Corporate Update

PDMR / PCA Dealings

Issue of Equity - Exercise of Performance Rights

SYDNEY, AUSTRALIA / ACCESSWIRE / August 11, 2022 / The Board of Atlantic Lithium Limited (AIM:ALL, OTCQX: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 9,450,000 ordinary shares of no par value each in the Company ('Ordinary Shares') as a result of the exercise of vested unlisted performance rights (granted on 17^th August 2021) for nil consideration.

Of the total allotment, a PCA of Lennard Kolff van Oosterwijk, Interim CEO and director of the Company, acquired 1,350,000 new Ordinary Shares as a result of exercise of the following vested unlisted performance rights for nil consideration:

• 225,000 unlisted performance rights exercisable at 30p expiring on 18 August 2023;
• 225,000 unlisted performance rights exercisable at 35p expiring on 18 August 2023;
• 225,000 unlisted performance rights exercisable at 40p expiring on 18 August 2023;
• 225,000 unlisted performance rights exercisable at 45p expiring on 18 August 2023;
• 225,000 unlisted performance rights exercisable at 50p expiring on 18 August 2023;
• 225,000 unlisted performance rights exercisable at 55p expiring on 18 August 2023.

The remaining allotment and issue of 8,100,000 ordinary shares of no par value each in the Company are as a result of the exercise of vested unlisted performance rights (RNS dated 22 April 2022).

Application will be made for the 9,450,000 Ordinary Shares to be admitted to trading on AIM and admission is expected to take place on or around 18 August 2022 ('Admission').

On Admission of the 9,450,000 Ordinary Shares to trading the issued share capital of the Company will comprise 590,241,660 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.

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

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 to production under an agreement with Piedmont Lithium for US$102m, based on the updated Scoping Study dated 7 December 2021, indicating Life of Mine revenues exceeding US$3.4bn 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 [email protected] or visit www.rns.com.

SOURCE: Atlantic Lithium Limited