Atlantic Lithium Raises $16.4M from Ghanaian Investors and Long State to Fast-Track Ewoyaa Project
AIM- and ASX-listed Atlantic Lithium has secured access to up to $16.4 million (A$23.1 million or £12.2 million) in funding to accelerate the development of its flagship Ewoyaa lithium project in Ghana.
The funding combines a strategic investment from Ghanaian pension funds and an additional placement through existing investor Long State Investments.
Up to $11 million of the funding will come from a group of Ghanaian pension funds through a subscription for ordinary shares and the issuance of warrants, facilitated by IC Asset Managers.
Atlantic Lithium described these pension funds as long-term, in-country strategic investors whose participation aligns with the company’s goal of developing a nationally significant lithium industry.
The company also plans to issue shares on the Ghana Stock Exchange, enabling broader local ownership and reinforcing its commitment to ensuring Ghanaian participation in the Ewoyaa project, which is set to become the country’s first lithium-producing mine.
Chief Executive Officer Keith Muller said the investment reflects growing domestic interest in Ghana’s emerging critical minerals sector and its potential to diversify the country’s resource base beyond gold.
In parallel, Atlantic Lithium has agreed to a third and final placement under its share placement agreement with Long State Investments, raising an additional $5.4 million. This placement fully utilizes the remaining capacity under the agreement and provides funding on what the company described as attractive terms.
The continued backing from Long State, combined with the entry of Ghanaian institutional investors, is seen as strong validation of the company’s strategy and asset base.
Proceeds from the combined funding will be directed toward advancing the Ewoyaa lithium project toward production.
The project is central to Atlantic Lithium’s strategy to establish an integrated supply chain capable of supporting the global transition to clean energy.
Ewoyaa is expected to play a key role in positioning Ghana as a participant in the rapidly expanding lithium market, driven by demand for electric vehicle batteries and energy storage technologies.
According to IC Asset Managers’ Chief Investment Officer, Obed Tawiah Odenteh, the investment reflects a deliberate shift by institutional investors toward sectors aligned with Ghana’s long-term economic pillars.
While mining has historically been underrepresented in pension fund portfolios, the emergence of lithium as a strategic mineral presents a unique opportunity.
Odenteh noted that the investment allows pension funds to gain exposure to a nationally significant asset while supporting the country’s industrial future.
Atlantic Lithium’s successful capital raise underscores increasing confidence in Ghana’s lithium potential and highlights the importance of local participation in resource development.
By combining international investment with strong domestic backing, the company is positioning the Ewoyaa project as both a commercial venture and a catalyst for broader economic diversification in Ghana.
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