Table 13 provides a summary of the Ore Reserves as of 16 June 2023 that were determined for the Project.

TABLE 13 ORE RESERVES AS OF 16 JUNE 2023

Classification	Ore Reserve
	Tonnes (Mt) Li2O Grade (%)
Probable	25.6 1.22

COMPETENT PERSONS NOTE:

All stated Ore Reserves are completely included within the quoted Mineral Resources and are quoted in dry tonnes. The reported Ore Reserves have been compiled by Mr Harry Warries. Mr Warries is a Fellow of the Australasian Institute of Mining and Metallurgy and an employee of Mining Focus Consultants Pty Ltd. He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’ of December 2012 (“JORC Code”) as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia. Mr Warries gives Atlantic Lithium Limited consent to use this reserve estimate in reports.

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6.0 METALLURGY

Testwork was conducted at the Nagrom Laboratories in Western Australia and included specific gravity, uniaxial compressive strength (“UCS”), abrasion index (“Ai”), crushing work index (“CWi”), Bond ball plant work index (“BBWi”), size by analysis, crush size establishment, variability heavy liquid separation (“HLS”) testing, DMS 100 and DMS250 pilot scale testing, and sighter flotation tests.

6.1 METALLURGICAL TESTWORK

Over 30 diamond drill holes generating more than 375 pegmatite samples were used to develop a total of 69 composite pegmatite samples across the Ewoyaa and Abonko trends.

Before core composites were crushed, key physical parameters were tested from five deposits as summarised in Table 14. The CWi and UCS values confirm the 1 ore is more crystalline and easier to crush than P2, with results summarised in Table 14.

TABLE 14 SUMMARY OF ORE PHYSICAL PARAMETERS

Parameter	Unit		Ewoyaa Starter		Ewoyaa Main	Anokyi
Comp ID		Comp 17	Comp 5	Comp 10	Comp 16	Comp 31
Lithology		P1 fresh	P2 fresh	P1 fresh	P2 fresh	P1 fresh
BCWi	kWh/t	10.9	11	7.8	10.5	8.4
UCS	MPa	84	124	82	127	105
BBMWi	kWh/t	21.39	18.06	20.19	19.72	21.43

The crushing facility has been designed with a target crushed product top-size of 10mm as a key criteria, which, based on crushing simulation modelling conducted, should provide a particle size distribution P80 of approximately 7.0mm.

69 composites were made up from 15 of the identified deposits at Ewoyaa. All the composites were crushed to 10mm and screened at 0.5mm for HLS comparisons in order to benchmark the deposits. The results demonstrate variable recovery response of 50% to 80% for gravity processing of P1 ores (with the exception of Ewoyaa South 1 and Ewoyaa NW Sill). P1 ore makes up over 80% of the MRE.

A feature of the testwork has been the consistently good quality of lithium concentrates produced via DMS only testing. In the main, the results show the iron content of the concentrates, as expressed by % Fe2O3, as being consistently below 1% and total alkalis (Na2O + K2O) to be less than 3%. Coupled with the coarse size of the concentrates, these are desirable properties for off-takers.

6.2 RECOVERY

The recoveries for P1 and P2 materials were based on HLS and DMS 250 test results and on calculation of assumed additional recovery from middlings. Laboratory tests were performed on -10 +0.5mm material, the bottom size being finer than the proposed plant flowsheet bottom size of 0.85mm.

Recoveries for P1 material into primary concentrate at a 10mm crush were 50-80% from the HLS test work with an average 68% recovery for weathered and 70% for the fresh.

Ore recoveries for the DMS plant for both 5.5% and 6.0% spodumene and % of ore type are summarised in Table 15, include a factor for expected increased fines generated in full scale crushing, increases to the DMS bottom size (for both 1mm and 0.85mm), HLS to DMS effects, and the use split size fractions, as well as the minimum benefit from recrushing.

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TABLE 15 FINAL DMS RECOVERIES BY SC GRADE AND % OF ORE TYPE.

Concentrate Grade	Ore Type	HLS Recovery Plant Recovery Plant Recovery
		(% Li2O) (% Li2O) (% Li2O)
(% Li2O)		-10+0.5mm -10+0.85mm -10+1.0mm
5.50%	>90% P1	74.4% 67.2% 64.9%
	>80% P2	25.0% 14.9% 12.6%
6.00%	>90% P1	69.6% 62.1% 59.8%
	>80% P2	17.5% 7.0% 4.7%

There is significant indicated recovery improvement for a bottom size of 0.85mm compared to 1mm and on the basis that the plant design can accommodate the finer bottom size, these numbers have been adopted for plant financial modelling and plant design.

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7.0 PLANT AND PROCESSING DESIGN

7.1 DESIGN OVERVIEW

The processing facility (Figure 8) has been designed in accordance with accepted industry practice and the flowsheet incorporates unit operations that are well proven in the industry and commensurate with the test work conducted and results achieved to date. The test work supports a flowsheet that utilises conventional DMS processing to recover spodumene to a saleable concentrate.

The plant layout provides ease of access to all equipment for operating and maintenance requirements while maintaining a compact footprint to minimise construction costs.

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FIGURE 8 PROCESSING PLANT AND INFRASTRUCTURE VIEWED FROM THE WEST.

The key Project and ore specific design criteria for the processing facility design are as follows:

2,700,000tpa of Run-of-Mine (“ROM”) ore through the crushing plant operating at 70% utilisation (6,132h/y);
DMS plant utilisation of 85% (7,446h/y) supported by crushed ore storage and standby equipment in critical areas; and
Sufficient automated plant control to minimise the need for continuous operator interface and allow manual override and control if and when required.

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7.2 PLANT FLOWSHEET

The overall process flowsheet is depicted in Figure 9.

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FIGURE 9 OVERALL SIMPLIFIED PROCESS FLOWSHEET

ROM feed is direct tipped or loaded by front-end loader into a ROM feed bin. Material is then subjected to three stages of crushing through separate crushing circuits to produce a +10mm top size material ready for feed to a conventional DMS beneficiation circuit.

The feed material is separated into three size fractions to maximise DMS efficiency, namely Coarse (-10 +5.6mm), Fines (-5.6 +2.8mm) and Ultrafines (-2.8 +0.85mm) fractions. Each fraction is then processed in a two stage DMS circuit. A review of the metallurgy and testwork to date indicates that a bottom size fraction of 0.85mm is preferential to overall recovery than the 1.0mm design, and the plant design and equipment will be able to meet capacity at the 0.85mm bottom size.

In each two stage DMS circuit, the Primary DMS sinks are upgraded in the secondary stage. Secondary sinks from each size fraction are combined to produce a DMS concentrate product.

To improve recovery, coarse DMS floats are fed to a recrush circuit. The recrush circuit crushes the material to -4mm and the recrush DMS circuit recovers liberated spodumene.

The screened -0.85mm fraction is pumped to the fines dewatering circuit. Dewatered fines material is stacked in a fines stockpile. The material will be sold as a secondary product. In the future it is expected this material may be processed through a flotation circuit.

The dewatering cyclone overflow or slimes fraction is sent to the thickener and is pumped to tailings storage facility. There are no toxic chemicals used in the DMS circuit and therefore the tailings itself is chemically and biologically inert. The design includes all associated utilities, including water services, compressed air and reagents.

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7.3 PRE-PRODUCTION PROCESSING

Atlantic Lithium has identified an opportunity to conduct early processing operations using a modular DMS processing plant and contract crushing services. The early production will precede the primary processing plant by nine months. The pre-production flowsheet design criteria are as follows:

600,000tpa ore processed, with the DMS plant treating 375,000tpa after fines are removed; and
The modular DMS plant will be operating at 80% utilisation for a feed rate of 50tph.

The contract crushing provider will crush ore to a top size of 10mm. The DMS feed material will be screened at 3mm to produce DMS feed (-10mm+3mm) and a fines stream (-3mm). The DMS plant will produce a spodumene concentrate, along with the deslimed fines as a secondary product for sale.

The DMS plant will be two-stage single size fraction process all using conventional DMS equipment. Grits and fines generated in the process will be thickened and filtered to produce a dry tailings which will be stockpiled along with the middlings.

The crushing contractor will provide an all-inclusive crushing service. The Modular DMS plant provider will supply experienced labour to commission and operate the processing plant for the first three months. A small team of Atlantic Lithium operations personnel will be recruited for operation of this plant to be trained and become familiar with DMS operation, and will later transition to the primary processing plant when the primary plant begins production.

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8.0 INFRASTRUCTURE AND SERVICES

8.1 OVERVIEW INFRASTRUCTURE

Existing infrastructure supporting the site includes:

Sealed N1 highway running to the south of the site;
Existing unsealed roads traversing the site;
HV powerlines in the vicinity of and traversing the site;
Ports of Takoradi, approximately 110km to the west of site, and Tema, 140km to the east; and
Airports at Accra and Takoradi.

Infrastructure required to be developed or modified to support the site includes:

Water supply and sources including a water storage dam (WSD);
Power supply from the existing grid and existing electrical powerline infrastructure relocation for mine development;
Integrated Waste Landform Tailings Storage Facility (IWLTSF);
Plant site access road;
Buildings and facilities;
Fuel supply and storage; and
Communications.

Given the proximity and road quality to Accra and Takoradi, no airstrip is required to support the site.

8.2 SITE ACCESS

Access to the site from Accra is along the existing sealed N1 Accra-Cape Coast-Takoradi highway which runs along the southern boundary of the Project. Several existing unsealed roads extend northwards from the highway and link communities in the Project area.

8.3 TRANSPORT, LOGISTICS AND PORT FACILITIES

The deep-sea port of Takoradi is 110km west of site and accessible via the N1 highway. Travel time from Project site to port will be less than four hours, even during peak times. Products from the operation are stockpiled on site and loaded by front end loader onto 35t tipper trucks for offsite transport.

Based on annual product export volumes and loading only on day shift, a trucking fleet of fifty 35t tipper trucks and two front end loaders will be required to maintain average 15-minute cycle times.

Assistance was sought from established freight forwarding and transport companies established at the port to provide the product transport solution on an FOB Incoterms basis. Transport companies will provide the necessary equipment under contracted services to the operation, eliminating the need for project purchase of equipment. A combination of warehousing and outdoor storage be utilised near to the port to manage product volumes prior to ship loading.

8.4 WATER SUPPLY AND SOURCES

Raw water supply for the Project will be from passive inflows to mine pits, runoff inflows to the water storage dam (“WSD”) and tailings storage facility (“TSF”) and augmented via a pump and pipeline from Lake Agege, 7km north of the WSD. An overall site water balance was completed for the Project, predicting life of mine average raw water makeup volumes of 8.6m[3] /h.

Groundwater inflows to mine pits were modelled for the DFS, with combined inflows from all pits gradually increasing from 184 m³/d during pre-production to a peak of 10,585m[3] /d, meaning the reliance on the external Lake Agege water supply to the operation is expected to be short-term.

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Given the relatively low pit inflows, additional active dewatering from ex-pit boreholes is considered unnecessary. Once additional geological structural information is available and exposed in the pit, horizontal drain holes targeting these structures from inside the pit could be used to manage inflows into the Ewoyaa Main and North-East pits.

Although the zone of drawdown does not extend a large distance from the mining area, there are some settlements near the mining area. There is a risk, although deemed low, of some reduction in water levels. Atlantic Lithium has installed monitoring bores for mapping these impacts.

8.5 POWER

Site power supply is from the electricity grid in Ghana at an average operating cost of $US0.14/kWh. Installed power to the operation is estimated at 8,500kW and an average continuous load of 4,270kW. The Ghana Grid Company Ltd (GRIDCo) owns the National Interconnected Transmission System in Ghana and Volta River Authority (VRA) is the primary energy provider in Ghana, augmented by other IPP power generation companies providing alternative sources of energy which can be wheeled through the grid.

Ghana currently has 12 commercial power generation facilities with total installed capacity of 4,210MW. The makeup of generation capacity is based on 56% from three hydro power plants at Akosombo, Kpong and Bui, 44% from an array of thermal plants including combined cycle gas turbines, simple cycle gas turbines and diesel generators and less than 0.1% from solar power.

The preferred option for providing power to the Project is to construct a 34.5kV single circuit transmission line approximately 3km from a 161/34.5kV substation at Saltpond to a new substation constructed at the Project site, that in turn distributes power to site electrical substations.

Two existing transmission lines traverse the planned mining areas and will be diverted prior to mining commencement. The revised line route length will be approximately 15km and require 30km of new transmission line construction and a major shutdown to decommission existing lines and connect the new lines.

8.6 TAILINGS MANAGEMENT

An integrated waste landform TSF (“IWLTSF”) will be constructed in two stages to take advantage of the proposed integrated waste dump and the natural landforms. The facility which will be operational for the first three years. The third stage of tailings storage comprises of an IPTSF (In Pit Tailings Facility) within the Ewoyaa South 2 Pit.

The WSD comprises of a low permeability face situated on the western face of the Waste Dump East Stage 1. The embankments of the IWLTSF are proposed to be constructed using excavated and borrowed low permeability material and waste rock, with borrowed material to be used to construct the WSD.

The operation of these facilities is based on an anticipated high water recovery, at least 50% of the slurry water volume entering the TSF. The decant pumping system (return water pumps and pipelines) must be designed to accommodate a water return of up to 65% of the tailings slurry water to the process plant. The results of high-water recovery can be directly attributed to a small decant pond, high in-situ dry density of the deposited tailings and minimal seepage losses.

The designs of the TSFs assume an average dry density of 1.5 t/m[3] for operation which will provide 0.5Mm[3] of storage capacity for 0.75Mt of tailings in the IWLTSF and 0.97Mm[3] of storage capacity for 1.46Mt of tailings in the IPTSF. The WSD can provide a water storage capacity of 187,500m[3] .

In accordance with the DMP Code of Practice (CoP) (DMP, 2013), the IWLTSF is assessed as ‘Medium’ with a classification of ‘Category 2’, with the IPTSF as a ‘Low’ and ‘Category 3’ and the WSD as ‘Low’ and ‘Category 2’. Construction work must be undertaken in accordance with drawings and an earthworks specification. Furthermore, the operation of these facilities must be executed in accordance with the intent of the design and Operating Manual (OM).

The IWLTSF and WSD each have capacity for a 1:200-year annual exceedance probability (AEP) 72-hour storm event in accordance with GISTM requirements, Government of Ghana and DMP required freeboard. The design objectives were developed to ensure both IWLTSF and WSD are decommissioned and rehabilitated in an ecologically sustainable manner and in accordance with both DMIRS principal closure objectives for rehabilitated mines and EPA objectives for rehabilitation and decommissioning.

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8.7 SITE ROADS

A range of road types will be required for both site internal and access roads to meet a wide range of duties. The hierarchy of road types includes dedicated mine haul roads, the main access roads, general access roads and minor use roads and tracks. Some of the roads will border service corridors, e.g., raw water supply pipe lines, or tailings pump line access. Hence, road alignments also need to consider service routes in addition to transport requirements.

The road widths and construction details have been selected to match the required duties. The main haul road will intersect the existing dirt road that connects the Ewoyaa village to the main highway.

8.8 BUILDINGS/OTHER

The Project will develop several buildings and facilities to support the operation, including:

Administration building housing management and administrative personnel;
Services building to house medical, training and other support facilities;
Workshop and warehouse;
Reagent storage sheds;
Worker changeroom, ablutions building; and
Site access building and access turnstile gate.

Mining services facilities will be provided by the mining contractor under their contracted works.

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FIGURE 10 MINING SERVICES, ADMIN, SERVICES, WORKSHOP AND WAREHOUSE FACILITIES

8.9 ACCOMMODATION

Accommodation for most of the workforce is proposed utilising the available accommodation in the region. Accommodation for senior management, visitors and dignitaries will be provided at a nearby resort facility, which is currently under care and maintenance and will require minor upgrade works and maintenance to be operational.

A contract to operate the resort will be let to a suitable provider, inclusive of resort management, cleaning, maintenance and provision of all meals and accommodation requirements.

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8.10 FUEL STORAGE AND DISTRIBUTION

Fuel storage and distribution will be provided and controlled by the mining contractor as the main user of fuels and lubricants at the site. Atlantic Lithium will make use of locally available services for maintenance of light vehicles, and to support the basic administrative supplies requirements for the operation.

8.11 COMMUNICATIONS

Site communications, consisting of phone, internet, and a communications tower, will be established for the site and connected to nearby existing Internet Service providers in the vicinity of the N1 highway.

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9.0 ENVIRONMENTAL AND SOCIAL STUDIES AND PERMITTING

Under Ghanaian environmental and social legislation, all undertakings, including mining and allied activities, must be compliant with the Environmental Protection Agency Act 1994, Act 490, and the Environmental Assessment Regulations 1999 (LI 1652). In addition to these two key national legislations, there are over 40 other environmental and social related legislations that any undertaking must be compliant with, depending on the nature, scope, and location of the undertaking.

The Project has adopted critical international environmental and social guiding principles and benchmarks. Among these include:

Equator Principles (EP); EP3 – EP10;
International Finance Corporation Performance Standards (IFC PS); PS1 – PS6 and PS8;
WB EHS Guidelines (General) (2007) and WB EHS Guidelines (Mining) (2007); and
International Labour Organisation (ILO) Conventions.

9.1 REGULATORY FRAMEWORK AND APPROVALS PROCESS

The Ghana Environmental Protection Agency (EPA) is the legally authorised body for granting of Environmental Permits to undertakings in country. Ghanaian environmental approval requirements for mining require a full Environmental and Social Impact Assessment (ESIA). The ESIA and permitting process commences with project registration with EPA. The EPA then screens the application and decides on the need for further study based on the project scope, potential environmental and social impacts, and the consent and support of various stakeholders in the Project footprint. After this is a scoping stage once EPA has requested the conduct of a detailed ESIA study.

A Scoping Report will be developed and submitted to the EPA for review and approval. The report will also be made publicly available and will include Terms of Reference for the ESIA, a description of any issues raised during the consultation process and how they will be addressed in the ESIA.

The ESIA study will cover potential positive and negative impacts on environmental, social, economic, and cultural aspects in relation to the different phases of the Project, including transboundary impacts. Upon completion of the ESIA Study, a draft Environmental Impact Statement (EIS) will be developed and submitted to the EPA for review and approval.

EIS Approval by the EPA will be premised on satisfaction with the identified impacts and mitigation and management measures outlined in the EIS. The EPA may also recommend amendments to the report or the conduct of further studies to warrant approval of the EIS. Once the EPA is satisfied and approves the EIS, an Environmental Permit will be issued for the Project.

9.2 EXISTING ENVIRONMENTAL SETTING

TOPOGRAPHY AND GEOLOGY

Generally, the Project area landscape is undulating with isolated hills at different locations with an elevation of between 15m to 110m above sea level. The area geologically lies within the Birimian Supergroup, a Proterozoic volcanosedimentary basin located in western Ghana. The site is also classed as B and C under the Euro Code 8 seismic site classification for soil which consists of outcrop rock masses or very rigid soils and medium-dense sand, gravel, or stiff clay respectively. Analyses of ground vibration data within the Project area indicate that generally the peak particle velocity (PPV) recorded do not pose an elevated seismic vulnerability risk.

CLIMATE

The Ewoyaa area experiences mild temperatures averaging between 24 and 28 degrees Celsius all year round and relative humidity of about 70% due to its proximity to the ocean. The area experiences double maximum rainfall with peaks in May-June and October. Annual total rainfall ranges between 90cm and 110cm in coastal savannah areas and between 110cm and 160cm in the interior close to the margin of the forest zone. Dry seasons usually occur from December to February and from July to September.

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HYDROLOGY AND HYDROGEOLOGY

The natural drainage in the Project area indicates the possibility of several streams and rivers existing or flowing through the area. Nonetheless, very few surface water bodies are encountered on the ground, with the majority being dugouts or water holding areas that temporarily dry out during the dry season. Water from dugout sources normally is a mixture of surface runoff and groundwater mostly from the unsaturated zone.

No perennial streams or rivers occur within the immediate Project area. Typical borehole yields are from 0.1 to 0.5l/sec. Surveys conducted in the Project area indicate that the water chemistry is predominantly alkaline, with elevated fluoride levels which is normal for basement geology, and high nitrate levels which indicate contamination from human and animal waste.

AIR QUALITY AND NOISE

Results of air quality monitoring conducted in the Project area since 2021 to date revealed that prevailing air quality of the Project area generally falls within the recommended Ghana EPA and WHO levels. On the other hand, noise levels in some areas monitored exceed Ghana EPA and IFC/WHO recommended levels, attributed mainly to the proximity of the communities/ sampling areas to the Accra-Cape Coast Highway (N1) which is a significant source of noise pollution.

LONG-TERM ENVIRONMENTAL MONITORING

The Project has gathered extensive environmental baseline data from 2019 to date, which provides a snapshot of the quality and nature of the environment. Additionally, the Project has instituted and is implementing a long-term environmental monitoring programme (exploration phase through to closure phase) which will afford prompt detection of deteriorating and/or improving environmental conditions within the Project area to enable appropriate action to be taken where required.

9.3 EXISTING SOCIAL SETTING

TRADITIONAL OWNERSHIP OF LAND

The Project communities where land ownership is likely to be affected are Abonko, Anokyi, Ewoyaa, Krofu, Krampakrom and Lower Saltpond. Land title in these communities is predominantly held by families, rather than chiefs and stools, as is common in Ghana. Family lands, implicitly inferred by the 1992 Constitution as private property, are devoid of extensive government regulatory mechanisms compared to stool or skin lands. Traditional authorities however have played a key role in resolving and/or mediating conflicts that have arisen in land ownership.

POPULATION

A 2020 survey conducted on communities within a 2km radius from active areas of mineralisation estimated that over 3,562 people were living within the survey area. The surveyed communities included Abonko, Anokyi, Ewoyaa, Krofu, Krampakrom, Ansaadze, and Afrangua.

CULTURAL HERITAGE AND ARCHAEOLOGY

Cultural heritage and archaeological studies conducted in the Project area revealed 33 archaeological and heritage resources located in the area. These resources are shrines believed to be a link between the living and dead. All shrines in these communities are networked and rituals for one can be performed at another. Almost all shrines share common ritual items, functions and taboos. Some of these resources may need to relocate, which will be done in consultation with the various Deity-Heads to avoid social disruption and prevent potential non-cooperation.

9.4 HEALTH, SAFETY, ENVIRONMENT AND COMMUNITIES MANAGEMENT SYSTEM (HSECMS)

The Project has developed several mechanisms to facilitate sustainable and effective management of HSEC concerns within its footprint. This includes documented plans, agreements, toolkits, and registers that provide the framework to manage the HSEC management system of the Project.

Stakeholder Engagement Plan (SEP): Describes the applicable regulatory and/or other requirements for disclosure, consultation and ongoing engagement with the Project’s stakeholders, and provides the framework to build a two-

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way communication between the Project, the potentially affected communities and other project stakeholders through a clear, simple and effective communication strategy.

Community Development Plan (CDP): Aimed at ensuring inclusive decision-making with host communities, supporting environmental and socio-economic development, enhancing community wellbeing, and expanding the capabilities of communities to effectively engage with the Project, government, and Community-Based Organisations (CBOs) on development issues that concern the communities.
Emergency Response Plan (ERP): Identifies potential emergency scenarios likely to occur in association with the Project, their likely consequences, preventive strategies, response procedures and corresponding responsible parties/persons, resource requirements for efficient emergency response, response timing, reporting channels and procedures.
HSEC Risk Register: Details all the identified risks of the Project (Exploration Phase), the potential impacts or consequences of those risks occurring, control and management measures for each identified risk and responsible parties for managing the risks.
Baseline Exceedance Level Tracking: Serves as a proactive monitoring tool to identify deteriorating or improving environmental conditions (air and water quality, and noise levels) within the Project footprint based on data from monthly environmental monitoring.

9.1 IMPLEMENTATION APPROACH

The overall Project objective is to design, fabricate, build and commission a successful lithium mine, concentrate production facility and associated infrastructure to a high safety standard whilst meeting all statutory laws and regulations and minimising impact to local communities.

The execution strategy to meet the Project objective will be to employ an Engineering, Procurement and Construction Management) (“EPCM”) methodology, whereby EPCM contractors will provide the engineering, procurement, construction management and commissioning support services necessary for delivery of the process plant, associated infrastructure and services works scopes. The EPCM approach is commonly employed in mining projects in the region and allows Atlantic Lithium to monitor and control the budget, schedule and quality of the end product through all stages of project development and execution.

EPCM contractors will provide management, engineering, design and procurement services for their work packages aligned with a “fit for purpose” approach to design, tender, evaluate, recommend for award, purchase and expedite all required equipment and materials for the Project.

EPCM contractors will manage their teams and report to Atlantic Lithium’s management structure, who will be supported by a Project Team staffed to the meet Project objectives and mange any owner-led work packages.

EPCM contractors will establish construction management teams to manage and supervise on-site contractor construction progress, quality of workmanship, safety and environmental compliance. The Project will maximise the use of majority Ghanaian owned contractors and suppliers of key bulk materials and services in accordance with recently legislated requirements. Over 400 personnel are expected on-site during the peak construction phase.

Equipment fabricated outside of Ghana will be imported through the ports of Tema and Takoradi and transported by road to site. A transport and logistics (TandL) contractor (freight forwarder) with local and international presence will oversee all TandL requirements under EPCM contractor supervision.

EPCM contractors will manage and complete the commissioning of plant and infrastructure and perform handover to the Atlantic Lithium team for production ramp up once the agreed acceptance requirements are achieved.

The Project has completed FEED work packages for the process plant design and for the HV powerline relocation and Project power supply works package. These works expedite readiness for long lead equipment item selection and purchase and de-risk the overall Project schedule. The balance of the detailed design will be completed after Final Investment decision (“FID”).

9.2 IMPLEMENTATION SCHEDULE

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A detailed Project implementation schedule has been developed based on inputs from the Atlantic Lithium team and all DFS and FEED consultants. The schedule outlines a 30-month duration from DFS completion until introduction of first ore into the main process plant in January 2026. The schedule has zero float and is contingent upon the following assumptions and basis:

Atlantic Lithium will use the DFS and completed FEED works for its preliminary Mining Lease application to the Minerals Commission of Ghana with receipt in Q3 2023;
In parallel, internal assessment with Project JV partners for a FID;
Following FID, access to agreed funds based on JV partner Project investment agreements and projected cashflow requirements identified in the DFS to commence:
Engineering detailed design and procurement of long lead capital items;
Design, supply and execute works scope for the relocation of existing HV powerlines that traverse the Project site; and
Carrying out ESIA works, application for environmental permits and developing the RAP requirements and implementation plant.
The critical path relates to the activities and durations associated with completing ESIA and RAP works to apply for and receive an environmental permit
After ratification of the Mining Lease application, implementation of Phase 1 RAP activities will commence ahead of construction works (breaking ground) and mining contractor mobilisation for site establishment and mine prestripping;
Concurrent mine development and construction of processing facilities and infrastructure; and
Development of an early production DMS plant ahead of completion of the main process plant, for early production of spodumene products for early revenue streams, as well as training of operators and developing co-ordination between mining and operations departments.

The key milestones for the Project are outlined in Table 16 below.

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TABLE 16 PROJECT MILESTONES

Project Milestone	Start	Finish
Complete DFS		Jun-23
Process Plant Engineering and Procurement of Vendor Data Award	Jul-23
Commence Commercial Negotatons (LLI)	Aug-23
Process Plant Procurement Package Award	Sep-23
Ghana Presidental and Parliamentary Electon Canvasing Commences (12m ahead)	Dec-23
Complete EIA and RAP and Submit to EPA		Mar-24
Permit Applicaton Process (Opp to expedite)		Mar-24
Environmental Permit Granted (EIA and RAP) (Independent of ML Ratfcaton)		Jun-24
Parliamentary Ratfcaton of Mining Lease (Obtain 6 months post ML Applicaton)		Jul-24
2024 Wet Season	May-24	Sep-24
Earthworks Contractor Mobilisaton to Site for Process Plant Constructon	Sep-24
Phase 1.1 Commence Process Plant Constructon (Break Ground)	Sep-24
Ghana Presidental and Parliamentary Electon	Dec-24
First Ore Available Early Producton Plant		Mar-25
First Product (Early Producton plant)		Apr-25
Commence Mining for Process Plant feed	May-25
2025 Wet Season	May-25	Sep-25
Power Feed Line to Process Plant Complete		Sep-25
Power On Date		Sep-25
First Ore Available Process Plant		Oct-25
Process Plant Constructon Complete		Nov-25
First Ore Through Plant (SC6)		Jan-26
First Shipment of Concentrate (SC6)		Feb-26

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10.0 OPERATIONS

Ghana has an established mining industry with several currently operating gold, bauxite and manganese mines. It has established supporting industries and supply chains for mining operations as well as a skilled and experienced workforce for mining and plant operations, albeit without experience with lithium mining and processing in the country.

The overall organisational structure of the operation has been developed with a breakdown of each department and function with associated headcount, position level and identification of expatriates, local workforce and contractors. More than 800 direct jobs will be created at the Project across security, medical, mining, processing and laboratory functions. The structure has also been used to develop labour costs in the operating cost estimate.

A structured recruitment procedure will be carried out to identify and employ suitable candidates for all required positions and in the identified timeframes prior to productions and operation to ensure all training and other operational readiness requirements are implemented. Wherever possible, the operation will employ experienced Ghanaian management and supervision personnel, supplemented by a small number of expatriates with specific expertise in lithium production.

Expatriates will be critical for operational readiness, local workforce training, guidance and management for successful operations startup, plant commissioning and ramp-up. Some expatriates will remain with the operation for one to three years, after which time it is anticipated that the operation can employ 100% Ghanaian personnel.

The Project will implement a hire local philosophy. This will provide contribution to economic growth and stability at the local level in the community. Atlantic Lithium will encourage its staff to live and work in the region and, by employing locally, the Company can be a more active part of the community and provide residents with an opportunity to access the jobs Atlantic Lithium creates.

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1000
900
800
700
600
500
400
300
200
100
0
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
Processing & Maintenance Mine Management Admin & General (minus Enviro)
Enviro & Social Security Medical
Laboratory Mining Contractor
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FIGURE 11 ESTIMATED EMPOYMENT FOR LOM

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11.0 OPERATING COST ESTIMATE

11.1 ACTIVITY BASED COST

The Project has an estimated C1 cash cost, FOB Ghana detailed in Table 17 below.

TABLE 17 ACTIVITY BASED COST

Operatng Cost	$ M (LOM)	*Unit of measure*	Unit cost by actvity	$/dmt concentrate
Mining Contractor	1,550,248	$/t mined	3.82	432
Atlantc Mine Management	38,785	$/t mined	0.10	11
Processing	212,155	$/t processed	7.77	59
General and Administraton	168,758	$/dmt concentrate	47.08	47
Spodumene Selling	106,850	$/dmt concentrate	29.81	30
Secondary Product Selling Costs	154,534	$/dmt secondary product	32.65	43
Secondary Product Credits	-878,424	$/dmt concentrate		-245
Total Operatng Cost	1,351,217	*$/dmt concentrate*		377

C1 operating cost are defined as direct cash operating costs of production FOB, Ghana Port. Direct cash operating costs include mining, processing, transport, and general and administration costs, net the credit from secondary product sales. Secondary product credits do not include Feldspar sales.

The operating cost estimates are detailed below.

11.2 MINING COSTS

Estimation of direct mining costs were developed on the basis of a mining contractor operation, under the management of the Atlantic Lithium site operations team. Mining costs were based on:

Contract mining costs established via a request for quotation (“RFQ”) process involving eight established mining contractors active in the region for the full scope of contract mining services, excluding grade control drilling. Contract grade control costs were provided by the exploration drilling company that conducted the resource drilling at the Project (Geodrill Limited);
Capital works relating to mobilising and establishing mining operations were requested as part of the RFQ process; and
Owner’s operations mining management team costs were estimated by Atlantic Lithium and are included in the OPEX.

Contract mining quotes were obtained from eight mining contractors experienced in the region. For conforming contractor quotes, unit mining costs excluding site establishment, mobilisation and de-mobilisation ranged from $3.21/t to $4.60/t mined based on material movement for the first seven years of mine life.

Mining costs were estimated at $3.82/t mined, over the life of mine, inclusive of contractor mobilisation, establishment, pre-production mining and demobilisation.

11.3 DMS PROCESSING COST

Process operating costs have been developed on an annualised basis and using the parameters specified in the plant process design criteria for the main plant operation. The operating cost estimate includes all owner management, administration and processing costs to process 2.7Mtpa of ore annually to produce spodumene concentrate and secondary product.

Operating costs are expressed in United States Dollars (US$) unless otherwise stated, with an estimate basis date of Q2 2023, and are summarised in Table 18.

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TABLE 18 SUMMARY OF DMS OPERATING COST (USD, Q2 2023, -15% + 15%)

Item	$M/year	$/t Crusher Feed	$/t Product
Labour (Processing and Maintenance)	6.8	2.51	7.82
Reagents and Operatng Consumables	2.4	0.89	2.76
Maintenance Materials	4.0	1.48	4.62
Power	3.4	1.25	3.88
Labour (Atlantc Lithium)	3.4	1.24	3.88
Labour (General and Administraton)	5.4	2.01	6.24
General and Administraton Expenses	9.3	3.44	10.71
General and Administraton Power	0.3	0.13	0.39
Material Handling	2.0	0.76	2.36

11.4 EARLY PRODUCTION PLANT OPERATING COST

Operating costs for the smaller pre-production Modular DMS processing plant Table 19 were prepared on an annualised basis for the period of operation prior to the main plant coming online. Costs were developed with the same basis as the main processing plant operating cost, apart from labour requirements being reduced appropriately, higher reagent consumptions applied and diesel costs calculated for associated power consumption given the permanent power supply will not be online.

TABLE 19 PRE-PRODUCTION OPEX SUMMARY

Item	$M/year	$/t Crusher Feed	$/t Product
Crushing	6.2	10.31	22.85
Labour (Processing and Maintenance)	2.2	3.65	8.10
Reagents and Operatng Consumables	0.7	1.11	2.46
Maintenance Materials	1.7	2.83	6.28
Diesel	2.0	3.28	7.26
Labour (Atlantc Lithium)	1.8	3.00	6.66
Labour (General and Administraton)	1.7	2.80	6.22
General and Administraton Expenses	2.7	4.40	9.75
Material Handling	0.4	0.64	1.42

11.5 BASIS OF ESTIMATION

Labour costs were developed based on the operations team (position and headcount) defined in the operations organisation chart and the expected cost of salaries, allowances, statutory charges and costs for each position.

Reagents and operating consumables costs were calculated based on expected consumption rates either from process design criteria information, benchmarking against similar operations or operational experience, and applied to unit rate pricing for each reagent and consumable item.

Power costs are based on unit rate power costs advised by ECG and applied to expected power consumption for the plant and operation.

General and administrative costs include priced costs for contracted services such as the metallurgical laboratory, site security, site medical etc as well as costs such as insurances, legal and accounting fees, training, general stationery and supplies, annual permits and licensing fees, consultant fees, travel and expenses, social and community expenditure.

Product transportation and logistics costs are based on unit costs for the complete transport and logistics chain (between site and product loading onto ships at Takoradi port) applied to the calculated annual product tonnages.

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Material handling costs are based on mining contractor waste haulage rates applied to calculated annual material tonnages.

The OPEX excludes exchange rate and inflation variations from date of estimate, Project financing costs and interest charges, corporate overheads, VAT, Royalties, mining contractor costs (included directly in the financial model) and exploration costs.

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12.0 CAPITAL COSTS

The Project capital cost estimate was compiled based on input from the following key contributors:

Primero: process plant, bulk earthworks and various infrastructure costs;
Geocrest Group / REC for Tailings and water storage dam earthworks;
ECG Engineering for HV powerline relocation and power supply connection costs; and
Atlantic Lithium for owners costs, land and resettlement costs and sustaining costs.

The upfront capital cost estimate is based on the scope described in this report and has been peer reviewed for acceptance by the study team. All costs are expressed in United States Dollars (US$) unless otherwise stated, with an estimate basis date of Q2 2023. The estimate has been developed in accordance with Primero’s capital cost estimating procedures, with an accuracy of +15% / -15%.

The upfront capital cost estimate summary is presented in Table 20. Mining costs are discussed in Section 4.0 and have been included directly into the financial model (Section 13).

TABLE 20 CAPITAL ESTIMATE SUMMARY (USD, Q2 2023, -15% + 15%)

WBS Area	US$M	% of Total
Site General and Infrastructure	23.5	12.7
Process Plant - DMS	73.2	39.5
Project Indirects	27.6	14.9
Owners Costs	33.4	18.0
Modular Plant - DMS	15.3	8.3
Subtotal	173.0	93.4
Contngency	12.2	6.6
Total	185.2	100.0

12.1 ESTIMATE BASIS

The estimate has been presented in United States dollars as at Q2 2023. Prices obtained in other currencies have been converted to US$ using agreed Project exchange rates. The estimate build-up is based on a DFS level of engineering and design across most scope areas to size equipment and prepare material quantities. Quantity information was derived from a combination of sources and categorised to reflect the maturity of design information:

Study engineering including quantities derived from Project specific engineering, equipment lists, drawings and 3D modelled facilities;
Reference projects with quantities drawn from previously constructed projects or detailed designs, adjusted to suit (where required) this Project works scope;
Estimates that include quantities derived from sketches or redline mark-ups of previous Project drawings and data, compiled by estimating; and
Factored quantities derived from percentages applied to previous Project estimates.

Estimate pricing was derived from a combination of the following sources:

Priced: Market pricing solicited specifically for the Project estimate from enquiry to reputable suppliers, fabricators and construction contractors in Ghana and internationally;
Estimated: Historical database quantities or pricing older than six months, with some use of priced information (above) such as unit rates for cost build ups; and
Allowance: Cost allowances based on Project team experience, benchmarking.

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The breakdown of estimate pricing source (excluding contingency) is shown in Table 21.

TABLE 21 SOURCE OF CAPITAL COST PRICING

Source of Pricing	US$M	% of Total
Priced	136.6	79.0
Estmated	27.4	15.8
Allowance	9.0	5.2
Total	173.0	100.0

The capital cost estimate excludes sunk costs, corporate costs, company overheads, exploration costs, Project financing costs, taxes, duties, working capital, exchange rate variations and escalation.

12.2 DEFERRED AND SUSTAINING CAPITAL

Additional capital to be expended over the life of operation to sustain mining and processing operations has been prepared and included in the financial model. The costs are presented in Table 22. The costs exclude expenditure for new or expanded process plant and infrastructure.

TABLE 22 SUSTAINING AND CLOSURE CAPITAL COSTS, LOM

Cost Item	US$ M
Land Access and Resetlement Costs	98.9
Sustaining capital TSF Development Stages 2 and 3	0.8
New Tailings Line to Ewoyaa Pit	0.9
New Water Line from Ewoyaa Pit to Plant	0.5
Sediment Control Structures 3-5	0.1
Sustaining capital Plant and Buildings	7.0
Vehicle and Fleet Replacements	1.1
Sustaining Capital Infrastructure and Equipment:	2.9
Rehabilitaton and Closure Costs	45.8
Total	158.0

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13.0 FINANCIALS

13.1 FINANCIAL MODEL INPUTS AND BASIS

A financial model has been prepared to collate the study results to estimate and evaluate Project cash flows and economic viability. The model is based on the following key inputs and assumptions.

TABLE 23 KEY FINANCIAL MODEL INPUTS

Model Parameter	Basis	Basis	Value/Input
Capital Funding Base Case:		100% Equity, 0% Debt	Equity
Discount rate		% per annum	8.0
Royaltes	Govt.	%	5.0
Royaltes	3rd Party	%	1.0
Royaltes	3rd Party	%, capped at $2m total	1.0
Royaltes -Growth and Sustainability 1% levy		%	1.0
DMS Recovery		P1 SC6.0	62.1%
DMS Recovery		P1 SC5.5	67.2%
DMS Recovery		P2 5.5	14.9%
DMS Modular Recovery		SC5.5	34.0%
Li Product Moisture Content		%	5.0
Secondary Product Moisture Content		%	15.0
Corporate Tax Rate		%	35
GET FUND	Paid in year afer cost incurred	% of goods and services cost	2.5
NHIL FUND	Paid in year afer cost incurred	% of goods and services cost	2.5
CDA FUND	Paid in year afer cost incurred	% of earnings/proft (NPAT)	1.0
VAT Rate		% of goods and services	15.0
		cost
Return Frequency for VAT (post Constructon)	Quarters		2.00
COVID 19 HRL - levy on non-exempt goods and services	Paid in year afer cost incurred		1%
Goods and Services Costs estmate based on % of Opex			17%
Import dutes on op consumables			5%
Marketng Costs		%	3
Environmental Bond frst year payment		US$	4,575,905
Annual Premium as % Insurance Bond			0%
With-holding Tax Rate on non resident services			20%
Withholding Tax Rate on Interest and dividends			8%
Import Dutes on Op Consumables (inc ECoWAS and Proc)			5%
Carried forward losses in Ghana		Years	4
Refning Costs		%	0.00
Governments Free Carry Requirement		%	10

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13.2 SPODUMENE CONCENTRATE PRICING

Spodumene concentrate pricing is based on a consensus SC6 forecast (Table 23). This Pricing has been used for the component of SC6 produced on the Project. SC5.5 pricing is calculated with a 5% discount to the SC6.0 Li2O unit pricing and factored by a ratio of the product grades. Eg SC5.5 price = (5.5/6)SC6 Price0.95.

Secondary product pricing is calculated with a 45% discount to the SC6.0 Li2O pricing and factored by a ratio of the product grade. The pricing basis for the discount is from preliminary discussions with off-takers for the material.

TABLE 24 PROJECT PRODUCT PRICING FORECAST, USD, FOB GHANA

Year	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036
DFS SC6.0
(median	3,000	2,557	2,000	1,841	1,770	1,666	1,560	1,452	1,410	1,410	1,410	1,410
consensus),US$
DFS SC5.5
(calculated),	2,613	2,227	1,742	1,603	1,541	1,451	1,359	1,264	1,228	1,228	1,228	1,228
US$
Secondary
Product (calculated),	375	286	222	176	191	189	163	155	144	139	154	152
US$

13.3 SPODUMENE CONCENTRATE PRODUCTION

Figure 12 depicts spodumene concentration production over Life of Mine. The Modular DMS units will deliver early production during the first year. An uptick in production is anticipated in the second year, running at 75% of the nominal capacity on an annualised basis, which factors in both the commissioning and ramp-up stages. Year 4 production considers a higher volume of P2 ore processed.

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----- Start of picture text -----

450
400
350
300
250
200
150
100
50
0
kt Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12
(Early 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
Prod.
Phase)
2025
SC5.5 SC6
----- End of picture text -----

FIGURE 12 LOM CONCENTRATE PRODUCTION

Statement:

The estimated Ore Reserves and Inferred Resources underpinning the production target in Figure 12 have been prepared by a Competent Persons in accordance with the requirement in Appendix 5A (JORC Code).

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13.4 PROJECT FUNDING

The Project will be funded under a co-development agreement with Piedmont Lithium Inc (“PLL"), where Piedmont has the right to earn up to 50% at the Project level and 50% of the total spodumene concentrate (SC6) offtake at market rates by funding US$17m towards studies and exploration and US$70m towards the development. Any cost overruns or savings for the Project (i.e. where development costs are more or less than the funding in the agreement) will be shared equally between Atlantic Lithium and PLL.

Project funding has been included on the premise that all Project development requirements will be funded by the PLL agreement, with additional funding required by Atlantic Lithium to be sourced from cash or equity.

13.5 PROJECT FINANCIAL RESULTS

Key financial model outputs are shown in Table 25. The Project demonstrates robust financial metrics and rapid payback.

TABLE 25 CASH FLOW MODEL KEY RESULTS

Item	Units	DFS Result
Revenue (all products)	US$M	6,566
Spodumene Revenue	US$M	5,687
Secondary Product Revenue	US$M	878
NPV8Post Tax	US$M	1,498
IRR	%	105
Payback	Months	19
EBITDA	US$M	3,798
EBIT	US$M	3,527
NPAT, LOM	US$M	2,284
Surplus Cashflow, Post Tax	US$M	2,253
C1 Cash Cost (net by-product credit)	US$/t	377
All In Sustaining Cost (AISC)	US$/t	610

All-In Sustaining Costs (AISC) are defined as Operating Costs plus 3[rd] party royalties, government royalties and sustaining capital. AISC are calculated and reported from commencement of commercial production. AISC exclude NonSustaining Capital expenditure.

The DFS illustrates that the Project has strong operating margins. The realised concentrate price (FOB) is derived from the concentrate pricing in Table 24, adjusted for the product mix.

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----- Start of picture text -----

3000
2500
2000
1500
1000
500
0
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12
(Early 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
Prod.
Phase)
2025
Cash Cost (net by-product credit) Concentrate Price AISC
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FIGURE 13 EWOYAA LITHIUM PROJECT MARGIN

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13.6 CASH FLOW SENSITIVITIES

Sensitivities are applied to key Project estimates and assumptions. Favourable and unfavourable movements relative to Post-Tax NPV8 are illustrated in the Figure 14 below.

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----- Start of picture text -----

Sensitivity to NPV8 (-25% + 25%)
Li Price
Head Grade
Lithium Recovery
All OPEX
Mining Costs
Transport
Processing
Costs
Capital Costs
900 1100 1300 1500 1700 1900 2100
----- End of picture text -----

FIGURE 14 CASH FLOW SENSITIVITIES GRAPH, NPV8 BASIS

Project cash flows are most sensitive to changes in concentrate selling price, where a 10% change in price resulted in a 17.0% change to the Post-Tax NPV8. This was closely followed by sensitivity to changes in head grade 16.5% and recovery at 13.8%.

Sensitivity adjustments of Project expenses demonstrated that mining costs, which made up the largest portion of operating expenditure, resulted in the most significant movements in Project NPV8 followed by concentrate transport, processing. The Project is insensitive to changes in capital cost.

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14.0 PROJECT RISKS AND OPPORTUNITIES

14.1 INTRODUCTION

The study undertook analysis at two levels:

Hazards identification associated with the plant operation (“HAZID”); and
Project development risk and opportunity analysis.

14.2 HAZID

A HAZID was undertaken focussing on design and operational elements that have the potential to cause significant personal injury or environmental damage, to allow these to be addressed early in the detailed design.

The HAZID was carried out for the DFS in a workshop setting with attendees from Atlantic Lithium and Primero and facilitated by an independent representative. The results of the assessment constitute the HAZID risk register, into which subsequent HAZID reviews were then conducted to complete the analysis.

Overall, no hazards (uncontrolled) were classified as extreme, and only two hazards were classified as high, related to interactions of personnel with vehicles and mobile plant. With future implementation of industry standard design practices and operational controls, the residual risk ratings for these items are all low. All other hazards have both uncontrolled and residual risk lower ratings to either medium or low.

14.3 PROJECT RISK ASSESSMENT

A risk assessment was undertaken to assess the impact of uncertainties on the objective of delivering and operating the Project within budget and on schedule. The risks identified related to Compliance, Electrical supply, Environmental and approvals, Health and Safety, Human Resources, Infrastructure, logistics, water modelling and owners risks, Metallurgy, Geology, Mining, Processing, Security and Tailings and water dams

A standard Risk Assessment procedure was used for the Project Risk Review, which categorises risks by project development area. This allows specific risks and their impacts to be identified, along with current control measures. A severity of consequence and a likelihood of occurrence was assigned to rate risks and allow the effects of further control actions to be considered to arrive at a residual risk rating.

The Project risk assessment was carried out for the DFS in a workshop setting with attendees from Atlantic Lithium and all consultants and facilitated by an independent representative. The results of the assessment constitute the Project risk register, into which further reviews were then conducted by individual teams to complete risk works for their areas of study scope, including assignment of actions and risk owners for ongoing risk management.

The results of the workshops are presented in the Project Risk Register. In the categories studied, one risk (uncontrolled) was classified as EXTREME, related to risk of obtaining and keeping an environmental permit (EP) required to conduct construction and operations. Long Project delays and delays to revenues would result. Mitigation actions relate to developing a strong understanding of the requirements to obtain and maintain the EP and carrying out the planned ESIA and RAP readiness works for the EP application in parallel to engineering and design works during 2023-24, leading to a residual risk rating of MEDIUM.

Several risks were classified as HIGH, however with ongoing or future mitigation actions, all residual risk ratings lower to either MEDIUM or LOW.

14.4 PROJECT OPPORTUNITIES

The Project has opportunities to capture further value from plant streams and to upgrade secondary products to generate additional revenue. These opportunities will need to be investigated in future further studies and testwork programs to assess their feasibility.

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FELDSPAR

Feldspar recovery consists of an additional DMS circuit and WHIMS iron removal stage treating the DMS rejects stream. A high-quality feldspar concentrate could be produced with greater than 10% alkalis, and less than 0.1% Fe2O3. Potential production qualities are shown in the table below:

TABLE 26 FELDSPAR ESTIMATES

Product	% of plant feed tonnage	Quantty est. tpa	Size range (mm)	Grade % Li2O
Feldspar (future product)	~20% - 40%	500 - 1,000ktpa	-10+1	n/a

FLOTATION

Another opportunity for the Project includes processing fines (<0.85mm) and middlings streams through a flotation plant. Preliminary flotation sighter testwork performed indicates encouraging flotation stage recovery and achievement of >5% Li2O concentrate grades.

The fines and middlings streams making up the proposed flotation feed represent approximately 1.1Mtpa feed stream with an estimated grade of 0.7% Li2O. Preliminary calculations for concentrate production are in the range of 80,000tpa for a >5% Li2O concentrate which represents an opportunity to increase Project value.

The flotation concentrate product would replace the current (lower grade) secondary product and would be a higher value, lower volume product. The opportunity has potential to de-risk the Project in the event that low-grade lithium bearing products market is adversely affected in the future.

TABLE 27 POTENTIAL FLOTATION PLANT FEEDSTOCK PER ANNUM

Stream	Quantity float feed est. tpa	% Li2O
Fines	450,000	1.2
DMS Middlings	650,000	0.4
Total	1,100,000	0.7

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15.0 Important Information

15.1 MINERAL RESOURCE ESTIMATE

GEOLOGY AND GEOLOGICAL INTERPRETATION

The Ewoyaa Project area lies within the Birimian Supergroup, a Proterozoic volcano-sedimentary basin located in Western Ghana. The Project area is underlain by three forms of metamorphosed schist; mica schist, staurolite schist and garnet schist. Several granitoids intrude the basin metasediments as small plugs. These granitoids range in composition from intermediate granodiorite (often medium-grained) to felsic leucogranites (coarse to pegmatoidal grain size), sometimes in close association with pegmatite veins and bodies.

Pegmatite intrusions generally occur as sub-vertical dykes with two dominant trends: either east-southeast (Abonko, Anokyi, Ewoyaa Northeast, Grasscutter, Kaampakrom and Okwesi) dipping sub-vertically northeast; or north-northeast (Ewoyaa Main) dipping sub-vertically to moderately to the east. Pegmatite thickness varies across the Project, with thinner mineralised units intersected at Abonko and Kaampakrom between 4 and 12m; and thicker units intersected at Ewoyaa Main between 30 and 60m, and up to 100m at surface.

SAMPLING AND SUB-SAMPLING TECHNIQUES

Sampling Techniques

RC drill holes were routinely sampled at 1m intervals with a nominal 3-6kg sub-sample split off for assay using a rigmounted cone splitter at 1m intervals. DD holes were quarter core sampled at 1m intervals or to geological contacts for geochemical analysis. For assaying, splits from all prospective ore zones (i.e. logged pegmatites +/- interburden) were sent for assay. Outside of these zones, the splits were composited to 4m using a portable riffle splitter. Holes without pegmatite were not assayed. Approximately 5% of all samples submitted were standards and coarse blanks. Blanks were typically inserted with the interpreted ore zones after the drilling was completed. Approximately 2.5% of samples submitted were duplicate samples collected after logging using a riffle splitter and sent to an umpire laboratory. This ensured zones of interest were duplicated and not missed during alternative routine splitting of the primary sample. Prior to the December 2018 - SGS Tarkwa was used for sample preparation (PRP100) and subsequently forwarded to SGS Johannesburg for analysis; and later SGS Vancouver for analysis (ICP90A). Post December 2018 to present – Intertek Tarkwa was used for sample preparation (SP02/SP12) and subsequently forwarded to Intertek Perth for analysis (FP6/MS/OES - 21 element combination Na2O2 fusion with combination OES/MS). ALS Laboratory in Brisbane was used for the Company’s initial due diligence work programs and was selected as the umpire laboratory since Phase 1. ALS conducts ME-ICP89, with a Sodium Peroxide Fusion. Detection limits for lithium are 0.01-10%. Sodium Peroxide fusion is considered a “total” assay technique for lithium. In addition, 22 additional elements assayed with Na2O2 fusion, and combination MS/ICP analysis.

Sub-sampling Techniques

RC samples were cone split at the drill rig. For interpreted waste zones the 1 or 2m rig splits were later composited using a riffle splitter into 4m composite samples. DD core was cut with a core saw and selected half core samples dispatched to Nagrom Laboratory in Perth for preliminary metallurgical test work. The other half of the core, including the bottom-of-hole orientation line, was retained for geological reference. The remaining DD core was quarter cored for geochemical analysis. Since December 2018, samples were submitted to Intertek Tarkwa (SP02/SP12) for sample preparation. Samples were weighed, dried and crushed to -2mm in a Boyd crusher with an 800-1,200g rotary split, producing a nominal 1,500g split crushed sample; which was subsequently pulverised in a LM2 ring mill. Samples were pulverised to a nominal 85% passing 75µm. All the preparation equipment was flushed with barren material prior to the commencement of the job. Coarse reject material was kept in the original bag. Lab sizing analysis was undertaken on a nominal 1:25 basis. Final pulverised samples (20g) were airfreighted to Intertek in Perth for assaying. The vast majority of samples were drilled dry. Moisture content was logged qualitatively. All intersections of the water table were recorded in the database. Field sample duplicates were taken to evaluate whether samples were representative and understand repeatability, with good repeatability. Sample sizes and laboratory preparation techniques were appropriate and industry standard.

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DRILLING TECHNIQUES

The database contains data for the auger, RC and DD drilling conducted by the Company since 2018. The drilling was completed by the Company in six phases commencing in April 2018. All the drilling was undertaken by GeoDrill (Ghana), using both RC and DD rigs.

Drilling at the deposit extends to a vertical depth of approximately 319m and the mineralisation was modelled from surface to a depth of approximately 330m below surface. The estimate is based on good quality RC and DD drilling data. Drill hole spacing is predominantly 20m by 20m and 40m by 40m in the well-drilled portions of the Project and up to 80m by 80m to 100m by 100m across the breadth of the known mineralisation.

The RC drilling used a combination of 5.25’ and 5.75’ face sampling hammers. The DD used PQ and HQ (85mm and 63.5mm) diameter core barrels. The DD holes were completed from surface or as tails with PQ to maximise recovery in weathered zones, with reversion to HQ once ground conditions improved within fresh material.

In 2018, Phase 1 RC holes were completed on a nominal 100m by 50m grid pattern, targeting the Ewoyaa Main mineralised system. Phases 2 to 5 reduced the wide spacing to 80m by 40m and down to 40m by 40m in the welldrilled portions of the Project. Eleven DD twins of RC holes were completed.

During Phase 1 and 2, RC drilling bulk samples and splits were collected at the rig for every metre interval drilled, the splits being undertaken using a riffle splitter. During Phase 3, Phase 4, Phase 5 and Phase 6, RC samples were split with a rig mounted cone spitter, which took duplicate samples for quality control purposes.

DD was cut with a core saw and selected half core samples was dispatched to Nagrom Laboratory in Australia for metallurgical test work.

Selected core intervals were cut to quarter core with a saw at one-metre intervals or to geological contacts; and since December 2018, were sent to Intertek Laboratory in Tarkwa, Ghana for sample preparation. Prior to that, samples were sent to SGS Laboratory in Tarkwa for sample preparation.

All Phase 1 samples were submitted to SGS Tarkwa for preparation (PRP100) and subsequently forwarded to SGS Johannesburg and later SGS Vancouver for analysis (ICP90A).

PRP100 - Samples <3kg are dried in trays, crush to 100% passing 2mm, split using a rotary splitter to 5kg and pulverised in a LM2 to a nominal 85% passing 75µm. Approximately 100g sub-sample is taken for assay. All the preparation equipment is flushed with barren material prior to the commencement of the job. Coarse reject material was kept in the original bag.

Since December 2018, samples have been submitted to Intertek Tarkwa (SP02/SP12) for sample preparation. Samples were weighed, dried and crushed to -2mm in a Boyd crusher with an 800-1,200g rotary split, producing a nominal 1,500g split crushed sample, which was subsequently pulverised in a LM2 ring mill. Samples were pulverised to a nominal 85% passing 75µm. All the preparation equipment was flushed with barren material prior to the commencement of the job. Coarse reject material was kept in the original bag. Lab sizing analysis was undertaken on a nominal 1:25 basis. Final pulverised samples (20g) were airfreighted to Intertek in Perth, Australia for assaying.

MINERAL RESOURCE CLASSIFICATION CRITERIA

The Ewoyaa lithium deposits show good continuity of the main mineralised units which allowed the drill hole intersections to be modelled into coherent, geologically robust domains. Consistency is evident in the thickness of the structure, and the distribution of grade appears to be reasonable along and across strike.

The Ewoyaa Mineral Resource was classified as Measured, Indicated and Inferred Mineral Resource based on data quality, sample spacing, and lode continuity. The Measured Mineral Resource was defined within areas of close spaced RC and DD drilling of less than 20m by 20m, and where the continuity and predictability of the lode positions was good. Indicated Mineral Resource was defined within areas of close spaced RC and DD drilling of less than 40m by 40m, and where the continuity and predictability of the lode positions was good. In addition, Indicated Mineral Resource was confined to the fresh rock. The Inferred Mineral Resource was assigned to transitional material, areas where drill hole spacing was greater than 40m by 40m, where small, isolated pods of mineralisation occur outside the main mineralised zones, and to geologically complex zones.

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SAMPLING ANALYSIS METHOD

Since December 2018, samples were sent to Intertek Laboratory in Perth for analysis (FP6/MS/OES). FP6/MS/OES is an analysis for lithium and a suite of 21 other elements. Detection limits for lithium range between 5ppm and 20,000ppm. The sodium peroxide fusion (in nickel crucibles) is completed with hydrochloric acid to dissolve the sub-sample and is considered a total dissolution. Analysis is conducted by Inductively Coupled Plasma Mass Spectrometry (“ICP-MS”).

Prior to December 2018, Phase 1 samples were submitted to SGS Johannesburg and later SGS Vancouver for analysis (ICP90A). ICP90 is a 28-element combination Na2O2 fusion with ICP-OES. ICP-MS was added to some submissions for additional trace element characterisation purposes.

ESTIMATION METHODOLOGY

A Surpac block model was created to encompass the extents of the known mineralisation. The block model was rotated on a bearing of 30°, with block dimensions of 10m NS by 10m EW by 5m vertical with sub-cells of 2.5m by 2.5m by 1.25m. The block size was selected based on results of Kriging Neighbourhood Analysis (“KNA”) and also in consideration of two predominant mineralisation orientations of 30° and 100 to 120°.

The parent block size was selected based on KNA, while dimensions in other directions were selected to provide sufficient resolution to the block model in the across-strike and down-dip direction.

Bulk densities ranging between 1.7t/m[3] and 2.78t/m[3] were assigned in the block model dependent on lithology, mineralisation and weathering. These densities were applied based on 13,901 bulk density measurements conducted by the Company on 101 DD holes and 35 RC holes with diamond tails conducted across the breadth of the Project. The measurements were separated using weathering surfaces, geology and mineralisation solids, with averages assigned in the block model.

CUT-OFF GRADE

The Statement of Mineral Resources has been constrained by the mineralisation solids and reported above a cut-off grade of 0.5% Li2O. The reporting cut-off grade is supported by a high-level Whittle optimisation.

MINING AND METALLURGICAL METHODS AND PARAMETERS

The Statement of Mineral Resources has been constrained by the mineralisation solids, reported at a cut-off grade of 0.5% Li2O. Whittle optimisations demonstrate reasonable prospects for eventual economic extraction. Preliminary metallurgical test work indicates four main geometallurgical domains; weathered and fresh coarse-grained spodumene-bearing pegmatite (P1) and weathered and fresh medium-grained spodumene-bearing pegmatite (P2). From test work completed for the Scoping Study at a 6.3mm crush, the P1 material produces a 6% Li2O concentrate at approximately 70 to 85% recovery (average 75% recovery), whilst P2 material produces 5.5 to 6% Li2O concentrate at approximately 35 to 65% recovery (average 47% recovery).

Further metallurgical test work completed for the PFS was done at a 10mm crush. Recoveries for P1 material into primary concentrate at a 10mm crush were 50-80% from the HLS test work with an average 68% recovery for weathered and 70% for the fresh used for the PFS before discounting.

A P2 recovery of 50% was used for weathered and fresh for the purpose of the PFS study. In the Scoping study, HLS tests on P2 weathered and fresh material at a 6.3mm crush size gave recoveries of 46-61%. Recoveries of P2 to primary concentrates at 10mm crush size ranged from 7-30% and averaged 20%. The middlings contained ~60% of the lithium and it is expected that after finer crushing at least 50% of this will be recovered giving an overall recovery of 50% before discounting.

Recoveries selected for the DMS Plant process design criteria were interpreted from laboratory results discounted by 4% to simulate the typical loss of recoveries from laboratory conditions to on-site, large-scale operations resulting in 66% recovery for P1 fresh, 64% recovery for P1 weathered and 46% for P2 weathered and fresh materials ( refer announcement of 22 September 2022 ).

Further geological, geotechnical, engineering and metallurgical studies are recommended to further define the lithium mineralisation and marketable products.

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16.0 DFS CONTRIBUTORS

Atlantic Lithium engaged several experienced and specialist technical consultants for contribution to and coordination of the DFS preparation. DFS Contributors and their areas of contribution are listed in Table 28.

TABLE 28 DEFINITIVE-FEASIBILITY STUDY CONTRIBUTOR

Area	Contributon by	Area	Contributon By
Geology and Resources	Atlantc Lithium	Infrastructure	Geocrest, REC, Engineering, PPS/SRK, Atlantc Lithium
Mineral Resources	Ashmore Advisory	Project Implementaton	Primero, Atlantc Lithium
Mine Geotechnical, Hydrology and Hydrogeology	SRK Consultng Ghana and RSA	Operatng Cost	Primero, Atlantc Lithium, ACC Logistcs, Bolloré Africa, Glen Falloch Consultng
Mine Engineering	Mining Focus Consultants	Capital Costs	Primero, Atlantc Lithium, ECG,REC Engineering
Metallurgical Testwork	Trinol (supervision) and NAGROM(laboratory)	Risks and Opportunites	Atlantc Lithium, Increva
Site Geotechnical, TSF, WSD	Geocrest and Associates, REC Engineering	Financial Analysis	Aspire Solutons Pty Ltd
ESIA Study	NEMAS Ghana	Power Supply	ECG Engineering
Process Plant Engineering	Primero
Project Implementaton

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JORC Code 2012 Table 1

The following extract from the JORC Code 2012 Table 1 is provided for compliance with the Code requirements for the reporting of Ore Reserves:

‘JORC Code 2012 Table 1’ Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections).

Criteria		JORC Code Explanaton		Commentary
Sampling	•	Nature and quality of sampling (e.g. cut channels,	•	RC drill holes were routnely sampled at 1m intervals with a
techniques		random chips, or specifc specialised industry standard		nominal 3-6kg sub-sample split of for assay using a rig-
		measurement tools appropriate to the minerals under		mounted cone spliter at 1m intervals.
		investgaton, such as down hole gamma sondes, or	•	DD holes were quarter core sampled at 1m intervals or to
	• •	handheld XRF instruments, etc.). These examples should not be taken as limitng the broad meaning of sampling. Include reference to measures taken to ensure sample representvity and the appropriate calibraton of any measurement tools or systems used. Aspects of the determinaton of mineralisaton that are Material to the Public Report.	• • •	geological contacts for geochemical analysis. For assaying, splits from all prospectve ore zones (i.e. logged pegmattes +/- interburden) were sent for assay. Outside of these zones, the splits were composited to 4m using a portable rife spliter. Holes without pegmatte were not assayed. Approximately 5% of all samples submited were standards
	•	In cases where ‘industry standard’ work has been done this would be relatvely simple (e.g. ‘reverse circulaton drilling was used to obtain 1m samples from which 3kg was pulverised to produce a 30g	•	and coarse blanks. Blanks were typically inserted with the interpreted ore zones afer the drilling was completed. Approximately 2.5% of samples submited were duplicate samples collected afer logging using a rife spliter and
		charge for fre assay’). In other cases more		sent to an umpire laboratory. This ensured zones of interest
		explanaton may be required, such as where there is coarse gold that has inherent sampling problems.		were duplicated and not missed during alternatve routne splitng of the primary sample.
		Unusual commodites or mineralisaton types (e.g.	•	Prior to the December 2018 - SGS Tarkwa was used for
		submarine nodules) may warrant disclosure of		sample preparaton (PRP100) and subsequently forwarded
		detailed informaton.		to SGS Johannesburg for analysis; and later SGS Vancouver
				for analysis (ICP90A).
			•	Post December 2018 to present – Intertek Tarkwa was used
				for sample preparaton (SP02/SP12) and subsequently
				forwarded to Intertek Perth for analysis (FP6/MS/OES - 21
				element combinaton Na2O2fusion with combinaton
				OES/MS).
			•	ALS Laboratory in Brisbane was used for the Company’s
				inital due diligence work programs and was selected as the
				umpire laboratory since Phase 1. ALS conducts ME-ICP89,
				with a Sodium Peroxide Fusion. Detecton limits for lithium
				are 0.01-10%. Sodium Peroxide fusion is considered a
				“total” assay technique for lithium. In additon, 22
				additonal elements assayed with Na2O2fusion, and
				combinaton MS/ICP analysis.

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Criteria		JORC Code Explanaton		Commentary
Drilling	•	Drill type (e.g. core, reverse circulaton, open-hole	•	Six phases of drilling were undertaken at the Project using
techniques		hammer, rotary air blast, auger, Bangka, sonic, etc.)		RC and DD techniques. All the RC drilling used face
		and details (e.g. core diameter, triple or standard		sampling hammers.
		tube, depth of diamond tails, face-sampling bit or	•	Phase 1 and 2 programs used a 5.25 inch hammers while
		other type, whether core is oriented and if so, by what		Phase 3 used a 5.75-inch hammer.
		method, etc.).	•	All DD holes were completed using PQ and HQ core from
				surface (85mm and 63.5mm).
			•	All DD holes were drilled in conjuncton with a Refex ACT II
				tool; to provide an accurate determinaton of the botom-
				of-hole orientaton.
			•	All fresh core was orientated to allow for geological,
				structural and geotechnical logging by a Company
				geologist.
Drill sample	•	Method of recording and assessing core and chip	•	A semi-quanttatve estmate of sample recovery was
recovery		sample recoveries and results assessed.		completed for the vast majority of drilling. This involved
	• •	Measures taken to maximise sample recovery and ensure representatve nature of the samples. Whether a relatonship exists between sample recovery and grade and whether sample bias may have occurred due to preferental loss/gain of fne/coarse material.	•	weighing both the bulk samples and splits and calculatng theoretcal recoveries using assumed densites. Where samples were not weighed, qualitatve descriptons of the sample size were recorded. Some sample loss was recorded in the collaring of the RC drill holes. DD recoveries were measured and recorded. Recoveries in excess of 95.8% have been achieved for the DD drilling
				program. Drill sample recovery and quality is adequate for
				the drilling technique employed.
			•	The DD twin program has identfed a positve grade bias
				for iron in the RC compared to the DD results.
Logging	•	Whether core and chip samples have been	•	All drill sample intervals were geologically logged by
		geologically and geotechnically logged to a level of		Company geologists.
		detail to support appropriate Mineral Resource estmaton, mining studies and metallurgical studies.	•	Where appropriate, geological logging recorded the abundance of specifc minerals, rock types and weathering
	•	Whether logging is qualitatve or quanttatve in		using a standardised logging system that captured
		nature. Core (or costean, channel, etc.) photography.		preliminary metallurgical domains.
	•	The total length and percentage of the relevant	•	All logging is qualitatve, except for the systematc
		intersectons logged.		collecton of magnetc susceptbility data which could be
				considered semi quanttatve.
			•	Strip logs have been generated for each drill hole to cross-
				check geochemical data with geological logging.
			•	A small sample of washed RC drill material was retained in
				chip trays for future reference and validaton of geological
				logging, and sample reject materials from the laboratory
				are stored at the Company’s feld ofce.
			•	All drill holes have been logged and reviewed by Company
				technical staf.
			•	The logging is of sufcient detail to support the current
				reportng of a Mineral Resource.

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Criteria		JORC Code Explanaton		Commentary
Sub-sampling	•	If core, whether cut or sawn and whether quarter, half	•	RC samples were cone split at the drill rig. For interpreted
techniques		or all core taken.		waste zones the 1 or 2m rig splits were later composited
and sample preparaton	•	If non-core, whether rifed, tube sampled, rotary split, etc. and whether sampled wet or dry.	•	using a rife spliter into 4m composite samples. DD core was cut with a core saw and selected half core
	•	For all sample types, the nature, quality and		samples dispatched to Nagrom Laboratory in Perth for
		appropriateness of the sample preparaton technique.		preliminary metallurgical test work.
	•	Quality control procedures adopted for all sub- sampling stages to maximise representvity of	•	The other half of the core, including the botom-of-hole orientaton line, was retained for geological reference.
		samples.	•	The remaining DD core was quarter cored for geochemical
	•	Measures taken to ensure that the sampling is		analysis.
		representatve of the in situ material collected,	•	Since December 2018, samples were submited to Intertek
		including for instance results for feld		Tarkwa (SP02/SP12) for sample preparaton. Samples were
		duplicate/second-half sampling.		weighed, dried and crushed to -2mm in a Boyd crusher with
	•	Whether sample sizes are appropriate to the grain size		an 800-1,200g rotary split, producing a nominal 1,500g split
		of the material being sampled.		crushed sample; which was subsequently pulverised in a
				LM2 ring mill. Samples were pulverised to a nominal 85%
				passing 75µm. All the preparaton equipment was fushed
				with barren material prior to the commencement of the
				job. Coarse reject material was kept in the original bag.
				Lab sizing analysis was undertaken on a nominal 1:25 basis.
				Final pulverised samples (20g) were airfreighted to Intertek
				in Perth for assaying.
			•	The vast majority of samples were drilled dry. Moisture
				content was logged qualitatvely. All intersectons of the
				water table were recorded in the database.
			•	Field sample duplicates were taken to evaluate whether
				samples were representatve and understand repeatability,
				with good repeatability.
			•	Sample sizes and laboratory preparaton techniques were
				appropriate and industry standard.
Quality of	•	The nature, quality and appropriateness of the	•	Analysis for lithium and a suite of other elements for Phase
assay data		assaying and laboratory procedures used and whether		1 drilling was undertaken at SGS Johannesburg / Vancouver
and		the technique is considered partal or total.		by ICP-OES afer Sodium Peroxide Fusion. Detecton limits
laboratory	•	For geophysical tools, spectrometers, handheld XRF		for lithium (10ppm – 100,000ppm). Sodium Peroxide fusion
tests		instruments, etc., the parameters used in determining		is considered a “total” assay technique for lithium.
		the analysis including instrument make and model,	•	Review of standards and blanks from the inital submission
		reading tmes, calibratons factors applied and their		to Johannesburg identfed failures (multple standards
		derivaton, etc.		reportng outside control limits). A decision was made to
	•	Nature of quality control procedures adopted (e.g.		resubmit this batch and all subsequent batches to SGS
		standards, blanks, duplicates, external laboratory		Vancouver – a laboratory considered to have more
		checks) and whether acceptable levels of accuracy		experience with this method of analysis and sample type.
		(i.e. lack of bias) and precision have been established.	•	Results of analyses for feld sample duplicates are
				consistent with the style of mineralisaton and considered
				to be representatve. Internal laboratory QAQC checks are
				reported by the laboratory, including sizing analysis to
				monitor preparaton and internal laboratory QA/QC. These
				were reviewed and retained in the company drill hole
				database.
			•	155 samples were sent to an umpire laboratory (ALS)
				and/assayed using equivalent techniques, with results
				demonstratng good repeatability.
			•	Atlantc Lithium’s review of QAQC suggests the SGS
				Vancouver and Intertek Perth laboratories performed
				within acceptable limits.
			•	No geophysical methods or hand-held XRF units have been
				used for determinaton of grades in the Mineral Resource.

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Criteria		JORC Code Explanaton		Commentary
Verifcaton of	•	The verifcaton of signifcant intersectons by either	•	Signifcant intersectons were visually feld verifed by
sampling and		independent or alternatve company personnel.		company geologists and Shaun Searle of Ashmore during
assaying	•	The use of twinned holes.		the 2019 site visit.
	• •	Documentaton of primary data, data entry procedures, data verifcaton, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	•	Drill hole data was compiled and digitally captured by Company geologists in the feld. Where hand-writen informaton was recorded, all hardcopy records were kept and archived afer digitsing.
			•	Phase 1 and 2 drilling programs were captured on paper or
				locked excel templates and migrated to an MS Access
				database and then into Datashed (industry standard drill
				hole database management sofware). The Phase 3 to 6
				programs were captured using LogChief which has inbuilt
				data validaton protocols. All analytcal results were
				transferred digitally and loaded into the database by a
				Datashed consultant.
			•	The data was audited, and any discrepancies checked by
				the Company personnel before being updated in the
				database.
			•	Twin DD holes were drilled to verify results of the RC
				drilling programs. Results indicate that there is iron
				contaminaton in the RC drilling process.
			•	Reported drill hole intercepts were compiled by the Chief
				Geologist.
			•	Adjustments to the original assay data included convertng
				Li ppm to Li2O%.
Locaton of	•	Accuracy and quality of surveys used to locate drill	•	The collar locatons were surveyed in WGS84 Zone 30 North
data points		holes (collar and down-hole surveys), trenches, mine		using DGPS survey equipment, which is accurate to 0.11mm
		workings and other locatons used in Mineral		in both horizontal and vertcal directons. All holes were
		Resource estmaton.		surveyed by qualifed surveyors. Once validated, the survey
	• •	Specifcaton of the grid system used. Quality and adequacy of topographic control.	•	data was uploaded into Datashed. RC drill holes were routnely down hole surveyed every 6m using a combinaton of EZ TRAC 1.5 (single shot) and Refex
				Gyroscopic tools.
			•	Afer the tenth drill hole, the survey method was changed
				to Refex Gyro survey with 6m down hole data points
				measured during an end-of-hole survey.
			•	All Phase 2 and 3 drill holes were surveyed initally using
				the Refex Gyro tool, but later using the more efcient
				Refex SPRINT tool. Phase 4 and 5 drill holes were surveyed
				using a Refex SPRINT tool.
			•	LiDAR survey Southern Mapping to produce rectfed colour
				images and a digital terrain model (DTM) 32km2, Aircraf
				C206 aircraf-mounted LiDAR Riegl Q780 Camera
				Hasselblad H5Dc with 50mm Fixfocus lens.
			•	Coordinate system: WGS84 UTM30N with accuracy to
				±0.04.
			•	The topographic survey and photo mosaic output from the
				survey is accurate to 20mm.
			•	Locatonal accuracy at collar and down the drill hole is
				considered appropriate for resource estmatonpurposes.
Data spacing	•	Data spacing for reportng of Exploraton Results.	•	The RC holes were initally drilled on 100m spaced sectons
and distributon	•	Whether the data spacing and distributon is sufcient to establish the degree of geological and grade contnuity appropriate for the Mineral Resource and Ore Reserve estmaton procedure(s) and		and 50m hole spacings orientated at 300° or 330° with dips ranging from -50° to -60°. Planned hole orientatons/dips were occasionally adjusted due to pad and/or access constraints.
		classifcatons applied.	•	Hole spacing was reduced to predominantly 40m spaced
	•	Whether sample compositng has been applied.		sectons and 40m hole spacings, with infll to 20m by 15m in the upper portons of the Ewoyaa Main deposit. Holes

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are generally angled perpendicular to interpreted mineralisation orientations at the Project.

				are generally angled perpendicular to interpreted mineralisaton orientatons at the Project.
			•	Samples were composited to 1m intervals prior to
				estmaton.
Criteria		JORC Code Explanaton		Commentary
Orientaton	•	Whether the orientaton of sampling achieves	•	The drill line and drill hole orientaton are oriented as close
of data in		unbiased sampling of possible structures and the		as practcable to perpendicular to the orientaton of the
relaton to		extent to which this is known, considering the deposit		general mineralised orientaton.
geological		type.	•	Most of the drilling intersects the mineralisaton at close to
structure	•	If the relatonship between the drilling orientaton and		90 degrees ensuring intersectons are representatve of
		the orientaton of key mineralised structures is		true widths. It is possible that new geological
		considered to have introduced a sampling bias, this		interpretatons and/or infll drilling requirements may result
		should be assessed and reported if material.		in changes to drill orientatons on future programs.
			•	No orientaton based sampling bias has been identfed in
				the data.
Sample	•	The measures taken to ensure sample security.	•	Samples were stored on site prior to road transportaton by
security				Company personnel to the SGS preparaton laboratory.
			•	With the change of laboratory to Intertek, samples were
				picked up by the contractor and transported to the sample
				preparaton facility in Tarkwa.
Audits or	•	The results of any audits or reviews of sampling	•	Prior to the drilling program, a third-party Project review
reviews		techniques and data.		was completed by an independent consultant experienced
				with the style of mineralisaton.
			•	In additon, Shaun Searle of Ashmore reviewed drilling and
				sampling procedures during the 2019 site visit and found
				that all procedures and practces conform to industry
				standards.

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‘JORC Code 2012 Table 1’ Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section).

Criteria		JORC Code Explanaton		Commentary
Mineral	•	Type, reference name/number, locaton and	•	The Project covers two contguous licences the Mankessim (RL
tenement and		ownership including agreements or material issues		3/55) and Mankessim South (PL3/109) licence.
land tenure status	•	with third partes such as joint ventures, partnerships, overriding royaltes, natve ttle interests, historical sites, wilderness or natonal park and environmental setngs. The security of the tenure held at the tme of reportng along with any known impediments to obtaining a licence to operate in the area.	• • •	The Mankessim is a joint-venture, with the license in the name of the joint-venture party (Barari Development Ghana Limited). Document number: 0853652-18. The Project occurs within a Mineral Prospectng license and was renewed on the 27th July 2021 for a further three-year period, valid untl 27th July 2024. The Mankessim South licence is a wholly-owned subsidiary of
				Green Metals Resources. The Mineral Prospectng license
				renewal was submited in Nov 2022 for a further three-year
				period.
			•	The tenement is in good standing with no known
				impediments.
Exploraton	•	Acknowledgment and appraisal of exploraton by	•	Historical trenching and mapping were completed by the
done by other		other partes.		Ghana Geological survey during the 1960’s. But for some
partes				poorly referenced historical maps, none of the technical data
				from this work was located. Many of the historical trenches
				were located, cleaned and re-logged. No historical drilling was
				completed.
Geology	•	Deposit type, geological setng and style of	•	Pegmatte-hosted lithium deposits are the target for
		mineralisaton.		exploraton. This style of mineralisaton typically forms as
				dykes and sills intruding or in proximity to granite source
				rocks.
			•	Surface geology within the Project area typically consists of
				sequences of staurolite and garnet-bearing pelitc schist and
				granite with lesser pegmatte and mafc intrusives. Outcrops
				are typically sparse and confned to ridge tops with colluvium
				and motled laterite blanketng much of the undulatng terrain
				making geological mapping challenging. The hills are ofen
				separated by broad, sandy drainages.
Drillhole	•	A summary of all informaton material to the	•	No exploraton results are being reported.
Informaton		understanding of the exploraton results including a tabulaton of the following informaton for all Material drill holes:	•	All informaton was included in the appendices (of the Mineral Resource report). No drill hole informaton were excluded (from the Mineral Resource report).
	•	eastng and northing of the drill hole collar
	•	elevaton or RL (Reduced Level – elevaton above
		sea level in metres) of the drill hole collar
	•	dip and azimuth of the hole
	•	downhole length and intercepton depth
	•	hole length
	•	If the exclusion of this informaton is justfed on the
		basis that the informaton is not Material and this
		exclusion does not detract from the understanding
		of the report, the Competent Person should clearly
		explain why this is the case.

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Criteria		JORC Code Explanaton		Commentary
Data	•	In reportng Exploraton Results, weightng	•	Exploraton results are not being reported.
aggregaton methods		averaging techniques, maximum and/or minimum grade truncatons (e.g. cutng of high grades) and cut-of grades are usually Material and should be	• •	Not applicable as a Mineral Resource is being reported. No metal equivalent values are being reported.
		stated.
	•	Where aggregate intercepts incorporate short
		lengths of high grade results and longer lengths of
		low grade results, the procedure used for such
		aggregaton should be stated and some typical
		examples of such aggregatons should be shown in
		detail.
	•	The assumptons used for any reportng of metal
		equivalent values should be clearly stated.
Relatonship	•	These relatonships are partcularly important in	•	The drill line and drill hole orientaton are oriented as close to
between		the reportng of Exploraton Results.		90° degrees to the orientaton of the antcipated mineralised
mineralisaton widths and intercept	•	If the geometry of the mineralisaton with respect to the drill hole angle is known, its nature should be reported.	•	orientaton as practcable. The majority of the drilling intersects the mineralisaton between 60° and 80° degrees.
lengths	•	If it is not known and only the downhole lengths
		are reported, there should be a clear statement to
		this efect (e.g. ‘downhole length, true width not
		known’).
Diagrams	•	Appropriate maps and sectons (with scales) and	•	Relevant diagrams have been included within the Mineral
		tabulatons of intercepts should be included for any		Resource report ‘Ewoyaa Lithium Project Mineral Resource
		signifcant discovery being reported. These should		Estmate’ dated 25 March 2023.
		include, but not be limited to, a plan view of drill
		hole collar locatons and appropriate sectonal
		views.
Balanced	•	Where comprehensive reportng of all Exploraton	•	All hole collars were surveyed WGS84 Zone 30 North grid
reportng		Results is not practcable, representatve reportng		using a diferental GPS. All RC and DD holes were down-hole
		of both low and high grades and/or widths should		surveyed with a north-seeking gyroscopic tool.
		be practced to avoid misleading reportng of Exploraton Results.	•	Exploraton results are not being reported.
Other	•	Other exploraton data, if meaningful and material,	•	Results were estmated from drill hole assay data, with
substantve		should be reported including (but not limited to):		geological logging used to aid interpretaton of mineralised
exploraton		geological observatons; geophysical survey results;		contact positons.
data		geochemical survey results; bulk samples – size and method of treatment; metallurgical test results;	•	Geological observatons are included in the report.
		bulk density, groundwater, geotechnical and rock
		characteristcs; potental deleterious or
		contaminatng substances.
Further work	•	The nature and scale of planned further work (e.g.	•	Follow up RC and DD drilling may be undertaken.
		tests for lateral extensions or depth extensions or	•	Further metallurgical test work may be required as the Project
		large-scale step-out drilling).		progresses through the study stages.
	•	Diagrams clearly highlightng the areas of possible	•	Drill spacing is currently considered adequate for the current
		extensions, including the main geological interpretatons and future drilling areas, provided		level of interrogaton of the Project.
		this informaton is not commercially sensitve.

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‘JORC Code 2012 Table 1’ Section 3 Estimation and Reporting of Mineral Resources (Criteria listed in section 1, and where relevant in section 2, also apply to this section).

Criteria		JORC Code Explanaton		Commentary
Database	•	Measures taken to ensure that data has not been	•	The database has been systematcally audited by Atlantc
integrity		corrupted by, for example, transcripton or keying		Lithium geologists.
		errors, between its inital collecton and its use for Mineral Resource estmaton purposes.	•	All drilling data has been verifed as part of a contnuous validaton procedure. Once a drill hole is imported into the
	•	Data validaton procedures used.		database a report of the collar, down-hole survey, geology, and
				assay data are produced. This is then checked by an Atlantc
				Lithium geologist and any correctons are completed by the
				database manager.
Site visits	•	Comment on any site visits undertaken by the	•	A site visit was conducted by Shaun Searle of Ashmore during
		Competent Person and the outcome of those visits.		February 2019. Shaun inspected the deposit area, drill
	•	If no site visits have been undertaken indicate why		core/chips and outcrop. During this tme, notes and photos
		this is the case.		were taken. Discussions were held with site personnel
				regarding drilling and sampling procedures. No major issues
				were encountered.
Geological	•	Confdence in (or conversely, the uncertainty of)	•	The confdence in the geological interpretaton is considered
interpretaton		the geological interpretaton of the mineral		to be good and is based on visual confrmaton in outcrop and
		deposit.		within drill hole intersectons.
	•	Nature of the data used and of any assumptons	•	Geochemistry and geological logging have been used to assist
		made.		identfcaton of lithology and mineralisaton.
	•	The efect, if any, of alternatve interpretatons on	•	The Project area lies within the Birimian Supergroup, a
		Mineral Resource estmaton.		Proterozoic volcano-sedimentary basin located in Western
	•	The use of geology in guiding and controlling		Ghana. The Project area is underlain by three forms of
	•	Mineral Resource estmaton. The factors afectng contnuity both of grade and geology.		metamorphosed schist; mica schist, staurolite schist and garnet schist. Several granitoids intrude the basin metasediments as small plugs. These granitoids range in compositon from intermediate granodiorite (ofen medium
				grained) to felsic leucogranites (coarse to pegmatoidal grain
				size), sometmes in close associaton with pegmatte veins and
				bodies. Pegmatte intrusions generally occur as sub-vertcal
				dykes with two dominant trends: either east-northeast or
				north-northeast and dip sub-vertcally to moderately
				southeast to east-southeast. Thickness varies across the
				Project, with thinner mineralised units intersected at Abonko
				and Kaampakrom between 4 to 12m; and thicker units
				intersected at Ewoyaa Main between 30 to 60m.
			•	Infll drilling has supported and refned the model and the
				current interpretaton is considered robust.
			•	Observatons from the outcrop of mineralisaton and host
				rocks; as well as infll drilling, confrm the geometry of the
				mineralisaton.
			•	Infll drilling has confrmed geological and grade contnuity.
Dimensions	•	The extent and variability of the Mineral Resource	•	The Project Mineral Resource area extends over a north-south
		expressed as length (along strike or otherwise),		strike length of 4,390m (from 577,380mN – 581,770mN), and
		plan width, and depth below surface to the upper		includes the 360m vertcal interval from 80mRL to -280mRL.
		and lower limits of the Mineral Resource.

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Criteria JORC Code Explanation Commentary Estimation • The nature and appropriateness of the estimation • Using parameters derived from modelled variograms, Ordinary and modelling technique(s) applied and key assumptions, Kriging (“OK”) was used to estimate average block grades in techniques including treatment of extreme grade values, three passes using Surpac software. Linear grade estimation domaining, interpolation parameters and was deemed suitable for the Cape Coast Mineral Resource due maximum distance of extrapolation from data to the geological control on mineralisation. The extrapolation points. If a computer assisted estimation method of the lodes along strike and down-dip has been limited to a was chosen include a description of computer distance of 40m. Zones of extrapolation are classified as software and parameters used. Inferred Mineral Resource.
The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data.
• The assumptions made regarding recovery of byproducts.
Estimation of deleterious elements or other nongrade variables of economic significance (e.g. sulphur for acid mine drainage characterisation).
In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.
Any assumptions behind modelling of selective mining units.
Any assumptions about correlation between variables.
Description of how the geological interpretation was used to control the resource estimates.
Discussion of basis for using or not using grade cutting or capping.
The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.
It is assumed that there are no by-products or deleterious elements as shown by metallurgical test work.
Li2O (%), Ta (ppm), Fe (%), Nb (ppm), Sn (ppm), Cs (ppm), K (%), Al (%), Si (%), P (%) and S (ppm) were interpolated into the block model.
A Surpac block model was created to encompass the extents of the known mineralisation. The block model was rotated on a bearing of 30°, with block dimensions of 10m NS by 10m EW by 5m vertical with sub-cells of 2.5m by 2.5m by 1.25m. The parent block size dimension was selected on the results obtained from Kriging Neighbourhood Analysis and also in consideration of two predominant mineralisation orientations of 30° and 100 to 120°.
An orientated ‘ellipsoid’ search was used to select data and adjusted to account for the variations in lode orientations, however all other parameters were taken from the variography derived from Domains 1, 2, 3, 4, 7 and 8. Up to three passes were used for each domain. First pass had a range of 50m, with a minimum of 8 samples. For the second pass, the range was extended to 100m, with a minimum of 4 samples. For the third pass, the range was extended to 200m, with a minimum of 1 or 2 samples. A maximum of 16 samples was used for each pass with a maximum of 4 samples per hole.
No assumptions were made on selective mining units.
Correlation analysis was conducted on the domains at Ewoyaa Main. It is evident that Li2O has little correlation with any of the other elements presented in the table, apart from weak negative correlations with caesium and potassium.
The mineralisation was constrained by pegmatite geology wireframes and internal lithium bearing mineralisation wireframes prepared using a nominal 0.4% Li2O cut-off grade and a minimum down-hole length of 3m. The wireframes were used as hard boundaries for the interpolation.
Statistical analysis was carried out on data from 87 mineralised domains. Following a review of the population histograms and log probability plots and noting the low coefficient of variation statistics, it was determined that the application of high grade cuts was not warranted.
Validation of the model included detailed visual validation, comparison of composite grades and block grades by northing and elevation and a nearest neighbour check estimate. Validation plots showed good correlation between the composite grades and the block model grades.

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Criteria JORC Code Explanaton	Commentary
Moisture • Whether the tonnages are estmated on a dry basis or with natural moisture, and the method of determinaton of the moisture content.	• Tonnages and grades were estmated on a dry in situ basis.
Cut-of parameters • The basis of the adopted cut-of grade(s) or quality parameters applied.	• The Statement of Mineral Resources has been constrained by the mineralisaton solids, and the reported above a cut-of grade at 0.5% Li2O. Whitle optmisatons demonstrate reasonable prospects for eventual economic extracton. • Metallurgical test work indicates that there are two main geometallurgical domains; coarse grained spodumene bearing pegmatte (P1); and medium grained spodumene bearing pegmatte (P2). From test work completed to date at a 6.3mm crush, the P1 material produces a 6% Li2O concentrate at approximately 70 to 85% recovery (average 75% recovery), whilst P2 material produces 5.5 to 6% Li2O concentrate at approximately 35 to 65% recovery (average 47% recovery). From test work completed at a 10mm crush, the P1 material produces a 6% Li2O concentrate at approximately 50 to 80% recovery (average 70%), whilst P2 material produces 5.5 to 6% Li2O concentrate at approximately 7 to 30% recovery (average 20% recovery).
Mining factors or assumptons • Assumptons made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining diluton. It is always necessary as part of the process of determining reasonable prospects for eventual economic extracton to consider potental mining methods, but the assumptons made regarding mining methods and parameters when estmatng Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanaton of the basis of the mining assumptons made.	• Ashmore has assumed that the deposit could be mined using open pit mining techniques. • A high level Whitle optmisaton of the Mineral Resource supports this view.
Metallurgical factors or assumptons • The basis for assumptons or predictons regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extracton to consider potental metallurgical methods, but the assumptons regarding metallurgical treatment processes and parameters made when reportng Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanaton of the basis of the metallurgical assumptons made.	• Scoping and PFS level metallurgical test work has been conducted on the Ewoyaa material types. Test work indicates that there are four main geometallurgical material types in occurrence at the Project, with their relatve abundances, concentrate grades and recoveries shown below, including a 4% discount factor for bench scale to mine scale efciencies. Weathered Geomet Tonnage Li2O Rec Conc. Mt % % Li2O (%) P1 2.0 1.13 68 6.0 P2 0.2 1.00 50 6.0 Total 2.2 1.12 Primary Geomet Tonnage Li2O Rec Conc. Mt % % Li2O (%) P1 29.3 1.28 70 6.0 P2 3.8 1.06 50 5.5 Total 33.1 1.25

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Criteria		JORC Code Explanaton		Commentary
Environmental	•	Assumptons made regarding possible waste and	•	No assumptons have been made regarding environmental
factors or		process residue disposal optons. It is always		factors. Atlantc Lithium will work to mitgate environmental
assumptons		necessary as part of the process of determining		impacts as a result of any future mining or mineral processing.
		reasonable prospects for eventual economic
		extracton to consider the potental environmental
		impacts of the mining and processing operaton.
		While at this stage the determinaton of potental
		environmental impacts, partcularly for a
		greenfelds project, may not always be well
		advanced, the status of early consideraton of
		these potental environmental impacts should be
		reported. Where these aspects have not been
		considered this should be reported with an
		explanaton of the environmental assumptons
		made.
Bulk density	•	Whether assumed or determined. If assumed, the	•	Bulk density measurements were completed on selected
		basis for the assumptons. If determined, the		intervals of diamond core drilled at the deposit. The
		method used, whether wet or dry, the frequency		measurements were conducted at the Cape Coast core
		of the measurements, the nature, size and		processing facility using the water immersion/Archimedes
		representatveness of the samples.		method. The weathered samples were coated in parafn wax
	•	The bulk density for bulk material must have been		to account for porosity of the weathered samples.
		measured by methods that adequately account for	•	A total of 13,901 measurements were conducted on the Cape
		void spaces (vugs, porosity, etc.), moisture and		Coast mineralisaton, with samples obtained from oxide,
		diferences between rock and alteraton zones		transitonal and fresh material.
		within the deposit.	•	Bulk densites ranging between 1.7t/m3and 2.78t/m3were
	•	Discuss assumptons for bulk density estmates		assigned in the block model dependent on lithology,
		used in the evaluaton process of the diferent		mineralisaton and weathering.
		materials.
Classifcaton	•	The basis for the classifcaton of the Mineral	•	The Mineral Resource estmate is reported here in compliance
		Resources into varying confdence categories.		with the 2012 Editon of the ‘Australasian Code for Reportng
	• •	Whether appropriate account has been taken of all relevant factors (i.e. relatve confdence in tonnage/grade estmatons, reliability of input data, confdence in contnuity of geology and metal values, quality, quantty and distributon of the data). Whether the result appropriately refects the Competent Person’s view of the deposit.		of Exploraton Results, Mineral Resources and Ore Reserves’ by the Joint Ore Reserves Commitee (JORC). The Cape Coast Mineral Resource was classifed as Measured, Indicated and Inferred Mineral Resource based on data quality, sample spacing, and lode contnuity. The Measured Mineral Resource was confned to fresh rock within areas drilled at 20m by 15m along with robust contnuity of geology and Li2O grade. The Indicated Mineral Resource was defned within areas of close spaced drilling of less than 40m by 40m, and where the
				contnuity and predictability of the lode positons was good.
				In additon, Indicated Mineral Resource was classifed in
				weathered rock overlying fresh Measured Mineral Resource.
				The Inferred Mineral Resource was assigned to transitonal
				material, areas where drill hole spacing was greater than 40m
				by 40m, where small, isolated pods of mineralisaton occur
				outside the main mineralised zones, and to geologically
				complex zones.
			•	The input data is comprehensive in its coverage of the
				mineralisaton and does not favour or misrepresent in-situ
				mineralisaton. The defniton of mineralised zones is based
				on high level geological understanding producing a robust
				model of mineralised domains. This model has been
				confrmed by infll drilling which supported the interpretaton.
				Validaton of the block model shows good correlaton of the
				input data to the estmated grades.
			•	The Mineral Resource estmate appropriately refects the view
				of the Competent Person.

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Criteria		JORC Code Explanaton		Commentary
Audits or	•	The results of any audits or reviews of Mineral	•	Internal audits have been completed by Ashmore which
reviews		Resource estmates.		verifed the technical inputs, methodology, parameters and
				results of the estmate.
Discussion of	•	Where appropriate a statement of the relatve	•	The geometry and contnuity have been adequately
relatve		accuracy and confdence level in the Mineral		interpreted to refect the applied level of Measured, Indicated
accuracy/		Resource estmate using an approach or procedure		and Inferred Mineral Resource. The data quality is good, and
confdence		deemed appropriate by the Competent Person. For		the drill holes have detailed logs produced by qualifed
		example, the applicaton of statstcal or		geologists. A recognised laboratory has been used for all
		geostatstcal procedures to quantfy the relatve		analyses.
		accuracy of the resource within stated confdence limits, or, if such an approach is not deemed appropriate, a qualitatve discussion of the factors that could afect the relatve accuracy and confdence of the estmate.	• •	The Mineral Resource statement relates to global estmates of tonnes and grade. No historical mining has occurred; therefore, reconciliaton could not be conducted.
	•	The statement should specify whether it relates to
		global or local estmates, and, if local, state the
		relevant tonnages, which should be relevant to
		technical and economic evaluaton. Documentaton
		should include assumptons made and the
		procedures used.
	•	These statements of relatve accuracy and
		confdence of the estmate should be compared
		with producton data, where available.

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‘JORC Code 2012 Table 1’ Section 4 Estimation and Reporting of Ore Reserves (Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section).

Criteria		JORC Code Explanaton		Commentary	Commentary
Mineral	•	Descripton of the Mineral Resource estmate used	•	Refer to Secton 3 of Table 1. The Ore Reserve estmate is
Resource		as a basis for the conversion to an Ore Reserve.		based on the Mineral Resource	determined as of 1 February
estmate for	•	Clear statement as to whether the Mineral		2023.
conversion to Ore Reserves		Resources are reported additonal to, or inclusive of, the Ore Reserves.	•	The Mineral Resources are inclusive of the Ore Reserves.
Site visits	•	Comment on any site visits undertaken by the	•	The Competent Person for the Ore Reserves, Mr Harry
		Competent Person and the outcome of those visits.		Warries, visited the site from 21 to 25 November 2022.
	•	If no site visits have been undertaken indicate why	•
		this is the case.
Study status	•	The type and level of study undertaken to enable	•	A Defnitve Feasibility study (DFS) was completed by Atlantc
		Mineral Resources to be converted to Ore		Lithium Limited and this Ore Reserve Statement is a result of
		Reserves.		the DFS. The DFS was undertaken by a team of industry
	•	The Code requires that a study to at least Pre-		professionals as listed below.
		Feasibility Study level has been undertaken to	•	Resource Estmate	Ashmore Advisory Pty Ltd
		convert Mineral Resources to Ore Reserves. Such	•	Mine Engineering	Mining Focus Consultants
		studies will have been carried out and will have		Pty ltd
		determined a mine plan that is technically achievable and economically viable, and that	•	Geotechnical investgaton	SRK Consultng Ghana
		material Modifying Factors have been considered.	•	Metallurgy and Processing	Primero Ltd, Trinol Pty Ltd,
				Nagrom
			•	Hydrogeology	SRK Consultng South Africa
				and Ghana
			•	General site infrastructure	Primero Ltd, Atlantc
				Lithium Limited
			•	Tailings storage facility	Geocrest and Resource
				Engineering Consultants
			•	Legal tenure	Atlantc Lithium Limited
			•	Social and Environmental	NEMAS Consult Limited and
				Environmental and
				Social Sustainability (ESS)
			•	Market Research	Atlantc Lithium Limited
			•	Financial Modelling	Atlantc Lithium Limited
Cut-of	•	The basis of the cut-of grade(s) or quality	•	A cutof of 0.5% Li2O was adopted based on processing and
parameters		parameters applied.		economic parameters determined for the Project.

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Criteria		JORC Code Explanaton		Commentary
Mining	•	The method and assumptons used as reported in	•	It is proposed to mine the resource utlising conventonal open
factors or		the Pre-Feasibility or Feasibility Study to convert		pit mining methods.
assumptons		the Mineral Resource to an Ore Reserve (i.e. either by applicaton of appropriate factors by optmisaton or by preliminary or detailed design).	•	Conversion of Mineral Resources to Ore Reserves has been by the applicaton of appropriate mining factors and assumptons based on the prefeasibility study, including geotechnical
	•	The choice, nature and appropriateness of the		investgatons.
	• •	selected mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc. The assumptons made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc.), grade control and pre-producton drilling. The major assumptons made and Mineral Resource model used for pit and stope optmisaton (if appropriate).	• • • •	A 5% mining diluton and a 95% mining recovery was estmated. Pit optmisatons were completed the results of which were used to identfy the fnal pit limits. The geotechnical parameters were developed by a specialist geotechnical consultant. The mine plan was based on Measured, Indicated Resources and Inferred Resources with 6% of Inferred Resources included. This Inferred Resource is not considered material to
	•	The mining diluton factors used.		the value of the Project and is not included as part of the Ore
	•	The mining recovery factors used.		Reserve. The mine plan incorporates a three to fve month
	•	Any minimum mining widths used.		mining ramp-up, with an ultmate steady state producton of
	•	The manner in which Inferred Mineral Resources		2.7Mtpa of plant feed.
		are utlised in mining studies and the sensitvity of the outcome to their inclusion.	•	An alternatve cash fow model with a mine plan that only considers 25.6Mt at 1.22% Li2O of Probable Ore Reserves,
	•	The infrastructure requirements of the selected mining methods.		where all Inferred Resources were excluded from plant feed and re-assigned as waste, was developed and delivered the following post tax outcomes.

NPV8: US$1,404,840
IRR: 104.5%
EBITDA: US$3,502,938
NPAT: US$2,091,874
A minimum cutback mining width of 20m was adopted.

The primary infrastructure required for the development of the Project is listed below:

General administration and services infrastructure.
General mining facilities.
Process plant  Tailings storage facility
Metallurgical • The metallurgical process proposed and the • factors or appropriateness of that process to the style of assumptions mineralisation. • Whether the metallurgical process is well-tested technology or novel in nature. •
• The nature, amount and representativeness of metallurgical test work undertaken, the nature of the metallurgical domaining applied and the corresponding metallurgical recovery factors applied.
• Any assumptions or allowances made for deleterious elements. •
• The existence of any bulk sample or pilot scale test work and the degree to which such samples are considered representative of the orebody as a whole.
• For minerals that are defined by a specification, has the ore reserve estimation been based on the appropriate mineralogy to meet the specifications?

The proposed metallurgical process incorporates well-tested technology and utilises conventional dense media separation techniques. Processing will be conducted in a newly constructed plant adjacent to the mining operations.

• The metallurgical testwork to date includes 17 composites (Scoping Study) and 69 composites (PFS and DFS studies) samples representing each of the identified deposits, prepared for HLS testing and selected composites were used for the measurement of physical properties. Bulk composites from each of the main pits (Ewoyaa Starter, Ewoyaa Main and Anokyi) were tested at an advanced level in a DMS 100 for Scoping Study and DMS250 for PFS study pilot plant.

The metallurgical testwork indicated that, based on the processing flow chart adopted, the recoveries for >90% P1 material will be 62% and 67% (for 6% and 5.5% concentrates respectively) and for >80% P2 material the recoveries will be 7% and 15% (for 6% and 5.5% concentrates respectively) at a 10mm crush.

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Criteria		JORC Code Explanaton		Commentary
Environmental	•	The status of studies of potental environmental	•	Preparatons for the Environmental and Social Impact
		impacts of the mining and processing operaton.		Assessment (ESIA), Resetlement Acton Plan (RAP) and Trafc
		Details of waste rock characterisaton and the		Impact Assessment (TIA) required under Ghanaian
		consideraton of potental sites, status of design		regulatons, are progressing and are being undertaken by the
		optons considered and, where applicable, the		appointed consultant.
		status of approvals for process residue storage and	•	Sulphur assays have been determined for more than 25,600
		waste dumps should be reported.		resource samples with results ranging from 250ppm to a
				maximum of 13,700 ppm with a mean of 845ppm. Results
				are low and therefore unlikely to generate any signifcant acid
				mine drainage.
			•	Process plant tails and products are considered inert with no
				trace associated by-product metals or acid rock generatng
				sulphide.
			•	Waste rock dumps contain no trace acid rock generatng
				sulphide and have been designed to minimise discharge into
				the environment in additon to downstream surface and
				ground water monitoring sites to monitor for this.
			•	The Tailings storage facility (TSF) is designed as an integrate
				waste landform TSF to minimise Project footprint and to
				design a more stable TSF structure within an area of limited
				available fat ground for tailings storage, within an overall low-
				volume tailings generatng Project given the DMS only process
				fow-sheet.
			•	Baseline environmental and heritage studies have been
				conducted and environmental licensing is not identfed to
				pose any restricton to the planned actvites.
Infrastructure	•	The existence of appropriate infrastructure:	•	The Project is located approximately 100km southwest of
		availability of land for plant development, power,		Accra, the capital of Ghana, West Africa.
		water, transportaton (partcularly for bulk commodites), labour, accommodaton; or the	•	The process plant and the Project’s supportng infrastructure has been developed through studies by engineering service
		ease with which the infrastructure can be		providers as listed under the Study Status criterion. Works
		provided, or accessed.		have included ‘modelling’ of plant availability, plant
				throughput, tailings storage facility and water consumpton
				with subsequent producton of sufcient drawings to enable
				development of detail estmates including forecasts of
				consumable consumptons such as grinding media, reagents
				and power. First principle estmates have derived labour
				levels for Project constructon and on-going operaton.
			•	Water supply for the process will be sourced from a
				combinaton of pit dewatering and the nearby Agege Dam for
				makeup water.
			•	A camp site will be not be established in proximity to the mine
				site and all staf will be accommodated in hotels and housing
				local to the mine area. Workshops, ofces, and warehouse is
				planned adjacent to the mining and processing operatons as
				required. Power supply to the operaton will be from the local
				electricity grid.
			•	Potable water will be sourced from a potable water borehole
				with Reverse Osmosis (RO) processing for drinking water.
			•	Labour is expected to be sourced locally within Ghana and
				proximal to the Project site in partcular. Skilled labour is more
				likely to be sourced from Accra or Takoradi with minimal
				expatriate roles defned during constructon, plant
				commissioning and early years of producton, afer which an
				all Ghanaian workforce is envisioned.

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Criteria JORC Code Explanation Commentary Costs • The derivation of, or assumptions made, regarding • The capital and operating cost estimates are commensurate projected capital costs in the study. with a Definitive Feasibility level study and were estimated by
• the study contributors as listed under the Study Status criteria The methodology used to estimate operating costs. discussed above. The capital cost estimate has been
• Allowances made for the content of deleterious developed through the collation of a number of first principle estimates completed by the various Study contributors on
elements. completion of sufficient design works to provide bills of
• The derivation of assumptions made of metal or materials to the estimators, quotations from equipment commodity price(s), for the principal minerals and providers and contracting companies and estimates carried co- products. out directly by the owner's team. The operational cost
• The source of exchange rates used in the study. estimate was developed on a 'first principle basis', derived • from base data provided by Atlantic Lithium and the Study Derivation of transportation charges. contributors.
• The basis for forecasting or source of treatment • Contract mining was adopted as the basis of the Project.
and refining charges, penalties for failure to meet •
specification, etc. The estimated capital costs for the Project are $185.2M as summarised below.
• The allowances made for royalties payable, both Government and private.  Processing $88.5M  Utilities and Infrastructure $23.5M  Owners Costs $33.4M  Indirects- EPCM and working capex $27.6M - Contingency $12.1M
• The estimated LOM Sustaining costs are $112.2M, with closure costs of $45.7M
The mining costs were estimated at $3.82/t mined, inclusive of contractor mobilisation, establishment, pre-production mining and demobilisation.
The estimated process operating costs, including general and administration costs, for the Project are $15.36/t of plant feed.
Spodumene products selling and transport cost were $29.81/t produced.
Secondary product selling and transport cost were $32.65/t produced
A 5% government royalty was applied, as well as a 1% third party royalty.
No deleterious elements have been identified for the Project.
All costs have been estimated in United States of America dollars.

Criteria JORC Code Explanation Commentary

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Revenue	•	The derivaton of, or assumptons made regarding	•	The Project economics have been modelled on a long-term
factors		revenue factors including head grade, metal or		annualised spodumene concentrate price of $1,587/t and
		commodity price(s) exchange rates, transportaton		$187/t for the secondary product.
		and treatment charges, penaltes, net smelter
		returns, etc.
	•	The derivaton of assumptons made of metal or
		commodity price(s), for the principal metals,
		minerals and co-products.
Market	•	The demand, supply and stock situaton for the	•	The market for lithium is robust and a long term metals price
assessment		partcular commodity, consumpton trends and		was developed from published forecasts from multple
		factors likely to afect supply and demand into the		sources.
		future.	•	Supply and demand are not considered a material factor for
	•	A customer and compettor analysis along with the		the spodumene market and, as such not relevant to the Ore
		identfcaton of likely market windows for the		Reserve calculatons.
		product.
	•	Price and volume forecasts and the basis for these
		forecasts.
	•	For industrial minerals the customer specifcaton,
		testng and acceptance requirements prior to a
		supply contract.
Economic	•	The inputs to the economic analysis to produce	•	The fnancial evaluaton undertaken as part of the Study
		the net present value (NPV8) in the study, the		indicated a positve net present value (NPV8) at an 8%
		source and confdence of these economic inputs		discount rate.
		including estmated infaton, discount rate, etc.	•	Sensitvity analysis indicated that a negatve 25% change in
	•	NPV8ranges and sensitvity to variatons in the		product price, foreign exchange rate, 25% increase in overall
		signifcant assumptons and inputs.		operatng cost or 25% increase in capital cost stll resulted in a
				positve NPV8.
			•	The All-In-Sustaining Cost (AISC) margin is estmated to be
				greater than 60% which indicates robust economic
				performance of the Project.
Social	•	The status of agreements with key stakeholders	•	The Project managers are in liaison with the state government
		and maters leading to social licence to operate.		and engagement with key stakeholders is in place.
			•	Baseline heritage surveys have been conducted for the
				property and sites of cultural and spiritual signifcance
				recorded including sacred sites which have previously been
				re-located with the community’s assistance for exploraton
				actvites. Future heritage sites requiring re-locaton will be
				managed accordingly.
			•	The community has been actvely engaged throughout the
				exploraton and resource evaluaton stages with ongoing
				community engagement meetngs, local employment from
				within the afected communites and a community
				development programme initated.
			•	The Project is identfying the potental impacts on residental
				structures, crops and land and endeavours to keep impacts to
				a minimum by adjustng the Project design where possible.

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Criteria		JORC Code Explanaton		Commentary
Other	•	To the extent relevant, the impact of the following	•	No signifcant (high) naturally occurring risks were identfed
		on the project and/or on the estmaton and		during a whole of Project risk assessment. The environment is
		classifcaton of the Ore Reserves:		stable with a long history of productve mining operatons
	•	Any identfed material naturally occurring risks.		that have not been afected by naturally occurring events.
	• •	The status of material legal agreements and marketng arrangements. The status of governmental agreements and approvals critcal to the viability of the project, such as mineral tenement status, and government	•	Atlantc Lithium’s tenure is in good standing with all legal obligatons met. Regular meetngs with state and federal Government agencies occur for the purposes of discussing required approvals and facilitatng meetngs with other stakeholders.
		and statutory approvals. There must be reasonable	•	There are reasonable grounds to expect that future
		grounds to expect that all necessary Government approvals will be received within the tmeframes antcipated in the Pre-Feasibility or Feasibility		agreements and Government approvals will be granted and maintained within the necessary tmeframes for successful implementaton of the Project.
		study. Highlight and discuss the materiality of any
		unresolved mater that is dependent on a third
		party on which extracton of the reserve is
		contngent.
Classifcaton	•	The basis for the classifcaton of the Ore Reserves	•	Probable Ore Reserves were declared based on the Measured
		into varying confdence categories.		and Indicated Mineral Resources contained within the pit
	• •	Whether the result appropriately refects the Competent Person’s view of the deposit. The proporton of Probable Ore Reserves that have		designs that were developed for the Project. The fnancial analysis showed that the Project is economically viable and the risk analysis did not identfy any insurmountable risks.
		been derived from Measured Mineral Resources (if
		any).
Audits or	•	The results of any audits or reviews of Ore Reserve	•	No external audits or reviews of the Ore Reserve estmates
reviews		estmates.		have been undertaken.
Discussion of	•	Where appropriate a statement of the relatve	•	The relatve accuracy and confdence of the Ore Reserve
relatve		accuracy and confdence level in the Ore Reserve		estmate is inherent in the Ore Reserve Classifcaton.
accuracy/ confdence		estmate using an approach or procedure deemed appropriate by the Competent Person. For example, the applicaton of statstcal or geostatstcal procedures to quantfy the relatve accuracy of the reserve within stated confdence limits, or, if such an approach is not deemed	• • •	The statement relates to global estmates. No mine producton data is available at this stage for reconciliaton and/or comparatve purposes. Factors that may afect the global tonnages and the associated grades, as well as the quantty of concentrate
		appropriate, a qualitatve discussion of the factors		produced include:-
		which could afect the relatve accuracy and		 Accuracy of the Mineral Resource estmate
		confdence of the estmate.		 Mining diluton
	•	The statement should specify whether it relates to global or local estmates, and, if local, state the relevant tonnages, which should be relevant to		 Mining recovery  P1 / P2 categorisaton
		technical and economic evaluaton.		 Process plant performance
		Documentaton should include assumptons made
		and the procedures used.
	•	Accuracy and confdence discussions should
		extend to specifc discussions of any applied
		Modifying Factors that may have a material impact
		on Ore Reserve viability, or for which there are
		remaining areas of uncertainty at the current
		study stage.
	•	It is recognised that this may not be possible or
		appropriate in all circumstances. These statements
		of relatve accuracy and confdence of the
		estmate should be compared with producton
		data, where available.

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DEFINITIVE FEASIBILITY STUDY

29 JUNE 2023

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NOTES TO EDITORS:

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR .

FOR ANY FURTHER INFORMATION, PLEASE CONTACT:

Neil Herbert (Executive Chairman)

Amanda Harsas (Finance Director and Company Secretary)

[www.atlanticlithium.com.au ]

[email protected]

Tel: +61 2 8072 0640

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

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Canaccord Genuity Limited Joint Company Broker Raj Khatri James Asensio Harry Rees Tel: +44 (0) 20 7523 4500

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Liberum Capital Limited Yellow Jersey PR Limited Joint Company Broker Charles Goodwin Scott Mathieson Bessie Elliot Kane Collings [email protected] Tel: +44 (0) 20 3100 2000 Tel: +44 (0)20 3004 9512

About Atlantic Lithium

www.atlanticlithium.com.au

Atlantic Lithium is an AIM and ASX-listed lithium company advancing a portfolio of lithium projects in Ghana and Côte d’Ivoire through to production.

The Company’s flagship project, the Ewoyaa Project in Ghana, is a significant lithium spodumene pegmatite discovery on track to become Ghana’s first lithium-producing mine. The Company signed a funding agreement with Piedmont Lithium Inc. towards the development of the Ewoyaa Project. Atlantic Lithium is currently advancing the Ewoyaa Project through feasibility studies and intends to be producing a spodumene concentrate via simple gravity only process flowsheet.

Atlantic Lithium holds 560km[2] and 774km[2] of tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licences.

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PAGE 72 OF 72

DEFINITIVE FEASIBILITY STUDY

AI assistant

Atlantic Lithium Limited — Capital/Financing Update 2023

10433_rns_2023-06-28_144aabcf-b56c-43e0-a060-a5cc92a493e2.pdf

DEFINITIVE FEASIBILITY STUDY

DFS HIGHLIGHTS:

CEO

1.0 PROJECT INTRODUCTION

1.1 PROJECT OVERVIEW AND SUMMARY

1.2 PROJECT LOCATION AND ACCESS

1.3 SUPPORTING INFRASTRUCTURE

1.4 CLIMATE

1.5 TOPOGRAPHY

2.0 OWNERSHIP, TENURE AND LEGAL

2.1 COMPANY STRUCTURE AND OWNERSHIP

FIGURE 4 ATLANTIC LITHIUM CORPORATION STRUCTURE

MINERAL RIGHTS

TABLE 3 EWOYAA LITHIUM PROJECT MINERAL RIGHTS

2.2 LEGAL

2.3 TAXATION AND PROJECT FISCAL REGIME

3.0 GEOLOGY AND RESOURCE

3.1 GEOLOGY

3.2 MINERAL RESOURCE

TABLE 4 SUMMARY OF DRILLING USED FOR THE EWOYAA RESOURCE ESTIMATE

3.3 MINERAL RESOURCE ESTIMATE

COMPETENT PERSONS NOTE:

There are two main geometallurgical domains at the Project which are shown in Table 6 .

TABLE 6 GEOMETALLURGICAL OCCURANCE

4.0 MINING

4.1 INTRODUCTION

4.2 PIT OPTIMISATION

TABLE 7 SUMMARY OF KEY PIT OPTIMISATION INPUT PARAMETERS

FIGURE 6 PIT OPTIMISATION RESULTS TOTAL RESOURCE

4.3 MINE DESIGN AND SCHEDULING

TABLE 8 SUMMARY PIT DESIGN PARAMETERS

WASTE DUMPS

STOCKPILING AND ROM

HAUL ROADS

4.4 MINE PRODUCTION SCHEDULE

CAUTIONARY STATEMENT:

5.0 ORE RESERVES

5.1 INTRODUCTION

5.2 MODIFYING FACTORS

TABLE 11 SOURCE MODIFYING FACTORS USED FOR ORE RESERVE DETERMINATION

TABLE 12 SUMMARY OF MODIFYING FACTORS FOR ORE RESERVE DETERMINATION

5.3 ORE RESERVE SUMMARY

CAUTIONARY STATEMENT:

TABLE 13 ORE RESERVES AS OF 16 JUNE 2023

COMPETENT PERSONS NOTE:

6.0 METALLURGY

6.1 METALLURGICAL TESTWORK

TABLE 14 SUMMARY OF ORE PHYSICAL PARAMETERS

6.2 RECOVERY

7.0 PLANT AND PROCESSING DESIGN

7.1 DESIGN OVERVIEW

7.2 PLANT FLOWSHEET

7.3 PRE-PRODUCTION PROCESSING

8.0 INFRASTRUCTURE AND SERVICES

8.1 OVERVIEW INFRASTRUCTURE

8.2 SITE ACCESS

8.3 TRANSPORT, LOGISTICS AND PORT FACILITIES

8.4 WATER SUPPLY AND SOURCES

8.5 POWER

8.6 TAILINGS MANAGEMENT

8.7 SITE ROADS

8.8 BUILDINGS/OTHER

8.9 ACCOMMODATION

8.10 FUEL STORAGE AND DISTRIBUTION

8.11 COMMUNICATIONS

9.0 ENVIRONMENTAL AND SOCIAL STUDIES AND PERMITTING

9.1 REGULATORY FRAMEWORK AND APPROVALS PROCESS

9.2 EXISTING ENVIRONMENTAL SETTING

TOPOGRAPHY AND GEOLOGY

CLIMATE

HYDROLOGY AND HYDROGEOLOGY

AIR QUALITY AND NOISE

LONG-TERM ENVIRONMENTAL MONITORING

9.3 EXISTING SOCIAL SETTING

TRADITIONAL OWNERSHIP OF LAND

POPULATION

CULTURAL HERITAGE AND ARCHAEOLOGY

Atlantic Lithium Limited Capital/Financing Update 2023