Last checked at 16 May 2023 07:00
16 May 2023
Appointment of Chief Executive Officer
Changes Aligned with Strategy to Strengthen Mine Operating Skills
Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, "Atlantic Lithium" or the "Company"), the funded African-focussed lithium exploration and development company targeting to deliver Ghana's first lithium mine, is pleased to announce the appointments of Keith Muller as Chief Executive Officer ("CEO") and Len Kolff as Head of Business Development & Chief Geologist, both effective immediately.
Mr Muller has over 20 years of operational and leadership experience and a background in hard rock lithium mining and processing, specifically in dense medium separation spodumene processing. As CEO, he assumes the position held by Len Kolff on an interim basis since March 2022 following the passing of Atlantic Lithium's founder and former CEO, Vincent Mascolo.
In 2022, the Board began the process to strengthen its operational experience in lithium mine construction and production. Mr Muller joined the Company in November 2022, initially as Chief Operating Officer ("COO"), to drive the Company's transition from explorer and developer to a producer of high-quality, battery-grade spodumene concentrate. Having provided Mr Muller a period to build his knowledge of the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") and implement important operational improvements, the Board believes the time is now right for him to lead the Company through the construction phase and on to first production.
Mr Muller will be fully focused on bringing Ewoyaa into production, while Neil Herbert, Executive Chairman, will continue to oversee the wider corporate activities of the Company including, but not limited to, strategy, business development, finance, commercial, and investor relations, supported by Finance Director and Company Secretary, Amanda Harsas and Mr Kolff.
As Head of Business Development & Chief Geologist, Mr Kolff will be responsible for the ongoing exploration activities of the Company and identifying and developing growth opportunities for the Company which complement the Company's existing portfolio and where value can be delivered to Atlantic Lithium and its shareholders.
Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:
"Since joining as COO in November 2022, Keith has already contributed significantly to developments and improvements across the Project. Keith is one of very few people with direct experience of operating a lithium mine with similar characteristics to Ewoyaa. He is in the process of establishing the Ghanaian team that will build and operate the mine, leading the Company through the construction phase and onward to first production.
"At the same time, Len has taken up the mantle of leading our Business Development. He was key in the initial discovery and evaluation of Ewoyaa and has played a significant role in unlocking the potential it offers. Importantly, we will continue to leverage his considerable experience, expertise and network, particularly in Ghana, to source new project opportunities whilst continuing to unlock value within the Company's existing portfolio."
Commenting, Keith Muller, Chief Executive Officer, said:
"With Ewoyaa, Ghana has the opportunity to play a role in the increasingly important global EV battery supply chain. We are committed to maintaining a low environmental footprint and we are on track to deliver an exciting project for all stakeholders.
"I am delighted to assume the role of CEO at such a pivotal moment in the Company's journey and, alongside the existing and growing Ghanaian team, contribute to the success of the Project. I am looking forward to applying what I have learnt from my experience in the hard rock lithium sector, particularly from my time at the Mt Cattlin lithium mine, which bears many similarities to Ewoyaa."
Commenting, Len Kolff, Head of Business Development & Chief Geologist, said:
"We have taken the Project from discovery, through studies and now transition towards production. I am humbled to be part of a team that has identified Ghana's first lithium project, an industry-leading asset, seeing the team develop and being so welcomed in the community.
"Keith brings proven lithium mine operating expertise and I am delighted to be working with him during the next phase of the Company's transition to mine developer.
"In my new role as Head of Business Development & Chief Geologist, I will continue advancing the Company's exploration portfolio and de-risking its assets whilst identifying new opportunities, looking to deliver further returns to Company shareholders and local stakeholders."
The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Keith Muller, aged 39:
Current directorships and/or partnerships: | Former directorships and/or partnerships (within the last five years): |
Bulletin Resources Limited | N/A |
Mr Muller currently holds 4,000,000 options over new ordinary shares of no par value in the Company ("Ordinary Shares"), 2,000,000 of which are exercisable at a price of 60p, with the remaining 2,000,000 exercisable at 70p per new Ordinary Share. Pursuant to his appointment, Mr Muller has been granted an additional 2,000,000 options over Ordinary Shares exercisable at a price of 50p.
There are no further disclosures required under Schedule 2(g) of the AIM Rules for Companies.
Issue of Share Options
The Board of the Company wishes to advise of the allotment and issue of 2,000,000 unlisted ESOP options to Mr Muller (or his nominee). The options have a strike price of 50 pence and are exercisable through to 16 May 2025.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Keith Muller | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Chief Executive Officer | ||||
b) | Initial notification/Amendment: | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name: | Atlantic Lithium Limited | ||||
b) | LEI: | 213800H1JY3J7BB6BN06 | ||||
4. | 1. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted. | |||||
a) | Description of the financial instrument, type of instrument: Identification code: | Unlisted options exercisable through to 16 May 2025 ISIN: AU0000237554 | ||||
b) | Nature of the transaction: | Issue of ESOP Options
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c) | Price(s) and volume(s): |
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d) | Aggregated information: 2. Aggregated volume: 3. Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 16 May 2023 | ||||
f) | Place of the transaction: | Outside of a trading venue | ||||
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For any further information, please contact:
Atlantic Lithium Limited Neil Herbert (Executive Chairman) Amanda Harsas (Finance Director and Company Secretary) www.atlanticlithium.com.au IR@atlanticlithium.com.au | Tel: +61 2 8072 0640
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SP Angel Corporate Finance LLP Nominated Adviser Jeff Keating Charlie Bouverat |
Tel: +44 (0)20 3470 0470 |
Canaccord Genuity Limited Joint Company Broker Raj Khatri James Asensio Harry Rees |
Tel: +44 (0) 20 7523 4500
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Liberum Capital Limited Joint Company Broker Scott Mathieson Kane Collings |
Tel: +44 (0) 20 3100 2000
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Yellow Jersey PR Limited Charles Goodwin Bessie Elliot atlantic@yellowjerseypr.com
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Tel: +44 (0)20 3004 9512 |
Notes to Editors:
About Atlantic Lithium
www.atlanticlithium.com.au
Atlantic Lithium is an AIM and ASX-listed lithium company advancing a portfolio of lithium projects in Ghana and Côte d'Ivoire through to production.
The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium spodumene pegmatite discovery on track to become Ghana's first lithium-producing mine. The Company signed a funding agreement with Piedmont Lithium Inc. for US$103m towards the development of the Ewoyaa Project. Based on the Pre-Feasibility Study, the Ewoyaa Project has indicated Life of Mine revenues exceeding US$4.84bn, producing a spodumene concentrate via simple gravity only process flowsheet.
Atlantic Lithium holds 560km2 & 774km2 of tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licences.