Atlantic Lithium Limited has announced changes to its leadership structure and cost base as part of its ongoing cost-cutting and streamlining initiative.

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As such, Neil Herbert is expected to step down as Executive Chairman and become a Non-Executive Chairman effective July 1, 2025.

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Chairman Neil Herbert’s remuneration will be reduced in line with his new non-executive role.

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Commenting, Chairman Neil Herbert said: “Transitioning to Non-Executive Chairman and consolidating management under Keith ensures a sharper focus on operational delivery and cost control as we move towards construction at Ewoyaa.”

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$125,000 of Mr Herbert’s annual total fixed remuneration of $735,000 will be paid in cash. The remaining $610,000 will accrue as deferred fees, which will not be payable unless a change in control of the company occurs before 31 December 2026.

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Mr. Herbert will no longer be eligible for a target annual performance bonus of 50% of annual total fixed remuneration.

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Mr Herbert may terminate the employment contract by providing 20 business days’ notice. A termination benefit of $125,000 is payable on a substantial diminution of Mr Herbert’s role, in the event that he is not re-elected to his position or if his role is not extended by the company after the period of 1 year.

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The day-to-day management of the company will be consolidated under Chief Executive Officer Keith Muller, who, according to the company, brings over 20 years of lithium mining experience.

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Mr Muller will lead all operational and strategic activities as the company advances the Ewoyaa Lithium Project towards construction and production.

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The new CEO has voluntarily accepted a temporary 10% salary reduction.

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The salary reduction, which will see Mr. Muller receive an annual total fixed remuneration of $427,500, will take effect from 1 July 2025 and will conclude 12 months thereafter, "following whichit will revert to his previous remuneration amount, unless earlier agreed by Mr. Muller and the company following Board approval."

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On his part, Keith Muller, Chief Executive Officer, said, “We are taking decisive steps to streamline our leadership and reduce costs, ensuring we are well-positioned to deliver long-term value for Ghana and our shareholders.”

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Atlantic Lithium assured that it remains committed to progressing Ewoyaa to production and continues to work closely with the Government of Ghana to secure terms that reflect current market conditions and maximise benefits for the country and local communities.

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Atlantic Lithium Limited is an Africa-focused lithium exploration and development company targeting the delivery of Ghana's first lithium mine.

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