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The London-quoted equity of Atlantic Lithium has more than doubled over the past 12 months after the company reported on March 24 a new resource estimate on the Ewoyaa deposit in Ghana had expanded the compliant resource base by 42%.

Sitting within the company’s Cape Coast Lithium Portfolio, the West Africa asset now sports a Joint Ore Reserves Committee-compliant indicated and inferred resource of 30.1 million tonnes grading at 1.26% lithium oxide.

The company reports that additional resources come at essentially the same overall grade, which attests to the project’s “robust geological fundamentals.” This includes a 294% increase to 20.5 million tonnes at 1.29% lithium oxide in the indicated category and 9.6 million tonnes at 1.19% lithium oxide in the inferred category.

Atlantic reports mineralization remains open depth and along strike with additional untested pegmatites within the immediate deposit area, providing confidence for future resource upgrades.

The company is currently engaged in resource expansion and exploration reverse-circulation drilling with one drill rig active on site. On the regional front, auger drilling is underway with six rigs active over the portfolio, while a contract for undertaking a detailed airborne geophysical survey has been awarded. A soil sampling survey Is also underway over a newly granted Cape Coast licence.

Atlantic believes significant exploration upside remains within the broader 560 sq. km. Cape Coast lithium portfolio, which includes a historical resource estimate of 1.48 million tonnes at 1.67% lithium oxide at the Egyasimanku Hill deposit.

Atlantic believes the resource update can significantly improve existing project economics.

A December 2021 scoping study, based on 21.3 million tonnes grading 1.31% lithium oxide, delivered robust financial outcomes for a two million tonnes per annum operation, producing an average of 300,000 tonnes of 6% spodumene concentrate over an 11.4-year mine life.

Over this period, the operation is expected to deliver revenues exceeding $3.43 billion, with an after-tax net present value (8% discount) of $789 million and an internal rate of return of 194%.

Early estimates peg the pre-production capital at $70 million with a payback period of fewer than 12 months.

C1 cash operating costs have been estimated at $249 per tonne of 6% lithium spodumene concentrate free-on-board Ghana Port, after by-product credits.

Shares closed up 11.56% in London on Thursday at 47.3p apiece, taking the 12-month gain to more than 115%.