Atlantic Lithium Limited (ALL.L) Earnings Call Transcript & Summary

Hello, and welcome to the Annual General Meeting of Atlantic Lithium Limited. My name is Keith Muller and I am the CEO of Atlantic Lithium and will be the Chair for today's AGM. I confirm for the record that this is a properly constituted meeting and that the quorum is present. I therefore declare the meeting open. This meeting is held as a virtual meeting with shareholders attending online via the Computershare meeting platform, where you can listen to our live webcast and watch our presentation, ask questions and submit votes online. I would like to introduce to you my fellow directors who are in attendance: Amanda Harsas, who's our Finance Director and Company Secretary; Christelle Van Der Merwe; and Kieran Daly. I am advised that Jonathan Henry and Neil Herbert are unable to join today and have sent their apologies. I would also like to introduce Gareth Few, representing our auditor, BDO. Gareth will be available later in the meeting to answer any questions in relation to the audit matters. Given this is a virtual meeting, online attendees can submit questions at any time by selecting the Q&A icon on your device. Select the topic your question relates to from the drop down box, then type your question and press the send button. Online attendees can also ask verbal questions by following their instructions written below the broadcast window. Although online shareholders can submit questions at any time, I will address those questions only at the relevant time during the meeting. If we receive multiple similar questions on any topic, we will try to group them together. And I will ask Belinda Gethin, who is acting as the moderator for this meeting, to read out these questions at the appropriate time. Voting today will be conducted by a poll on all items of business. I will open voting shortly. Shareholders, a polling icon will appear on your device when voting opens. Click on the icon will bring up a list of motions and present you with voting options. You simply select one of the options for the relevant motion to cast your vote. There is no need to hit a submit or enter button as the vote is automatically recorded. You may change your vote at any time up until voting is declared closed. Firstly, I appoint Lewis Brimelow of Computershare Investor Services to be the returning officer and to conduct the poll for this meeting. I now declare voting open on all items of business. I will now present the Chairman's address. This address was lodged with the ASX prior to the commencement of the meeting. On behalf of the Board of Atlantic Lithium, I am pleased to welcome shareholders to the company's 2025 Annual General Meeting. Over the past year, our focus has been on positioning the company to deliver value for shareholders and lasting benefits for our partners in Ghana. We made strong progress despite the delay of the Ewoyaa mining lease ratification and continued volatility in the lithium market. Through disciplined management, we reduced leadership salaries, cut nonessential costs and streamlined our teams in Ghana and Australia to ensure we can advance the project efficiently. While lithium prices have recovered from midyear lows, they remain below most analysts' incentive range. In response, we work closely with the government of Ghana to seek fiscal terms for the project that align with greater market conditions. The revised mining lease has now been submitted to parliament and referred to the select committee for consideration. We remain confident that the ratification will follow soon, recognizing the project's strategic importance to both Ghana and the Central region. To strengthen our financial position, we've secured 2 funding arrangements with Long State Investment, giving the company access to GBP 28 million over a 24-month period. These facilities provide flexibility in terms of drawing down on available capital while helping to limit shareholder dilution. Long State support is a strong endorsement of both our strategy and the project's potential. Beyond Ghana, our exploration work in Cote d'Ivoire has delivered encouraging results at the Agboville and Rubino licenses with early signs of significant lithium potential. Our experienced exploration team continues to add long-term value through disciplined and [indiscernible] field work. Despite near-term price pressures, the fundamentals for lithium remains robust, underpinned by electric vehicle growth and energy storage demand. Ewoyaa stands out as a low-cost near-term development opportunity, positioning the company to benefit from a strong market recovery. The resilience of our team has been exceptional through challenging conditions. With mining lease ratification expected soon, we look ahead to a promising 2026 and beyond. I would like to thank our shareholders for your patience and confidence and our Ghanaian stakeholders for their continued support. Together, we are working to deliver transformational opportunities for the Central region and lasting value for all. We can now move to the formal part of business today. The 2025 Annual Report and Notice of General Meeting were made available to all registered members on the 28th of October and are taken as read. I remind you that shareholder questions on any item of business will be addressed during discussion on that particular item and before voting closes. General questions will be addressed later in the meeting. We will now attend to the business of the meeting. A total of 294,977,572 valid proxies have been received prior to the meeting. Details of proxies received prior to the meeting will be shown on the slide for each resolution. All proxies received will be recorded in the minutes of this meeting and will be released to the ASX later today. Shareholders should be aware that any undirected proxies given to the Chair will be cast by the Chair and counted in favor of the resolution, the subject of this meeting. The first item of business is to receive and consider our financial reports for 2025, which are included in the annual report. The company's annual report was lodged with the ASX on 11th of September 2025. If there are any questions from shareholders on the financial reports, I will address them now. Now is also the appropriate time for our auditor to answer any questions regarding the auditor's report, our accounting policies and auditor independence. Belinda, are there any questions online on this item of business?

Keith, there are no online questions for this item of business.

Thank you, Belinda. As there are no further questions, we now move to the next item of business. Resolution 1 is an ordinary advisory resolution and reads as follows: that for the purpose of Section 250R(2) of the Corporations Act and all other purposes, the remuneration report for the year ended 30th of June as set out in the directors' report is adopted. The vote on this resolution is advisory only and does not bind the directors of the company. Belinda, are there any questions online on this item of business?

There are no questions on this item of business.

Thank you, Belinda. As there are no further questions, I note that the number of proxies received prior to the meeting is now showing on your screens. I note that all discretionary proxies have been directed in favor of the resolution. The final result of the poll will be declared having regard to the proxy votes and any votes cast at the meeting. I now move to the next item on the agenda. Resolution 2 is an ordinary resolution and reads as follows: that Neil Herbert, who retires in accordance with Rule 40.1(c) of the company's constitution and being eligible, offers himself for reelection, be reelected as a Non-Executive Director of the company. Belinda, are there any questions online on this item of business, please?

No, Keith, there are no questions online for this item.

As there are no further questions, I note that the number of proxies received prior to the meeting is now showing on your screens. I note that all discretionary proxies has been directed in favor of the resolution. The final result of the poll will be declared having regard to the proxy votes and any votes cast at the meeting. I now move on to the next item of business. Resolution 3 is an ordinary resolution and reads as follows: that Christelle van der Merwe, who retires in accordance with Rule 40.1(c) of the company's constitution and being eligible, offers herself for reelection, be reelected as a Non-Executive Director of the company. Belinda, are there any questions online relating to this item of business?

No, Keith, there are no questions for this item of business.

Thank you, Belinda. As there are no further questions, I note that the number of proxies received prior to this meeting is now showing on your screens. I note that all discretionary proxies has been directed in favor of the resolution. The final result of the poll will be declared having regard for the proxy votes and any votes cast at the meeting. I now move on to the next item on the agenda. Resolution 4 is an ordinary resolution and reads as follows: that the directors be authorized pursuant to Rule 6.3 of the company's constitution to allot and issue equity securities for cash as if Rule 6.1 did not apply to any such allotment, provided that this authority shall be limited to the allotment and issue of up to a maximum of 15% of the issued share capital of the company as the date of the meeting, with such authority to be valid from the date of approval until the date of the company's next Annual General Meeting. Belinda, are there any questions online on this item of business?

No, Keith, there are no questions for this item of business.

Thank you, Belinda. As there are no further questions, I note that the number of proxies received to the meeting is now showing on your screens. I note that all discretionary proxies have been directed in favor of the resolution. The final result of the poll will be declared having regard to the proxy votes and any votes cast at the meeting. I now move on to the next item on the agenda. Resolution 5 is an ordinary resolution and reads as follows: that the directors be authorized pursuant to Rule 6.2(a) of the company's constitution to allot and issue equity securities up to a maximum of 15% of the issued share capital of the company as at the date of the meeting, to be used for noncash consideration purposes, such authority to be valid from the date of approval until the date of the company's next Annual General Meeting. Belinda, are there any questions online relating to this item of business?