Multiple promising results outside the resource included 45m at 1.16% lithium oxide and 29m at 1.7% lithium oxide.

Current resources total 30 million tonnes grading 1.26% lithium oxide.

Atlantic's prefeasibility work assessed a 2 million tonne per annum operation costing US$125 million to bring into production and having a post-tax net present value of $1.3 billion and internal rate of return of 224%.

The head turning metrics also included average annual earnings of $248 million.

Atlantic's PFS used a spodumene concentrate price of $1359/t.

Prices last quarter cited by producer Pilbara Minerals were around the $5000/t mark.

Atlantic had A$23.4 million at the end of the September quarter.

The company's IPO was completed last quarter, with trading on the ASX starting in late September.

Shares in the IPO were priced at 58c.

ASX-listed Piedmont is earning a 50% interest in Atlantic's Ghanian portfolio.

Piedmont is building hydroxide capacity in USA.

Shares in Atlantic were up 13% to 79.5c in morning trade, capitalising the company at $481 million.

The stock hit a high of 87c early in the session.