Earnings release
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RNS Number : 6661F Atlantic Lithium Limited 31 October 2025 31 October 2025 Quarterly Ac vi es and Cash Flow Report for the quarter ended 30 September 2025 Atlan c Lithium concludes nego a ons with the Government of Ghana regarding the fiscal terms of the Ewoyaa Mining Lease and awaits parliamentary ra fica on Atlan c Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, "Atlan c Lithium" or the "Company"), the Africa-focused lithium explora on and development company targe ng the delivery of Ghana's first lithium mine, is pleased to release its Quarterly Ac vi es and Cash Flow Report for the period ended 30 September 2025. Highlights Project Development: - The Company has concluded its nego a ons with the Government of Ghana regarding revised fiscal terms in respect of the Mining Lease of its flagship Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana. o The Company engaged key stakeholders to seek a revision of the terms, which were ini ally agreed when the Mining Lease was granted in October 2023, to ensure that the Project generates returns to shareholders and value for Ghana and Ghanaians in the context of prevailing lithium market condi ons. - With all of the necessary regulatory approvals secured, the Company now awaits parliamentary ra fica on of the Mining Lease, which serves as the final step in the Project's permi ng process. - Parliament reconvened on 21 October 2025; the Mining Lease was men oned by the Leader of the Majority in his opening address as an outstanding mining lease that the Ministry of Lands and Natural Resources would put forward for Parliament to ra fy in this parliamentary si ng. Explora on: - Post-period end, the Company reported impressive lithium-in-soil results from Phase 2 and Phase 3 soil sampling completed across its 100%-owned Rubino and Agboville explora on licences in Côte d'Ivoire. o Results delineate pronounced lithium-in-soil anomalies, extending over several kilometres, across both licences. o Phase 3 soil sampling at Rubino has extended the previously reported anomalous zone over an increased area of approximately 6.0km by 2.5km, within which there are several dis nct linear trends that warrant follow-up 1
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evalua on. o Phase 2 results at Agboville have defined a pronounced linear anomaly >5km in length as well as other anomalous linear features; one of which is associated with spodumene pegma te float discovered by the Company. - Further mapping undertaken across the Rubino licence has led to the discovery of new spodumene pegma te occurrences in rock float, in addi on to the previously reported outcrop. - The Company has engaged a specialist corporate advisor to commence a formal process to source funding op ons that are non-dilu ve to the Company's shareholders to accelerate the explora on of its licences in Côte d'Ivoire. Corporate: - The Company announced binding financing agreements with Long State Investments Ltd1 providing access to up to £28m over a two-year period, with the Company maintaining flexibility and control over the terms of the placements, to advance Ewoyaa towards produc on. o Under the Share Placement Agreement, the Company completed an ini al placing ("Ini al Placement") raising £2m through the issue of 24,786,526 shares at an issue price of £0.081 (AUD 0.17) per share ("Placement Price"). o The Company is seeking shareholder approval at the Extraordinary General Mee ng to be held on 6 November 2025 for the first placement of £500,000 under the Commi ed Equity Facility Agreement. - Further ra onalisa on of headcount and staff placed on reduced working hours, enabling the Company to focus expenditure on ac vi es that are considered cri cal to the advancement of the Project towards a Project Final Investment Decision ("Project FID"). - Cash on hand at end of quarter was A$4.1m. Commen ng, Keith Muller, Chief Execu ve Officer of Atlan c Lithium, said: "These recent months have proven to be an important period for the Company and the Ewoyaa Lithium Project. "Having engaged the Government to seek a revision of the fiscal terms of the Ewoyaa Mining Lease, we are pleased to report that these nego a ons have now concluded. We believe that Ewoyaa can have a significant posi ve impact for Ghana and Ghanaians, and we have greatly appreciated the Government's a en veness through our engagements. "We are pleased to note the comments made by the Majority Leader in his opening address of the current parliamentary session, in which he stated that the Ewoyaa Mining Lease was among those that the Ministry of Lands and Natural Resources would put forward for Parliament to ra fy in this session. Having endured a lengthy delay to the development of the Project to-date, we hope that ra fica on can occur promptly. "I would like to thank the residents of our affected communi es, who have con nued to voice their support for the Project throughout these delays and have called for the expedited ra fica on of the Mining Lease. We are proud to operate in the best interests of our local stakeholders and ra fica on will move us closer to delivering the significant benefits for the Central Region that Ewoyaa promises. "Through the agreement of binding funding arrangements with Long State, the Company has secured access to a significant pool of capital over a two-year period, which posi ons us well to deliver upon the Company's objec ves. We welcome Long State's endorsement, which supports the promising direc on in which the Company is travelling. "We are also pleased to have delivered further impressive results from our ongoing explora on programmes within the Agboville and Rubino licences in Côte d'Ivoire. While only at an early stage, the results demonstrate the prospec vity of the two licences, which we believe can support the Company's long-term growth ambi ons. 2
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"With a key catalyst ahead of us in the form of the ra fica on of the Mining Lease, we look forward to providing further updates in due course." 1 By way of Long State Investments Ltd nominated en ty Patras Capital Pte Ltd. Authorised for release by Amanda Harsas, Finance Director and Company Secretary, Atlan c Lithium Limited. Figures and Tables referred to in this release can be viewed in the PDF version available via this link: h p://www.rns- pdf.londonstockexchange.com/rns/6661F_1-2025-10-31.pdf. This announcement contains inside informa on for the purposes of Ar cle 7 of the Market Abuse Regula on (EU) 596/2014 as it forms part of UK domes c law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in 3
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accordance with the Company's obliga ons under Ar cle 17 of MAR. 4
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September Quarter Ac vi es During the period, the Company con nued to advance its flagship project, the Ewoyaa Lithium Project, through the permi ng phase towards produc on. The Defini ve Feasibility Study ("DFS") for the Project outlines a low capital and opera ng cost profile, with near-term produc on poten al.2 The Project is on track to become Ghana's first opera ng lithium mine. Ewoyaa, located in the pro-mining jurisdic on of Ghana, West Africa, approximately 100km southwest of the capital of Accra, comprises eight main deposits, including Ewoyaa, Okwesikrom, Anokyi, Grasscu er, Abonko, Kaampakrom, Sill and Bypass. The Project is well located to opera onal infrastructure, including being within 1km of the Takoradi - Accra N1 highway, 110km from the Takoradi deep-sea port and adjacent to grid power (refer Figure 1). Figure 1: Loca on of the Ewoyaa Lithium Project, Ghana Concurrent to its ac vi es at Ewoyaa, the Company con nues to undertake low-cost explora on across the con guous Agboville and Rubino explora on licences, which are 100% owned through its wholly-owned Ivorian subsidiary Khaleesi Resources SARL ("Khaleesi"), in the mining-friendly jurisdic on of Côte d'Ivoire in West Africa. The Agboville and Rubino licences, which cover 396.89 km² and 374.18 km² respec vely, provide the Company with exclusive rights to conduct lithium explora on over highly prospec ve tenure for lithium discovery. Leveraging synergies with its exis ng opera ons in Ghana, the Company is applying its proven track record of lithium explora on, discovery and evalua on in tropical weathering environments, as demonstrated at Ewoyaa, to its explora on 5
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por olio in Côte d'Ivoire. 6
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Project Development Ewoyaa Mining Lease The Company welcomed comments made by the Minister of Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah, in the previous parliamentary session in which he confirmed that Cabinet had authorised that revised terms of the Mining Lease be nego ated and presented for review by Cabinet, and by Parliament therea er, per the necessary process for parliamentary ra fica on. The Company sought a revision of the terms for the Project to terms that reflect prevailing lithium market condi ons and that ensure that the Project delivers value for shareholders and long-term benefits for Ghana and Ghanaians. The Company confirms that it has now concluded its nego a ons with the Government of Ghana. With all of the necessary regulatory approvals secured, the Company currently awaits the ra fica on of the Mining Lease for the Project, which serves as the final step of the permi ng process and will enable the Company to advance the financing of the Project. The current parliamentary session commenced on 21 October 2025. The Mining Lease for the Project was men oned by the Majority Leader in his opening statement as an outstanding mining lease that the Ministry of Lands and Natural Resources would put forward for Parliament to ra fy in this parliamentary session. The Company remains confident that ra fica on of the Mining Lease will be forthcoming in accordance with due parliamentary process. Shareholders should note, however, that there can be no certainty that Parliament will indeed ra fy the Mining Lease. 7
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Explora on Côte d'Ivoire The Company is undertaking low-cost explora on at its Agboville and Rubino explora on licences in Côte d'Ivoire concurrent to its advancement of the Project. The licences, which are located c. 80km north of Abidjan, the port and commercial capital of Côte d'Ivoire, are well-serviced with exis ng infrastructure, including excellent paved highways and an opera ng railway linking Burkina Faso's capital city of Ouagadougou and the port of Abidjan (refer Figure 2). Figure 2: Loca on of the Agboville and Rubino licences held 100% by the Company's wholly-owned subsidiary Khaleesi Resources SARL in Côte d'Ivoire and exis ng opera onal infrastructure. Soil Sampling Post-period end, the Company reported the results of Phase 3 soil geochemical sampling completed at Rubino and Phase 2 and Phase 3 soil sampling conducted at Agboville. Soil sampling was undertaken using 100m by 100m spaced grid over the most prospec ve areas iden fied by mapping and rock-chip sampling and also over historical mineral occurrences in both licences. Sampling was completed in two phases in each tenement; Phase 2 consis ng of 3,235 sample sites (1,594 sites sampled at Agboville and 1,641 sites sampled at Rubino) and Phase 3 consis ng of 1,512 sample sites (442 sites sampled at Agboville and 1,070 sites sampled at Rubino). Rubino Licence Phase 3 lithium-in-soil results have extended the anomalism iden fied from the previously announced Phase 2 soil grid 3.5km towards the NE, delinea ng a pronounced lithium-in-soil anomalous zone extending NE-SW con nuously across the 8
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surveyed area, extending over an area of approximately 6.0km by 2.5km (refer Figure 3). Within the anomalous zone, the results delineate a long NNE-SSW orientated linear anomaly, which could be associated with the interpreted lithological contact between metasediment and granodiorite; a similar lithological contact rela onship that is observed in the distribu on of anomalies from the Phase 2 soil grid. Similar, but less well defined, NNE-SSW to N-S trending soil anomalies are evident in the Rubino Phase 2 soil grid. These may be related to N-S to NNE-SSW orientated structural features concealed by the laterite cover and could also host pegma te intrusions at depth. Several of the dis nct NNE-SSW, N-S and NE-SW linear trends iden fied in the anomalous zone from the Phase 2 and Phase 3 soil results warrant immediate ground follow-up and ul mately sub-surface evalua on by the explora on team. 9
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Figure 3: Consolidated Rubino Phase 2 and Phase 3 Li (ppm) in soil grid results with spodumene pegma te discovery sites. Pronounced anomalies are defined by lithium values between 200ppm and a peak value of 806ppm. Agboville Licence Lithium-in-soil results from the Phase 2 soil grid have defined a pronounced linear anomaly >5km in length trending NE-SW, 10
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which follows the interpreted contact between metasediments to the NW and granodiorite intrusive to the SE (refer Figure 4). Other less well-defined anomalous linear features are developed over the granodiorite, one of which is associated with spodumene pegma te float discovered by the mapping team (refer announcement of 22 May 2025). The Phase 3 lithium-in- soil geochemical response is more subdued; likely to be related to interpreted metasediment host exhibi ng deeper weathering and laterite development and some alluvial cover with rice cul va on invalida ng certain survey points. The NE-SW-orientated lithological contacts in both the Rubino and Agboville licences follow the dominant regional tectonic trend in the Birimian of this part of West Africa, which is NE-SW, and a possible structural displacement across these poten ally faulted or sheared contacts could host dilatant zones where pegma te intrusion could be focused in either the schists of the metasediment or within more competent lithology such as the granodiorite. 11
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Figure 4: Agboville Phase 2 and 3 Li (ppm) in soil grid results. Prominent lithium soil anomalies are defined by values above 200ppm and a peak value of 698ppm. Mapping and rock-chip sampling Addi onal geological mapping undertaken by the Company's geologists, con nued along reconnaissance traverses and in support of soil sampling and in ground truthing Rubino Phase 2 soil anomalies, has discovered several addi onal spodumene pegma te occurrences in the Rubino licence as rock float, with spodumene visually observed in hand specimen despite 12
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varying degrees of weathering exhibited. Rock-chip samples were collected during mapping and submi ed for assay. The elevated assay values of lithium and other elements from these pegma te rock-chip samples confirm the Company's visual spodumene observa ons and the prospec vity of the licences. Next Steps The Company has commenced further mapping across the two licences to con nue the evalua on of the anomalies iden fied in the Phase 2 and 3 soil results. This addi onal mapping will assist in defining follow-up auger drill programmes to map the source of the anomalies below the laterite at surface, with the inten on to define poten al reverse circula on and diamond drill targets. Further, Phase 4 soil sampling across both licences, extending outwards of the Phase 2 and Phase 3 soil sampling programme and across addi onal prospec ve areas, is also expected to be planned. The Company also reported that it has engaged a specialist corporate advisor to commence a formal process to source funding op ons to accelerate explora on of its Côte d'Ivoire licences. The process is focused on minority, project-level 13
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investment or partnerships that offer funding that is non-dilu ve to the Company's exis ng shareholders. 14
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Interest in Tenements At the end of the quarter ending 30 September 2025, the Company had an interest in the following tenements: Tenement Number Tenement Name Principal Holder Grant Date/ Applica on Date Expiry Date Term Change during Quarter Ghana PL3/67 Apam East Obotan Minerals Company Limited (JV MODA Minerals Limited) 06.11.23 05.11.26 3 years None PL3/92 Apam West Obotan Minerals Company Limited (JV MODA Minerals Limited) 06.11.23 05.11.26 3 years None RL 3/55 Mankessim Barari DV Ghana Limited (90% Atlan c) 27.07.21 26.07.24* 3 years None PL3/102 Saltpond Joy Transporters Limited (100% Atlan c) 06.11.23 05.11.26 3 years None PL3/109 Mankessim South Green Metals Resources Limited (100% Atlan c) 06.11.23 05.11.26 3 years None PL3/106 Cape Coast Joy Transporters Limited (100% Atlan c) 15.11.21 14.11.24* 3 years None RML-N- 3/181 Senya Beraku Green Metals Resources Limited (100% Atlan c) 09.11.23 08.11.26 3 years None PL-I-3/15 Bewadze Green Metals Resources Limited (100% Atlan c) 09.11.23 08.11.26 3 years None ML-3/239 Mankessim Mining Lease Barari DV Ghana Limited (90% Atlan c) 20.10.23 19.10.38 15 years None Ekrubaadze PL Green Metals Resources Limited (100% Atlan c) 03.10.23 Applica on None Asebu (Winneba North) Green Metals Resources Limited (100% Atlan c) 28.06.21 Applica on None Mankwadze (Winneba South) Green Metals Resources Limited (100% Atlan c) 28.06.21 Applica on None Mankwadzi Obotan Minerals Company Limited (JV MODA Minerals Limited) 15.03.18 Applica on None Onyadze Green Metals Resources Limited (100% Atlan c) 23.08.21 Applica on None Ivory Coast PR695 Rubino Khaleesi Resources SARL (100% Atlan c) 22.05.24 21.05.28 4 years None PR694 Agboville Khaleesi Resources SARL (100% Atlan c) 08.05.24 07.05.28 4 years None * A renewal applica on has been submi ed to the relevant Government mining department and the Group has no reason to believe the renewal will not be granted. 15
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Corporate Corporate Funding During the period, the Company announced that it has entered into the following binding financing agreements with Long State Investments Ltd1 ("Long State"), a global investment company specialising in funding growth-orientated companies, to raise up to £28m over a period of 24 months to advance the Project towards produc on: 1. A share placement agreement to raise up to £8m (AUD 16.4m) ("Share Placement Agreement"). Under the Share Placement Agreement, the Company completed an ini al placing ("Ini al Placement") raising £2m through the issue of 24,786,526 shares at an issue price of £0.081 (AUD 0.17) per share ("Placement Price"). The Ini al Placement was announced by the Company on 3 September 2025. 50% of the proceeds (£1m / AUD 2.05m) were paid on comple on, with the remaining 50% deferred un l the trading day immediately a er the 80-trading day pricing period. On this date, the Company will also receive or pay a swap amount depending on the movement in the market price of the shares compared to the issue price. A er the Ini al Placement, the Company, at its sole discre on, can undertake three addi onal placings of £2m each ("Subsequent Placements"), provided that the maximum aggregate amount raised under the Share Placement Agreement shall not exceed £8m and provided that the 80-day period in respect of any prior placement under the Share Placement Agreement has passed. 2. A commi ed equity facility to raise up to £20m (AUD 41.1m) through placement tranches of shares in the Company ("Commi ed Equity Facility Agreement" or "Facility"). The Facility is structured so that the ming of any or all drawdowns are en rely at the Company's discre on. Other than in respect of the first placement of £500,000, for which shareholder approval will be sought at the Extraordinary General Mee ng ("EGM") to be held on 6 November 2025, the Company is not required to draw down on the Facility and there is no minimum amount contemplated. In addi on to the first placement of £500,000, the Company is seeking shareholder approval to issue Warrants and Security Shares under the Commi ed Equity Facility at the upcoming EGM. Under the terms of the Facility, the Company may, at its discre on, call (by delivering to Long State a Placement No ce) for Long State to subscribe for new ordinary shares in the Company at any me over the 24-month period up to a total aggregate placement amount of £20m (AUD 41.1m). The Company may draw in tranches of up to £500,000 at its full discre on, and up to £5m with mutual consent, with Long State retaining the right to increase the amount of the respec ve placements ("Placement Amount") by up to 15% in its sole discre on. Details of the terms of the Share Placement Agreement and Commi ed Equity Facility Agreement can be found in the announcement dated 3 September 2025. 1 By way of Long State Investments Ltd nominated en ty Patras Capital Pte Ltd. Cash Conserva on In addi on to those reported previously, the Company has taken further steps to reduce ongoing expenditure in light of the delay to the ra fica on of the Mining Lease for the Project and the subdued lithium market environment. To this end, the Company made non-recurring payments through the period, which included the following items (refer Figure 6). In Ghana, the Company further ra onalised its headcount and placed several full- me employees on reduced work schedules. The cost of the ra onalisa on totalled AUD 1.11m. The Company also made a payment of AUD 0.37m to 17
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Chairman Neil Herbert, rela ng to outstanding payments for his services that were agreed to be deferred while Mr Herbert was in the posi on of Execu ve Chairman. Having assumed the role of Non-Execu ve Chairman (refer announcement of 11 June 2025), Mr Herbert now receives a reduced fixed remunera on. In line with its reduced headcount in Australia, the lease on the Company's Perth office was also terminated early at a cost of AUD 0.18m. Excluding these non-recurring costs and the Company's low-cost explora on of its Agboville and Rubino licences in Côte d'Ivoire, which is to ensure the terms of the licences are met, the Company has reduced its spending on ac vi es that are not currently considered cri cal to the advancement of Ewoyaa towards a Project Final Investment Decision ("Project FID"). Cash Flow Figure 5: Net cash flows for September 2025 quarter (AUD) Note: Explora on & Evalua on refers to spend of $4.2m in Ghana and $0.2m in Côte d'Ivoire. Opera ng Costs refers to corporate costs that are not directly related to Explora on and Evalua on ac vi es. 18
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Figure 6: Total cash ou lows per quarter for FY2025 (AUD) Note: Explora on & Evalua on refers to ac vi es in both Ghana and Côte d'Ivoire. Opera ng Costs refers to corporate costs that are not directly related to Explora on and Evalua on ac vi es. Refer to item 2.5 in Appendix 5B for informa on on Elevra's reimbursements for funding of the Project and the Company's Ghana por olio. Project Joint Venture Arrangements Under the Project's current funding and joint venture arrangements, Elevra Lithium Limited ("Elevra"), formerly Piedmont Lithium Inc, has completed Stage 2 of its investment in the Project, en tling Elevra to an ini al 22.5% interest of the Company's Project ownership. Following the comple on of Stage 2, which occurred when the Company released the Defini ve Feasibility Study ("DFS") for the Project (refer announcement of 29 June 2023), Elevra has elected to contribute the first US$70m of Development Costs as defined in the Project Agreement as sole funding to earn a further 27.5%, en tling Elevra to a total 50% of the Company's Project ownership (refer announcement of 17 August 2023). All Development Costs and other Project expenditure ("Other Project Costs") are to be shared equally by the Company and Elevra therea er. At the me of this report, the Company is in dispute regarding expenditure for the Project as defined under the Project Agreement with Elevra. Atlan c Lithium believes that Elevra is liable to sole fund Development Costs under the Project Agreement, whilst Elevra denies that it is liable to sole fund Development Costs at this me as the contractual precondi ons in the Project Agreement for its sole funding obliga on have, in its view, not been met. Up un l 30 September 2025, Elevra contributed 50% of Development Costs claimed by the Company but from 1 October 2025, Elevra has reduced its funding to 22.5%, with Development Costs currently being funded by the Company (77.5%) and Elevra (22.5%). The balance of the Development Costs that the Company has claimed from Elevra is in dispute and remains outstanding. Since September 2022, when Elevra completed its Stage 2 sole funding obliga on of US$17m, and up un l 31 September 2025, Elevra was jointly funding Other Project Costs as per the Project Agreement (Atlan c Lithium 50% and Elevra 50%). From 1 October 2025, Elevra has reduced its funding to 22.5%, with Other Project Costs currently being funded by the Company (77.5%) and Elevra (22.5%). Atlan c Lithium believes that Elevra is liable to fund 50% of Other Project Costs, whilst Elevra denies that it is liable to jointly fund such Other Project Costs at this me. The balance of the Other Project Costs that the Company has claimed from Elevra remains outstanding. 19
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The Company remains engaged in discussions with Elevra concerning the outstanding amounts and an established process exists within the Project Agreement for resolu on including good faith nego a ons and referral to arbitra on. During the period of July 2025 to September 2025, Elevra contributed a total of US$1.50m (A$2.29m) towards the funding of the Project and the Company's Ghana por olio. MIIF Project-level Investment The Company has been no fied by the Minerals Income Investment Fund ("MIIF"), Ghana's sovereign minerals fund, of MIIF's inten on to appoint a new nominee director to the Atlan c Lithium Board as per its en tlement under the terms of its Strategic Investment in the Company. MIIF subscribed for 19,245,574 Atlan c Lithium shares for a value of US$5m in January 2024. The Company will update shareholders as and when appropriate. Stakeholder Engagement The Company a ended the following conferences and industry events during the period: · West Africa Mining Security (WAMS) Conference, Accra (30 September - 1 October) · Fastmarkets European Ba ery Raw Materials Conference, Lisbon (16 - 18 September) · Africa Down Under, Perth (3 - 5 September) · Central Regional Expo, Cape Coast (23 - 30 August) 20
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Sustainability Fire training During the period, in partnership with the Mfantseman Division of the Ghana Na onal Fire Service (GNFS), the Company held an engagement focused on fire preven on, the proper use of firefigh ng equipment and effec ve emergency response with students at Methodist Senior High School in Saltpond. The event featured hands-on demonstra ons and educa on sessions on several fire-related topics, including protocols and steps to be taken ahead of and during a fire. The ini a ve reflects the Company's commitment to promo ng safety in its opera ons, capacity-building within its local Project-affected communi es and demonstrates the Company's support for educa onal ins tu ons across the catchment area of the Project. Accordingly, the Company donated fire ex nguishers and fire blankets to the school to strengthen its preparedness in the event of an emergency. Borbor Mfantse Amanse Grand Fes val Durbar in Mankessim Members of the Company's in-country team were proud to a end the Borbor Mfantse Amanse Grand Fes val Durbar in Mankessim during the period. Held to showcase local tradi ons and the area's vibrant cultural heritage, the fes val enabled the Company to meet with various members of the community and contribute to the colourful celebra ons. 22
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Share Capital Changes - Ordinary Shares, Op ons and Performance Rights Between 1 July 2025 and the date of this report, a total of 2,800,000 op ons that had been granted under the Company's Employee Share Op on Plan and 9,622,787 unlisted op ons granted to MIIF lapsed unexercised. In the same period, 25,960,814 new ordinary shares were issued under the share placement agreement with Long State. A summary of movement and balances of equity securi es between 1 July 2025 and the date of this report is as follows: Ordinary Shares Unquoted Op ons Unquoted performance rights On issue at start of quarter 693,147,313 12,422,787 14,856,065 Unlisted op ons held by the Minerals Income Investment Fund lapsed (23 July 2025) (9,622,787) Employee Share Op ons lapsed (31 August 2025) (2,800,000) Securi es issued under Share Placement Agreement (5 September 2025) 25,960,814 Total securi es on issue at date of this report 719,108,127 - 14,856,065 Compliance During the quarter, the Company spent A$4.2m on its explora on, feasibility, and development ac vi es in Ghana. In accordance with the agreement announced on 1 July 2021, explora on and feasibility ac vi es in Ghana are required to be funded 50% by Elevra, following the comple on of Stage 2 of its Project investment. Under Stage 3, Elevra has elected to sole fund the first US$70m of Project development expenditure. All Development Costs and other Project expenditure are to be equally shared by both the Company and Elevra therea er. The Company spent A$0.2m on explora on in Côte d'Ivoire during the quarter. Per the Ini al Placement under the Company's Share Placement Agreement with Long State, 24,786,526 ordinary shares were issued at an issue price of £0.081 (A$0.17) per share on 5 September 2025. The Company has received proceeds of £1.0m (A$2.0m), with payment of the remaining £1.0m (A$2.0m) deferred un l the trading day immediately a er an 80- trading day pricing period. On this date, the Company will also receive or pay a swap amount depending on the movement in the market price of the shares compared to the issue price. The Company paid a cash implementa on fee of £0.1m (A$0.2m) to Long State, per the terms of the Commi ee Equity Facility. Long State agreed to apply the implementa on fee for the issue of 1,174,288 ordinary shares at an issue price of £0.085 (A$0.17) per share. These ordinary shares were issued on 5 September 2025. Payments to Related Par es of the En ty and their Associates Appendix 5B includes amounts in items 6.1 and 6.2. The amounts represent salaries (including superannua on) and fees paid to directors. 25
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Appendix 5B expenditure disclosure As at 30 September 2025, the Company had cash resources of A$4.1m and no debt. Explora on, feasibility, and development ac vi es cash expenditure during the quarter was A$4.4m. Elevra funded A$2.3m in the quarter. Appendix 5B Mining explora on en ty or oil and gas explora on en ty quarterly cash flow report Name of en ty: ATLANTIC LITHIUM LIMITED ABN: 17 127 215 132 Quarter ended ("current quarter"): 30 September 2025 27
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Consolidated statement of cash flows Current quarter $A'000 Year to date (3 months) $A'000 1. Cash flows from opera ng ac vi es - - 28
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Consolidated statement of cash flows Current quarter $A'000 Year to date (3 months) $A'000 1.1 Receipts from customers 1.2 Payments for - - (a) explora on & evalua on (b) development - - (c) produc on - - (d) staff costs (146) (146) (e) administra on and corporate costs (1,031) (1,031) 1.3 Dividends received (see note 3) - - 1.4 Interest received 1 1 1.5 Interest and other costs of finance paid (112) (112) 1.6 Income taxes paid - - 1.7 Government grants and tax incen ves - - 1.8 Other Income - - 1.9 Net cash from / (used in) opera ng ac vi es (1,288) (1,288) 2. Cash flows from inves ng ac vi es - - 2.1 Payments to acquire or for: (a) en es (b) tenements - - (c) property, plant and equipment (8) (8) (d) explora on, feasibility, and development (4,442) (4,442) (e) investments - - (f) other non-current assets - - 2.2 Proceeds from the disposal of: - - (a) en es (b) tenements - - (c) property, plant and equipment - - (d) Investments (Proceeds from Term Deposit) 154 154 (e) other non-current assets - - 2.3 Cash flows from loans to other en es - - 2.4 Dividends received (see note 3) - 2.5 Other - Elevra Contribu ons from farm-in arrangement 2,293 2,293 29
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Consolidated statement of cash flows Current quarter $A'000 Year to date (3 months) $A'000 2.6 Other - Contribu on from lessor for Lease Fit Out - - 2.7 Net cash from / (used in) inves ng ac vi es (2,003) (2,003) 3. Cash flows from financing ac vi es 2,238 2,238 3.1 Proceeds from issues of equity securi es (excluding conver ble debt securi es) 3.2 Proceeds from issue of conver ble debt securi es - - 3.3 Proceeds from exercise of op ons - - 3.4 Transac on costs related to issues of equity securi es or conver ble debt securi es (205) (205) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transac on costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing ac vi es 2,033 2,033 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 5,387 5,387 4.2 Net cash from / (used in) opera ng ac vi es (item 1.9 above) (1,288) (1,288) 4.3 Net cash from / (used in) inves ng ac vi es (item 2.7 above) (2,003) (2,003) 4.4 Net cash from / (used in) financing ac vi es (item 3.10 above) 2,033 2,033 4.5 Effect of movement in exchange rates on cash held (58) (58) 4.6 Cash and cash equivalents at end of period 4,071 4,071 30
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5. Reconcilia on of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A'000 Previous quarter $A'000 5.1 Bank balances 4,043 5,374 5.2 Call deposits - - 5.3 Bank overdra s - - 5.4 Other - Pe y Cash 28 13 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 4,071 5,387 6. Payments to related par es of the en ty and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related par es and their associates included in item 1 250 6.2 Aggregate amount of payments to related par es and their associates included in item 2 379 31
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7. Financing facili es NOTE: the term "facility' includes all forms of financing arrangements available to the en ty. Add notes as necessary for an understanding of the sources of finance available to the en ty. Total facility amount at quarter end $A'000 Amount drawn at quarter end $A'000 7.1 Loan facili es - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) 56,919 2,033 7.4 Total financing facili es 56,919 2,033 7.5 Unused financing facili es available at quarter end 54,886 7.6 On 3 September 2025, Atlan c Lithium entered into the following agreements with Patras Capital Pte Ltd, the nominated en ty of Long State Investments Ltd ("Long State"), a global investment company specialising in funding growth-orientated companies: • A Share Placement Agreement to raise up to £8 million. A er an ini al placement of £2 million the Company, at its sole discre on, can undertake three addi onal placements of £2 million each, over the next two years. • A Commi ed Equity Facility to raise up to £20 million through placement tranches of shares of a maximum single amount of £0.5 million in the Company over a period of two years. Each placement may be increased to up to £5 million with Long State's prior consent. Shareholder approval is required for the first tranche of this Commi ed Equity Facility and to issue Warrants and Security Shares under the facility. An extraordinary general mee ng of shareholders is to take place on 6 November 2025. The u lisa on of this equity facility is at Atlan c Lithium's sole discre on. 24,786,526 ordinary shares were issued at an issue price of £0.081 (A$0.17) per share on 5 September 2025 under the Ini al Placement of Share Placement Agreement. Proceeds of £1 million (A$2.03 million) have been received, with payment of the remaining £1 million deferred un l the trading day immediately a er an 80-trading day pricing period. On this date, Atlan c Lithium will also receive or pay a swap amount depending on the movement in the market price of the shares compared to the issue price. Atlan c Lithium paid a cash implementa on fee of £0.1 million (A$0.2 million) to Long State, under the Commi ee Equity Facility. Long State agreed to apply the implementa on fee for the issue of 1,174,288 ordinary shares at an issue price of £0.085 (A$0.17) per share. These ordinary shares were issued on 5 September 2025. The unused amount available under the agreements at 30 September 2025 is £27 million (A$54.9 million). This includes the remaining £1 million yet to be received under the Ini al Placement of Share Placement Agreement. Any future placements completed under the agreements will be pursuant to the Company's Lis ng Rule 7.1 capacity. 32
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8. Es mated cash available for future opera ng ac vi es $A'000 8.1 Net cash from / (used in) opera ng ac vi es (item 1.9) (1,287) 8.2 (Payments for explora on & evalua on classified as inves ng ac vi es) (item 2.1(d)) (4,442) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (5,729) 8.4 Cash and cash equivalents at quarter end (item 4.6) 4,071 8.5 Unused finance facili es available at quarter end (item 7.5) 54,886 8.6 Total available funding (item 8.4 + item 8.5) 58,957 8.7 Es mated quarters of funding available (item 8.6 divided by item 8.3) 10.3 NOTE: if the en ty has reported posi ve relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A". Otherwise, a figure for the es mated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following ques ons: 8.8.1 Does the en ty expect that it will con nue to have the current level of net opera ng cash flows for the me being and, if not, why not? Answer: N/A 8.8.2 Has the en ty taken any steps, or does it propose to take any steps, to raise further cash to fund its opera ons and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.8.3 Does the en ty expect to be able to con nue its opera ons and to meet its business objec ves and, if so, on what basis? Answer: N/A NOTE: where item 8.7 is less than 2 quarters, all of ques ons 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accoun ng standards and policies which comply with Lis ngRule 19.11A. 2 This statement gives a true and fair view of the ma ers disclosed. Date: 31 October 2025 Authorised by: Authorised by the Board of Atlan c Lithium Limited Notes 1. This quarterly cash flow report and the accompanying ac vity report provide a basis for informing the market about the en ty's ac vi es for the past quarter, how they have been financed and the effect this has had on its cash posi on. An en ty that wishes to disclose addi onal informa on over and above the minimum required under the Lis ng Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accoun ng Standards, the defini ons in, and provisions of, AASB 6: Explora on for and Evalua on of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accoun ng standards agreed by ASX pursuant to Lis ng Rule 19.11A, the corresponding 33
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equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from opera ng ac vi es or cash flows from inves ng ac vi es, depending on the accoun ng policy of the en ty. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a commi ee of your board of directors, you can insert here: "By the [name of board commi ee - eg Audit and Risk Commi ee]". If it has been authorised for release to the market by a disclosure commi ee, you can insert here: "By the Disclosure Commi ee". 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommenda on 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommenda ons, the board should have received a declara on from its CEO and CFO that, in their opinion, the financial records of the en ty have been properly maintained, that this report complies with the appropriate accoun ng standards and gives a true and fair view of the cash flows of the en ty, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is opera ng effec vely. 34
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For any further informa on, please contact: Atlan c Lithium Limited Keith Muller (Chief Execu ve Officer) Amanda Harsas (Finance Director and Company Secretary) www.atlan clithium.com.au IR@atlan clithium.com.au Tel: +61 2 8072 0640 SP Angel Corporate Finance LLP Nominated Adviser Jeff Kea ng Charlie Bouverat Tel: +44 (0)20 3470 0470 Yellow Jersey PR Limited Charles Goodwin Bessie Elliot atlan c@yellowjerseypr.com Tel: +44 (0)20 3004 9512 Canaccord Genuity Limited Financial Adviser: Raj Khatri (UK) / Duncan St John, Chris an Calabrese (Australia) Corporate Broking: James Asensio Tel: +44 (0) 20 7523 4500 Notes to Editors: About Atlan c Lithium www.atlan clithium.com.au Atlan c Lithium is an AIM, ASX, GSE and OTCQX-listed lithium company advancing its flagship project, the Ewoyaa Lithium Project, a lithium spodumene pegma te discovery in Ghana, through to produc on to become the country's first lithium- producing mine. The Company published a Defini ve Feasibility Study in respect of the Project in July 2023, indica ng Ewoyaa's strong commercial viability.2 The Project was awarded a Mining Lease in October 2023, an Environmental Protec on Authority ("EPA") Permit in September 2024, and a Mine Opera ng Permit in October 2024 and is being developed under an earn-in agreement with Elevra Lithium Limited. 35
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The Ewoyaa Mineral Resource Es mate (JORC) totals 36.8Mt at 1.24% Li2O and includes 3.7Mt at 1.37% Li₂O in the Measured category, 26.1Mt at 1.24% Li₂O in the Indicated category and 7.0Mt at 1.15% Li₂O in the Inferred category.2 Ore Reserves (Probable) of 25.6Mt at 1.22% Li2O have been reported for the Project.2 Atlan c Lithium holds a por olio of lithium projects within 509km2 and 771km2 of granted and under-applica on tenure across Ghana and Côte d'Ivoire respec vely, which, in addi on to the Project, comprises significantly under-explored, highly 36
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prospec ve licences. 37
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End Note 2 Ore Reserves, Mineral Resources and Produc on Targets The informa on in this report that relates to Explora on Results, Ore Reserves, Mineral Resources and Produc on Targets complies with the 2012 Edi on of the Australasian Code for Repor ng of Explora on Results, Mineral Resources and Ore Reserves (JORC Code). The informa on in this report rela ng to explora on results is extracted from the Company's announcement en tled, "Pronounced Lithium-in-soil Anomalies within Agboville and Rubino Licences, Côte d'Ivoire", dated 20 October 2025. The informa on in this report rela ng to the Mineral Resource Es mate ("MRE") of 36.8Mt at 1.24% Li₂O for the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") is extracted from the Company's announcement en tled "New Dog-Leg Target Delivers Increase to Ewoyaa MRE", dated 30 July 2024. The MRE includes a total of 3.7Mt at 1.37% Li₂O in the Measured category, 26.1Mt at 1.24% Li₂O in the Indicated category and 7.0Mt at 1.15% Li₂O in the Inferred category. The informa on in this report rela ng to Ore Reserves (Probable) of 25.6Mt at 1.22% Li2O and the Produc on Target of 3.6Mt of spodumene concentrate over a 12-year mine life is extracted from the Company's announcement en tled "Ewoyaa Lithium Project Defini ve Feasibility Study", dated 29 June 2023. The Company confirms, in the case of Mineral Resources, Ore Reserves and Produc on Targets, that all material assump ons and technical parameters underpinning the es mates con nue to apply. Material assump ons for the Project have been revised on grant of the Mining Lease for the Project, announced by the Company on 20 October 2023 in the announcement en tled, "Mining Lease Granted for Ewoyaa Lithium Project". The Company is not aware of any new informa on or data that materially affects the informa on included in this report or the announcements dated 20 October 2025, 30 July 2024, 20 October 2023 and 29 June 2023, which are available at www.atlan clithium.com.au. Competent Persons Informa on in this report rela ng to explora on results is based on data reviewed by Mr I. Iwan Williams (BSc. Hons Geology), General Manager - Explora on of the Company, and reported in accordance with the Australasian Code for Repor ng of Explora on Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Commi ee Code - JORC 2012 Edi on). Mr Williams is a Member of the Australian Ins tute of Geoscien sts (#9088) who has in excess of 30 years' experience in mineral explora on and is a Qualified Person under the AIM Rules and as a Competent Person as defined in the JORC Code. Mr Williams consents to the inclusion of the informa on in the form and context in which it appears. Informa on in this report rela ng to Mineral Resources was compiled by Shaun Searle, a Member of the Australian Ins tute of Geoscien sts. Mr Searle has sufficient experience that is relevant to the style of mineralisa on and type of deposit under considera on and to the ac vity being undertaken to qualify as a Competent Person as defined in the 2012 Edi on of the 'Australasian Code for Repor ng of Explora on Results, Mineral Resources and Ore Reserves' and is a Qualified Person under the AIM Rules. 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 con ngent) in the Company. Mr Searle consents to the inclusion in this report of the ma ers based upon the informa on in the form and context in which it appears. Informa on in this report rela ng to Ore Reserves was compiled by Mr Harry Warries. All stated Ore Reserves are completely included within the quoted Mineral Resources and are quoted in dry tonnes. Mr Warries is a Fellow of the Australasian Ins tute of Mining and Metallurgy and an employee of Mining Focus Consultants Pty Ltd. He has sufficient experience, relevant to the style of mineralisa on and type of deposit under considera on and to the ac vity he is undertaking, to qualify as a Competent Person as defined in the 'Australasian Code for Repor ng of Mineral Resources and Ore Reserves' of December 2012 ("JORC Code") as prepared by the Joint Ore Reserves Commi ee of the Australasian Ins tute of Mining and 38
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This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END UPDUAUSRVBURORA Metallurgy, the Australian Ins tute of Geoscien sts and the Minerals Council of Australia. Mr Warries gives Atlan c Lithium Limited consent to use this reserve es mate in reports. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement. 39