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Atlantic Lithium celebrates listing on Ghana Stock Exchange

Atlantic Lithium, which is advancing its flagship Ewoyaa Lithium Project in the Central Region, has been operating in Ghana since 2016, establishing itself as a leading taxpayer and employer in the region in the process

Atlantic Lithium Limited on Monday (13 May) celebrated becoming the first lithium company to list on the Ghana Stock Exchange (“GSE”) at a ceremony held on the trading floor of the GSE in Accra.

Atlantic Lithium, which is advancing its flagship Ewoyaa Lithium Project in the Central Region, has been operating in Ghana since 2016, establishing itself as a leading taxpayer and employer in the region in the process.

Ewoyaa is on track to become the country’s first lithium mine and the third largest hard rock lithium mine in Africa, putting Ghana on the map as a globally significant producer of lithium; a mineral that is considered vital in the transition to electrification through the adoption of electric vehicles.

The Project is expected to create over 800 new direct jobs for Ghanaians from as early as the construction phase.

Atlantic Lithium’s listing ceremony, in which it listed its entire share capital of 649,669,053 shares by introduction on the GSE’s Main Market, represented a celebration of the country’s proactive efforts to create new revenue streams through the production of critical minerals, considered widely as a new chapter in Ghana’s illustrious mining history.

The ceremony was attended by high-profile figures from across the mining industry in Ghana. Among the speakers was Honourable Minister for Lands and Natural Resources Samuel A. Jinapor, who remarked that it was his first time at Cedi House, the home of the GSE.

Samuel Abu Jinapor

He added that the listing served as a realisation of the visions of Ghana’s President, H.E. Nana Akufo-Addo, to build a prosperous Ghana, as a country beyond aid that leverages its natural resources.

He acknowledged the ceremony and Atlantic Lithium’s admission to trading as an “extraordinary feat for our country.” By allowing Ghanaians to own shares and become stakeholders in mining firms such as Atlantic Lithium, the Minister articulated a vision of inclusive growth and wealth creation for the nation.

Introductory remarks were led by the GSE’s Abena Amoah and Joyce Esi Boakye, who presided over the proceedings. In her comments, managing director Amoah elaborated on the Minister’s points, echoing the Exchange’s vision of building, “a vibrant capital market that is relevant to Ghana’s economy.”

She also paid tribute to the work of  Alexandra Amoako-Mensah, a distinguished guest in attendance at the ceremony, whose ground-breaking thesis on spodumene pegmatites, published in 1971, played a pivotal role in the discovery of Atlantic Lithium’s Ewoyaa Lithium Project. Through this acknowledgment, Amoah highlighted the importance of local expertise in driving Ghana’s mining industry forward.

Amoako-Mensah was invited to speak during the event, during which she claimed to “be in a dreamland” that her work had led to discussions of near-term lithium production in Ghana, some five decades later, which she had never considered possible during her lifetime.

Executive chairman Neil Herbert provided an address on behalf of Atlantic Lithium, during which he emphasised the company’s gratitude for the unwavering support it had received from the communities local to the Project, which, he stated, has enabled the Company to advance Ewoyaa to “the cusp of construction.”

In his comments, he welcomed new Ghanaian investors to join the Company, through the Company’s GSE listing, in moving the Project forward and “charting a path for the country to become a global hub for critical mineral production.”

Also speaking during the event were deputy Australian High Commissioner to Ghana, Penny Dennis; CEO of the Minerals Commission, Martin Ayisi; CEO of the Minerals Income Investment Fund (“MIIF”), Edward Koranteng;  CEO of the Ghana Chamber of Mines, Sulemanu Koney; director general of the Securities and Exchange Commission, Rev. Daniel Ogbarmey Tetteh; as well as Eric Appiah of Black Star Brokerage Limited and Zoe Takyi-Appiah of JLD & MB Legal Consultancy, who were among the Transaction Advisors for the listing.

During his remarks, MIIF CEO Edward Koranteng praised the professionalism of the GSE, SEC and the various other stakeholders who helped enable the completion of the listing ahead of schedule. He also emphasised the fund’s vision to “make mining the first pillar of the Ghanaian economy.” Atlantic Lithium’s listing, he therefore stated, “should be seen as just the beginning of Ghana’s long, beautiful dance with destiny.”

MIIF, which aims to maximise the long-term value of Ghana’s income from the country’s mineral wealth, became an investor in Atlantic Lithium in January this year following the completion of its US$5 million subscription for the Company’s shares.

The subscription formed the first part of its total agreed US$32.9 million investment in the Company and its Ghanaian subsidiaries to expedite the development of the Ewoyaa Lithium Project. MIIF’s remaining US$27.9 million Project-level investment is expected to be completed in the coming months.

Atlantic Lithium finance director and company secretary Amanda Harsas closed the event’s formal proceedings by thanking the parties that had made the listing possible and its key stakeholders and shareholders for their ongoing support of the Project. During her speech, she made particular mention to the Company’s staff, both in Ghana and Australia, without whom, she said, the Company’s ongoing success would not be possible.

Atlantic Lithium is currently advancing its Ewoyaa Lithium Project through the permitting phases. The company is awaiting the ratification of the Project’s Mining Lease by Parliament and the grant of the remaining permits that it requires before it intends to begin construction of the Project later in 2024, with the view to deliver full production of lithium as early as 2026.

Following its listing, Atlantic Lithium shares trade on the Ghana Stock Exchange under the ticker “ALLGH”.

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