REG - Atlantic Lithium Ltd - Board Appointment

Atlantic LithiumAnnouncement

15/05/2024 07:00

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RNS Number : 5062O  Atlantic Lithium Limited  15 May 2024

15 May 2024

Board Appointment

Minerals Income Investment Fund CEO Appointed to the Atlantic Lithium Board

Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, OTCQX: ALLIF,
"Atlantic Lithium" or the "Company"), the African-focused lithium exploration
and development company targeting to deliver Ghana's first lithium mine, is
pleased to announce the appointment of Edward Nana Yaw Koranteng to the
Company's Board of Directors as Independent Non-Executive Director, effective
immediately.

Edward Koranteng is a lawyer and an experienced corporate and investment
banker with over 23 years of experience. He has held the position of Chief
Executive Officer of the Minerals Income Investment Fund ("MIIF"), Ghana's
sovereign minerals wealth fund, since 2021. As CEO, he oversees the management
of Ghana's equity interest in mining companies, manages all royalties paid to
the state from mining activities and supports the growth of the mining
industry through long-term, sustainable investments in the sector.

Mr. Koranteng assumes the role of Independent Non-Executive Director in line
with the agreed terms of MIIF's US$5m subscription in the Company (refer
announcement of 24 January 2024), which forms the first part of its planned
US$32.9m total investment in Atlantic Lithium and its Ghanaian subsidiaries to
expedite the development of the Company's flagship Ewoyaa Lithium Project.

Prior to joining MIIF, Mr. Koranteng held the role of Business Head for East,
Central and Southern Africa for Ghana International Bank plc ("GHIB"), where
he was responsible for GHIB's energy and mining portfolio. At GHIB, he led
various financing projects in Ethiopia, Ghana, Tanzania, Kenya and Malawi.
Before that, Mr. Koranteng worked with the Chase Bank Group (Kenya), now SBM
Bank of Mauritius, as the Group Head for Energy, Oil, Gas and Mining.

Mr. Koranteng is the co-founder of one of Ghana's leading law firms, Koranteng
& Koranteng Legal Advisors, and currently sits on the boards of major gold
producer Asante Gold Corporation, the Minerals Income Investment Fund, and
Glico General Insurance Ltd in Ghana.

Mr. Koranteng holds a BA (Hons) from the University of Ghana, a Master of Laws
in International Banking and Finance from the University of Leeds in the UK, a
Postgraduate Diploma from BPP Law School in the UK and the Ghana School of
Law. He has practised as a barrister in both the UK and Ghana and holds
various executive and postgraduate certifications, including in Oil, Gas and
Mining from the Blavatnik School of Government, University of Oxford in the
UK.

Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:

"It gives me great pleasure to welcome Edward to the Atlantic Lithium Board,
assuming the position available to the Minerals Income Investment Fund as
agreed under the terms of MIIF's US$5m Subscription in the Company, which was
completed in January 2024.

"Enabling greater Ghanaian representation in the strategic direction of the
Company and the Ewoyaa Lithium Project, Edward's appointment more closely
aligns the Company's objectives and the advancement of the Project with its
Ghanaian stakeholders.

"Further to its Subscription in the Company, Edward's appointment reflects
MIIF's strong belief in Atlantic Lithium as an investment opportunity and the
successful delivery of the Project to generate significant benefits to
Ghanaians. Bringing decades of mining, legal and corporate experience to the
role, Edward will, no doubt, contribute greatly to the advancement of the
Project.

"I look forward to finalising the second stage of MIIF's investment in the
Company and working closely with Edward towards our shared goal of achieving
lithium production at Ewoyaa."

 

Commenting, Edward Koranteng, added:

"I look forward to supporting the growth of Atlantic Lithium, not only in
Ghana but as a foremost lithium exploration company on the continent. MIIF's
investment in Atlantic Lithium is premised on the belief that the Ewoyaa
Lithium Project and the Company's other tenements hold great promise and
opportunity, which will generate significant returns and further support
Ghana's green energy efforts.

"Our investment also supports the Government of Ghana's overarching objective
of ensuring that Ghana remains the preferred mining destination in Africa,
with MIIF as a co-investment partner. I am without any doubt that the Project
shall be successfully delivered with the full support of MIIF and the
Government of Ghana.

"I look forward to working with the Board and Management of Atlantic Lithium
towards the goal of developing the world-class Ewoyaa Mine and achieving full
lithium production."

 

 

The following information is disclosed pursuant to Rule 17 and Schedule Two
paragraph (g) of the AIM Rules for Companies in relation to Mr. Edward Nana
Yaw Koranteng (a Ghanaian national residing in Ghana), aged 49. Mr Koranteng
currently holds or has held the following directorships and partnerships in
the last five years:

 

  Current directorships and/or partnerships:   Former directorships and/or partnerships (within the last five years):
 Agyapa Royalties Limited                      Koranteng and Koranteng Legal Advisers

 Asante Gold Corporation                       Lincoln Advisors (Kenya) Limited

 Gilco General Insurance Company Limited       Lincoln Investment Advisers Limited

 Minerals Income Investment Fund

 

Mr. Koranteng does not hold any shares in Atlantic Lithium Limited.

 

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:
Atlantic Lithium Limited

Neil Herbert (Executive Chairman)

Amanda Harsas (Finance Director and Company Secretary)

                   www.atlanticlithium.com.au
                   IR@atlanticlithium.com.au
                   Tel: +61 2 8072 0640
 SP Angel Corporate Finance LLP      Yellow Jersey PR Limited      Canaccord Genuity Limited

 Nominated Adviser                   Charles Goodwin               Financial Adviser:

 Jeff Keating                        Bessie Elliot                 Raj Khatri (UK) /

                                   atlantic@yellowjerseypr.com

 Charlie Bouverat
                             Duncan St John, Christian Calabrese (Australia)

                                   Tel: +44 (0)20 3004 9512

 Tel: +44 (0)20 3470 0470

                                                                   Corporate Broking:

                                                                   James Asensio

                                                                   Tel: +44 (0) 20 7523 4500

 

Notes to Editors:

 

About Atlantic Lithium

www.atlanticlithium.com.au (http://www.atlanticlithium.com.au/)

Atlantic Lithium is an AIM, ASX, GSE and OTCQX-listed lithium company
advancing its flagship project, the Ewoyaa Lithium Project, a significant
lithium spodumene pegmatite discovery in Ghana, through to production to
become the country's first lithium-producing mine.

The Definitive Feasibility Study for the Project indicates the production of
3.6Mt of spodumene concentrate over a 12-year mine life, making it one of the
largest spodumene concentrate mines in the world.

The Project, which was awarded a Mining Lease in October 2023, is being
developed under an earn-in agreement with Piedmont Lithium Inc.

Atlantic Lithium holds a portfolio of lithium projects within 509km(2) and
774km(2) of granted and under-application tenure across Ghana and Côte
d'Ivoire respectively, which, in addition to the Project, comprises
significantly under-explored, highly prospective licences.

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