Atlantic Lithium Limited Announces Corporate Update - Issue of Equity / PCA Dealings

SYDNEY, AUSTRALIA / ACCESSWIRE / September 19, 2022 / The Board of Atlantic Lithium Limited (AIM:ALL)(OTC PINK:ALLIF) "Atlantic Lithium" or the "Company"), the funded African-focussed lithium exploration and development company targeting to deliver Ghana's first lithium mine, wishes to advise of the allotment and issue of 15,500,000 new ordinary shares of no par value each in the Company ("Ordinary Shares") as a result of the exercise of unlisted options for a total consideration of £2,580,000 (A$4,469,534). Details of the exercised options are:

Number of Options Strike Price Grant Date Expiry date

4,500,000 12 pence 24 June 2020 31 December 2022

7,000,000 12 pence 24 June 2020 30 September 2022

4,000,000 30 pence 17 August 2021 31 December 2022

On 31 August 2022, 2,250,000 12p unlisted options held by directors and former directors, lapsed and were not exercised. Following this lapse and the exercise of unlisted options above, there are no 12p options on issue.

Application will be made for the 15,500,000 new Ordinary Shares to be admitted to trading on AIM and admission is expected to take place on or around 26 September 2022 ("Admission").

On Admission of the 15,500,000 new Ordinary Shares to trading, the issued share capital of the Company will comprise 605,741,660 Ordinary Shares. When calculating voting rights, shareholders should use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.

PDMR / PCA Dealings

Of the total allotment above, a PCA of Lennard Kolff van Oosterwijk ("Mr Kolff"), Interim CEO and director of the Company, acquired 3,500,000 new Ordinary Shares at a price of 12p each as a result of exercise of unlisted options for a total consideration of £420,000.

As part of the sell-down relating to the Company's Australian Securities Exchange dual listing offer (RNS dated 15 August 2022) a person closely associated with Mr Kolff agreed to sell 2,850,000 shares. Mr Kolff remains committed to the continuing growth and success of the Company. Following the sale, Mr Kolff maintains the following interests in the Company:

Ordinary Shares

An interest in 3,007,344 ordinary shares representing 0.50% of the issued share capital of the Company.

Unlisted Options

An interest in a total of 12,000,000 unlisted options in the Company:

• 3,000,000 unlisted options exercisable at 30p each through to 18 August 2023;
• 4,000,000 unlisted options exercisable at 40p each through to 18 August 2023; and
• 5,000,000 unlisted options exercisable at 50p each through to 18 August 2023.

Unlisted Performance Rights

An interest in a total of 2,700,000 unlisted performance rights in the Company:

• 225,000 unlisted performance rights exercisable at 60p expiring on 18 August 2023;
• 225,000 unlisted performance rights exercisable at 65p expiring on 18 August 2023;
• 500,000 unlisted performance rights exercisable at 70p expiring on 18 August 2023;
• 750,000 unlisted performance rights exercisable at 75p expiring on 18 August 2023; and
• 1,000,000 unlisted performance rights exercisable at £1.00 expiring on 18 August 2023.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

TABLE 1 - ISSUE OF ORDINARY SHARES

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

TABLE 1 - ISSUE OF ORDINARY SHARES

For any further information, please contact:

Notes to Editors:

About Atlantic Lithium
www.atlanticlithium.com.au

Atlantic Lithium (formerly "IronRidge Resources") is an AIM-listed lithium company advancing a portfolio of projects in Ghana and Côte d'Ivoire through to production.

The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium pegmatite discovery on track to become Ghana's first lithium producing mine. The project is funded under an agreement with Piedmont Lithium for US$103m and set to produce a premium lithium product.

Atlantic Lithium holds a 560km² & 774km² tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licenses.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Atlantic Lithium Limited