Atlantic Lithium has submitted a revised mining lease for its flagship Ewoyaa Lithium Project to Ghana’s Parliament, restarting a ratification process that could pave the way for the country’s first lithium mine, as investors responded positively to the development.

The Africa-focused lithium developer, in a statement, said the updated lease has been formally referred to Parliament’s Select Committee, which is expected to review the terms once lawmakers reconvene in the new year. 

The company said the revision follows consultations led by the Minister of Lands and Natural Resources and aligns the project’s royalty rate and Growth and Sustainability Levy with Ghana’s current mining code.

Under the revised framework, a new legislative instrument has been submitted proposing a sliding scale for lithium royalties based on spodumene prices. The scale ranges from 5 per cent at prices up to US$1,500 per tonne to 12 per cent when prices exceed US$3,000 per tonne. Atlantic Lithium said all other fiscal terms contained in the mining lease granted in October 2023 remain unchanged.

The company noted that Parliament’s approval is required before production can begin at Ewoyaa, which is located in Ghana’s Central Region and is expected to become the country’s first lithium-producing mine. While expressing confidence that the lease will be ratified through due parliamentary process, Atlantic Lithium cautioned that neither the final legislative terms nor the outcome of Parliament’s decision can be guaranteed.

Investor sentiment reflected that optimism, with shares in Atlantic Lithium Limited jumping about 30 per cent to 10.26 pence following the update. The company is listed on the AIM market in London, the Australian Securities Exchange and the Ghana Stock Exchange.

According to Atlantic Lithium, the revised lease reflects Ghana’s broader effort to ensure that emerging strategic minerals such as lithium are governed under clear and consistent fiscal rules, similar to those that apply to other minerals under the country’s mining law. The company said the approach provides greater clarity for both the state and investors as Ghana positions itself in the global energy transition value chain.

Parliament has adjourned for the festive season, but the company said it understands that the Select Committee will begin its review in the new year before making a recommendation to the House on whether to ratify the lease.

Ewoyaa has already secured key regulatory approvals, including an Environmental Protection Agency permit and a Mine Operating Permit, and is regarded as a test case for how Ghana will balance investor confidence with value retention as it enters lithium production for the first time.

Atlantic Lithium said it will provide further updates as the parliamentary process unfolds, noting that the timing of ratification remains a key consideration for shareholders and for Ghana’s ambitions to bring its first lithium mine into production.