Illustrative

Strategic Minerals & Natural ResourcesAFC-GHA-MIN-70522

Ewoyaa Lithium Project

Ghana · CentralStrategic minerals / lithium mining · Lithium

Set to be Ghana's first lithium mine, with a completed Definitive Feasibility Study for 3.6 Mt of spodumene concentrate over 12 years, a mining lease ratified by Parliament in March 2026 and a USD 217.5m construction requirement.¹ ²

Project cost

c. USD 217.5m

Construction requirement; 2023 DFS capex USD 185m¹

Capacity

300,000 tonnes/year

300,000 tonnes/year/yr modelled

Capital sought

USD 217.5m

Capital sought

Timeline

To financial close

Then construction

Rationale

Ghana has no lithium production yet; this would be its first mine, exporting about 300,000 t a year of spodumene concentrate into battery-materials supply chains.¹ C1 cash costs of USD 377/t make it a low-cost producer, on a coastal site between the Takoradi and Tema ports.² ³

Product: Spodumene concentrate, c. 300 ktpa at steady state
Resource: 36.8 Mt at 1.24% Li2O; Reserve 25.6 Mt at 1.22%¹
Stage: DFS complete (2023); lease ratified March 2026
Access: N1 highway; 3 km grid link to Saltpond substation³

Investment opportunity

Transaction structure

Construction financing for a DFS-stage open-pit mine; full construction financing and final investment decision are not yet closed.

Use of funds

Open-pit mine, dense media separation plant, site access road and a 3 km grid connection.³

Revenue basis

Export sales of spodumene concentrate, priced free-on-board at a Ghanaian port, into battery-materials supply chains.

The ask

Construction finance and offtake partners for the USD 217.5m build, once ownership and financing structure are confirmed.

Why it is bankable

Low-cost producer.

C1 cash costs of USD 377/t and all-in sustaining costs of USD 610/t of concentrate, free-on-board Ghana port.²

Lease ratified.

15-year mining lease ratified in March 2026, with royalty sliding from 5% below USD 1,500/t to 12% above USD 3,200/t.³

Defined resource.

Mineral Resource of 36.8 Mt at 1.24% Li2O and Ore Reserve of 25.6 Mt at 1.22%, supporting 3.6 Mt of concentrate over 12 years.¹ ²

Coastal, connected site.

About 100 km south-west of Accra on the sealed N1 highway; Takoradi port 110 km west, Tema 140 km east.³

Data and evidence · Resource, mine plan and costs

36.8 Mt

Mineral Resource at 1.24% Li2O

25.6 Mt

Ore Reserve at 1.22% Li2O

3.6 Mt

Concentrate over 12-year life

377 USD/t

C1 cash cost, FOB port

610 USD/t

All-in sustaining cost

Project readiness and timeline

OriginationLate-stage
FeasibilityDFS 2023
StructuringCurrent stage
Financial closePost-diligence
ConstructionTo follow

Key risks and mitigants

Financing and ownership

Full construction financing and FID are not yet closed; terms follow confirmation of the ownership and financing structure.

Offtake

Offtake contracts are pending; offtake partners are sought alongside construction finance.

Lithium price

Concentrate prices are cyclical; low cash and sustaining costs and a price-linked royalty soften low-price periods.

Transaction terms

Contract status: Offtake and construction financing pending
Instrument sought: Construction finance: USD 217.5m
Technology: Open-pit mining with dense media separation to spodumene concentrate
Capacity: c. 300,000 t a year of spodumene concentrate at steady state
Resource: 36.8 Mt at 1.24% Li2O; Ore Reserve 25.6 Mt at 1.22% Li2O
Development stage: DFS complete (2023); mining lease ratified (March 2026)
WAIIS pillar: Strategic Minerals & Natural Resources

Development impact

Fiscal

Ghana's first lithium mining lease, with a price-linked royalty of 5–12% to the state.³

Jobs

Over 800 direct jobs expected, according to the 2023 DFS.²

Local capital

Ghanaian pension funds took part in pre-development funding of the project.¹