(Alliance News) - Atlantic Lithium Ltd on Friday said that its pretax loss widened in the latter half of 2023, though the company reported significant progress on its flagship Ghanaian lithium project.
Atlantic is a lithium development company, currently focused on developing the Ewoyaa project on the Ghanaian coast, set to become the country's first lithium-producing mine.
In the six months to December 31, the company's pretax loss was AUD5.8 million, compared with its AUD3.9 million loss a year prior.
Its loss per share also widened to 1.0 cents from 0.7 cents.
However, Atlantic reported positive results from its ongoing drilling programme over the period, leading the company to extend the scope of the program to 26,500 metres from 18,500 metres. It has also been granted new, "highly prospective" prospecting licences at Bewadze and Senya Beraku, Ghana.
Regarding its flagship Ewoyaa mine, Atlantic said that the project has been granted a mining lease, Ghanaian environmental agency approval, and a bulk customer permit for electricity requirements, which is expected to reduce the mine's power cost by up to 50%.
The company said that the mining lease will serve as a "key catalyst" in bringing the project to production, expected to occur in the fourth quarter of 2024.
Executive Chair Neil Herbert said: "In granting the mining lease in respect of the Ewoyaa lithium project, the Government of Ghana has demonstrated its support for the advancement of the project towards production as the country's first lithium mine. This is a historic development for both the company and for Ghana."
Shares in Atlantic were down 2.8% at 18.72 pence each in London on Friday.
By Hugh Cameron, Alliance News reporter
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