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Yes, they get first bite at the cherry, since the news of the agreement resubmission came after the UK close on Friday.

Could easily be a 100% day unless the ASX put the brakes on it.

Mining lease has been resubmitted so I'd expect an RNS in the morning to advise the market, as the below was the last advisory and it has changed since 11th. RNS should also advise the market of the new sliding scale legislation and that the company has modified the agreement to accept it, as it is a fair arrangement for all parties.

11 December 2025

Update re the Ewoyaa Mining Lease

Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, "Atlantic Lithium" or the "Company"), the Africa-focused lithium exploration and development company targeting the delivery of Ghana's first lithium mine, provides the following update regarding the status of the Mining Lease in respect of its flagship Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana.

The Company notes that the Parliament of Ghana has temporarily withdrawn the Mining Lease from consideration to allow for further consultation in respect of Ghana's current mining code and the application of royalties.

I used to think Musk had good ideas but he's turned into a right fruit loop, no longer would I take seriously anything he claims will happen. It was bad enough with his massive over-promises where he repeatedly under-delivered. Most of the time he just says things to make his own investments increase in value, like pumping Bitcoin and Tesla stock. DOGE was a total failure of his too https://cepr.net/publications/doge-is-dead-the-damage-lives-on/

Mazerunner,

This is where you really need localised Small Nuclear Reactors. The scale of Data Centres and AI is now way beyond considering Solar even with BESS added on, the space needed and battery size needed are crazy.

"Silicon Valley data centers totalling nearly 100MW could 'sit empty for years' due to lack of power — huge installations are idle because Santa Clara can't cope with surging electricity demands."

https://www.tomshardware.com/tech-industry/data-centers-in-nvidias-hometown-sit-idle-as-grid-struggles-to-keep-up

"Anthropic to invest $50B in US AI data centers, starting with Texas and New York"

https://www.proactiveinvestors.co.uk/companies/news/1082360/anthropic-to-invest-50b-in-us-ai-data-centers-starting-with-texas-and-new-york-1082360.html

The World needs a better solution than this too:

"Data centers turn to commercial aircraft jet engines bolted onto trailers as AI power crunch bites — cast-off turbines generate up to 48 MW of electricity apiece"

https://www.tomshardware.com/tech-industry/data-centers-turn-to-ex-airliner-engines-as-ai-power-crunch-bites

And it's happening:

"Small Modular Nuclear Reactors (SMRs) Power AI: $10B Nuclear Revolution Transforms Data Centers"

https://www.introl.io/blog/smr-nuclear-power-ai-data-centers-2025

5m 31s on the video "imminent mining of Lithium" !

How do they make the sound so bad???!! Are they communicating with two tin cans and a piece of string???!!

Looking back at the chart I see that the highest historic price for the stock was 67p on 12/04/2022.

At the time, there were 576,744,246 shares in issue, making the Market Cap £386,418,645.

The current Market Cap is only £58.64m.

To get back to £386,418,645 would require the stock to rise 6.59x taking it to 52p per share.

What is also interesting is that prior to 12/04/2022 they announced the "MRE upgrade to 30.1Mt at 1.26% Li2O at Ewoyaa Project" with "Updated Scoping Study on the Ewoyaa Project, which supports a business case for a 2.0 million tonnes per annum ("Mtpa") production operation with life of mine ("LOM") revenues of US$3.43B and significant potential to extend LOM."

The MRE is now 36.8Mt at 1.24% Li2O which is 22.25% bigger. A lot more work has been completed. Very soon Ratification and mine construction. So much further down the line than back in 12/04/2022 when the company was valued at 6.59x what it is today.

The Spod price is down on where it was on 12/04/2022 but the valuation has always been based on the long term Spod price that Atlantic are working by, so maybe after Ratification and visible signs of mine construction the price could easily go back to that high next year.

"Zenith should easily be able to keep a majority holding in the spin off"

That's always a possibility, especially with a big ICSID win.

My 20% was just based on Zenith selling off enough to keep it's own costs on the project down to the minimum, whilst still being lined up for a lot of income when the project is up and running. Most other junior mining companies farm down to 20-25%, it's not an unusual level. If ICSID is a win and the money is in the bank within three years then Zenith will have plenty of money available to contribute to a majority stake in the Uranium mines.

AC said: "Funding for the initial exploration phase, estimated to be capped at approximately US$5 million over three years, is expected to be provided through Zenith's internal financial resources and strategic investments from institutional funds. The company is also pursuing Italian and EU subsidies, along with public-sector support under the EU Critical Raw Materials Act, to co-finance exploration activities. No external funding has yet been agreed."

If as per my previous post, suppose the mine was valued at £50m as is, the first tranche of cash needed is only $5m or £3.74m. That is only 7.48% of the mine value as is, so initially Zenith could offer up 5% of the mine to institutions/Uranium buyers and pay the 2.48% of the $5m itself. That way, Zenith would retain 95% and have an initial cost of £1.24m into the project.

Then, once a Definitive Feasibility Study (DFS) comes up with a figure to build and operate the mine, Zenith can then decide how much of the mine it wants to keep and how much it want's to sell, but also, at that point in time, the mine value will have increased due to the work to define the DFS, so it could be then worth £200m as it's a ready-to-go project not just resources in the ground, so Zenith could maybe sell off another 50% to an existing Uranium mining company and let them operate the mine because they have the experience to do it professionally, with Zenith left owning 45% and the institutions owning 5%.

Thanks ewoyaajunction, even better!

If they upgraded on resubmission of the agreement, I guess they might upgrade again once it's Ratified.

Canaccord Genuity is a broker and advisor for Atlantic Lithium and has reiterated a "Speculative Buy" rating with a target price of 34p on the company's shares as of September 2025.

https://brokertips.co.uk/companies/atlantic-lithium

Ratification should get us really moving early next year.

Page 10 of the Order Paper - Friday 19th December, 2025

https://www.parliament.gh/docs?type=OP

AT THE COMMENCEMENT OF PUBLIC BUSINESS

8. PRESENTATION OF PAPERS

The following Paper to be presented:

By the Minister for the Lands and Natural Resources

Mining Lease Agreement Between the Government of the Republic of Ghana (represented by the Ministry of Lands and Natural Resources) and Barari DV Ghana Limited for the mining of Lithium and other minerals at Mankessim (42.63km2) in the Mfantsiman Municipality in the Central Region.

Yes, the minority can only stop the Bill if they get it annulled within the 21 days. They can only annul the Bill if they get 2/3 of the house to vote to annul it, which is never going to happen, you can tell from the squabbling and at times fighting in Parliament that nobody from the Majority is ever going to vote with the Minority to annul a Bill that their party submitted.

The Ewoyaa Agreement having also been presented back to Parliament today must mean that it has been changed to accept the terms of the sliding scale Royalty Bill, so everything now matches up, nothing is illegal any more, and Ratification can be 'expected' rather than 'hoped for'.

Sorry, I have Atlantic on the brain LOL!!

The Uranium Mining is a spin-off rather than an RTO.

An RTO would be a company looking to reverse into another company, but that is not what's going to happen with the Uranium mine spin-off. Nobody will be reversing in.

The spin-off will create an Zenith Energy subsidiary. Institutions will invest into the subsidiary to get the mine up and running, their investments buy them a share of the project. Zenith Energy own the Asset so will have that valued and that will be their contribution to the project unless they decide to put some money in too.

Suppose the mine was valued at £50m as is, whatever the in-ground value of the Uranium etc is. Zenith Energy could sell off 80% of the project, bringing in £40m to fund the mine setup, with Project Finance (debt) used for any costs higher than that. If that were the case then Zenith Energy will have an asset worth £10m that once the mine is up and running is worth far more, as then it's not valued at Uranium etc in ground, it's valued on 1/5 the value of the subsidiary that's selling Uranium and other metals, could be £50m, £100m etc.

The Uranium Mining is a spin-off rather than an RTO.

An RTO would be a company looking to reverse into another company, but that is not what's going to happen with the Uranium mine spin-off. Nobody will be reversing in.

The spin-off will create an Atlantic Lithium subsidiary. Institutions will invest into the subsidiary to get the mine up and running, their investments buy them a share of the project. Atlantic own the Asset so will have that valued and that will be their contribution to the project unless they decide to put some money in too.

Suppose the mine was valued at £50m as is, whatever the in-ground value of the Uranium etc is. Atlantic could sell off 80% of the project, bringing in £40m to fund the mine setup, with Project Finance (debt) used for any costs higher than that. If that were the case then Atlantic will have an asset worth £10m that once the mine is up and running is worth far more, as then it's not valued at Uranium etc in ground, it's valued on 1/5 the value of the subsidiary that's selling Uranium and other metals, could be £50m, £100m etc.

Https://citinewsroom.com/2025/12/govt-introduces-sliding-scale-mining-royalties-under-new-regulations/

Https://citinewsroom.com/2025/12/govt-resubmits-lithium-mining-agreement-to-parliament/

JackB14,

Agreement and Royalty sliding scale amendment both now running in parallel, just as the minister for Lands said in his public meeting that he wanted to see happening.

Not2sure

The previous Government only have a minority now, they don't have the power to outvote the majority party, so nobody should care what they say, they are effectively bystanders watching the agreement roll past them to Ratification, they can jeer from the sidelines all they like, it makes no difference to the outcome.

"The National Democratic Congress (NDC) holds the majority of seats in Ghana's 9th Parliament, with 184 seats out of a total of 276."

184 is exactly 2/3 of Parliament. The NDC can outvote anything the minority put forward.

This Royalty legislation, an amendment to the existing law, if not annulled within 21 days (the statutory period), will be automatically put into law without a vote. No way will the minority opposition get the 2/3 of the vote required to annul it no matter how much of a fuss they make about the base 5% in the sliding scale.

"The draft regulation, signed by the Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah, is expected to mature into law unless annulled by Parliament within the statutory period."

https://mypublisher24.com/lithium-deal-ranking-member-raises-red-flags-over-contested-5-royalty-despite-earlier-withdrawal/#google_vignette

In the same way that the amendment to a different law which endangered forests was just automatically approved after 21 days.

"Environmental Protection Mining in Forest Reserves Revocation Instrument 2025"

"The revocation became effective after Parliament completed the constitutionally mandated 21 sitting days without objection following presentation of the repeal instrument on October 31."

https://www.newsghana.com.gh/ghana-civil-society-hails-revocation-of-controversial-mining-law-li-2462/

And a double check on Google confirms this:

"In Ghana, a Legislative Instrument (LI) or other statutory instrument comes into force after the expiration of twenty-one (21) sitting days from the date it is laid before Parliament and published in the Gazette"

"Parliament can annul the instrument before the 21 days expire, but this requires a resolution supported by the votes of not less than two-thirds of all Members of Parliament."

When you break it down, the sliding scale is around 1% per $300 which I'm sure will be absolutely fine with Atlantic Lithium Directors, so there's not going to be any push back from this side. That means no hold up to Ratification caused by this side.

Also, when the Spod price hits psychological barriers like $2000 and $3000, where it will take some time to break through to the next level, Atlantic will be paying the lower Royalty rate but earning a lot more money.