Atlantic Lithium Limited, the Africa-focused lithium exploration and development company targeting the delivery of Ghana’s first lithium mine, disclosed that approval has been received from the Foreign Investment Review Board (FIRB) in respect of the proposed acquisition of Atlantic Lithium by Zhejiang Huayou Cobalt Co., Ltd by way of an Australian scheme of arrangement, pursuant to the Scheme Implementation Deed entered into between the Company and Huayou on 7 May 2026.
Atlantic Lithium has been advised by Huayou that the Australian Treasury has provided written notification under section 75 of the Foreign Acquisitions and Takeovers Act 1975 (Cth) that the Commonwealth Government of Australia has no objection to the Scheme.
As a result, the condition precedent under clause 3.1(a) of the SID relating to FIRB approval has been satisfied.
The Scheme remains subject to the satisfaction or waiver of several other conditions precedent, including other regulatory approvals, approval by the requisite majority of Atlantic Lithium shareholders at the Scheme Meeting and approval by the Supreme Court of Western Australia. Further detail in relation to the conditions precedent will be set out in the Scheme Booklet.
Recommendation of the Atlantic Lithium Board
The Atlantic Lithium Board continues to unanimously recommend that shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to an independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Atlantic Lithium shareholders.
Subject to those same qualifications, each member of the Atlantic Lithium Board intends to vote all Atlantic Lithium shares held or controlled by them in favour of the Scheme.
Timetable
A Scheme Booklet containing important information in relation to the Scheme, including the reasons for the unanimous recommendation of the Atlantic Lithium Board and an independent expert’s report, is expected to be despatched to Atlantic Lithium shareholders in October 2026, subject to approval by the Court.
A meeting of Atlantic Lithium shareholders to vote on the Scheme is expected to be held in November 2026, with implementation of the Scheme expected to occur in December 2026 (subject to satisfaction or waiver of the conditions precedent).
