The All Ordinaries Index (ASX: XAO) is down 0.6% during the Friday lunch hour, but that’s not holding back this rocketing ASX lithium share.
The fast-rising miner in question is Atlantic Lithium Ltd (ASX: A11).
Atlantic Lithium shares closed yesterday trading for 31.5 cents. During the lunch hour today, shares are changing hands for 36.0 cents apiece, up 14.3%.
At the current price, Atlantic Lithium shares are now up 100% since this time last year.
If you’re not familiar with Atlantic, the junior ASX lithium share is primarily focused on its flagship Ewoyaa Lithium Project. Located in Ghana, Atlantic is working to advance Ewoyaa through to production to become the country’s first lithium-producing mine.
Now, here’s what grabbing ASX investor interest today.
ASX lithium share jumps on project approval
Investors are bidding up the Atlantic Lithium share price after the company announced that Ghana’s parliament has ratified the mining lease for Ewoyaa.
The Ewoyaa mining lease is the first to ever be granted and ratified for mining lithium in Ghana.
Having received formal approval for its proposed Ewoyaa Lithium Mine and Processing Plant, the ASX lithium share said it can now advance project funding discussions and continue its progress towards a Final Investment Decision (FID).
Under the terms of the mining lease, Atlantic Lithium has the exclusive rights to carry out mining and commercial production activities for an initial 15-year period, renewable in accordance with Ghanaian legislation.
The ASX lithium share will pay the government a royalty rate between 5% and 12%, based on the spodumene prices at the time.
What did management say?
Commenting on the government approval boosting the ASX lithium share today, Atlantic CEO Keith Muller said, “Parliamentary ratification of the mining lease for the Ewoyaa Lithium Project marks a watershed moment for both Ghana and Atlantic Lithium.”
Muller added:
We are delighted to have the full support of the government as we work towards achieving first production of spodumene. Having already built itself to become a leading gold producer, Ghana has now taken a major step towards a new lithium future.
Looking ahead, Muller concluded:
Shortly, we intend to provide further clarity on the outcomes of the work we completed through H2 2025 to enhance the viability of the project through ongoing commodity price volatility.
This work will help define the direction of the project’s development and inform the steps to be taken ahead of a project Final Investment Decision.
The post Guess which ASX lithium share is leaping 14% in Friday’s sinking market appeared first on The Motley Fool Australia.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.