Atlantic Lithium secures up to £28m in funding for Ewoyaa
By Josh White
Date: Wednesday 03 Sep 2025
(Sharecast News) - Atlantic Lithium said on Wednesday that it has secured up to £28m in funding agreements with Long State Investments to advance its flagship Ewoyaa Lithium Project in Ghana towards production.
The AIM-traded, Africa-focussed miner said the financing comprised a £2m initial share placement, with the option for up to three additional £2m tranches over 24 months, and a committed equity facility of up to £20m, subject to shareholder approval.
It said the agreements would give it discretion over when to draw funds, helping to minimise shareholder dilution while strengthening its financial position during a period of weak lithium prices and delays in ratifying its mining lease.
"Through the share placement agreement and committed equity facility agreement, we are pleased to secure both immediate and longer-term access to funding at such a key juncture in the project's development," said chief executive Keith Muller.
"Against the backdrop of the subdued lithium pricing environment and the ongoing delay to the ratification of the Ewoyaa Mining Lease, these agreements are timely to strengthen the company's financial footing through a means that minimises shareholder dilution."
Philip Ho, managing director of Long State Investments, added that the company's flagship Ewoyaa Lithium Project represented a "high-quality, strategically significant asset" with the potential to become Ghana's first lithium-producing mine, underpinned by "strong fundamentals" and improving market dynamics.
"We see Atlantic Lithium as a highly attractive investment opportunity," Ho said.
An extraordinary general meeting would be held in October to seek shareholder approval for the equity facility, with Atlantic Lithium's largest shareholder, Assore International Holdings, confirming its support.
At 0944 BST, shares in Atlantic Lithium were up 12.93% at 9.13p.
Reporting by Josh White for Sharecast.com.
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