The issuance of the mining lease is subject to ratification by the Ghanaian parliament and follows last month’s announcement by the Minerals Income Investment Fund of Ghana (MIIF) of its plans to invest $27.9 million to acquire a 6% stake in Ewoyaa and an additional $5 million in Atlantic Lithium to help further, in part, the development of Ewoyaa. Prior to starting construction, an approval by the Environmental Protection Agency of Ghana will also be required. Atlantic Lithium expects the Ewoyaa permitting process to be finalized in H2 2024.

Piedmont owns a 9% equity interest in Atlantic Lithium, and in August announced that it exercised its option to acquire an initial 22.5% interest in Ewoyaa, subject to government approvals. Piedmont has a right to earn an additional 27.5% interest in the project, subject to satisfying certain funding requirements, which would result in Piedmont and Atlantic Lithium each owning 50% of Ewoyaa, exclusive of the expected MIIF investment and the Ghanaian government’s carried interest. Piedmont also holds an offtake agreement to purchase 50% of lithium concentrate production at Ewoyaa on a market-based pricing mechanism for the life of the mine.