Atlantic Lithium Limited has secured foreign investment approval for its proposed acquisition by Zhejiang Huayou Cobalt Co., Ltd, satisfying a key condition precedent under the Scheme Implementation Deed agreed in May 2026.

The Australian Treasury has provided written notification that the Commonwealth Government has no objection to the scheme of arrangement, clearing the regulatory hurdle required under clause 3.1(a) of the agreement.

The proposed transaction remains subject to the satisfaction or waiver of several remaining conditions precedent, including further regulatory approvals, approval by the requisite majority of shareholders at a scheme meeting, and approval from the Supreme Court of Western Australia.

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 that the arrangement is in the best interests of shareholders. Each board member intends to vote all shares held or controlled by them in favour of the transaction under those same qualifications.

The company expects to despatch a scheme booklet containing details of the proposed acquisition and the independent expert report to shareholders in October 2026, subject to court approval. A shareholder meeting to vote on the scheme is scheduled for November 2026, with implementation anticipated in December 2026 if all conditions are satisfied or waived.

Atlantic Lithium is advancing its flagship Ewoyaa Lithium Project, which is targeted to become Ghana's first lithium-producing mine. In May 2026, the company consented to Elevra Lithium transferring its rights and obligations in the Ewoyaa project and wider Ghana portfolio to Zhejiang Huayou Cobalt to sole-fund development costs.

Read the full announcement: Scheme Update- FIRB Approval received for acquisition of A11