[SMM Analysis] Atlantic Lithium Has Received Approval from the Ghanaian Parliament to Develop the Ewoyaa Project

Australia's Atlantic Lithium had to develop the Ewoyaa project—the country's first lithium mine—under revised concession terms linked to market prices.

The approved 15-year lease introduced a sliding royalty scale for spodumene concentrate, set at 5% when prices are below $1,500/mt and 12% when they exceed $3,200/mt, replacing Ghana's previous fixed 10% rate. The new structure paved the way for the project following broader reforms to the lithium and gold royalty framework passed earlier this month.

The approval formally backed plans for the mine and processing plant, enabling Atlantic Lithium to advance financing discussions and move toward a final investment decision.

The project had stalled after lithium prices pulled back from their peak at the end of 2022, prompting the company to push for more flexible fiscal terms.

According to the company, Ewoyaa is expected to produce 3.6 million mt of lithium ore concentrate over 12 years, making it Africa's third-largest lithium project under development. Atlantic Lithium said the project is the only US-aligned lithium mine development project on the continent, standing in sharp contrast to others backed by Chinese investment.

Half of Ewoyaa's production has been committed to Elevra Lithium, the entity formed through the , which had previously signed offtake agreements with Tesla and LG Chem.

Company executives said details of work completed in H2 2025 would be released soon to improve project economics amid continued lithium price fluctuations and help define the next phase of development.