Atlantic Lithium (ALL) H2 2024 earnings summary

Executive summary

• Advanced Ewoyaa Lithium Project in Ghana to near-construction, securing Ghana's first lithium Mining Lease and key permits, including an EPA environmental permit post-period end.

• Listed on the Ghana Stock Exchange, expanded exploration into Côte d'Ivoire, and completed a maiden feldspar resource estimate.

• Secured US$5m investment from MIIF, with a further US$27.9m project-level investment pending, and rejected two takeover offers from Assore.

• Completed A$8m equity placement, strengthened board and management with key strategic appointments.

Financial highlights

• Net loss after tax for FY2024 was $12.6m, slightly higher than FY2023's $12.2m loss.

• Cash and cash equivalents at 30 June 2024 were $12.7m, down from $15.3m at prior year-end.

• Exploration and evaluation assets increased to $23.4m (2023: $18.0m).

• Share-based payments expense rose to $4.5m (2023: $3.5m).

• No dividends declared or paid during the year.

Outlook and guidance

• Focused on achieving Final Investment Decision and breaking ground at Ewoyaa, pending parliamentary ratification of the Mining Lease and final permits.

• Nearing completion of a competitive offtake process for up to 500,000 tonnes of spodumene concentrate.

• Ongoing efforts to secure MIIF's US$27.9m project-level investment and finalize key construction contracts.

• Exploration in Côte d'Ivoire to continue at moderate levels, with primary resources allocated to Ewoyaa.