Atlantic Lithium (ALL) H2 2025 earnings summary

Executive summary

• Advanced permitting for the Ewoyaa Lithium Project, with all regulatory approvals secured except parliamentary ratification of the Mining Lease, positioning the project as Ghana's first lithium mine.

• Implemented cost-saving measures, including leadership salary reductions and headcount rationalisation, to conserve cash amid lithium price declines and permitting delays.

• Secured significant financing agreements post-period end, including up to £28m from Long State Investments and a successful A$10m equity placement led by a major shareholder.

• Maintained strong community and stakeholder support, with ongoing ESG and health and safety initiatives, despite a workforce fatality in July 2024.

Financial highlights

• Net loss after tax for FY25 was $6.6m, a significant improvement from the $12.6m loss in FY24.

• Cash and cash equivalents at year-end were $5.4m, with net assets of $40.7m.

• No dividends declared or paid during the year.

• Shareholder equity increased to $153.8m from $144.0m, driven by new share issues.

Outlook and guidance

• Awaiting parliamentary ratification of the Mining Lease, which is expected to unlock project financing and enable a final investment decision.

• Optimising project design to ensure resilience at lower lithium prices and flexibility to benefit from future price recoveries.

• Debt-led funding strategy planned to minimise shareholder dilution, with strong interest from strategic partners and offtakers.

• Anticipates continued strong lithium demand driven by EV and energy storage sectors, with price recovery expected in 2028–2029.