Atlantic Lithium has expressed its support for the Ghanaian government’s decision to review and renegotiate the terms of the mining lease for its flagship Ewoyaa Lithium Project. The company regards this as a constructive step toward achieving lease terms that align with current lithium market conditions and deliver long-term socio-economic value for Ghana.

The company welcomed remarks made during the parliamentary session on Wednesday, 16 July 2025, where the Minister of Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah, confirmed that Cabinet had approved the negotiation of revised mining lease terms. These revised terms are to be submitted for Cabinet review and subsequently presented to Parliament for ratification as part of the required legislative process.

In his address, the minister emphasised the project’s job creation potential and highlighted the strong support from residents of the project’s catchment area in Ghana’s Central Region. He also underlined the broader economic benefits the Ewoyaa Project is expected to bring.

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The project is anticipated to significantly contribute to the region’s socio-economic development through its spodumene concentrate production and to create substantial employment opportunities for Ghanaians. The company believes this is well aligned with the priorities outlined by President John Mahama during his successful election campaign in December 2024.

The Mining Lease for Ewoyaa was initially granted by the Ministry of Lands and Natural Resources in October 2023, during a period of elevated lithium prices. Since then, global lithium prices have seen a notable decline. As previously communicated, Atlantic Lithium has been engaging with key stakeholders in Ghana, including government officials, to pursue fiscal terms that reflect the current pricing environment and ensure the project’s long-term benefit for both the country and its people.

With all necessary regulatory approvals already in place, parliamentary ratification of the mining lease marks the final step in the project’s permitting process. This ratification will enable the company to proceed with securing financing for the project.

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Atlantic Lithium awaits parliamentary ratification for Ewoyaa Mine

Atlantic Lithium remains optimistic that the mining lease will be ratified in due course in accordance with Ghana’s parliamentary procedures and continues to support the process wherever possible.

Commenting on the latest progress, Chief Executive Officer Keith Muller said:

“We remain actively engaged in discussions with relevant stakeholders in Ghana to consider a revision of the fiscal terms of the Ewoyaa Mining Lease that were initially agreed upon in October 2023 and welcome the recent comments made by the Hon. Minister of Lands and Natural Resources regarding the project’s latest progress.

“Having seen a significant shift in the lithium price environment since the mining lease was granted, we are seeking terms that reflect prevailing market conditions and that ensure the project can deliver value for shareholders and the generational benefits that Ewoyaa promises for Ghana and Ghanaians, including significant job creation and socio-economic development of the project’s catchment area in the Central Region.

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