Ghana’s parliament has ratified the mining lease for Atlantic Lithium’s Ewoyaa lithium project, marking the country’s first approved lithium mine. The approval, granted on March 19, 2026, represents a critical de-risking milestone that enables the company to advance project financing discussions and move toward a final investment decision (FID).
Revised Royalty Structure
The ratified 15-year lease introduces a sliding-scale royalty system tied to spodumene concentrate prices, replacing the previously proposed flat 10% rate:
| Spodumene Price per Tonne | Royalty Rate |
|---|---|
| Up to $1,500 | 5% |
| $1,500 – $2,300 | 7% |
| $2,300 – $3,200 | 10% |
| Above $3,200 | 12% |
All other fiscal terms from the original October 2023 mining lease remain unchanged.
“Watershed Moment” for Ghana and Atlantic Lithium
CEO Keith Muller described the parliamentary ratification as a “watershed moment” for both the company and Ghana.
“Having already built itself to become a leading gold producer, Ghana has now taken a major step towards a new lithium future,” Muller stated.
The approval follows a broader overhaul of Ghana’s royalty frameworks for lithium and gold adopted earlier in March 2026, clearing a path for the long-delayed project.
Project Overview and Next Steps
Ewoyaa Lithium Project Specifications:
- Located in Ghana’s Central Region
- Expected to produce 3.6 million tonnes of spodumene concentrate over 12 years
- Mineral reserves: 18.9 million tonnes at 1.22% lithium oxide
- Designed as the third-largest lithium project under development in Africa
Strategic Positioning: The project stands out as the continent’s only US-aligned lithium development, with half of its output committed to Elevra Lithium (formerly Piedmont Lithium), which previously held offtake agreements with Tesla and LG Chem.
Funding Secured: In March 2026, Atlantic Lithium secured up to $16.4 million in funding, including strategic investment from Ghanaian pension funds and a placement with Long State Investments Ltd.
The company intends to provide updates shortly on optimization work completed in the second half of 2025 to enhance project viability amid ongoing lithium price volatility, which will inform the path toward a final investment decision.
