Atlantic Lithium Limited, the Africa-focused lithium exploration and development company targeting the delivery of Ghana’s first lithium mine, has announced the completion of the agreement between Elevra Lithium Limited and Zhejiang Huayou Cobalt Co., Limited for the transfer of Elevra’s rights and interests in respect of the Company’s Ewoyaa Lithium Project and broader lithium portfolio in Ghana to Huayou.
As announced on 11 May 2026, the Company consented to the Novation Agreement pursuant to arrangements entered into with Huayou, a leading Chinese firm and Elevra.
Completion of the Novation Agreement follows confirmation from Ghana’s Ministry of Lands and Natural Resources that it has no objection to Huayou becoming a controller of the relevant Singaporean and Ghanaian entities connected with the Ghana Portfolio.
Following the completion of the Novation Agreement, Huayou now holds the rights to a 22.5% interest in the Company’s lithium projects in the Ghana Portfolio, which includes the Project, and assumes Elevra’s prior spodumene concentrate offtake rights and other rights and obligations under the agreements relating to the Project.
As a result of the completion, Huayou has agreed that the development costs conditions precedent under the Project Agreement are deemed to be satisfied or otherwise waived.
Accordingly, subject to and pursuant to the Project Agreement and relevant supplementary agreements, Huayou will begin sole funding the Project’s development costs up to the remainder of the $70 million sole-funding obligations under Stage of the Project Agreement (being $66 million), through which Huayou will earn a further 27.5% in the Ghana Portfolio (to take its total interest to 50%), with all costs shared equally between the Company and Huayou thereafter.
The Company believes that the completion of the Novation 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 the Project’s host communities.
Commenting on this development, Keith Muller, Chief Executive Officer of Atlantic Lithium, said: “Completion of the Novation Agreement represents 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.
Huayou brings considerable financial strength, technical capability and extensive experience in developing and operating major projects across Africa. Its involvement provides a strong platform from which to advance Ewoyaa and further de-risks the Project’s pathway towards development.
“We are working alongside Huayou in its capacity as our new Project partner to advance Ewoyaa towards development and the objective of establishing the Project as Ghana’s first lithium mine.”
