Atlantic Lithium Limited — Capital/Financing Update 2024

May 29, 2024

30 May 2024

Field Work Underway at Senya Beraku Licence

Atlan�c Lithium commences soil sampling, mapping and rock chip sampling across newly-granted, unexplored Senya Beraku licence

Atlan�c Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, OTCQX: ALLIF, “Atlan�c Lithium” or the “Company”), the African-focused lithium explora�on and development company targe�ng to deliver Ghana’s first lithium mine, is pleased to announce the commencement of geochemical soil sampling, geological mapping and rock chip sampling over the Senya Beraku licence in the eastern por�on of the Company's Cape Coast Lithium Por�olio in Ghana (“CCLP”), which holds the flagship Ewoyaa Lithium Project (“Ewoyaa” or the “Project”).

Highlights:

• Commencement of geochemical soil sampling, geological mapping and rock chip sampling over the newly-granted, previously unexplored Senya Beraku prospec�ng licence, represen�ng 82.11km[2] of prospec�ve tenure within 70km from the Ewoyaa footprint.

• grained spodumene pegma�tes have been observed.

• 1,344 soil samples collected as of 26 May 2024, with 5,405 samples planned to be collected in the ongoing programme.

• mineralisa�on observed; assays pending), being undertaken concurrent to ongoing soil sampling programme; collected rock chip samples to be submited for assay by Intertek.

• by the Minerals Commission and Environmental Protec�on Agency (“EPA”), and the comple�on of mee�ngs with local authori�es and communi�es to inform them of the Company's planned ac�vi�es.

• highway and crossed by high-voltage transmission lines.

• Grant of the Senya Beraku licence represents the Government’s strong support of the Company’s ambi�ons to grow its lithium resources in Ghana following the grant of the Mining Lease for the Ewoyaa Lithium Project in October 2023.

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30 May 2024

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Commen�ng on the Company’s latest progress, Neil Herbert, Execu�ve Chairman of Atlan�c Lithium, said :

“The recently-granted Senya Beraku prospecting licence represents new, unexplored tenure offering considerable exploration upside potential. With no lithium exploration having been conducted previously over the licence, we are pleased to now be on the ground undertaking soil sampling, mapping and rock chip sampling, with the view to identifying new anomalies that we can follow up on with targeted drilling.

“While focused primarily on advancing the Ewoyaa Lithium Project through permitting towards construction, we recognise the potential value to be delivered from the continued exploration of our large, still vastly unexplored tenure package in Ghana, which we believe is highly prospective for further lithium discovery.

“In line with the grant of the Ewoyaa Mining Lease, we believe that the grant of the Senya Beraku licence demonstrates the Government of Ghana’s continued support of the Project and the Company’s efforts to grow the country’s lithium resources. We, therefore, look forward to progressing and completing the ongoing programme and taking steps to further enhance the Project.”

Senya Beraku

Granted to the Company’s wholly-owned Ghanaian subsidiary Green Metals Resources Limited (“GMR”) in November 2023 ( refer announcement of 14 November 2023 ), the Senya Beraku prospec�ng licence represents 82.11km[2] of prospec�ve tenure offering significant explora�on poten�al.

of the footprint of the Company’s flagship Ewoyaa Lithium Project, outside of the current JORC (2012) compliant 35.3Mt @ 1.25% Li2O Mineral Resource Es�mate[1] ("MRE") for the Project ( refer Figure 1 ).

No previous lithium explora�on has been completed over the licence.

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

Newly granted Senya
Beraku license; area of
current active fieldwork
Egyasimanku Hill
spodumene
occurrence (non JORC)
35.3Mt @ 1.25% Li2O
Ewoyaa MRE (JORC 2012)
----- End of picture text -----

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

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Field Work Underway at Senya Beraku

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As of 26 May 2024, the Company has collected 1,344 samples of the 5,405 planned sample programme (where sample sites are suitable) across the prospec�ve region of the Senya Beraku licence ( refer Figure 2 ).

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Figure 2: Soil sampling and lithological mapping progress map on the Senya Beraku prospec�ng licence (base map is regional geology by Ghana Geological Survey Authority)

Soil samples collected have been submited for in-house processing and analysis at the Company’s Mankessim facility using pXRF (portable X-Ray Fluorescence) and LiBS (Laser-induced breakdown spectroscopy) analysers.

Concurrent to the ongoing soil sampling programme, the Company is undertaking surface geological mapping across the Senya Beraku licence. Weathered, coarse-grained pegma�te units have been mapped (no spodumene mineralisa�on observed), with rock chip samples being collected and submited for assay by Intertek (sample prepara�on in Tarkwa, Ghana and analysis in Perth, Australia).

The sampling and mapping programmes are expected to conclude by August 2024, following which data interpreta�on will be undertaken (upon receipt of all geochemical data), with a view to iden�fying anomalies for detailed follow-up mapping and auger drilling evalua�on ahead of reverse circula�on drill tes�ng where warranted.

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

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Field Work Underway at Senya Beraku

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End Note

1 Ore Reserves, Mineral Resources and Produc�on 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 35.3Mt @ 1.25% Li₂O for Ewoyaa is extracted from the Company’s announcement dated 1 February 2023, which is available at www.atlanticlithium.com.au. The MRE includes a total of 3.5Mt @ 1.37% Li₂O in the Measured category, 24.5Mt @ 1.25% Li₂O in the Indicated category and 7.4Mt @ 1.16% Li₂O in the Inferred category. The Company confirms that all material assumptions and technical parameters underpinning the MRE continue to apply. Material assumptions for the Project have been revised on grant of the Mining Lease for the Project, announced by the Company on 20 October 2023. The Company is not aware of any new information or data that materially affects the information included in this announcement or the announcements dated 1 February 2023 and 20 October 2023.

Competent Persons

Information in this report relating to the exploration results is based on data reviewed by Mr I. Iwan Williams (BSc. Hons Geology), General Manager - Exploration of the Company. Mr Williams is a Member of the Australian Institute of Geoscientists (#9088) who has in excess of 30 years’ experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Williams consents to the inclusion of the information in the form and context in which it appears.

Information in this report relating to Mineral Resources was compiled by Shaun Searle, a 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 being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and is a Qualified Person under the AIM Rules. Mr Searle is a director of Ashmore. Ashmore and the Competent Person are independent of the Company and other than being paid fees for services in compiling this report, neither has any financial interest (direct or contingent) in the Company. Mr Searle consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

For any further informa�on, please contact:

Atlan�c Lithium Limited

Neil Herbert (Execu�ve Chairman)

Amanda Harsas (Finance Director and Company Secretary)

[www.atlan�clithium.com.au ]

IR@atlan�clithium.com.au

Tel: +61 2 8072 0640

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

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

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

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

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Field Work Underway at Senya Beraku

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Notes to Editors:

About Atlan�c Lithium

www.atlan�clithium.com.au

Lithium Project, a significant lithium spodumene pegma�te discovery in Ghana, through to produc�on to become the country’s first lithium-producing mine.

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

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

Atlan�c Lithium holds a por�olio of lithium projects within 509km[2] and 774km[2] of granted and under-applica�on tenure across Ghana and Côte d'Ivoire respec�vely, which, in addi�on to the Project, comprises significantly underexplored, highly prospec�ve licences.

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Field Work Underway at Senya Beraku

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