Atlantic Lithium Ltd (AIM:ALL, ASX:A11, OTCID:ALLIF) told investors that it has consented to Elevra Lithium transferring its rights and obligations in the Ewoyaa Lithium Project to Zhejiang Huayou Cobalt, potentially simplifying the funding route for Ghana’s flagship lithium development.
Elevra currently holds rights to a 22.5% interest in Atlantic’s Ghana lithium portfolio, including Ewoyaa, after meeting the Stage 2 terms of the project agreement.
Subject to regulatory approvals, Huayou will take over Elevra’s rights, obligations, title and interests linked to the project and wider Ghana portfolio, including spodumene concentrate offtake rights.
Atlantic said that, if the transfer completes, Huayou has agreed that certain development-cost conditions will be deemed satisfied or waived, to allow Huayou to begin sole-funding Ewoyaa’s development costs up to the remainder of the sole-funding obligations under the project agreement.
The company said the agreement provides “a clear pathway” for Ewoyaa’s development and is expected to accelerate delivery of the project’s benefits for Ghana and host communities in the country’s Central Region.
The arrangement is not conditional on Atlantic’s separate Scheme of Arrangement with Huayou, announced on 7 May 2026, though Huayou and Elevra have agreed that any change to the scheme consideration within three months would be reflected proportionally in the transfer consideration.