Exploration Update Initial High-Grade Drill Intersections, Grasscutter North Ewoyaa Lithium Project Ghana, West Africa

SYDNEY, AUSTRALIA / ACCESSWIRE / June 23, 2022 / Atlantic Lithium Limited (AIM:ALL, OTCQX:ALLIF, "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 initial assay results from the ongoing resource and exploration drilling programme at the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana, West Africa.

Figures and Tables referred to in this release can be viewed in the PDF version available via this link:

http://www.rns-pdf.londonstockexchange.com/rns/9290P_1-2022-6-23.pdf

HIGHLIGHTS:

  • Initial assay results received for approximately 4,560m of Reverse Circulation ("RC") drilling completed at the Grasscutter North target.
  • High-grade drill intersections returned, including highlights of:
    • GRC0647: 22m at 1.25% Li2O from 104m
    • GRC0646: 15m at 1.35% Li2O from 71m
    • GRC0642: 13m at 1.26% Li2O from 185m
    • GRC0636: 9m at 1.24% Li2O from 131m
    • GRC0649: 9m at 1.09% Li2O from 182m
  • Assay results pending for an additional 10,400m of RC drilling completed from the ongoing 37,000m resource evaluation and exploration drilling programme; planned for completion in Q3 2022.
  • The Company announced a significant Mineral Resource Estimate ("MRE" or the "Resource") upgrade to 30.1Mt at 1.26% Li2O for the Ewoyaa Lithium deposit, which represented a 42% increase in the previous MRE, included 20.5Mt @ 1.29% Li2O in the Indicated category and was reported in accordance with the JORC Code (2012) (refer RNS of 24 March 2022).
  • These newly reported drilling results fall outside the current MRE, providing confidence in future resource growth potential.
  • Assay results pending for 80m zones of visible spodumene observed down drill holes below the Ewoyaa Main deposit (refer RNS of 26 May 2022).
  • Infill resource drilling for conversion of Indicated to Measured resources commenced over the Ewoyaa Starter pit with multiple drill holes intersection mineralised spodumene from surface to end of hole.

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

"We are pleased to report that initial reported assay results from RC drilling at the Grasscutter North target at the Ewoyaa project in Ghana have returned high-grade lithium intersections in a new target area outside of the Resource footprint. These results, being in close proximity to the currently defined Resource, give us confidence to deliver future resource upgrades for the project.

"Drilling at the Ewoyaa project is ongoing, with only approximately 15,000m of the planned 37,000m programme completed to date. Assays for the ongoing resource evaluation and exploration drilling are still pending, with the programme targeted to complete in Q3 2022.

"Our ongoing exploration activities demonstrate considerable opportunities for resource growth, the improvement of Project metrics significantly beyond the current defined mine life, and also for further economic benefits due to increases in spodumene concentrate pricing, which have far exceeded our initial internally forecasted SC6 price modelling parameters. These fundamentals continue to demonstrate Ewoyaa as an industry-leading asset.

"With the Pre-Feasibility Study, targeted for completion in Q3 2022, and the project being funded to production through our agreement with Piedmont Lithium, we feel the Company is ideally positioned to benefit from the growing lithium demand."

Initial Drilling Results Grasscutter North Target

Initial assay results have been received for approximately 4,560m of RC drilling from the planned 37,000m resource evaluation and exploration drill programme, which remains ongoing. Multiple high-grade drill intersections are reported for the Grasscutter North target, which falls outside of the currently defined 30.1Mt @ 1.26% Li2O MRE (refer Table 1 and Appendix 1).

Drilling results received to date at the Grasscutter North exploration target have confirmed multiple sub-parallel spodumene pegmatite dykes which occur in close proximity to the Grasscutter West deposit (refer Figure 1 and Figure 2).

The planned 37,000m programme consists of approximately 13,000m in 124 collars of exploration drilling, 18,000m in 100 collars of resource expansion and Inferred to Indicated infill drilling, 5,000m in 60 collars of Indicated to Measured infill drilling for the first 1.5 years of mine life and 1,000m in 6 collars of geotechnical diamond drilling. The majority of the programme is RC with approximately 3,000m to 5,000m of diamond drilling planned.

Drilling is ongoing, with approximately 15,000m of the planned 37,000m programme completed to date. Assays are still pending, including for the broad spodumene mineralised zones up to 80m long observed in holes GRC666, GRC667, GRC669 and GRC670 below the Ewoyaa Main deposit (refer RNS of 26 May 2022), and the programme is expected to complete during Q3 2022.

Table 1: High-grade drill intersections at greater than 5 Li x m, reported at a 0.4% Li2O cut-off and maximum of 4m of internal dilution.

Hole ID

From m

To m

Interval m

Hole depth m

assay Li2O%

Intersection

metal content Li x m

GRC0647

104

126

22.00

170

1.24

GRC0647: 22m at 1.25% Li2O from 104m

27.36

GRC0646

71

86

15.00

144

1.35

GRC0646: 15m at 1.35% Li2O from 71m

20.19

GRC0642

185

198

13.00

229

1.25

GRC0642: 13m at 1.26% Li2O from 185m

16.30

GRC0636

131

140

9.00

240

1.24

GRC0636: 9m at 1.24% Li2O from 131m

11.13

GRC0649

182

191

9.00

210

1.08

GRC0649: 9m at 1.09% Li2O from 182m

9.74

GRC0642

203

210

7.00

229

1.17

GRC0642: 7m at 1.17% Li2O from 203m

8.18

GRC0648

154

161

7.00

180

1.08

GRC0648: 7m at 1.09% Li2O from 154m

7.57

GRC0634

141

146

5.00

200

1.38

GRC0634: 5m at 1.39% Li2O from 141m

6.92

GRC0640

93

98

5.00

186

1.22

GRC0640: 5m at 1.23% Li2O from 93m

6.12

GRC0635

175

180

5.00

200

1.18

GRC0635: 5m at 1.19% Li2O from 175m

5.90

GRC0637

145

151

6.00

282

0.93

GRC0637: 6m at 0.94% Li2O from 145m

5.61

GRC0637

63

67

4.00

282

1.40

GRC0637: 4m at 1.4% Li2O from 63m

5.60

GRC0635

134

138

4.00

200

1.37

GRC0635: 4m at 1.38% Li2O from 134m

5.49

GRC0633

84

88

4.00

146

1.33

GRC0633: 4m at 1.33% Li2O from 84m

5.31

GRC0641

139

143

4.00

164

1.26

GRC0641: 4m at 1.27% Li2O from 139m

5.04

Drilling results received to date at the Grasscutter North exploration target have confirmed multiple sub-parallel spodumene pegmatite dykes which occur in close proximity to the Grasscutter West deposit (refer Figure 1 and Figure 2).

The planned 37,000m programme consists of approximately 13,000m in 124 collars of exploration drilling, 18,000m in 100 collars of resource expansion and Inferred to Indicated infill drilling, 5,000m in 60 collars of Indicated to Measured infill drilling for the first 1.5 years of mine life and 1,000m in 6 collars of geotechnical diamond drilling. The majority of the programme is RC with approximately 3,000m to 5,000m of diamond drilling planned.

Drilling is ongoing, with approximately 15,000m of the planned 37,000m programme completed to date. Assays are still pending, including for the broad spodumene mineralised zones up to 80m long observed in holes GRC666, GRC667, GRC669 and GRC670 below the Ewoyaa Main deposit (refer RNS of 26 May 2022), and the programme is expected to complete during Q3 2022.

Figure 1: Location of initial reported assay results and drill hole IDs with highlight drill intersections at greater than 10 lithium x meter metal content, relative to current MRE and planned 37,000m drill programme (insert).

Figure 2: Cross-section A-A' showing initial assay results received for holes GRC646, GRC647, GRC648 and GRC649 at the Grasscutter North target.

Infill resource drilling has commenced over the Ewoyaa Starter pit to convert Indicated status resources to Measured resources for the first 1.5 years of life of mine (refer RNS of 26 May 2022). Drilling has returned multiple drill holes with visible spodumene from surface to end of hole at 90m to 100m with mineralisation remaining open at depth and assays pending (refer Figure 1 and Figure 3).

Figure 3: Sketch cross-section from Indicated to Measured infill drilling showing visible spodumene in hole GRC689 from surface to end of hole, with all holes on section containing visible spodumene (red colour drill hole trace) and mineralisation open at depth; assays pending.

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 LimitedLennard Kolff (Interim CEO)Amanda Harsas (Finance Director and Company Secretary)www.atlanticlithium.com.au

Tel: +61 2 8072 0640

[email protected]

SP Angel Corporate Finance LLPNominated AdviserJeff KeatingCharlie Bouverat

Tel: +44 (0)20 3470 0470

Canaccord Genuity LimitedJoint Company BrokerRaj KhatriJames AsensioHarry Rees

Tel: +44 (0) 20 7523 4500

Liberum Capital LimitedJoint Company BrokerScott MathiesonEdward ThomasKane Collings

Tel: +44 (0) 20 3100 2000

SI Capital LimitedJoint Company BrokerNick EmersonJon Levinson

Tel: +44 (0) 1483 413 500

Tel: +44 (0) 207 871 4038

Yellow Jersey PR LimitedHenry WilkinsonDominic BarrettoJames Lingfield

Tel: +44 (0)20 3004 9512

Notes to Editors:

About Atlantic Lithiumwww.atlanticlithium.com.au

Atlantic Lithium (formerly "IronRidge Resources") is an AIM-listed lithium company advancing a portfolio of projects in Ghana and Côte d'Ivoire through to production.

The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium pegmatite discovery on track to become Ghana's first lithium producing mine. The project is funded to production under an agreement with Piedmont Lithium for US$102m, based on the updated Scoping Study dated 7 December 2021, indicating Life of Mine revenues exceeding US$3.4bn and set to produce a premium lithium product.

Atlantic Lithium holds a 560km2 & 774km2 tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licenses.

Appendix 1 - Drill intersections received to date and reported in hole ID order, reported at a 0.4% Li2O cut-off and maximum 4m of internal dilution.

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 [email protected] or visit www.rns.com.

SOURCE: Atlantic Lithium Limited

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