Atlantic Lithium to start trading on Ghana Stock Exchange on May 13

By Kent Mensah in Accra May 13, 2024

Atlantic Lithium Ltd., the African-focused lithium exploration and development company aiming to establish Ghana's inaugural lithium mine, will begin trading on the Ghana Stock Exchange (GSE) on Monday (May 13) at 10:00 a.m. GMT under the ticker "ALLGH".

The company said it will not place or issue any new Atlantic Lithium shares in connection with its GSE listing, and admission will have no impact on its existing listings on Australia's ASX or the London Stock Exchange's AIM.

Black Star Brokerage Limited serves as the Sponsoring Broker and Arranger, with JLD & MB Legal Consultancy acting as the Legal Advisor, SCG Chartered Accounts as the Reporting Accountants, Central Securities Depository (GH) LTD as the Registrar and Depository, and SRK Exploration Services LTD as the Geological Consultants for the listing.

Atlantic executive chairman Neil Herbert expressed optimism for the listing, emphasising the opportunity for Ghanaians to engage in the Ewoyaa Lithium Project, aligning with the nation's strategic mineral objectives.

"Recognising the strategic and socio-economic importance of the Ewoyaa Lithium Project to Ghana, we are delighted to be listing the Company's shares on the Ghana Stock Exchange, which we believe will provide Ghanaians greater opportunity to share ownership in and contribute to the advancement of the Project towards production."

Atlantic’s Ewoyaa Project, poised to commence construction in the latter half of 2024, is expected to significantly contribute to the global lithium supply with an annual production of 365,000 tonnes of spodumene concentrate, situating it among the world’s largest spodumene mines, according to a June 2023 definitive feasibility study.

Atlantic announced in October 2023 that Ghana's Minister of Lands and Natural Resources had granted a mining lease in respect of the project, comprising the proposed Ewoyaa Lithium Mine and Processing Plant.

In January, the company welcomed Ghana’s mineral sovereign wealth fund (MIIF) as a new major, strategic shareholder following a $5mn investment in Atlantic by way of a share subscription.

The investment, which formed the first stage of MIIF's proposed total $32.9mn investment in the company and its Ghanaian subsidiaries. In line with the second stage of the strategic Investment, subject to Atlantic reaching a binding agreement with MIIF, the Ghanian fund has agreed to invest a further $27.9mn in the company's Ghanaian subsidiaries that hold its lithium interests in Ghana, to acquire a 6% contributing interest in the Ghana portfolio, inclusive of the project.

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