Atlantic Lithium makes GSE-debut with 649m shares listing at GHS4.40 per share

Atlantic Lithium Ghana has made its debut on the Ghana Stock Exchange (GSE) with a secondary listing of 649,669,053 shares on the local bourse.

The initial trading share price of Atlantic Lithium on the GSE is GHS 4.40. Hence, the starting market capitalisation of Atlantic Lithium is pegged at GHS 2.85bn.

Atlantic Lithium will be trading on the local bourse under the acronym “ALLGH”. With the secondary listing of Atlantic Lithium on the GSE, the company becomes the first lithium mining company to be traded on the GSE, signalling Ghana’s strategic entry into the global lithium market amid the increasing demand for green energy resources.

Atlantic Lithium, already listed on AIM, ASX, and OTCQX, is pioneering Ghana’s lithium production with its Ewoyaa Lithium Project located in the country’s Central Region.

The project boasts a globally significant hard rock spodumene deposit and is poised to commence production as Ghana’s first lithium mine.

According to a definitive feasibility study completed in June 2023, the Ewoyaa project is expected to produce approximately 365,000 tonnes of spodumene concentrate per annum, positioning it as one of the largest of its kind globally.

The decision to list on the GSE follows the recent strategic investment by Ghana’s mineral sovereign wealth fund (MIIF), which invested $5 million in January 2024 as part of a larger $32.9 million funding initiative aimed at supporting the project’s development.

Speaking at the listing ceremony of Atlantic Lithium Shares on the GSE on Monday, May 13, 2024, Neil Herbert, Executive Chairman of Atlantic Lithium, expressed optimism about the listing of Atlantic Lithium on the GSE.

“As the first lithium company to commence trading on the Ghana Stock Exchange, our listing represents a new chapter in the country’s esteemed mining history. This initiative will enhance local participation and align our operations more closely with Ghanaian stakeholders, fostering wealth creation and demonstrating our commitment to the long-term development of the Ghanaian economy,” he quipped.

“This listing would not have been possible without the support of the Ewoyaa local community, Ministry of Lands and Natural Resources and the Government at large. We are truly grateful for the support.

“As the first lithium company to list on GSE, we wish to lead by example and lead the charge to making Ghana an attractive investment hub (sic),” he added.

Gracing the listing ceremony was the Minister for Lands and Natural Resources, Samuel Abu Jinapor who noted the listing of Atlantic lithium on the GSE is the first step to indigenizing the operations of Atlantic Lithium to the benefit of Ghanaians, whereby Ghanaians can partake in the gains of the company.

Also speaking at the listing ceremony was Managing Director of the GSE, Abena Amoah, who urged Ghanaians to buy listed shares of Atlantic Lithium trading on the GSE and become part owners of the lithium mining firm.

CEO of the Minerals Commission, Martin Ayisi, expressing excitement about the listing of Atlantic Lithium on the GSE, quipped the GSE should look forward to the additional listing of mining firms on the GSE in the next three years.

“The next three years will be the best period for Ghana, we expect subsequent listing of mining firms, particularly gold mining firms, and these listings on the GSE is expected to be worth $2bn,” he noted.

The successful listing of Atlantic Lithium is expected to potentially catalyze further international investments into Ghana’s mining sector, particularly in the exploration and production of minerals critical to the global green energy transition.