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2026-11-06
◂ Monitor A11 ASX

Atlantic Lithium Limited

DFS Unfunded Developer · Lithium · GH · CI Rating locked: sign in to view v8.1 · a11-20261030t224354-full
Last 2026-11-06
A$0.325
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$260.5M
EV
A$252.8M
Cash
A$7.7M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Portfolio detail

Assets

2 assets

Core asset

Ewoyaa Lithium Project

GH

DFS Unfunded Developer69.75% ownedLithium

The Mankessim lease holder is 90% Atlantic according to the September 2026 tenement table; Huayou has rights to 22.5% of the Ghana portfolio. The 69.75% figure is an inferred current economic exposure (90% × 77.5%) and depends on how those rights map into the lease-holding company; it is not an issuer-disclosed ownership percentage. After full earn-in and Ghana’s 13% production free carry, an illustrative 43.5% may remain if no MIIF investment occurs. Legal reconciliation is needed.

Developer · DFS unfunded developer
Study
Definitive feasibility studys
Post-tax NPV (study prices, attributable)
US$1.0bd
NPV restated at our deck (attributable)
Locked
IRR
105%s
Initial capex (100%)
US$185.0m
Capital intensity
US$10,771/(t Li2O/yr)d
LoM AISC
A$15,984/td
Mine life
12.0 yrs

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$1.5B8% discount
IRR105%Published return
Initial capexUS$185MPublished capital estimate
Operating cost610USD/t concentrate AISC

Gross project, 2023 study deck and fiscal assumptions; not current attributable equity value.

Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcemeasured3.7 Mt ore1.37% Li2O, 51 kt contained Li2OLithium2024-06-30
Mineral Resourceindicated26.1 Mt ore1.24% Li2O, 324 kt contained Li2OLithium2024-06-30
Mineral Resourceinferred7 Mt ore1.15% Li2O, 80 kt contained Li2OLithium2024-06-30
Mineral Resourcetotal36.8 Mt ore1.24% Li2O, 455 kt contained Li2OLithium2024-06-30
Ore Reserveprobable25.6 Mt ore1.22% Li2OLithium2023-06-29
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Mankessim mining leaseGhanaGranted2040-12-18Yes
Economic studies1
StudyStageStatusDateSummary
Ewoyaa definitive feasibility studyDFSCurrent2023-06-29The study plan and prices predate the current fiscal regime and timetable. The company later recalculated economics on the October 2023 lease terms.

Other

Agboville and Rubino licences

CI

Early Explorer100% ownedLithium

Wholly owned exploration licences; no resource or mine plan is disclosed in the latest quarterly report.

Exploration · Early explorer
Ownership
100%r
Commodity
Li2Or
Country
CIr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)