Atlantic Lithium Limited has provided its consent to an agreement that will see Elevra Lithium Limited transfer all of its rights and interests in the Company’s flagship Ewoyaa Lithium Project in Ghana to Chinese cobalt and lithium giant Zhejiang Huayou Cobalt Co., Limited.
In a statement released on May 11, 2026, Elevra -who currently holds a 22.5% interest in Atlantic Lithium’s Ghana lithium portfolio inclusive of the Ewoyaa project following the satisfaction of terms set out in Stage 2 of the Project Agreement announced on August 17, 2023 will
Under the agreement, will transfer all of its rights, obligations, title and interests associated with the project and the Ghana portfolio to Huayou — including spodumene concentrate offtake rights.
The agreement also provides for reciprocal releases for Atlantic Lithium and Elevra, covering any disputes and mutual representations and warranties customary for an agreement of this nature.
Upon completion of the agreement, Huayou will assume sole funding of the Project’s development costs up to the remainder of the sole funding obligations under the Project Agreement — a development Atlantic Lithium says provides a clear pathway for the advancement of the Ewoyaa project and the delivery of its promised benefits to host communities in Ghana’s Central Region.
The agreement is not conditional on a separate Scheme of Arrangement announced by the Company with Huayou on May 7, 2026. However Huayou has agreed with Elevra that should the Scheme of Arrangement consideration change within the next three months, the consideration paid under this agreement should reflect the same proportional change.
Atlantic Lithium’s Ewoyaa Lithium Project — a lithium spodumene pegmatite discovery in Ghana’s Central Region — is advancing towards production as the country’s first lithium-producing mine. Parliament ratified the Mining Lease for the project in March 2026. The project was previously granted an Environmental Protection Authority permit in September 2024 and a Mine Operating Permit in October 2024.
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