REG - Atlantic Lithium Ltd - Elevra to Transfer Ewoyaa Rights and Obligations

Atlantic LithiumAnnouncement

11/05/2026 07:00

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RNS Number : 7633D  Atlantic Lithium Limited  11 May 2026

11 May 2026

Elevra Agrees to Transfer Ewoyaa Rights and Obligations

to Zhejiang Huayou Cobalt

 

Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, "Atlantic Lithium"
or the "Company") has provided its consent under an agreement for Elevra
Lithium Limited ("Elevra") to sell all of its rights and interests in respect
of the agreements related to the Company's Ewoyaa Lithium Project ("Ewoyaa" or
the "Project") in Ghana ("Project Agreement") to Zhejiang Huayou Cobalt Co.,
Limited ("Huayou").

Elevra currently holds the rights to a 22.5% interest in the Company's lithium
projects in Ghana ("Ghana Portfolio"), inclusive of the Project, following the
satisfaction of the terms set out in Stage 2 of the Project Agreement (refer
announcement of 17 August 2023).

If the relevant regulatory approvals condition precedent to the agreement is
satisfied, Elevra will transfer all of its rights, obligations, title and
interests associated with the Project and in the Ghana Portfolio (including in
relation to its spodumene concentrate offtake rights) to Huayou. The agreement
provides for reciprocal releases for Atlantic Lithium and Elevra (including
any disputes) and mutual representations and warranties customary for an
agreement of this nature.

If the agreement is completed, Huayou has agreed that the development costs
conditions precedent are deemed to be satisfied or otherwise waived.
 Accordingly, Huayou will then begin sole funding the Project's development
costs up to the remainder of the sole funding obligations under the Project
Agreement.

The Company considers that the agreement provides a clear pathway for the
development of the Project, which is expected to expedite the delivery of the
benefits that the Project promises for Ghana, notably including the Project's
host communities in Ghana's Central Region.

The agreement is not conditional upon the Scheme of Arrangement announced by
the Company with Huayou on 7 May 2026 being implemented.  Huayou has agreed
with Elevra that should within the next 3 months the Scheme Consideration
offered under the Scheme of Arrangement change, that the consideration paid
under the agreement reflect the same proportional change.

The Company will keep the market informed of any material developments in
accordance with its continuous disclosure requirements.

 

Authorised for release by the Board of Directors of Atlantic Lithium Limited.

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

For any further information, please contact:

Atlantic Lithium Limited

Keith Muller (Chief Executive Officer)

Amanda Harsas (Finance Director and Company Secretary)

                   www.atlanticlithium.com.au (http://www.atlanticlithium.com.au)
                   IR@atlanticlithium.com.au (mailto:IR@atlanticlithium.com.au)
                   Tel: +61 2 8072 0640

 SP Angel Corporate Finance LLP      Yellow Jersey PR Limited                                           Canaccord Genuity Limited

 Nominated Adviser                   Charles Goodwin                                                    Financial Adviser:

 Matthew Johnson                     Annabelle Wills                                                    Duncan St John, Christian Calabrese (Australia)

                                   atlantic@yellowjerseypr.com (mailto:atlantic@yellowjerseypr.com)

 Charlie Bouverat

                                   Tel: +44 (0)20 3004 9512

 Richard Morrison
                                                                  Corporate Broking:

 Tel: +44 (0)20 3470 0470                                                                               James Asensio (UK)

                                                                                                        Tel: +44 (0) 20 7523 4500

Notes to Editors:

About Atlantic Lithium

www.atlanticlithium.com.au (http://www.atlanticlithium.com.au/)

Atlantic Lithium is an AIM, ASX and GSE-listed lithium company advancing its
flagship project, the Ewoyaa Lithium Project (the "Project"), a lithium
spodumene pegmatite discovery in Ghana, through to production to become the
country's first lithium-producing mine.

The Parliament of Ghana ratified the Mining Lease in respect of the Project in
March 2026. The Project was granted an Environmental Protection Authority
("EPA") Permit in September 2024 and a Mine Operating Permit in October 2024.

The Company published a Definitive Feasibility Study in respect of the Project
in July 2023.

Atlantic Lithium holds a portfolio of lithium projects within 509km(2) and
771km(2) of granted and under-application tenure across Ghana and Côte
d'Ivoire respectively, which, in addition to the Project, comprises
significantly under-explored, highly prospective licences.

 

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