(Alliance News) - Atlantic Lithium Ltd on Friday said its loss narrowed during 2024, as it looks forward to further progress at the Ewoyaa lithium project in Ghana.
The West Africa-focused lithium exploration and development company said its 2024 pretax loss narrowed to AUD2.0 million, or USD1.3 million, from a loss of AUD5.8 million in 2023.
Income during 2024 totalled AUD440,924, comprised of a AUD433,026 fair value gain on financial liabilities and a AUD7,898 gain from interest. Atlantic Lithium reported income of just AUD10,000 the year before, from its tenement sale.
Administration expenses were slashed by 59% to AUD194,111 from AUD478,338, consulting costs were cut 32% to AUD402,215 from AUD588,434, and employee benefits decreased 17% to AUD797,330 from AUD954,895. Atlantic Lithium also enjoyed a net foreign exchange gain of AUD804,680 against a AUD294,886 gain in 2023.
"Having been granted the mine operating permit through the period, alongside other critical permits, Atlantic Lithium has now secured all of the approvals required for the construction of the Ewoyaa lithium project," said Executive Chair Neil Herbert.
"We await the ratification of the Ewoyaa mining lease, which represents the final step in the permitting process and which will enable us to advance towards a project final investment decision. Following the recent election of the new government in Ghana, we are confident that ratification will be forthcoming in line with due parliamentary process.
"In the meantime, we are busy engaging various funding providers to secure the necessary financing. While the price of spodumene concentrate remains subdued, lithium demand continues to grow significantly and prices are expected to rise over the estimated period of plant construction.
"We look forward to providing further developments in due course."
Shares in Atlantic Lithium were down 2.5% to 8.29 pence in London on Friday morning. The stock has fallen 57% over the past year. Shares closed flat at AUD0.17 in Sydney on Friday.
By Emily Parsons, Alliance News reporter
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