Atlantic Lithium has completed a novation agreement that transfers Elevra Lithium’s rights and interests in the Ewoyaa lithium project and the company’s broader Ghana portfolio to Zhejiang Huayou Cobalt, clearing the way for Huayou to assume a 22.5% interest and sole-fund the remaining development costs.

The completion, announced on Monday, October 26, 2026, 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 portfolio.

Under the agreement, Huayou assumes Elevra’s prior spodumene concentrate offtake rights and other obligations. Huayou has also agreed that development cost conditions precedent are deemed satisfied or waived. The company will now sole-fund the remainder of the $70-million Stage 3 obligation — $66-million — to earn a further 27.5% interest, taking its total stake to 50%. All costs will be shared equally between Atlantic Lithium and Huayou thereafter.

CEO: Huayou Brings Financial Strength and Technical Capability

“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,” said Atlantic Lithium CEO Keith Muller.

“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 derisks the project’s pathway towards development”.

Muller added that Atlantic Lithium is working alongside Huayou to advance Ewoyaa towards development and the objective of establishing the project as Ghana’s first lithium mine.

What It Means

The completion removes a key financing and ownership uncertainty that had hung over Ewoyaa, one of West Africa’s most advanced lithium projects. Huayou’s assumption of Elevra’s obligations — including the remaining sole-funding commitment — provides the capital and technical backing needed to move the project toward construction, while Atlantic Lithium retains a 50% interest and operational continuity. The deal also strengthens Ghana’s position as an emerging lithium producer, with Ewoyaa targeting first production as the country’s first lithium mine.