12 December 2023

Maiden Feldspar Mineral Resource Estimate
15.7Mt at 40.2% Feldspar
Ewoyaa Lithium Project, Ghana

Maiden MRE reported for feldspar at Ewoyaa, intended to be supplied to the local Ghanaian ceramics industry and expected to further enhance the Project's economics

Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, "Atlantic Lithium" or the "Company"), the African-focused lithium exploration and development company targeting to deliver Ghana's first lithium mine, is pleased to announce a maiden JORC (2012) compliant Mineral Resource Estimate of 15.7Mt at 40.2% feldspar ("Feldspar MRE") for the Company's flagship Ewoyaa Lithium Project ("Ewoyaa Project" or the "Project") in Ghana, West Africa.

Highlights

-       Maiden 15.7Mt at 40.2% Feldspar Mineral Resource Estimate reported for the Ewoyaa Lithium Project, including 13.7Mt (87%) in the Measured and Indicated categories.

-       The Feldspar MRE is confined to the Ewoyaa Main, Ewoyaa Northeast, Ewoyaa South-1 and Ewoyaa South-2 deposits, which constitute approximately the first five years of planned spodumene concentrate production at the Project, as indicated by the Ewoyaa Definitive Feasibility Study ("DFS", refer announcement of 29 June 2023).

-      The Feldspar MRE is based on the same geological model that resulted in the 35.3Mt at 1.25% Li₂O MRE¹ for the Project ("MRE" or "Resource"; refer announcement of 1 February 2023) and includes 31.1% quartz and 11.7% muscovite, as additional potential by-products of spodumene concentrate production at Ewoyaa.

-      Maiden Feldspar MRE enables the potential inclusion of feldspar by-product credits in future revisions of the Ewoyaa feasibility studies, believed to drive down operating costs and further enhance the value of the Project.

-      Feldspar is widely used in the ceramics industry; the Company believes Ewoyaa could become a major producer of domestic feldspar in Ghana, which Atlantic Lithium intends to supply into the local Ghanaian ceramics market.

-     Metallurgical test work and ceramic application trials undertaken; ceramic trials successfully produced acceptable, industry-standard ware, comparable in all aspects, including contraction, water absorption, density, porosity, shape, colour and appearance.

-       Further Feldspar MRE growth targeted through the inclusion of analysis of historic drilling samples across remaining pegmatite deposits and new drilling currently underway.

-       Maiden Feldspar MRE will be incorporated into the ongoing Feldspar Definitive Feasibility Study ("Feldspar Study") being undertaken to assess the viability and prospective market conditions for the production of feldspar at Ewoyaa (refer announcement of 15 August 2023); with results due in Q1 2024.

Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:

"Identified early on by the Company as a by-product of spodumene concentrate production at Ewoyaa, the definition of the maiden Feldspar MRE now confirms the Project's potential as a major source of domestic feldspar in Ghana, capable of delivering industry-standard saleable ware.

"Currently supplied only by small-scale mining operations, we intend to supply the feldspar into the local Ghanian ceramics market. The Feldspar MRE indicates Ewoyaa's potential to meet and even surpass Ghana's demand requirements, further demonstrating the significant contribution the Project is expected to bring to Ghana.

"The Feldspar MRE is based on the same geological model that delivered the 35.3Mt MRE for the Project, as announced in February 2023, and incorporates approximately the first five years mine schedule, as outlined in the DFS. With 87% of the resource in the higher confidence Measured and Indicated categories, the Feldspar MRE represents a further significant de-risking and potentially value-enhancing milestone for the Project as we move closer towards construction.

"Currently, the economic outcomes indicated by the Definitive Feasibility Study for the Project do not consider the production of feldspar at Ewoyaa. The definition of the Feldspar MRE, therefore, enables the inclusion of feldspar by-product credits in future revisions of the Project's economics, offering the potential to further enhance the already impressive financial outcomes expected to be delivered at Ewoyaa.

"With only the first approximate five years of planned lithium production included in the Feldspar MRE, there is significant potential to further grow the resource. The Feldspar MRE will then be incorporated into the ongoing Feldspar Study which is evaluating the prospective market conditions and viability of producing feldspar at the Project. Results of the Feldspar Study are expected in Q1 2024.

"Initial feldspar quality test work has delivered good quality vitreous hotelware, high-end earthenware and floor tiles and successfully substituted industry accepted feldspar in trial firings. The results of the trials are very encouraging for the manufacture of saleable feldspar products.

"We look forward to delivering the results of the Feldspar Study in Q1 2024 and, later in the year, a revised feldspar resource estimate considering the life of the mine. These represent, respectively, just two of the major milestones in our sights in 2024 before we break ground at Ewoyaa."

Maiden Feldspar Mineral Resource Estimate

The Company reports a maiden Mineral Resource Estimate of 15.7Mt at 40.2% feldspar ("Feldspar MRE") confined to the Ewoyaa Main, Ewoyaa Northeast, Ewoyaa South-1 and Ewoyaa South-2 deposits, which represent approximately the first five years of planned production from the Ewoyaa Lithium Project, as detailed in the Ewoyaa Definitive Feasibility Study ("DFS") (refer announcement of 29 June 2023).

The Feldspar MRE is based on the same geological model that resulted in the 35.3Mt @ 1.25% Li₂O Mineral Resource Estimate¹ for the Project ("MRE" or "Resource"), as announced by the Company on 1 February 2023.

The Feldspar MRE will be incorporated into the feldspar Definitive Feasibility Study ("Feldspar Study"), undertaken by the Company to investigate the economic impact of producing additional feldspar by-products from the mining of lithium ore at the Project (refer announcement of 15 August 2023).

The Feldspar MRE includes a total of 3.5Mt at 39.7% feldspar in the Measured category, 10.2Mt at 40.5% feldspar in the Indicated category and 2Mt at 40.1% feldspar in the Inferred category. In addition to the feldspar, further by-products of quartz and muscovite were estimated and included (refer Table 1).

The independent Feldspar MRE was completed by Ashmore Advisory Pty Ltd ("Ashmore") of Perth, Western Australia, with results tabulated in the Statement of Mineral Resources in Table 1. The Statement of Mineral Resources is reported in line with requirements of the JORC Code (2012) and is therefore suitable for public reporting.

To undertake the estimation, the Company engaged Telemark Geosciences Ltd ("Telemark") to conduct normative mineralogy calculations on pegmatite samples obtained from historic drilling within the Resource area, in addition to new drilling undertaken and reported to date from the 2023 drilling programme.

The Ewoyaa pegmatites, which make up the Project's deposits, contain relatively consistent amounts of spodumene (within the mineralised zones), quartz, albite, potassic feldspar ("k-feldspar") and muscovite mica, along with numerous accessory minerals in relatively minor amounts. Normative mineralogy was calculated from total fusion X-ray fluorescence ("XRF") major element data using a least squares method. The normative calculations were validated against and corrected where necessary using X-ray diffraction ("XRD") Reitveld semi-quantitative mineralogical data from 65 sample pulps selected to represent a range of chemical compositions and mineralogy.

High-level Whittle optimisation, completed by Mining Focus Consultants Pty Ltd of Perth, Western Australia, demonstrates reasonable prospects for eventual economic extraction on the basis of the lithium Project (refer announcement of 29 June 2023).

Table 1: Ewoyaa Lithium Project Feldspar Mineral Resource Estimate (0.5% Li₂O Cut-off)

NOTE: Based on the lithium Mineral Resource Estimate¹ reported for the Project in February 2023 and confined to the Ewoyaa Main, Ewoyaa Northeast, Ewoyaa South-1 and Ewoyaa South-2 deposits. Total tonnage figures do not include tonnage of spodumene as indicated in the February 2023 Mineral Resource Estimate¹ for the Project, nor minor accessory minerals.

The Feldspar MRE has been compiled under the supervision of Mr. Shaun Searle who is a director of Ashmore Advisory Pty Ltd and a Registered Member of the Australian Institute of Geoscientists. Mr. Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the JORC Code and a Qualified Person under the AIM Rules for Companies. Mr Searle consents to the inclusion of the information in relation to the Mineral Resource in the form and context in which it appears.

All Mineral Resources figures reported in the table above represent estimates at December 2023. Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate. Rounding may cause some computational discrepancies.

Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code - JORC 2012 Edition).

Feldspar quality and its intended use is impacted by weathering; with fresh 'Primary' feldspar used for higher specification applications, as opposed to transition 'Weathered' material. Their estimated relative abundances, and concentrate grades are shown in Table 2.

To show the tonnage and grade distribution throughout the entire deposit, a bench breakdown has been prepared using a 10m bench height, shown in Figure 1, with a grade-tonnage curve for the classified resource shown in Figure 2.

Table 2: Material types, recoveries and concentrate grades (recoveries based on laboratory results)

NOTE: As per Table 1 above and in Competent Persons section at end of document.

Total tonnage figures do not include tonnage of spodumene as indicated in the February 2023 Mineral Resource Estimate¹ for the Project, nor minor accessory minerals.

Figure 1: Ewoyaa bench tonnage - 10m bench elevation

Figure 2: Ewoyaa feldspar grade - tonnage curve for classified pegmatite resource

A plan view of the deposit areas is shown in Figure 3, with a long section shown in Figure 4 and cross-section within the Ewoyaa Main indicated category zone shown in Figure 5.

Figure 3: Plan View of Ewoyaa Feldspar MRE wireframes and drilling with prospect names

Figure 4: Long Section Z-Z' of Ewoyaa Main wireframes and drilling (View towards 300°; solid colours = Resource¹ wireframes, wireframe edges = pegmatite wireframes)

Figure 5: Cross Section A-A' of Ewoyaa Block Model feldspar grades and drilling (with downhole lithium grade along drill hole trace)

The Feldspar MRE is based on a 0.5% reporting cut-off grade within a 0.4% Li₂O wireframed pegmatite body. However, when assessing all pegmatite volumes (with no cut-offs applied), there is significant scope to increase the resource tonnage.

Table 3 below shows the overall resource tonnage and grade for the Ewoyaa Main, Ewoyaa Northeast, Ewoyaa South-1 and Ewoyaa South-2 deposits, inclusive of all pegmatite material. For example, the resource can be reported at a significantly larger tonnage by reducing the cut-off grade to 0.2% Li₂O, giving an increased resource of 20.8Mt at 41.6% feldspar. However, as feldspar is primarily a by-product of the lithium mining operation, the mine plan will be tailored towards maximising lithium recovery.

Further studies will assess the potential benefits of increased production by reducing the cut-off grade or higher feed grade on overall Project economics, consistent with market price predictions and price trends realised by existing producers.

The Company will conduct further sodium assay analysis and normative mineralogical calculations for the remaining historic and current drill campaigns outside the Ewoyaa Main, Ewoyaa Northeast, Ewoyaa South-1 and Ewoyaa South-2 deposits, with the aim of increasing the current Feldspar MRE.

Table 3: Overall resource tonnage and grade for the deposit, inclusive all pegmatite material

Geology and Geological Interpretation

The Ewoyaa Lithium Project area lies within the Birimian Supergroup, a Proterozoic volcano-sedimentary basin located in Western Ghana. The Project area is underlain by three forms of metamorphosed schist; mica schist, staurolite schist and garnet schist. Several granitoids intrude the basin metasediments as small plugs. These granitoids range in composition from intermediate granodiorite (often medium-grained) to felsic leucogranites (coarse to pegmatoidal grain size), sometimes in close association with pegmatite veins and bodies.

Pegmatite intrusions generally occur as sub-vertical dykes with two dominant trends: either east-southeast (Ewoyaa Northeast) dipping sub-vertically northeast; or north-northeast (Ewoyaa Main) dipping sub-vertically to moderately to the east. Pegmatite thickness varies across the Project, with thinner mineralised units intersected at Ewoyaa Northeast and Ewoyaa South-2 between 10m and 20m; and thicker units intersected at Ewoyaa Main between 30 and 60m, and up to 100m at surface.

Drill Methods

The database contains data for the auger, reverse circulation ("RC") and diamond core ("DD") drilling conducted by the Company since 2018. The drilling was completed by the Company in six phases, commencing in April 2018.  All the drilling was undertaken by GeoDrill (Ghana), using both RC and DD rigs.

Drilling at the deposit extends to a vertical depth of approximately 319m and the mineralisation was modelled from surface to a depth of approximately 330m below surface. The Feldspar MRE is based on good quality RC and DD drilling data.  Drill hole spacing is predominantly 20m by 20m and 40m by 40m in the well-drilled portions of the Project and up to 80m by 80m to 100m by 100m across the breadth of the known mineralisation.

The RC drilling used a combination of 5.25' and 5.75' face sampling hammers.  The DD used PQ and HQ (85mm and 63.5mm) diameter core barrels.  The DD holes were completed from surface or as tails with PQ to maximise recovery in weathered zones, with reversion to HQ once ground conditions improved within fresh material.

In 2018, Phase 1 RC holes were completed on a nominal 100m by 50m grid pattern, targeting the Ewoyaa Main mineralised system. Phases 2 to 5 reduced the wide spacing to 80m by 40m and down to 40m by 40m in the well drilled portions of the Project. Phase 5 was a major infill drilling program down to 40m by 40m over most of the Project. Phase 6 included extensional drilling in areas of open mineralisation, as well as close spaced infill drilling in portions of the Ewoyaa deposit.

During Phase 1 and 2, RC drilling bulk samples and splits were collected at the rig for every metre interval drilled, the splits being undertaken using a riffle splitter. During Phase 3, Phase 4, Phase 5 and Phase 6, RC samples were split with a rig mounted cone spitter, which took duplicate samples for quality control purposes. 

DD was cut with a core saw and selected half core samples was dispatched to Nagrom Laboratory in Australia for metallurgical test work. 

Selected core intervals were cut to quarter core with a saw at one-metre intervals or to geological contacts; and since December 2018, were sent to Intertek Laboratory in Tarkwa, Ghana for sample preparation. Prior to that, samples were sent to SGS Laboratory in Tarkwa for sample preparation.

All Phase 1 samples were submitted to SGS Tarkwa for preparation (PRP100) and subsequently forwarded to SGS Johannesburg and later SGS Vancouver for analysis (ICP90A).

PRP100 - Samples <3kg are dried in trays, crush to 100% passing 2mm, split using a rotary splitter to 5kg and pulverised in a LM2 to a nominal 85% passing 75µm. Approximately 100g sub-sample is taken for assay.  All the preparation equipment is flushed with barren material prior to the commencement of the job. Coarse reject material was kept in the original bag.

Since December 2018, samples have been submitted to Intertek Tarkwa (SP02/SP12) for sample preparation. Samples were weighed, dried and crushed to -2mm in a Boyd crusher with an 800-1,200g rotary split, producing a nominal 1,500g split crushed sample, which was subsequently pulverised in a LM2 ring mill.  Samples were pulverised to a nominal 85% passing 75µm.  All the preparation equipment was flushed with barren material prior to the commencement of the job.  Coarse reject material was kept in the original bag.  Lab sizing analysis was undertaken on a nominal 1:25 basis. Final pulverised samples (20g) were airfreighted to Intertek in Perth, Australia for assaying.

Sample Analysis Method

Since December 2018, samples were sent to Intertek Laboratory in Perth for analysis (FP6/MS/OES). FP6/MS/OES is an analysis for lithium and a suite of 21 other elements.  Detection limits for lithium range between 5ppm and 20,000ppm.  The sodium peroxide fusion (in nickel crucibles) is completed with hydrochloric acid to dissolve the sub-sample and is considered a total dissolution.  Analysis is conducted by Inductively Coupled Plasma Mass Spectrometry ("ICP-MS").

Prior to December 2018, Phase 1 samples were submitted to SGS Johannesburg and later SGS Vancouver for analysis (ICP90A). ICP90 is a 28-element combination Na2O2 fusion with ICP-OES. ICP-MS was added to some submissions for additional trace element characterisation purposes.

All phase 1 SGS pulps were subsequently sent to Intertek Laboratory Perth for re-analysis (FP6/MS/OES) and included in the resource estimate.

During 2023, 8,793 pulps from the first four drilling campaigns were analysed for Na using four-acid digestion. The majority of these pulps were analysed as 2m composites of the original 1m interval pulps. These re-assayed pulps formed the basis for normative mineralogy calculations by Telemark.

Quality Control

Quality control data for major elements important for normative mineral calculations (Al, Si, K, Ca, Na, Li) were quantitatively reviewed to evaluate the accuracy and precision of the geochemical data. Data were taken from three client-inserted certified reference materials (CRM) produced by AMIS (AMIS0682, AMIS0683, AMIS0684) using a mix of sodium peroxide fusion and fusion XRF analyses completed by Intertek, Perth. Sodium data were added for selected samples in 2023 using a 4-acid digestion to allow for normative mineral estimation.

The three CRMs used were produced from material from the Ewoyaa lithium deposit and so are ideally matrix-matched for the mineralisation. In addition, field, coarse crush (preparation) and pulp duplicate data have been assessed to constrain the relative precision of the data using the average coefficient of variation ("CVAVG").

A total of 678 granodiorite blanks with low Li content (<50 ppm) were submitted with the drill samples and the major element data have also been assessed for possible cross contamination.

Normative Mineralogy and Mineralogical Model Validation

Normative mineralogy for samples contained within the Project has been calculated using a least-squares minimisation technique called MINSQ. The method requires major and trace element data, as well as a mineralogical model appropriate to the samples. MINSQ calculates a normative mineralogy for each sample that minimises the differences between the observed geochemistry and the predicted geochemistry for a given mineralogy. The purpose of the analysis is to estimate the amount of by-product quartz, feldspar and muscovite available from the mining of spodumene in mineralised pegmatites.

Minerals having overlapping compositions such as potassium feldspar and muscovite which are common in pegmatites require quantitative mineralogical data to determine whether a consistent ratio between different minerals having similar compositions can be applied to the data. A total of 65 samples were analysed by semi-quantitative XRD at Microanalysis Australia, Mount Lawley, Western Australia using a normalised reference intensity ratio method and used to validate model predictions from MINSQ.

Two mineralogical models were utilised based on whether the material was fresh or transitional to oxide material with the mineral kaolinite incorporated into the latter model as a replacement for anorthite. Minerals rarely identified in the XRD analyses, or which occur at low concentration and thus have low confidence in their identification, were excluded from the mineralogical model. Therefore, all lithium in the samples reports to the dominant lithium phase spodumene.

As a general observation, the visual agreement between the normative mineralogy and geochemistry is better in the fresh samples compared to transitional samples. This reflects the complexity added to the mineralogy by partially weathered samples, although overall the difference in deviation from the mean between samples within transitional and fresh is small, suggesting that the mineral models used are producing similar results for both material types.

Mineral Resource Classification Criteria

The Ewoyaa Lithium Project deposits show good continuity of the main mineralised units which allowed the drill hole intersections to be modelled into coherent, geologically robust domains. Consistency is evident in the thickness of the structure, and the distribution of grade appears to be reasonable along and across strike.

The Feldspar MRE was classified as a Measured, Indicated and Inferred Mineral Resource based on data quality, sample spacing, and lode continuity. The Measured Mineral Resource was defined within areas of close spaced RC and DD drilling of less than 20m by 20m, and where the continuity and predictability of the lode positions was good. Indicated Mineral Resource was defined within areas of close spaced RC and DD drilling of less than 40m by 40m, and where the continuity and predictability of the lode positions was good.

In addition, Indicated Mineral Resource was confined to the fresh rock. The Inferred Mineral Resource was assigned to transitional material, areas where drill hole spacing was greater than 40m by 40m, where small, isolated pods of mineralisation occur outside the main mineralised zones, and to geologically complex zones. 

Estimation Methodology

A Surpac block model was created to encompass the extents of the known mineralisation. The block model was rotated on a bearing of 30°, with block dimensions of 10m NS by 10m EW by 5m vertical with sub-cells of 2.5m by 2.5m by 1.25m. The block size was selected based on results of Kriging Neighbourhood Analysis ("KNA") and also in consideration of two predominant mineralisation orientations of 30° and 100 to 120°.

The parent block size was selected based on KNA, while dimensions in other directions were selected to provide sufficient resolution to the block model in the across-strike and down-dip direction.

Bulk densities ranging between 1.7t/m³ and 2.78t/m³ were assigned in the block model dependent on lithology, mineralisation and weathering. These densities were applied based on 13,901 bulk density measurements conducted by the Company on 101 DD holes and 35 RC holes with diamond tails conducted across the breadth of the Project. The measurements were separated using weathering surfaces, geology and mineralisation solids, with averages assigned in the block model.

Cut-off Grade

The Statement of Mineral Resources has been constrained by the mineralisation solids and reported above a cut-off grade of 0.5% Li₂O. The reporting cut-off grade is supported by a high-level Whittle optimisation.

Mining and Metallurgical Methods and Parameters

The Statement of Mineral Resources has been constrained by the mineralisation solids, reported at a cut-off grade of 0.5% Li₂O. Whittle optimisations demonstrate reasonable prospects for eventual economic extraction.

Based on the Ewoyaa DFS (refer announcement of 29 June 2023), the Company could produce approximately 500,000 to 1,000,000 tonnes per annum of mixed potassium oxide (K₂O) / sodium oxide (Na₂O) feldspar as a by-product from spodumene concentrate to be sold for lithium purification. Initial test work assessed the quality of two size fractions derived from dense media separation ("DMS"); 2.6 SG oversize fraction with high total alkalis ("O/F") and 2.6 SG undersize fraction with lower alkalis ("U/F") but significant Li₂O at approximately 0.70%, which is a strong flux.

Following examination of chemical and mineralogical composition, ceramic application trials were undertaken in Stoke-on-Trent (The Potteries) for vitreous hotelware, high-end earthenware and floor tiles. Samples were wet ground to the required particle size and incorporated into commercial recipes, substituting for standard feldspars and nepheline syenite. Each prepared body was factory fired and, in the case of vitreous hotelware and high-end earthenware, biscuit (not glazed), glazed and decorated pieces were produced.

In all cases, the trial firings produced acceptable ware, comparable to industry standards in all aspects, including contraction, water absorption, density, porosity, shape, colour and appearance. Good results were delivered at the vitreous hotelware factory (a world leading manufacturer of tableware for the international hospitality industry), where the Ewoyaa feldspars were substituted for Forshammer feldspar (produced in Sweden by Sibelco) (refer Figure 6).

Further geological, geotechnical, engineering and metallurgical studies are recommended to further define the feldspar mineralisation and marketable products.

Figure 6: Trial-fired ceramic plates and bowls, manufactured in biscuit (unglazed), glazed and decorated forms (left to right), comprising of trial standard, O/F sample and U/F sample (top to bottom). The trials, which deemed that no visual differences were detected between the trial standard and sample plates, successfully produced industry-accepted standard of ware across all aspects.

JORC Table 1, Section 1 (Sampling Techniques and Data) and Section 2 (Reporting of Exploration Results) are included in Appendix 1.

JORC Table 1, Section 3 (Estimation and Reporting of Mineral Resources) is included in Appendix 2.

End Notes

¹ Ore Reserves, Mineral Resources and Production Targets

The information in this announcement that relates to Ore Reserves, Mineral Resources and Production Targets complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). The information in this announcement relating to the Mineral Resource Estimate ("MRE") of 35.3Mt @ 1.25% Li₂O for Ewoyaa is extracted from the Company's announcement dated 1 February 2023, which is available at atlanticlithium.com.au. The MRE includes a total of 3.5Mt @ 1.37% Li₂O in the Measured category, 24.5Mt @ 1.25% Li₂O in the Indicated category and 7.4Mt @ 1.16% Li₂O in the Inferred category. The Company confirms that all technical parameters underpinning the MRE continue to apply. Material assumptions for the Project have been revised on grant of the Mining Lease for the Project, announced by the Company on 20 October 2023. The Company is not aware of any new information or data that materially affects the information included in this announcement or the announcements dated 1 February 2023 and 20 October 2023.

Competent Persons

Information in this report relating to the exploration results is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of the Australian Institute of Geoscientists who has in excess of 20 years' experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Kolff consents to the inclusion of the information in the form and context in which it appears.

Information in this report relating to Mineral Resources was compiled by Shaun Searle, a Member of the Australian Institute of Geoscientists.  Mr Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Searle is a director of Ashmore. Ashmore and the Competent Person are independent of the Company and other than being paid fees for services in compiling this report, neither has any financial interest (direct or contingent) in the Company.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For any further information, please contact:

Atlantic Lithium Limited

Neil Herbert (Executive Chairman)

Amanda Harsas (Finance Director and Company Secretary)

Notes to Editors:

About Atlantic Lithium

www.atlanticlithium.com.au

Atlantic Lithium is an AIM and ASX-listed lithium company advancing a portfolio of lithium projects in Ghana and Côte d'Ivoire through to production.

The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium spodumene pegmatite discovery on track to become Ghana's first lithium-producing mine.

The Definitive Feasibility Study for the Project indicates the production of 3.6Mt of spodumene concentrate over a 12-year mine life, making it one of the top 10 largest spodumene concentrate mines in the world.

The Project, which was awarded a Mining Lease in October 2023, is being developed under a funding agreement with Piedmont Lithium Inc.

Atlantic Lithium holds 509km² and 774km² of tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licences.

APPENDIX 1 - JORC Code (2012) Table 1, Sections 1 and 2

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections).

Section 2 Reporting of Exploration Results

APPENDIX 2 - JORC Code (2012) Table 1, Section 3

Section 3 Estimation and Reporting of Mineral Resources

APPENDIX 3

Glossary of Terms and Abbreviations

Assay                                                     Measure of valuable mineral content.

Block Model                                          A three-dimensional structure into which parameters are interpolated during the resource estimation process.

Competent Person 'CP'                          Competent Person, as defined by the JORC Code.  A 'Competent Person' is a minerals industry professional who is a Member or Fellow of The Australasian Institute of Mining and Metallurgy, or of the Australian Institute of Geoscientists, or of a 'Recognised Professional Organisation' (RPO), as included in a list available on the JORC and ASX websites. These organisations have enforceable disciplinary processes including the powers to suspend or expel a member. A Competent Person must have a minimum of five years relevant experience in the style of mineralisation or type of deposit under consideration and in the activity which that person is undertaking. If the Competent Person is preparing documentation on Exploration Results, the relevant experience must be in exploration. If the Competent Person is estimating, or supervising the estimation of Mineral Resources, the relevant experience must be in the estimation, assessment and evaluation of Mineral Resources. If the Competent Person is estimating, or supervising the estimation of Ore Reserves, the relevant experience must be in the estimation, assessment, evaluation and economic extraction of Ore Reserves.

Core                                                        A solid, cylindrical sample of rock typically produced by a rotating drill bit, but sometimes cut by percussive methods.

CVAVG                                                   The co-efficient of variation (CV) is a statistical measure of the relative dispersion of data points in a data series around the mean. It represents the ratio of the standard deviation to the mean.

CRM                                                       A Certified Reference Material ("CRM") represents a known grade composition control sample and is used to test and validate mineral samples extracted in mining and exploration projects during an assay process.

Cut - off grade                                       The lowest grade of mineralized material that qualifies as ore in a given deposit; rock of the lowest assay included in an ore estimate.

DD                                                          Diamond core drilling

Deposit                                                  An occurrence of economically interesting minerals.

Dip                                                         The angle at which a bed, stratum, or vein is inclined from the horizontal, measured perpendicular to the strike and in the vertical plane.

DMS                                                       Dense medium separation

Drillhole                                                 Technically, a circular hole drilled by forces applied percussively and/or by rotation; loosely and commonly, the name applies to a circular hole drilled in any manner.

Drilling                                                   The operation of making deep holes with a drill for prospecting, exploration, or valuation.

Feldspar                                                 Any of a group of crystalline minerals that consist of silicates of aluminium with potassium, sodium, calcium, or barium and that are a basic part of nearly all crystalline rocks. Most common feldspars present at Ewoyaa include albite (sodium feldspar) and orthoclase (potassium feldspar).

Grade                                                     The relative quantity or the percentage of ore-mineral or metal content in an orebody.

Exploration                                            The art and science of investigation for the location of undiscovered mineral deposits.

ICP                                                          ICP (Inductively Coupled Plasma) Spectroscopy is an analytical technique used to measure and identify elements within a sample matrix based on the ionization of the elements withing the sample.

ICP-MS                                                   Inductively coupled plasma mass spectrometry (ICP-MS) is an analytical technique used to measure and identify elements within a sample matrix based on the ionization of the elements withing the sample. ICP-MS uses an argon (Ar) plasma - the ICP - to convert the sample into ions that are then measured using a mass spectrometer - the MS.

Indicated Mineral Resource                  That part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.  Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered.  An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Ore Reserve.

Inferred Mineral Resource                    That part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.  An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

JORC Code                                              The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition, Prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia ("JORC").

Measured Mineral Resource                That part of a Mineral Resource for which quantity, grade (or quality), densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit.  Geological evidence is derived from detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to confirm geological and grade (or quality) continuity between points of observation where data and samples are gathered.  A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or under certain circumstances to a Probable Ore Reserve.

Mineral Resource                                  A concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

Mineralisation                                       The process by which minerals are introduced into a rock.  More generally, a term applied to accumulations of economic or related minerals in quantities ranging from weakly anomalous to economically recoverable.

MINSQ                                                   A least squares spreadsheet method for calculating mineral proportions from whole rock major element analyses.

Modifying Factors                                 Considerations used to convert Mineral Resources to Ore Reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

MRE                                                        Mineral Resource Estimate

Mt                                                           Million tonnes

Muscovite                                              Often called 'white mica', muscovite is the lightest coloured mica mineral and one of the common rock forming minerals in pegmatites. Micas are characterized by a crystal structure consisting of aluminum silicate sheets weakly bound together by layers of positive ions (usually potassium, but sometimes sodium).

Normative mineralogy                          Normative mineralogy is a calculation of the composition of a rock sample that estimates the idealised mineralogy of a rock based on a quantitative chemical analysis according to the principles of geochemistry. Normative mineral calculations can be achieved via either the CIPW Norm or the Barth-Niggli Norm.

Ore                                                         The naturally occurring material from which a mineral or minerals of economic value can be extracted profitably or to satisfy social or political objectives.  The term is generally but not always used to refer to metalliferous material and is often modified by the names of the valuable constituent.

Ore Reserves                                         Is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified.

Ordinary Kriging                                    Kriging is one of several methods that use a limited set of sampled data points to estimate the value of a variable over a continuous spatial field. Ordinary kriging is the most widely used kriging method. It serves to estimate a value at a point of a region for which a variogram is known, using data in the neighborhood of the estimation location. Ordinary kriging can also be used to estimate a block value.

Pegmatite                                              A coarsely crystalline granite or other igneous rock with crystals several centimetres in length. Pegmatites are extreme igneous rocks that form during the final stage of a magma's crystallization. They are extreme because they contain exceptionally large crystals and they sometimes contain minerals that are rarely found in other types of rocks.

Quartz                                                    A mineral consisting of silicon dioxide occurring in colourless and transparent or coloured hexagonal crystals or in crystalline masses.

RC                                                           Reverse circulation drilling; a type of drilling used in minerals exploration and evaluation that uses compressed air and a percussion hammer to flush material cuttings out of the drill hole through hollow inner tubes to transport samples back to the surfacein a safe and efficient manner without contamination from the strata hole walls.

SG                                                          Specific gravity (symbol SG), another name for Relative density: the weight of a volume of fluid or solution as compared to the weight of the same volume of water.

Strike                                                     The course or bearing of the outcrop of an inclined bed, vein, or fault plane on a level surface; the direction of a horizontal line perpendicular to the direction of the dip.

Whittle Optimisation                            The Four-X Whittle Optimisation process uses the Lerchs-Grossmann algorithm to determine the optimal shape for an open pit in three dimensions. Based on the economic input parameters selected it can define a pit outline that has the highest possible total value, subject to the required pit slopes.

Wireframe                                             Three dimensional solids representing geological/mineralogical domains.

XRF                                                        X-ray Fluorescence (XRF) is an analytical technique that uses the interaction of X-rays with a material to determine its elemental composition. XRF is suitable for solids, liquids and powders, and in most circumstances is non-destructive.

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