13th Mar 2026 16:55
(Alliance News) - Atlantic Lithium Ltd on Friday said it has cut costs to preserve cash as it awaits ratification of the mining lease for its flagship project in Ghana.
The Sydney-based lithium exploration company said its pretax loss narrowed to AUD1.8 million in the six months to December from AUD2.0 million the year prior, with basic losses per share flat at 0.3 AUD cents.
Chief Executive Keith Muller noted: "The lithium market has seen a strong recovery during the period, rising from lows of USD590/tonne in June 2025 to over USD1,500/tonne in January 2026, and onwards beyond USD2,000/tonne more recently."
Atlantic Lithium is currently awaiting the ratification of the mining lease in respect of its flagship Ewoyaa Lithium Project by the Parliament of Ghana.
Parliamentary ratification of the lease represents the final step in the project's permitting process.
Muller said the firm continues to "receive positive indications in respect of the ratification process," and remains "confident" that ratification will be forthcoming.
Muller said Atlantic Lithium has undertaken work through the second half of 2025 to enhance the viability of the project through ongoing price volatility, ensuring it can survive price downturns but also capitalise on periods of improved pricing.
This work is expected to support financing discussions, which will be further progressed post-ratification of the Ewoyaa lease.
Atlantic Lithium said cash on hand at period-end was AUD5.4 million, little changed from June 30.
The firm said it has implemented further cost-saving measures focused on managing capital in light of the delay in the ratification of the Ewoyaa lease. It has cut headcount in Ghana and placed several full-time employees on reduced work schedules. In line with the reduced workforce in Australia, the company also terminated the lease on its Perth office early.
Shares in Atlantic Lithium fell 4.3% to 15.60 pence each in London on Friday.
By Jeremy Cutler, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
Atlantic Lithium