Keith Muller

THE prolonged slump in the lithium price has played havoc with Atlantic Lithium’s plans for Ewoyaa, a 36.8 million tons spodumene prospect in Ghana. Lately, however, there have been signs investors are looking past short-term supply disruptions – chiefly in China – towards a long-term structural deficit on which projects such as Ewoyaa were originally based. But the market is fickle. During 2025, Muller’s team was forced to ask Ghana for a restructuring of Ewoyaa’s fiscal terms, drafted when the lithium price was much higher.

This development came just as Ghana announced the most comprehensive mining reform in nearly two decades, featuring shortened licence periods and mandatory direct revenue-sharing with local communities. Atlantic’s proposed fiscal changes were debated in parliament midyear ahead of submission of a fresh terms, subsequently recommended for select committee consideration – which is promising. Nonetheless, the delay in the project – Ewoyaa was initially pencilled in for first production end-2026 – forced Atlantic to seek subsistence funds.

In September, it agreed terms for a £28m equity package with Long State Investments, a New York-headquartered fund. The package consists of a staged £8m share placement and a £20m ‘equity facility’. The latter enables Atlantic to draw down as it needs funds, giving it more control over dilution. Around the same time, Atlantic cut costs, including Muller’s salary, which was reduced 10% for a year. Weirdly, he was promoted, giving him greater operational control. Neil Herbert, Atlantic’s chairperson, subsequently stepped into a non-executive role. If the mining licence application is approved, Atlantic can move on to project funding, last estimated to be $185m, but surely higher now.