Atlantic Lithium (ALL) Q1 2025 TU earnings summary

Executive summary

• Secured key permits for Ewoyaa Lithium Project, including Mine Operating Permit and EPA environmental permit, advancing towards full permitting and construction commencement.

• Ewoyaa Mining Lease submitted to Ghana's parliament for ratification; parliamentary delay impacting project timeline and funding processes.

• Ewoyaa Mineral Resource Estimate increased to 36.8Mt at 1.24% Li₂O, with 81% in Measured and Indicated categories.

• Ongoing cost-cutting measures and staff reductions implemented due to funding delays and subdued lithium market.

Financial highlights

• Cash on hand at quarter end was A$7.5m, down from A$12.7m at the start of the quarter.

• Net cash outflow from operating activities was A$1.98m; investing activities outflow was A$2.99m.

• Exploration, feasibility, and development cash expenditure for the quarter totaled A$6.2m.

• Piedmont Lithium contributed A$3.1m during the quarter under the farm-in arrangement.

• Estimated quarters of funding available at current burn rate is 0.9, with ongoing funding support from Piedmont and pending MIIF investment.

Outlook and guidance

• Awaiting parliamentary ratification of Mining Lease, which is critical for Final Investment Decision (FID) and unlocking further funding.

• DFS optimisation and technical refinement underway, expected to inform updated project economics and funding requirements.

• Confident in securing additional funding through offtake partnerships and MIIF investment once lease is ratified.

• Cost control measures to continue until funding certainty is achieved.