Atlantic Lithium Ltd (AIM:ALL) Significant Potential for Resource Upgrades

Mineralisation Extended – Multiple Intersections

Ongoing Resource Extension and Infill Drilling Results

Significant Potential for Resource Upgrades

Ewoyaa Lithium Project Ghana, West Africa

Atlantic Lithium Limited (AIM: ALL, OTC: ALLIF, ASX: A11 “Atlantic Lithium” or the “Company”), the funded African-focussed lithium exploration and development company targeting to deliver Ghana’s first lithium mine, is pleased to announce assay results from the resource and exploration drilling programme which has now completed at the Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) in Ghana, West Africa .

Figures, Tables and Appendices referred to in this release can be viewed in the PDF version available via this link: http://www.rns-pdf.londonstockexchange.com/rns/8080F_1-2022-11-9.pdf

HIGHLIGHTS:

Ø Assay results reported for a further 4,709m of exploration and infill reverse circulation (“RC”) drilling completed at the Grasscutter West, Ewoyaa North and Ewoyaa Main deposits, part of the now completed resource evaluation and exploration RC and diamond drilling (“DD”) programme.

Ø Newly reported drilling results fall both within and outside the currently defined 30.1Mt @ 1.26% Li₂O Ewoyaa JORC (2012) Compliant Mineral Resource Estimate (“MRE” or the “Resource”); extending mineralisation at the Grasscutter West and Ewoyaa North deposits and providing further confidence in Resource conversion at the Ewoyaa Main deposit.

Ø Multiple high-grade exploration drill intersections outside of the current MRE, reported at the Grasscutter West and Ewoyaa North deposits, including highlights of:

o  GRC0744: 24m at 1.54% Li₂O from 100m

o  GRC0738: 21m at 1.41% Li₂O from 88m

o  GRC0752: 23m at 1.23% Li₂O from 183m

o  GRC0753: 16m at 1.48% Li₂O from 133m

o  GRC0753: 21m at 1.02% Li₂O from 251m

o  GRC0740: 17m at 1.22% Li₂O from 96m

o  GRC0734: 13m at 1.5% Li₂O from 290m

o  GRC0738: 13m at 1.46% Li₂O from 132m

o  GRC0747: 11m at 1.71% Li₂O from 77m

o  GRC0740: 13m at 1.37% Li₂O from 161m

o  GRC0745: 7m at 2.02% Li₂O from 50m

o  GRC0738: 13m at 0.98% Li₂O from 73m

o  GRC0751: 9m at 1.15% Li₂O from 203m

o  GRC0749: 9m at 1.09% Li₂O from 220m

o  GRC0749: 7m at 1.37% Li₂O from 122m

o  GRC0752: 8m at 1.04% Li₂O from 91m

Ø Broad, high-grade exploration drill intersections within the current MRE, reported at the Ewoyaa Main deposit, including highlights of:

o  GRC0741: 57m at 1.49% Li₂O from 24m

o  GRC0728: 52m at 1.33% Li₂O from 26m

o  GRC0737: 25m at 1.08% Li₂O from 29m

o  GRC0743: 15m at 1.22% Li₂O from 36m

Ø Approximately 26,000m of results from the 47,000m drilling programme reported to date.

Ø Recently announced Pre-Feasibility Study (refer RNS of 22 September 2022) delivers exceptional financial outcomes for a 2Mtpa operation, producing an average c. 255,000tpa of 6% Li₂O spodumene concentrate (“SC6”) over a 12.5-year operation:

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 an 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

Ø Significant potential for resource upgrades and exploration upside; potential for project metrics to substantially improve with increased scale.

Commenting on the Company’s latest progress, Lennard Kolff, Interim Chief Executive Officer of Atlantic Lithium, said:

“Drilling consistently delivers high-grade drill intersections, both within the infill programme targeting conversion of Indicated to Measured resources and within the exploration programme targeting resource growth outside the current MRE.

“Exploration drilling outside of the current Resource has returned multiple intersections, including highlights of 23m at 1.23% Li₂O and 16m at 1.48% Li₂O at the Grasscutter West deposit, and 24m at 1.54% Li₂O and 21m at 1.41% Li₂O at the Ewoyaa North deposit. These results demonstrate the significant growth potential at the Ewoyaa Project, with mineralisation still open along strike and downdip.

“The latest infill drilling results from within the current Resource at the Ewoyaa Main deposit have returned high-grade pegmatite intervals, including 57m at 1.49% Li₂O and 52m at 1.33% Li₂O, providing further confidence in future Resource to Reserve conversion.

“We anticipate further news flow from a further 21,000m of pending drilling results into the end of the year and are targeting a Resource upgrade at the end of 2022 or early 2023, dependent on lab turn-around time. The increased Resource estimate will inform a Definitive Feasibility Study, targeted for completion in mid-2023.

“ W ith the Pre-Feasibility Study now delivered, the Mining Licence application submitted, ongoing positive drilling results and with the support of our funding agreement with Piedmont Lithium, we feel the Company is ideally positioned to benefit from the unprecedented levels of lithium demand that are expected over the coming years.”

New Drilling Results:

Further assay results have been received for an additional 4,709m of RC drilling from the recently completed drill programme at the Ewoyaa Project. High-grade infill ‘Measured’ drill intersections are reported within the Ewoyaa Main deposit, which falls within the currently defined 30.1Mt @ 1.26% Li₂O MRE (refer Table 1, Appendix 1 and Appendix 2). Additionally, multiple drill intersections are reported for exploration drilling results outside of the currently defined Resource at the Grasscutter West and Ewoyaa North deposits (refer Table 2, Appendix 1 and Appendix 2).

Table 1: High-grade infill drill intersection highlights at greater than 10 Li x m, reported at a 0.4% Li₂O cut-off and a maximum of 4m of internal dilution at the Ewoyaa Main deposit.

Table 2: High-grade exploration drill intersection highlights at greater than 10 Li x m, reported at a 0.4% Li₂O cut-off and maximum of 4m of internal dilution at the Grasscutter West and Ewoyaa North deposits.

Resource infill drilling results received to date at the Ewoyaa Main deposit have confirmed good mineralisation continuity from the surface and increased resource confidence on a nominal 20m x 20m grid. Measured drilling targeted the first 1.5 to 2 years of planned production at the Ewoyaa Main deposit. Additionally, infill drilling provided further material for test work and customer acceptance samples within the planned starter pit.

High grades were reported within the proposed starter pit zone of the Ewoyaa Main deposit, including highlights of 57m at 1.49% Li₂O from 24m and 52m at 1.33% Li₂O from 26m (refer Figure 1 and Figure 2).

Exploration drilling results outside the 30.1Mt at 1.26% Li₂O Resource continue to demonstrate further resource scale potential at the Ewoyaa Project, where multiple new drilling intersections have confirmed mineralisation extensions along strike and down dip at the Grasscutter West and Ewoyaa North deposits (refer Figure 1, Figure 3 and Figure 4).

Sample preparation was completed by Intertek Ghana and assay by Intertek Perth with all reported results passing QA/QC protocols, providing confidence in reported results.

Figure 1: Location of reported assay results with highlight drill intersections for Measured holes and Exploration holes.

Figure 2: Cross-section A-A’ showing assay results received for infill holes GRC0741 and GRC0743 at the Ewoyaa Main deposit.

Figure 3: Cross-section C-C’ assay results received for exploration holes GRC0738 and GRC0740 at the Ewoyaa North deposit.

Figure 4: Cross-section B-B’ assay results received for exploration holes GRC0752 and GRC0753 at the Grasscutter West deposit.

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. Mr Searle consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

The reported Ore Reserves have been compiled by Mr Harry Warries.  Mr Warries is a Fellow of the Australasian Institute of Mining and Metallurgy and an employee of Mining Focus Consultants Pty Ltd.  He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’ of December 2012 (“JORC Code”) as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia.  Mr Warries gives Atlantic Lithium Limited consent to use this reserve estimate in reports.

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.

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