Atlantic Lithium Regulatory News (ALL)

27 October 2022

Corporate Update

Quarterly Activities and Cash Flow Report

for the quarter ended 30 September 2022

Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTC: 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 present its Quarterly Report for the quarter ended 30 September 2022.

The Quarterly Report for the quarter ended 30 September 2022 can be viewed and is available via this link:

http://www.rns-pdf.londonstockexchange.com/rns/3079E_1-2022-10-27.pdf

Quarterly Highlights:

Ewoyaa Lithium Project, Ghana

· Delivered robust Pre-Feasibility Study ("PFS"), with highlights including:

o  Post-tax NPV8 of US$1.33bn with free cash flow of US$2bn from Life of Mine ("LOM") revenues of US$4.84bn.

o  Internal rate of return of 224% and payback less than five months, with an average LOM EBITDA of $248 million per annum.

o  Maiden Ore Reserve of 18.9Mt at 1.24% Li2O declared, demonstrating sound resource 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.

· Received assay results for approximately 6,900m of Reverse Circulation ("RC") drilling completed at the Ewoyaa Main and Grasscutter North targets as part of the planned 37,000m resource evaluation and exploration RC and diamond core drilling ("DD") programme (see releases dated 19 July and 2nd August 2022).

o The programme, which was completed post-period end, was extended by 10,000m for geotechnical, metallurgical, hydrogeological and exploration drilling to a total of 47,000m.

Corporate Highlights

· Commenced trading on the Australian Securities Exchange ("ASX") under the ticker 'A11'.

· Cash on hand at end of quarter of A$23.4 million.

Commenting on the Company's latest progress, Neil Herbert, Executive Chairman of Atlantic Lithium, said:

"We are pleased to be releasing the Company's quarterly report for the period ended 30 September 2022 - the first announcement of this kind following Atlantic Lithium's Admission on the ASX.

"The publishing of the Pre-Feasibility Study in September marked a significant milestone in the Ewoyaa Lithium Project's journey towards production. We have continued to build on this progress post-period end through the submission of an application for a mining licence to the Minerals Commission of Ghana and the completion of the extended drilling programme at the Project. Work is now ongoing to deliver a further Resource upgrade at Ewoyaa in the final quarter of the year or early in 2023.

"We also believe that the Company's listing on the ASX during the period will enable us to extend the Company's shareholder base, enable wider trading and offer greater liquidity for Atlantic Lithium shares. With a number of lithium companies on the ASX attracting significant investor interest recently, we hope that the listing will be a step towards achieving a more attractive valuation with respect to our industry-leading Ewoyaa Project. As an Australian-headquartered company, the listing also enables closer communication with our existing investor base in Australia.

"We look forward to providing further updates on our progress in due course."

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:

Notes to Editors:

About Atlantic Lithium

www.atlanticlithium.com.au

Atlantic Lithium (formerly "IronRidge Resources") is an AIM and ASX-listed lithium exploration and development company advancing a portfolio of lithium projects and licenses 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 licenses.