GCINeil Herbert of Atlantic Lithium: Significant MRE Upgrade Confirms Ewoyaa as a Best in Class Project
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Neil Herbert Executive Chairman of : Significant Mineral Resource Estimate upgrade to 35.3Mt at 1.25% Li2O including 28Mt in the Measured and Indicated categories, confirms Ewoyaa as a Best in Class Project.
HIGHLIGHTS
Ø MRE now increased to 35.3Mt at 1.25% Li2O including 28Mt in the Measured and Indicated categories at the Ewoyaa deposit; reported in accordance with the JORC Code (2012).
Ø 79% of the overall MRE now in higher confidence Measured and Indicated categories, with 3.5Mt at 1.37% Li2O in the Measured category and 24.5Mt at 1.25% Li2O in the Indicated category.
Ø Measured Resources reported for the first time and additional Indicated Resources converted from the Inferred category, highlighting strong geological and mineralisation continuity, favourable for ongoing studies.
Ø Definitive Feasibility Study ("DFS") well progressed and targeted for release Q2 2023.
Ø The DFS will evaluate an extended mine life and increased throughput to enhance Project economics.
o LOM revenues exceeding US$4.84bn, Post-tax NPV8 of US$1.33bn, IRR of 224% over 12.5 years
o US$125m capital cost with industry-leading payback period of <5 months
o C1 cash operating costs of US$278 per tonne of 6% lithium spodumene concentrate Free on Board ("FOB") Ghana Port, after by-product credits
o Average Life of Mine ("LOM") EBITDA of US$248m per annum
o 18.9Mt at 1.24% Li2O Maiden Ore Reserve
o Average annualised US$1,359/dry metric tonne SC6 pricing used with US$1,200/dry metric tonne long term pricing
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