• SCOPING STUDY UPDATE YIELDS SIGNIFICANT UPSIDE
• Ewoyaa Lithium Project 11 Year Mine Life
• Post-Tax NPV Increases to US$789m
• Scoping Study Update Confirms Ewoyaa Lithium Project is an Industry-leading Asset

Atlantic Lithium Limited (AIM:ALL) (OTCQX:ALLIF), "Atlantic Lithium" or the "Company"), the African focussed lithium exploration and development company, is pleased to announce an updated Scoping Study (the "Study Update") on the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana, West Africa, reaffirming it is an industry-leading asset. The Scoping Study Update incorporates the increased JORC resource of 21.3Mt, resulting in a significant improvement in project economics and life of mine.

HIGHLIGHTS:

• Scoping Study Update retains business case for 2 million tonnes per annum ("Mtpa") production operation with life of mine ("LOM") revenues exceeding US$3.43bn.
• Study Update increases Project's LOM operations to over 11 years, producing an average 300,000tpa of 6% Li₂O spodumene concentrate.
• In addition to spodumene production, the Study Update incorporates two additional revenue streams:
  • A saleable direct shipping ore ("DSO") Fines product
  • A saleable Feldspar by-product
• Study Update delivers exceptional financial outcomes:
  • LOM revenues exceeding US$3.43bn, Post-tax NPV₈ of US$789m, IRR of 194% over 11.4 years
  • US$70m capital cost with industry-leading payback period of <1 year
  • C1 cash operating costs of US$249 per tonne of 6% lithium spodumene concentrate Free on Board ("FOB") Ghana Port, after by-product credits
  • Pre-tax NPV₈ of US$1.23bn and EBITDA of US$2.02bn for LOM
  • Average EBITDA of US$178m per annum
• Preliminary Australian Nuclear Science and Technology Organization ("ANSTO") test-work confirms Ewoyaa concentrate produces high purity, battery-grade Lithium Carbonate ("LC") and Lithium Hydroxide Monohydrate ("LHM").
• Project provides outstanding asset fundamentals, logistics and access to infrastructure:
  • Conventional open cut mining operation from surface with low to moderate stripping ratios
  • Simple processing via conventional Dense Media Separation only ("DMS"), producing a premium 6% spodumene concentrate saleable product at a 6.3mm coarse crush
  • Excellent geology and metallurgy with potential upside for improved DMS recoveries
  • First quartile cash costs; low capital and operating costs with a low carbon footprint
  • Significant exploration upside potential from the historic Egyasimanku Hill deposit (1.5Mt @ 1.66% Li₂O, non-JORC) and surrounding 560km² portfolio
  • Close proximity to excellent logistics and infrastructure - only 110km by road from the deep-sea port of Takoradi, adjacent to highway and high voltage ("HV") powerlines, including hydroelectric sources
• Significant potential for resource upgrades; project metrics substantially improve with increased LOM beyond 12 years.

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