Atlantic Lithium Limited Announces High-Grade Drill Results - Highest Grade to Date

Mineralisation Extended - Multiple Intersections Highest Grade of 6.78% Li₂O reported Ongoing Resource Extension and Infill Drilling Results Ewoyaa Lithium Project Ghana, West Africa

SYDNEY, November 29, 2022 - Atlantic Lithium Ltd. (AIM:ALL)(OTCQX:ALLIF)(ASX:A11) "Atlantic Lithium" or the "Company"), the funded African-focussed lithium exploration and development company targeting to deliver Ghana's first lithium mine, is pleased to announce assay results from the resource and exploration drilling programme now completed at the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana, West Africa.

Figures and Tables referred to in this release can be viewed in the PDF version available via this link:

http://www.rns-pdf.londonstockexchange.com/rns/8509H_1-2022-11-28.pdf

HIGHLIGHTS:

• Assay results reported for a further 10,679m of exploration and infill diamond drilling ("DD") and reverse circulation ("RC") drilling completed at the Ewoyaa Main, Ewoyaa North-East, Kaampakrom and Grasscutter West deposits, part of the now completed resource evaluation and exploration RC and DD programme.
• Newly reported drilling results fall both within and outside the currently defined 30.1Mt @ 1.26% Li₂O Ewoyaa JORC (2012) Compliant Mineral Resource Estimate ("MRE" or the "Resource"); extending mineralisation at the Ewoyaa North-East and Ewoyaa Main deposits, defining new mineralisation from surface at the Kaampakrom North deposit and providing further confidence in Resource conversion at the Kaampakrom West deposit.
• Multiple high-grade exploration drill intersections outside of the current MRE reported at the Ewoyaa North-East, Kaampakrom West and Ewoyaa Main deposits, including highlights of:
  • GRC0785: 35m at 1.48% Li₂O from 111m
  • GRC0760: 27m at 1.71% Li₂O from 155m
  • GRC0769: 46m at 0.96% Li₂O from 51m
  • GRC0775: 20m at 1.85% Li₂O from 72m
  • GRC0777: 24m at 1.43% Li₂O from 108m
  • GRC0763: 26m at 1.26% Li₂O from 163m
  • GRC0759A: 17m at 1.69% Li₂O from 114m
  • GRC0777: 14m at 1.89% Li₂O from 140m
  • GRC0775: 13m at 1.91% Li₂O from 117m
  • GRC0800: 23m at 1.01% Li₂O from 263m
  • GRC0759A: 18m at 1.24% Li₂O from 148m
  • GRC0779: 14m at 1.43% Li₂O from 137m
  • GRC0776: 10m at 1.96% Li₂O from 190m
• Broad and high-grade infill drill intersections within the current MRE, reported at the Ewoyaa Main and Ewoyaa North-East deposits, including highlights of:
  • GDD0090: 63.6m at 1.86% Li₂O from 14.3m
  • GDD0089: 68m at 1.37% Li₂O from 15m
  • GRC0756: 60m at 1.36% Li₂O from 29m
  • GDD0098: 24.4m at 1.72% Li₂O from 38.6m
  • GDD0090: 17.9m at 1.37% Li₂O from 79.5m
  • GDD0094: 21m at 0.96% Li₂O from 46m
• Highest grade of 6.78% Li₂O confirmed in previously reported hole GDD0071 from 31m to 32m (refer RNS of 20 October 2022), and additional high-grades of 5.14% Li₂O in hole GDD0090 from 30m to 31m and 4.78% Li₂O from 31m to 31.8m.
• Approximately 37,000m of results from the 47,000m drilling programme reported to date.
• Recently announced Pre-Feasibility Study (refer RNS of 22 September 2022) delivers exceptional financial outcomes for a 2Mtpa operation, producing an average c. 255,000tpa of 6% Li₂O spodumene concentrate ("SC6") over a 12.5-year operation:
  • LOM revenues exceeding US$4.84bn, Post-tax NPV₈ of US$1.33bn, IRR of 224% over 12.5 years
  • US$125m capital cost with industry-leading payback period of <5 months
  • C1 cash operating costs of US$278 per tonne of 6% lithium spodumene concentrate Free on Board ("FOB") Ghana Port, after by-product credits
  • Average Life of Mine ("LOM") EBITDA of US$248m per annum
  • 18.9Mt at 1.24% Li₂O Maiden Ore Reserve
  • Average annualised US$1,359/dry metric tonne SC6 pricing used

Commenting on the Company's latest progress, Lennard Kolff, Interim Chief Executive Officer of Atlantic Lithium, said:

"Drilling continues to deliver high-grade drill intersections both within and outside the current MRE.

"This latest batch of results has delivered multiple drill intersections outside the resource footprint at the Ewoyaa North-East, Kaampakrom West and Ewoyaa Main deposits, including highlights of 35m at 1.48% Li2O from 111m and 27m at 1.71% Li2O from 155m at the Ewoyaa North-East deposit.

"Drilling has returned high-grade results at the Kaampakrom West deposit, including highlights of 20m at 1.85% Li₂O from 72m, 14m at 1.89% Li₂O from 140m, 14m at 1.89% Li₂O from 140m and 13m at 1.91% Li₂O from 117m, in addition to our highest-grade assay result of 6.78% Li₂O over a 1m interval in drilling at the Ewoyaa Main 'Starter Pit' for this programme.

"We have reported approximately 37,000m of the 47,000m programme to date, with 10,000m of assays pending and a Resource upgrade expected early 2023. The increased Resource estimate will inform a Definitive Feasibility Study, targeted for completion in mid-2023.

"With the Pre-Feasibility Study now delivered, the Mining Licence application submitted, ongoing positive drilling results and with the support of our funding agreement with Piedmont Lithium, we feel the Company is ideally positioned to benefit from the unprecedented levels of lithium demand that are expected over the coming years."

New Drilling Results:

Further assay results have been received for an additional 10,679m of RC and DD drilling from the recently completed drill programme at the Ewoyaa Project. Multiple high-grade drill intersections are reported for exploration drilling results outside of the currently defined Resource at the Ewoyaa North-East, Kaampakrom West, Ewoyaa Main and Grasscutter West and deposits (refer Table 1, Appendix 1 and Appendix 2).

High-grade infill drill intersections are reported within the Ewoyaa Main and Ewoyaa North-East deposits, which fall within the currently defined 30.1Mt @ 1.26% Li₂O MRE (refer Table 2, Appendix 1 and Appendix 2).

Table 1: High-grade exploration drill intersection highlights at greater than 10 Li x m, reported at a 0.4% Li₂O cut-off and a maximum of 4m internal dilution at the Ewoyaa North-East, Kaampakrom West, Ewoyaa Main and Grasscutter West deposits.

Table 2: High-grade infill drill intersection highlights at greater than 10 Li x m, reported at a 0.4% Li₂O cut-off and maximum of 4m of internal dilution at the Ewoyaa Main and Ewoyaa North-East deposits.

Exploration drilling results outside the 30.1Mt at 1.26% Li₂O Resource continue to demonstrate further resource scale potential at the Ewoyaa Project, where multiple new drilling intersections have confirmed mineralisation extensions at the Ewoyaa North-East, Kaampakrom West, Ewoyaa Main and Grasscutter West deposits (refer Figure 1, Figure 2, Figure 3 and Figure 4).

Resource infill drilling results received to date at the Ewoyaa Main and Ewoyaa North-East deposits have confirmed good mineralisation continuity and increased resource confidence on a nominal 40m x 40m Indicated grid and 20m x 20m Measured grid. Measured drilling targeted the first 1.5 to 2 years of planned production at the Ewoyaa Main deposit. Additionally, infill drilling provided further material for test-work and customer acceptance samples within the planned starter pit.

High grades were reported within the Kaampakrom West deposit including highlights of 20m at 1.85% Li₂O from 72m, 14m at 1.89% Li₂O from 140m, 14m at 1.89% Li₂O from 140m and 13m at 1.91% Li₂O from 117m.

Sample preparation was completed by Intertek Ghana and assay by Intertek Perth with all reported results passing QA/QC protocols, providing confidence in reported results.

Figure 1: Location of reported assay results with highlight drill intersections.

Figure 2: Cross-section A-A' showing assay results received for GDD0089 at the Ewoyaa Starter Pit deposit.

Figure 3: Cross-section B-B' assay results received forGRC0775 and GRC0777 at the Kaampakrom West target.

Figure 4: Cross-section C-C' assay results received for GDD0090, GRC0776 and GRC0772 at the Ewoyaa North-East deposit.

Competent Persons

Information in this report relating to the exploration results is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of the Australian Institute of Geoscientists who has in excess of 20 years' experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Kolff consents to the inclusion of the information in the form and context in which it appears.

Information in this report relating to Mineral Resources was compiled by Shaun Searle, a Member of the Australian Institute of Geoscientists. Mr Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Searle is a director of Ashmore. Ashmore and the Competent Person are independent of the Company and other than being paid fees for services in compiling this report, neither has any financial interest (direct or contingent) in the Company. Mr Searle consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

The reported Ore Reserves have been compiled by Mr Harry Warries. Mr Warries is a Fellow of the Australasian Institute of Mining and Metallurgy and an employee of Mining Focus Consultants Pty Ltd. He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves' of December 2012 ("JORC Code") as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia. Mr Warries gives Atlantic Lithium Ltd. consent to use this reserve estimate in reports.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For any further information, please contact:

Notes to Editors:

About Atlantic Lithium

www.atlanticlithium.com.au

Atlantic Lithium is an AIM and ASX-listed lithium company advancing a portfolio of lithium projects in Ghana and Côte d'Ivoire through to production.

The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium spodumene pegmatite discovery on track to become Ghana's first lithium-producing mine. The Company signed a funding agreement with Piedmont Lithium Inc. for US$103m towards the development of the Ewoyaa Project. Based on the Pre-Feasibility Study, the Ewoyaa Project has indicated Life of Mine revenues exceeding US$4.84bn, producing a spodumene concentrate via simple gravity only process flowsheet.

Atlantic Lithium holds 560km² & 774km² of tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licenses.

Appendix 1 - New drill intersections reported in hole ID order, reported at a 0.4% Li₂O cut-off and maximum 4m of internal dilution.

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SOURCE: Atlantic Lithium Ltd.