Huayou set to take over Elevra’s interest in Ghana’s Ewoyaa Lithium Project

Atlantic Lithium has announced that it has granted consent for Elevra Lithium Limited to transfer all of its rights and interests in agreements related to the Ewoyaa Lithium Project in Ghana to Chinese battery materials giant Zhejiang Huayou Cobalt Co. Limited.

In a statement released on Monday(11 May), Atlantic Lithium said Elevra currently holds rights to a 22.5% interest in the company’s Ghana lithium portfolio, including the Ewoyaa project, after meeting Stage 2 conditions under an earlier project agreement.

Subject to regulatory approvals, Elevra will transfer all associated rights, obligations, title and interests in the project and the wider Ghana portfolio to Huayou. This includes spodumene concentrate offtake rights linked to Ewoyaa.

Atlantic Lithium said the agreement also provides reciprocal releases between the parties and contains customary representations and warranties.

The company noted that once the transaction is completed, Huayou has agreed that the remaining development cost conditions precedent under the project agreement will be considered satisfied or waived. Huayou would then assume sole responsibility for funding the remaining development costs of the Ewoyaa project.

Atlantic Lithium said the arrangement provides “a clear pathway” for the development of the Ewoyaa project and is expected to accelerate delivery of benefits to Ghana, particularly host communities in the Central Region.

The agreement is separate from the Scheme of Arrangement announced by Atlantic Lithium and Huayou on 7 May 2026. However, the parties agreed that any change in the scheme consideration within the next three months would trigger a proportional adjustment to the consideration under the transfer agreement.

The Ewoyaa Lithium Project is expected to become Ghana’s first lithium-producing mine. Ghana’s Parliament ratified the project’s mining lease in March 2026, following the grant of an Environmental Protection Authority permit in September 2024 and a Mine Operating Permit in October 2024.

Atlantic Lithium is listed on the AIM, ASX and Ghana Stock Exchange.