Atlantic Lithium posts full year results, optimistic that construction will start soon

Atlantic Lithium (ALL) Follow | ALLlost $12.4 million in the year to June 2024, as it continued to progress towards construction at its Ewoyaa lithium project in Ghana. That was slightly higher than the loss turned in for the previous year of $11.5 million.

Much progress was made on the ground during the period, and at the administrative level, as the company’s strong ties at the local level and with government continued to pay off. 

“The grant of the mining lease serves as an important de-risking milestone for the advancement of the project and represents a major landmark, both for the company and for Ghana, in the pursuit of achieving spodumene concentrate production at Ewoyaa,” said executive chairman Neil Herbert.

"Having delivered upon the key terms as agreed under the grant of the mining lease during the period, we now eagerly anticipate the ratification of the mining lease by Ghana's parliament. Concurrently, considerable work has gone into the progression of the permitting phases as required for the project, and we now find ourselves within touching distance of achieving full permitting and shovel readiness at Ewoyaa.”

The company had $12 million in cash at the end of the financial year.

View from VOX

As it’s not yet in production, there is only limited read across from Atlantic Lithium’s financial results. There’s enough cash to keep the lights on, and the progress towards construction is all positive. Less good is the lithium market itself, which is weak. But even there, the low cost profile of Ewoyaa means it still looks turning a profit.