Additional Infill Drilling Results At Ewoyaa Lithium Producing Mine In Ghana

SYDNEY, AUS - Atlantic Lithium Limited reported on final high-grade infill drilling results from the December 2021 campaign at the Ewoyaa Lithium Project in Ghana, West Africa, where the Company recently announced an updated Scoping Study and increased JORC compliant Mineral Resource Estimate of 21.3Mt @ 1.31% Li2O (MRE - Resource) resulting in a significant improvement in project economics and life of mine (LOM).

Vincent Mascolo, CEO, said, “Drilling results received confirm grade and continuity where tested across the Ewoyaa deposits, including a broad, high-grade intersection of 30m at 1.5% Li2O at the Ewoyaa Northeast deposit, as well as new zones of mineralization defined outside of the current Resource footprint. Multiple high-grade drill intersections have been returned over the eastern strike extension of the Grasscutter West deposit; all of which occur outside of the Resource and expected add further tonnes. Additional assay results received over the Ewoyaa Sill target continue to impress, with high-grade mineralization and good widths occurring in flat lying structures favorable for tonnage addition and low strip ratio; also, outside of the Resource which is expected add further tonnes. The results reported herewith represent the final drilling results for the program completed in December 2021, where the Company is targeting >80% resource conversion from inferred to indicated over the 21.3Mt @ 1.31% Li2O JORC Resource, as well as a targeted tonnage increase to over 24Mt in support of a 12-year mine life for future studies. Our Resource continues to grow, and the upside of the Project is clear; not only do we believe that Project metrics will improve significantly beyond the current defined mine life, however we also see further potential for substantial economic improvement due to the recent increases in spodumene concentrate pricing which have far exceeded our initial SC6 price modeling parameters. We believe these fundamentals continue to demonstrate Ewoyaa as an industry-leading asset; with the Company ideally positioned to benefit from the growing lithium market; we look forward to progressing the Project towards production and establishing Atlantic Lithium as a new player in the lithium supply chain."

Final drilling results for 11,852m of infill and extensional drilling in 73 holes at the Ewoyaa Project represents the final drilling results for the c. 37,500m drilling program completed post-reporting of the updated Mineral Resource Estimate (MRE) of 21.3Mt @ 1.31% Li2O. Multiple high-grade drill intersections have been returned in Reverse Circulation (RC) and Diamond core (DD) infill and extensional drilling at a 0.4% Li2O cut-off and maximum 4m of internal dilution. All sampling was completed at 1m sampling intervals at the drill site for RC and at 1m intervals or less at the core shed for DD, with samples submitted for analysis at Intertek laboratory with sample preparation completed in Ghana and sample analysis in Perth, Western Australia. All results passed internal and laboratory QA/QC protocols, providing confidence in the reported results.

The multiple >15 lithium meters (Li2O% x m) metal content intersections reported at the Grasscutter West extension target including GRC0596: 21m at 1.47% Li2O from 45m, GRC0600: 19m at 1.61% Li2O from 42m and GRC0616: 15m at 1.59% Li2O from 249m bodes well for resource addition outside of the currently defined MRE, with mineralization extended 150m eastwards and at depth. Drilling results validate grade and mineralization continuity where returned to date over the Ewoyaa Northeast, Okwesi, Anokyi, and Grasscutter East deposits, providing confidence in future resource upgrades from inferred to indicated status.

New mineralization has been intersected and high-grade assay results returned at the Kaampakrom West, Ewoyaa Sill and Grasscutter West extension targets where multiple drill intersections and high-grade results fall outside of the currently defined MRE.

Exploration and resource drilling programs are planned to recommence in March 2022 to test new targets along strike and at depth, as well as diamond core drilling in support of geotechnical, hydrogeology and site investigation studies. Planning is underway for airborne geophysical and grid soil geochemistry over the recently granted Cape Coast license.