The capex has been lifted from US$70 million, primarily due to bringing the crushing circuit in-house as opposed to contract crushing, the company said.
"The study outlines a robust 2 million tpa operation which can deliver excellent cash flows, an exceptional 20-week payback and a post-tax NPV8 of US$1.33 billion producing a coarse, premium DMS SC6 product including credits from DSO fines and feldspar by-products," interim CEO Lennard Kolff said.
The IRR is 224% and the LOM EBITDA is US$248 million per annum.
C1 cash operating costs are viewed as US$278 per t of SC6 FOB Ghana port, after by-product credits.
The study used a long-term average SC6 price of US$1,359/t FOB Ghana.
"Every US$100/t increase in SC6 price forecast results in an additional 9% increase to the post-tax NPV8% highlighting the significant potential value uplift to the project," Kolff said.
"We are also pleased to declare a maiden ore reserve of 18.9 million t at 1.24% Li2O, presenting sound resource to reserve conversion and confirming the robust project fundamentals," he said.
He added that the study moves the project another step closer to becoming Ghana's first lithium-producing mine.
Atlantic's share price rose 10% day on day to 46.80p (US%0.52) on 22 September.