Atlantic Lithium has secured up to £28 million, about ₵440 million at the current rate of ₵15.72 to the pound, in fresh funding from New York–based Long State Investments to advance its Ewoyaa Lithium Project in Ghana, the company said in a statement cited by The High Street Journal.
The deal, combining an immediate £2 million share placement with a £20 million equity facility spread over two years, comes as the Africa-focused explorer waits on Ghana’s parliament to ratify its mining lease, the last hurdle before construction of what could be the country’s first lithium mine.
Set in Ghana’s Central Region, Ewoyaa is viewed as a flagship project with the potential to anchor West Africa on the global electric-vehicle supply chain. But the path has not been smooth: weak lithium prices and drawn-out permitting have forced Atlantic to tighten spending, cutting quarterly cash outflows from AUD 8.2 million at the start of fiscal 2025 to AUD 3.8 million in the fourth quarter.
Chief Executive Officer Keith Muller called the financing a turning point. “Through the Share Placement Agreement and Committed Equity Facility, we are pleased to secure both immediate and longer-term access to funding at such a key stage of the project’s development,” he said. “These agreements strengthen the company’s financial footing through a means that minimises shareholder dilution.”
For Long State, which will become a strategic shareholder, Ewoyaa offers rare first-mover advantage. “The Ewoyaa Lithium Project represents a high-quality, strategically significant asset with the potential to become Ghana’s first lithium-producing mine,” said Philip Ho, managing director of the firm. “We see Atlantic Lithium as a highly attractive investment opportunity.”
Atlantic’s biggest backer, Assore International Holdings, has already pledged support for the agreements at an extraordinary meeting scheduled for October, clearing the way for the financing to be locked in.
The fundraising arrives against a difficult backdrop. Lithium, once dubbed “white gold” during the 2022 boom, has since lost steam as slower electric-vehicle sales and a surge in supply from Australia and China push down prices. Juniors across the sector are struggling to raise capital, making access to committed funding a critical lifeline.
For Ghana, Ewoyaa represents more than just another mine. Long reliant on gold, the country has been pushing to diversify into critical minerals that can power the global energy transition. Officials see lithium as an entry point into new processing and export streams, though investors remain wary of risks ranging from currency swings to regulatory delays and infrastructure gaps.
Atlantic has positioned Ewoyaa as a low-cost producer, supported by an offtake deal with U.S.-listed Piedmont Lithium, which has rights to buy up to half of its future output. With Long State on board, the company now has both cash and credibility, but the decisive step remains in Ghana’s parliament, where approval of the mining lease will determine when shovels finally hit the ground.
