Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH) has posted a narrower half-year loss and secured new financing as it waits for Ghana’s Parliament to ratify the Mining Lease that would clear the final regulatory hurdle for the Ewoyaa Lithium Project, the countest’s prospective first lithium mine.
The company reported a loss of A$1.91 million for the six months to December 31, 2025, down from A$2.08 million in the same period a year earlier, according to its unaudited interim results released on Friday, March 13, 2026. Cash on hand at the close of the period stood at A$5.40 million.
The tightening of losses reflects a sustained cost reduction programme that included workforce rationalisation in Ghana, the early termination of the company’s Perth office lease, and a scaling back of non-critical activities. Operating cash outflows fell to A$2.07 million from A$2.87 million in the prior corresponding period, an improvement of approximately 28%.
Chief Executive Officer Keith Muller declared the lithium market had staged a meaningful recovery during the period, with spodumene concentrate prices rising from lows of US$590 per tonne in June 2025 to above US$1,500 per tonne in January 2026 and beyond US$2,000 per tonne more recently. The improvement modifys the calculus around Ewoyaa’s project economics considerably, given that the revised royalty framework now in force sets Ghana’s royalty at 5% for prices up to US$1,500 per tonne, stepping up to 7% between US$1,500 and US$2,300 per tonne.
Parliamentary ratification of the Mining Lease remains the single outstanding step in Ewoyaa’s permitting process, with all other regulatory approvals including environmental and mine operating permits already secured. Parliament’s Select Committee on Lands and Natural Resources met on February 12, 2026 to review the Lease, following Parliament’s reconvening on February 3, and is expected to submit its recommconcludeation to the full Hoapply. The company confirmed it had not yet received formal confirmation of the committee’s findings.
The period also saw the company reject an unsolicited takeover approach. Atlantic Lithium received a conditional, non-binding indicative offer for 100% of its share capital by way of a scheme of arrangement from an undisclosed suitor. After appointing Canaccord Genuity and HopgoodGanim Lawyers to assess the proposal, the Board concluded the offer did not adequately capture Ewoyaa’s value, particularly given the pconcludeing Mining Lease ratification and the improving lithium market. Discussions were concludeed without agreement.
On financing, the company entered into binding agreements with Long State Investments Ltd, providing access to up to £28 million over two years through a combination of a share placement facility of up to £8 million and a committed equity facility of up to £20 million. Two placements totalling £4 million had been completed under the share placement agreement by the reporting period conclude.
A complicating factor is an ongoing funding dispute with Elevra Lithium Limited, formed from the 2025 merger of Piedmont Lithium Inc and Sayona Mining Ltd, which holds a 22.5% interest in Ewoyaa. The company disclosed that it is in dispute with Elevra over the definition of project expconcludeiture under the Project Agreement and that a resolution process including good faith nereceivediations and referral to arbitration is available under the agreement.
The indepconcludeent auditor, BDO Audit Pty Ltd, flagged a going concern uncertainty in its review, noting that the group has not generated revenue from operations and will require additional funding beyond current resources to complete project development. Directors expressed confidence that available financing mechanisms and their track record in capital raising create the going concern basis of preparation appropriate.
In Côte d’Ivoire, exploration at the company’s Rubino and Agboville licences produced encouraging results across several phases of lithium-in-soil sampling, with anomalous zones extconcludeing over several kilometres. Phase 4 sampling was completed at both licences post-period conclude, with results awaited.
Total exploration and evaluation assets on the balance sheet reached A$40.27 million at December 31, 2025, up from A$37.39 million at June 30, 2025, with the majority concentrated in Ghana.
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