Shares in Atlantic Lithium Ltd (AIM:ALL, ASX:A11, OTCID:ALLIF) surged 37% in early trading after the company said it remains confident that its mining lease for the Ewoyaa lithium project in Ghana will be ratified, despite revisions to fiscal terms.
The Africa-focused developer confirmed that a revised mining lease has now been formally submitted to the Parliament of Ghana and referred to a select committee, restarting the approval process required before production can begin.
Ewoyaa is Atlantic Lithium’s flagship asset and is expected to become Ghana’s first lithium mine. The original mining lease was granted in October 2023 but was subsequently revisited as the government reassessed how royalties and levies should apply to lithium projects.
Following consultations led by the minister of lands and natural resources, the revised lease aligns Ewoyaa’s royalty rate and Growth and Sustainability Levy with existing Ghanaian mining legislation. As part of the updated framework, a new legislative instrument has been submitted proposing a sliding scale of royalties linked to spodumene prices, ranging from 5% at lower prices to 12% at higher price levels.
Atlantic Lithium said all other fiscal terms remain unchanged. While parliament has adjourned for the festive period, the company expects the select committee to review the revised lease in the new year and reiterated its confidence in eventual ratification, while acknowledging that the outcome cannot be guaranteed.
