Atlantic Lithium has secured a £28 million equity funding package through an agreement with Long State Investments, marking a major milestone for Ghana’s Ewoyaa Lithium Project. This funding is set to support the company’s ambition of becoming Ghana’s first lithium producer while helping it manage regulatory delays and market volatility. Investor confidence in the project’s value and strategic importance is also reinforced through this partnership.
The funding package consists of two parts: an immediate £8 million share placement and a £20 million Committed Equity Facility available over 24 months. This structure provides Atlantic Lithium with both near-term capital and long-term financial flexibility, ensuring funds can be accessed in line with project needs while minimizing shareholder dilution. According to CEO Keith Muller, this arrangement allows the company to maintain control over capital drawdowns and safeguard value.
The financing comes at a critical time, as subdued global lithium prices and regulatory delays in Ghana have presented challenges for project advancement. The funding ensures operational continuity during these hurdles and positions the company to accelerate development once approvals are secured. This not only de-risks the delivery of the Ewoyaa project but also signals strong investor belief in its long-term potential.
Compared to previous smaller equity raises, this £28 million package represents a significant step up in scale and sophistication. It complements existing funding from Piedmont Lithium’s US$70 million staged commitment while reducing reliance on any single capital source. With backing from Assore International Holdings, Atlantic Lithium’s largest shareholder, the financing strengthens its capital strategy through diversification.
The partnership with Long State Investments goes beyond funding, as the investor brings experience in resource-sector financing and development-stage mining projects. Their flexible approach, tied to project milestones, aligns well with the evolving needs of mine development. Their support also adds credibility to the Ewoyaa project, reinforcing its technical and strategic merits in the eyes of other potential partners and investors.
With secured funding, Atlantic Lithium can advance critical pre-construction activities such as engineering studies and procurement planning while awaiting final approvals. This ensures momentum is not lost during regulatory processes and shortens the time needed to transition into construction once permits are finalized. The funding also allows the company to lock in early supply contracts, a move that could accelerate the project timeline.
The Ewoyaa project has already cleared key regulatory hurdles, including Mining Lease approval, environmental clearance, and a Mine Operating Permit. The final ratification of the Mining Lease remains pending but is progressing. These milestones highlight the project’s compliance with Ghana’s framework, though delays in ratification remain a challenge.
Market conditions for lithium have been volatile, with prices softening after record highs in 2022. This environment has made financing difficult for many pre-production projects, but Atlantic Lithium’s ability to raise significant funding underlines the strong fundamentals of Ewoyaa. Its location advantages, high-quality spodumene resource, and relatively simple processing needs make it well-positioned even in uncertain markets.
Strategically, Ewoyaa represents Ghana’s entry into the global battery supply chain, diversifying its mining sector beyond gold and potentially spurring downstream processing opportunities. The project could also set a precedent for future critical minerals development in Ghana while boosting the country’s role in international supply chains. For Ghana, Ewoyaa is not just a mining project but a stepping stone toward broader economic and industrial growth linked to the energy transition.
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