Neil Herbert, of Atlantic Lithium: DFS puts us into the top 10 lithium spodumene mines in the world
Episode 1641, Sep 28, 2023, 02:55 PM
Neil Herbert, Executive Chairman of Atlantic Lithium #ALL talks about the achievements of the last 12 months including their Definitive Feasibility Study, which ranks them in the top 10 lithium spodumene mines in the world.
Highlights
Project Development and Exploration
- Definitive Feasibility Study1 for the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") indicating exceptional economic outcomes and profitability potential for a 2.7Mtpa steady state operation, producing 3.6Mt of spodumene concentrate over a 12-year Life of Mine.
- Significant Mineral Resource Estimate1 ("MRE" or the "Resource") upgrade to 35.3Mt at 1.25% Li2O including 28Mt in the Measured and Indicated categories.
- Robust Pre-Feasibility Study ("PFS") indicating the Project as an industry-leading lithium asset.
- Submission of Mining Lease application for the Project.
- Completion of the Front-End Engineering Design ("FEED") for the Ewoyaa Processing Plant.
- Advancement of the 2023 resource and exploration drilling programme.
Post-period end
- Appointment of DRA Global Limited ("DRA") to conduct a Scoping Study to assess the viability of an additional flotation circuit downstream to the proposed Dense Media Separation ("DMS") processing plant.
- Memorandum of Understanding ("MOU") signed with The University of Mines and Technology, Tarkwa ("UMaT") to assess the viability of producing feldspar as a by-product at Ewoyaa.
Corporate
- Appointment of Keith Muller as Chief Executive Officer and Len Kolff as Head of Business Development & Chief Geologist.
- Commenced trading of the Company's shares on the ASX under the ticker 'A11'.
- Appointment of Keith Muller and Patrick Brindle to the Company's Board of Directors.
- Joined the International Lithium Association as an Associate Member.
- Granted eligibility for the Company's common shares listed on the OTCQX® Best Market ("OTCQX") in the United States for electronic clearing and settlement through the Depository Trust Company ("DTC").
- Exploration and evaluation expenditure held on the balance sheet for the year ended 30 June 2023 was A$18.0m (2022: A$11.1m).
- Cash position at 30 June 2023 of A$15.3m (2022: A$23.9m).
Post-period end
- Non-binding Heads of Terms agreed with Ghana's Mineral Income Investment Fund ("MIIF") to invest a total of US$32.9m (A$51.4m / £26.3m) in the Company and its Ghanaian subsidiaries to support the development of the Ewoyaa Lithium Project.
- Commitment from partner Piedmont Lithium to sole fund the first US$70m, and 50% of any additional development expenditure thereafter, towards the total US$185m development expenditure for the Project, as indicated in the DFS1.
- Appointment of Aaron Maurer as Head of Operational Readiness; launch of a mine build team in Perth and Ghana.
TO READ THE FULL RNS CLICK HERE
Highlights
Project Development and Exploration
- Definitive Feasibility Study1 for the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") indicating exceptional economic outcomes and profitability potential for a 2.7Mtpa steady state operation, producing 3.6Mt of spodumene concentrate over a 12-year Life of Mine.
- Significant Mineral Resource Estimate1 ("MRE" or the "Resource") upgrade to 35.3Mt at 1.25% Li2O including 28Mt in the Measured and Indicated categories.
- Robust Pre-Feasibility Study ("PFS") indicating the Project as an industry-leading lithium asset.
- Submission of Mining Lease application for the Project.
- Completion of the Front-End Engineering Design ("FEED") for the Ewoyaa Processing Plant.
- Advancement of the 2023 resource and exploration drilling programme.
Post-period end
- Appointment of DRA Global Limited ("DRA") to conduct a Scoping Study to assess the viability of an additional flotation circuit downstream to the proposed Dense Media Separation ("DMS") processing plant.
- Memorandum of Understanding ("MOU") signed with The University of Mines and Technology, Tarkwa ("UMaT") to assess the viability of producing feldspar as a by-product at Ewoyaa.
Corporate
- Appointment of Keith Muller as Chief Executive Officer and Len Kolff as Head of Business Development & Chief Geologist.
- Commenced trading of the Company's shares on the ASX under the ticker 'A11'.
- Appointment of Keith Muller and Patrick Brindle to the Company's Board of Directors.
- Joined the International Lithium Association as an Associate Member.
- Granted eligibility for the Company's common shares listed on the OTCQX® Best Market ("OTCQX") in the United States for electronic clearing and settlement through the Depository Trust Company ("DTC").
- Exploration and evaluation expenditure held on the balance sheet for the year ended 30 June 2023 was A$18.0m (2022: A$11.1m).
- Cash position at 30 June 2023 of A$15.3m (2022: A$23.9m).
Post-period end
- Non-binding Heads of Terms agreed with Ghana's Mineral Income Investment Fund ("MIIF") to invest a total of US$32.9m (A$51.4m / £26.3m) in the Company and its Ghanaian subsidiaries to support the development of the Ewoyaa Lithium Project.
- Commitment from partner Piedmont Lithium to sole fund the first US$70m, and 50% of any additional development expenditure thereafter, towards the total US$185m development expenditure for the Project, as indicated in the DFS1.
- Appointment of Aaron Maurer as Head of Operational Readiness; launch of a mine build team in Perth and Ghana.
TO READ THE FULL RNS CLICK HERE