Atlantic Lithium announced on Monday the completion of the novation under which Zhejiang Huayou Cobalt acquires Elevra Lithium’s rights and interests in the Ewoyaa lithium project and the company’s broader Ghana portfolio. Completion followed confirmation from Ghana’s Ministry of Lands and Natural Resources that it had no objection to Huayou becoming a controller of the relevant Singaporean and Ghanaian entities.
Huayou now holds the rights to a 22.5 percent interest in the Ghana projects and assumes Elevra’s spodumene concentrate offtake rights and other obligations under the project agreements. It has also agreed that the development cost conditions precedent are deemed satisfied or waived. Under the stage three terms, Huayou will sole fund the remaining US$66 million of the US$70 million sole funding obligation, earning a further 27.5 percent and lifting its total interest in the portfolio to 50 percent, after which development costs are shared equally with Atlantic Lithium.
Chief executive Keith Muller called completion a significant milestone that de-risks Ewoyaa’s path to development, pointing to Huayou’s financial strength and its record of building and operating major projects in Africa. Ewoyaa’s mining lease was ratified by Ghana’s Parliament in March 2026, ending nearly three years of uncertainty, and a sliding scale royalty regime now applies under Ghana’s Minerals and Mining (Royalty) Regulations.
The novation is separate from, and not conditional on, Huayou’s scheme of arrangement to acquire all of Atlantic Lithium at US$0.25486 a share in cash, which the board unanimously recommends. A scheme booklet is expected in October, a shareholder meeting in November and implementation in December. Taken together, Huayou is set to control both the project level funding and, if shareholders agree, the listed vehicle itself.