Atlantic Lithium has submitted a revised mining lease for its Ewoyaa Lithium Project to Parliament, restarting the ratification process that could clear the way for Ghana’s first lithium mine.

In a statement, the company said the updated lease has been formally referred to Parliament’s Select Committee and will be reviewed when lawmakers reconvene in the new year.

According to Atlantic Lithium, the revisions followed consultations led by the Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, and bring the project’s fiscal terms in line with Ghana’s current mining code, particularly on royalty rates and the Growth and Sustainability Levy.

As part of the revised framework, a new legislative instrument has been submitted proposing a sliding-scale royalty regime for lithium, linked to spodumene prices. Under the proposal, royalties would range from 5 per cent for prices up to US$1,500 per tonne to 12 per cent when prices exceed US$3,000 per tonne.

The company said all other fiscal terms contained in the mining lease granted in October 2023 remain unchanged.

Atlantic Lithium noted that parliamentary approval is required before production can begin at the Ewoyaa project, located in Ghana’s Central Region, which is expected to become the country’s first lithium-producing mine.

While expressing confidence that the revised lease will be considered and ratified through the parliamentary process, the company cautioned that the final legislative terms and the outcome of Parliament’s decision cannot be guaranteed.

Investor reaction to the development was positive, with shares in Atlantic Lithium Limited rising by about 30 per cent to 10.26 pence following the announcement.