Neil Herbert of Atlantic Lithium: Activity this Quarter shows a Remarkable Period of Progress
Neil Herbert, Executive Chairman ofdiscusses activities during the quarter, which he describes as a remarkable period of progress, which included the award of a Mining Lease for the Ewoyaa Lithium Project. He said it represents the Government's belief in the Company as its partner of choice in its long-term lithium production objectives and sets Ewoyaa on a path to become one of the next major hard rock spodumene mines.
Highlights from the Reporting Period:
- Commitment from partner Piedmont Lithium to sole fund the first US$70m, and 50% of any additional costs thereafter, of the total US$185m development expenditure indicated in the Definitive Feasibility Study ("DFS") for the Company's flagship Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana, comprising the proposed Ewoyaa Lithium Mine and Processing Plant.
- Planned investment of a total US$32.9m (A$51.4m / £26.3m) by the Minerals Income Investment Fund of Ghana ("MIIF") in the Company and its Ghanaian subsidiaries to expedite the development of the Project.
- Commenced competitive offtake partnering process to secure Project funding for a portion of the remaining 50% available feedstock from Ewoyaa.
- Mining Lease granted for the Ewoyaa Lithium Project, representing a major de-risking milestone for the Project.
- Agreed terms maintain Ewoyaa's position as one of the lowest capital and operating cost hard rock lithium projects globally.
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