Shares of Atlantic Lithium (ASX:ALLA), listed in London, have seen a significant increase, jumping as high as 8% to 22.45p.

Atlantic Lithium, an African-focused lithium exploration and development company, announced that its partner, Piedmont Lithium (ASX:PLL), will be aiding in the development of the Ewoyaa Lithium Project in Ghana, pushing it further towards production.

Piedmont Lithium has executed its option to purchase an initial 22.5% stake in Atlantic Lithium’s Ghana portfolio.

It has been stated by the company that Piedmont will be the sole funder of the first $70 million, and 50% of any additional development expenditure, towards the total $185 million development expenditure.

This is to earn a complete 50% stake in Atlantic Lithium’s share of the Ghana portfolio.

Currently, Atlantic Lithium’s stock is up 3.5%, reducing year-to-date losses to approximately 42%.

Post-script: Atlantic Lithium (ASX:ALLA) is a lithium exploration and development firm focused on Africa.