Ghanaian pension funds invest US$11M in Atlantic Lithium’s Ewoyaa project

Atlantic Lithium Limited , the Africa-focused lithium exploration company, has secured funding of up to US$16.4 million to advance its flagship Ewoyaa Lithium Project in Ghana, the country’s first planned lithium mine.

The funding comprises a strategic investment of up to US$11.0 million from Ghanaian pension funds, facilitated by IC Asset Managers Ghana Ltd , and a US$5.4 million placement with Long State Investments Ltd. The proceeds will support Ewoyaa’s progression toward production.

As part of the strategic investment, Ghanaian investors will subscribe for 25.4 million shares at US$0.197 each and receive milestone-linked warrants valued at US$6 million. T

he warrants become exercisable upon key project milestones, including parliamentary ratification of the mining lease, final investment decision, and commencement of construction.

Atlantic Lithium CEO Keith Muller welcomed the Ghanaian investors, highlighting the importance of local participation in Ghana’s emerging lithium sector, which could diversify the country’s mineral portfolio beyond gold.

“Facilitated by IC Asset Managers (Ghana) Ltd, 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.

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.

“Concurrently, the Company has agreed to undertake a Third Placement under the Share Placement Agreement with  Long State to raise an additional US$5.4m. 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.”

Obed Tawiah Odenteh, CIO of ICAMGH, said the investment represents a long-term commitment to Ghana’s strategic mining sector, providing pension funds exposure to a nationally significant resource and supporting the country’s industrial development.

“From our perspective, Ghana’s economic momentum is largely anchored by three sectors: telecommunications, financial services, and mining. As managers of long-term institutional capital, it is important that the portfolios we  steward reflect meaningful exposure to these pillars of the economy.

“Historically, mining has not featured prominently in our portfolios. However, the global transition toward green  energy, coupled with Ghana’s discovery of lithium, presents a unique opportunity to participate in a strategic asset that  could have a lasting impact on the country’s industrial future.

“Our investment in Atlantic Lithium therefore reflects a deliberate, long-term commitment to this emerging sector. We  see it as an opportunity for pension funds to own a stake in a nationally significant resource while partnering with a  management team we find professional, transparent, and constructive to work with over the long term.”

The ordinary share subscription is expected to complete on 24 March 2026, with the funding providing incremental capital aligned to the achievement of critical project milestones.