• Atlantic Lithium secured agreements to raise $16.4 million to fund development of the Ewoyaa lithium project in Ghana.
• Ghanaian investors could contribute up to $11 million, alongside a $5.4 million placement backed by Long State Investments.
• The Ewoyaa project could produce 3.6 million tonnes of spodumene concentrate over 12 years but still requires $185 million in total funding.

Atlantic Lithium has agreed with equity investors to raise a total of $16.4 million to advance its Ewoyaa lithium project. The company announced the agreements on Tuesday, March 17 and said it will allocate the funds to development work on the project, which is expected to become Ghana’s first lithium mine. However, the company continues to rely on capital markets support as it navigates weak global lithium prices and regulatory challenges.

Ghanaian Investor Participation

Ghanaian investors will provide the majority of the planned funding. These investors could contribute up to $11 million, while a separate $5.4 million share placement is backed by Long State Investments. Therefore, Atlantic Lithium expects these contributions to support continued progress toward the construction phase of the Ewoyaa project.

Keith Muller said, “The interest of Ghanaian investors in Atlantic Lithium reflects a broader desire in Ghana to see the country deliver on its critical mineral potential and diversify revenue sources beyond its current gold-focused portfolio.”

He added, “This strategic investment offers Ghanaian investors the opportunity to become shareholders in these assets, while allowing the company to progressively access capital in line with project milestones.”

Atlantic Lithium plans to develop Ewoyaa as a long-life lithium operation. The project could deliver 3.6 million tonnes of spodumene concentrate over a 12-year period. However, the company still needs to secure approximately $185 million to fully fund project construction.

As a result, Atlantic Lithium continues to rely on successive capital raises to finance preliminary work. At the same time, the company faces ongoing disagreements with its project partner Elevra Lithium.

Unresolved Dispute

Atlantic Lithium and Elevra Lithium signed an agreement in 2021 that предусматриes a total investment of $70 million from Elevra in exchange for a stake of up to 50% in the Ewoyaa project. Elevra currently holds a 22.5% stake, which obliges it to contribute to project costs in proportion to its shareholding.

However, Atlantic Lithium has reported a dispute with Elevra over certain project-related expenditures without disclosing full details. “At the time of writing this report, the company is in disagreement with Elevra regarding project expenditures as defined in the project agreement,” the company said in its annual report published in January.

The company added, “The company continues discussions with Elevra regarding the disputed amounts and a resolution process is предусмотрен by the project agreement, including good faith negotiations and arbitration.”

Therefore, the project timeline remains uncertain until the parties resolve the dispute.

In parallel, Atlantic Lithium must still secure regulatory approval before starting construction. Authorities in Ghana must ratify the mining lease, and this approval remains a prerequisite for project development.

At the same time, lithium market conditions have weakened since 2023, which continues to weigh on project economics. However, the Ghanaian government has adjusted the initial royalty framework to align with current price levels and support project viability.

The project could prove significant for Ghana, whose economy remains heavily dependent on gold revenues. In addition to taxes and royalties, the state is expected to hold a 13% stake in the future mine.

Aurel Sèdjro Houenou