Atlantic Lithium Limited, the Africa-focused lithium exploration and development company, has submitted a revised Mining Lease for its flagship Ewoyaa Lithium Project to Parliament.

The lease has now been referred to the Parliamentary Select Committee for review, marking a key milestone in the project’s journey toward ratification.

Lithium, a critical mineral used in electric vehicle batteries and renewable energy storage, is increasingly seen as a strategic resource for Ghana’s industrialisation ambitions.

The Ewoyaa Project, located in the Western Region, has been closely watched by investors and policymakers alike as the country seeks to diversify its mining sector beyond gold.

The revised Mining Lease incorporates fiscal terms following consultations led by the Minister of Lands and Natural Resources with relevant stakeholders, aligning the project’s royalty rate and Growth and Sustainability Levy with current legislated rates in Ghana.

These adjustments reflect Ghana’s mining code and are intended to ensure both investor confidence and equitable returns for the state.

The Minister has also submitted a new Legislative Instrument, the Minerals and Mining (Royalty) Regulations, 2025, to Parliament, outlining a sliding scale of royalty rates for lithium projects depending on spodumene prices.

Under the proposed framework:

• Spodumene priced up to US$1,500 per tonne attracts a 5% royalty
• Prices between US$1,501 – US$2,500 per tonne attract a 7% royalty
• Prices between US$2,501 – US$3,000 per tonne attract a 10% royalty
• Prices above US$3,000 per tonne attract a 12% royalty

All other fiscal terms in the Mining Lease granted in October 2023 remain unchanged. Following Parliament’s festive recess, the Select Committee is expected to undertake its review of the revised Mining Lease in the new year before making recommendations for or against ratification.

Atlantic Lithium expressed confidence that ratification will be forthcoming, although it cautioned that changes to the proposed terms or delays in parliamentary approval remain possible.

The ratification of the Mining Lease is seen as a crucial step toward establishing Ghana’s first lithium mine, a development that could position the country as a significant player in the global lithium market and attract further investment in its mining sector.

The company has promised to keep shareholders updated as the parliamentary review process unfolds.