Atlantic Lithium Ltd. has lined up access to about US$16.4 million in fresh funding as it pushes the Ewoyaa lithium project in Ghana toward production, bringing Ghanaian pension-fund investors onto its register while also drawing down the final tranche of its Long State Investments Ltd. facility.

The funding package includes a US$11 million strategic investment facilitated by IC Asset Managers (Ghana), made up of an unconditional US$5 million share subscription and up to US$6 million from milestone-linked warrants. New shares will be issued at US$0.197 each, equivalent to £0.146, which the company noted represents around a 10% discount to the AIM-quoted share’s five-day volume weighted average price (VWAP).

Proceeds are earmarked to support Ewoyaa, which Atlantic is developing as Ghana’s first lithium-producing mine.

“We are delighted to welcome a number of Ghanaian pension funds to the company’s share register. The interest of the Ghanaian Investors in Atlantic Lithium reflects a broader desire in Ghana to see the country deliver upon its critical mineral promises and diversify its revenue stream beyond its existing portfolio, which is centred on gold,” said chief executive Keith Muller.

“This strategic investment, therefore, provides the opportunity for the Ghanaian investors to share ownership in these ambitions, while providing the company staged access to capital upon the achievement of key project milestones.”

Alongside the Ghanaian investments, the company has triggered a third placement with Long State Investments to raise US$5.4 million (£4 million) through the issue of 27,379,260 shares at £0.146 each.

Regarding Long State, Keith Muller added: “The third placement, which exhausts the remaining capacity of the share placement agreement in one undertaking, as mutually agreed with Long State, secures funding at attractive terms to support the continued advancement of the Project. We welcome Long State’s ongoing support, which we believe, in addition to the endorsement from the Ghanaian Investors, firmly validates the company’s management team, assets and strategic direction.”

Atlantic Lithium noted that warrants issued alongside today’s fundraising are linked to three project catalysts at Ewoyaa: parliamentary ratification of the mining lease, final investment decision, and breaking ground on construction. Atlantic said the structure aligns capital inflows with development progress, while also broadening local ownership through its Ghana Stock Exchange listing.

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