Huayou takes charge at Ewoyaa as Ghana’s first Lithium mine edges closer

Atlantic Lithium Limited says it has completed the transfer of Elevra Lithium Limited’s rights in the Ewoyaa Lithium Project in Ghana to Zhejiang Huayou Cobalt Co., clearing the way for the Chinese battery materials group to begin funding development of the project, which is being advanced as Ghana’s first lithium mine.

The completion of the Novation Agreement announced in an Atlantic Lithium statement follows 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 connected with Atlantic Lithium’s Ghana portfolio.

As a result, Huayou now holds the rights to a 22.5 per cent interest in the company’s lithium projects in Ghana, including Ewoyaa, and has assumed Elevra’s prior spodumene concentrate offtake rights and other rights and obligations under the project agreements.

Following the completion, Huayou has agreed that the development costs conditions precedent under the Project Agreement are deemed to be satisfied or otherwise waived. Accordingly, Huayou will begin sole funding the project’s development costs up to the remainder of the US$70 million sole-funding obligations under Stage 3 of the Project Agreement, amounting to US$66 million, through which it will earn a further 27.5 per cent interest in the Ghana portfolio to take its total interest to 50 per cent, with all costs shared equally between Atlantic Lithium and Huayou thereafter.

Atlantic Lithium said the completion of the agreement provides a clear pathway for the development of the project and believes that Huayou’s assumption of Elevra’s prior rights and obligations will expedite the delivery of the benefits the project promises for Ghana, notably including its host communities.

Commenting, Keith Muller, Chief Executive Officer of Atlantic Lithium, described the completion of the Novation Agreement as a significant milestone for Ewoyaa, with Huayou now assuming Elevra’s rights and obligations in the project, including the remaining sole-funding commitments under the Project Agreement. He said Huayou brings considerable financial strength, technical capability and extensive experience in developing and operating major projects across Africa, and that its involvement provides a strong platform from which to advance Ewoyaa and further de-risks the project’s pathway towards development. He added that the company was working alongside Huayou in its capacity as its new project partner to advance Ewoyaa towards development and the objective of establishing the project as Ghana’s first lithium mine.

Atlantic Lithium is an AIM, ASX and GSE-listed lithium company advancing its flagship Ewoyaa Lithium Project, a lithium spodumene pegmatite discovery in Ghana, through to production. The Parliament of Ghana ratified the mining lease in respect of the project in March 2026, while the project was granted an Environmental Protection Authority 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 509 square kilometres and 771 square kilometres of granted and under-application tenure across Ghana and Côte d’Ivoire respectively, which, in addition to Ewoyaa, comprises significantly under-explored, highly prospective licences.