Huayou Inches Closer to Control of Ewoyaa Mine in Ghana After Novation Agreement With Elevra and Atlantic Lithium

On 26 October 2026, Atlantic Lithium — triple listed on the London Stock Exchange’s Alternative Investment Market (AIM: ALL) , Australian Securities Exchange (ASX: A11) and Ghana Stock Exchange (GSE: ALLGH) — announced that it had entered in a Novation Agreement with Zhejiang Huayou. In particular, the Agreement brings Huayou closer to its goal of getting full ownership of the strategic #Ewoyaa Lithium Project in Ghana.

As per the Agreement, Huayou (SHSE: 603799) would hold a 22.5% shareholding in Atlantic Lithium’s assets in Ghana, with the potential to increase its stake further to 27.5% depending on the actual amount of capital invested. As per the Novation, Elevra’s (formerly Piedmont Lithium) rights and obligations will be transferred to Huayou, as Huayou is paying approximately USD 71 million for Elevra‘s stake.

Additionally, Huayou would inject up to USD 70 million to monetize the Ghanaian #lithium assets. Originally, Atlantic Lithium was supposed to match Huayou’s investment level. However, Huayou had also proposed an outright takeover of Atlantic Lithium. Huayou has put on the table an all-cash offer of USD 210 million for Atlantic Lithium, representing an almost 27% premium over the share price.

Based on the Definitive Feasibility Study (DFS), the Ewoyaa mine has an estimated reserve of 3.6 million tonnes of spodumene concentrate at 5-6% grade with a lifetime of 12 years, ranking Ewoyaa among the best globally. The mine is open pit and is suitable for dense-media separation (DMS). Environmental permits have also already been secured.

As per existing regulations, the change in shareholding structure is subject to approval by relevant authorities. Already, Ghana’s Ministry of Lands and Natural Resources has issued a ‘no objection’ to Huayou getting a stake in the Ghanaian lithium mine. Similarly, Australia’s Foreign Investment Board has cleared the potential acquisition of Atlantic Lithium by Zhejiang Huayou.

Huayou hopes to complete the transaction by the end of 2026 and to start mobilizing works right after. If all goes smoothly, commercial mining is expected to kick off in late 2027, with the first output of #spodumene at Ewoyaa.