Atlantic Lithium Regulatory News (ALL)

15 March 2023

Interim Results

Highly successful operational, corporate and financial period

Robust Pre-Feasibility Study significantly derisks Ewoyaa Lithium Project

Further progress made towards building Ghana's first lithium mine

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 its unaudited Interim Results for the half-year period ended 31 December 2022.

A full copy of today's report (including tables and diagrams referred to in this release) is available through the Investor Centre of the Company's website (https://www.atlanticlithium.com.au) or can be viewed in the PDF version via the following link:

http://www.rns-pdf.londonstockexchange.com/rns/0349T_1-2023-3-15.pdf

Project Highlights

· Completed Pre-Feasibility Study ("PFS") on the Ewoyaa Lithium Project ("Ewoyaa"), demonstrating the significant profitability potential of this stand-out project:

o  LOM revenues exceeding US$4.84bn, Post-tax NPV8 of US$1.33bn, IRR of 224% over 12.5 years

o  US$125m capital cost with industry-leading payback period of

o  Maiden Ore Reserve of 18.9Mt at 1.24% Li20 declared, demonstrating sound resources to reserve conversion

o  12.5-year mine life, 2Mtpa conventional dense media separation ("DMS") processing facility with average 255,000tpa 6% lithium spodumene concentrate ("SC6") production

· Mining Licence application lodged for the extraction of minerals from the proposed Ewoyaa Lithium Mine

· Awarded processing plant Front-End Engineering Design contract to Primero Group

· Completed a 47,000m resource infill and extensional reverse circulation ("RC") and diamond core ("DD") drilling programme. Results included:

o  Highest-grade assay result of 6.78% Li2O over a 1m interval in drilling at the Ewoyaa Main 'Starter Pit'

o  Multiple broad and high-grade intersections within and outside of the previous MRE (30.1Mt @ 1.26% Li2O), which were incorporated in the MRE upgrade announced post-period

Corporate Highlights

· Admitted to trading on the Official List of the Australian Securities Exchange ("ASX") on 21 September 2022, under the ticker 'A11'

· Appointment of Mr Keith Muller as Chief Operating Officer

Financial Highlights

· Strong cash position of A$19.1m at 31 December 2022 (31 December 2021: A$23.3m)

· Exploration and evaluation expenditure held on the balance sheet for the period ended 31 December 2022 was A$12.7 million (2021: A$11.0 million) which is net of Piedmont Lithium Inc. contributions

Post-Period

· Significant Mineral Resource Estimate (MRE) upgrade at Ewoyaa to 35.3Mt at 1.25% Li2O:

o  Includes 28Mt (79%) in the Measured and Indicated categories, which is expected to significantly improve project economics

· Final assay results received for a further 10,052m of exploration and infill diamond core ("DD") drilling and reverse circulation ("RC") drilling completed at Ewoyaa

Commenting, Chairperson Neil Herbert said:

"Atlantic Lithium is fully focused on advancing its flagship project, the Ewoyaa Lithium Project, to production as Ghana's first lithium mine. The second half of the year saw significant progress made in the pursuit of this aim.

"We were delighted to report the Pre-Feasibility Study for the Project in September 2022, further showcasing Ewoyaa as an industry-leading lithium asset. Ewoyaa is a low capex, low opex project with a simple processing flowsheet, soon to be producing highly sought-after, coarse grain spodumene concentrate. There are few spodumene projects that boast the existing infrastructure, minimal footprint and short timeline to production that Ewoyaa offers. It is unsurprising, therefore, the considerable level of interest that we have received in the remaining 50% of the offtake.

"During the period, our activities on the ground generated excellent results, with the 47,000m resource evaluation and exploration drilling programme increasing the confidence in the Project's resource category and extending mineralisation beyond the previous Mineral Resource footprint. Results included the highest-grade assay result that we have reported at the Project, of 6.78% Li2O over 1m at the Ewoyaa Main 'Starter Pit', as well as multiple broad and high-grade intersections within and outside of the previous MRE.

"These results were followed, post-period end, by the significant upgrade to the Mineral Resource Estimate to 35.3Mt @ 1.25% Li2O, including 3.5Mt at 1.37% Li2O in the Measured category and 24.5Mt at 1.25% Li2O in the Indicated category. 79% of the overall MRE now sits in Measured and Indicated, providing us with greater assurance of the Project's potential.

"As part of our evolution from explorer and developer towards producer, the Company appointed Keith Muller as Chief Operating Officer and Roux Terblanche as Project Manager during the half-year period. Keith and Roux bring considerable, directly relevant experience of operating in Africa and on lithium projects specifically. At this crucial time, as we move through the permitting phases, their insights are invaluable.

"Another major milestone during the half-year was the Company's successful admission to trading on the Official List of the ASX. Atlantic Lithium's profile has grown immensely in line with greater investor demand for exposure to the battery metals sector. The ASX listing serves to enable wider trading of the Company's shares around the world and allows us to gain recognition alongside fellow lithium peers.

"Looking ahead, in the coming months, we hope to receive the grant of the Mining Licence application that was lodged post-period end, before we commence the EPA process. The Definitive Feasibility Study ("DFS") is on track for release in Q2 2023 and is progressing well. Incorporating the increased MRE announced post period-end, the DFS will evaluate an extended mine life and increased throughput to enhance the Project's economics.

"Further to the news flow regarding the permitting process, we also continue to explore our licences in Ghana within and outside of the current resource base and we look forward to sharing updates to this regard in due course.

"We look to the remainder of 2023 with great excitement and thank the loyal shareholders who are taking this journey with us."

For any further information, please contact:

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.