In 2021, Piedmont Lithium acquired an equity interest in Atlantic Lithium with the ability to earn a 50% ownership interest in Atlantic Lithium’s Ghanaian lithium portfolio, which includes the flagship Ewoyaa Lithium Project. Ewoyaa is a relatively low-cost spodumene project located in the Cape Coast region of Ghana with an estimated reserves-based production target of 340,000 metric tons of spodumene concentrate annually. Piedmont holds offtake rights for 50% of the annual production at market-based prices on a life-of-mine-basis.
In 2023, the project received the first lithium mining lease from the Government of Ghana, providing rights to mining and commercial production, subject to ratification by the Ghanaian parliament and to securing the remaining environmental permits for the project. In addition to Piedmont’s phased funding agreement to support the development of Ewoyaa, the Minerals Income Investment Fund (“MIIF”) of Ghana also plans to invest $27.9 million in Ewoyaa and an additional $5 million in Atlantic Lithium to help further project costs.
MIIF’s investment in Ewoyaa is expected to equally reduce Piedmont’s and Atlantic Lithium’s funding requirements for Ewoyaa. If MIIF’s non-binding agreement is executed, Piedmont and Atlantic Lithium would each own a 40.5% equity interest in Ewoyaa, inclusive of the government’s free-carried interest.
Supplying the U.S. Market
The Ewoyaa Lithium Project is well located along a national highway in the Cape Coast region of Ghana, approximately 70 miles from the Port of Takoradi and 60 miles from Accra, with access to exceptional infrastructure.
Its location provides for moderate transport of high-grade, coarse-grained spodumene to North America for lithium hydroxide conversion at our planned Tennessee Lithium project.
Approximately 70 miles from a major port and located along a national highway
Moderate transport distance to North America for lithium hydroxide conversion
High-grade, coarse-grained spodumene
Employment opportunities for the local workforce