Atlantic Lithium (ALL) Q3 2025 TU earnings summary

Executive summary

• All key permits for Ewoyaa Lithium Project construction secured; awaiting Ghanaian parliamentary ratification of mining lease, the final step before project commencement.

• Strategic cash conservation measures implemented amid subdued lithium prices and project delays, maintaining focus on critical project activities.

• Ewoyaa positioned to become Ghana's first lithium mine and one of the largest hard rock spodumene concentrate producers globally.

Financial highlights

• Cash on hand at 31 March 2025 was A$8.1m, with no debt.

• Quarterly cash outflows: A$1.1m for operating costs, A$4.0m for exploration, feasibility, and development.

• Piedmont Lithium contributed A$1.5m during the quarter; a US$6.5m funding dispute with Piedmont remains unresolved.

• Estimated 1.6 quarters of funding available at current expenditure rates.

Outlook and guidance

• Awaiting parliamentary ratification of Ewoyaa Mining Lease; project final investment decision (FID) contingent on this and finalisation of financing and offtake agreements.

• Ongoing engagement with Ghanaian government for additional fiscal support to reflect current lithium market conditions.

• MIIF's US$27.9m investment for a 6% interest in Ghanaian subsidiaries expected to close, supporting project funding.