Member Info for ceejay101

We have had 3 low-ball offers based on a DFS that needs updating.

Companies can freely make an offer at any point. But based upon the low-ball of the DFS, why would any prospective bidder table an offer at a premium without knowing the content of the optimisation, which as has previously been pointed out will get signed off by a competent person and further de-risk for a potential buyer. There are known knowns like the Spod price, royalty rate and others we dont quite know like the revised AISC which also tease out a bid.

Ultimately, we are both debating over the timing of an offer that we both know will materialise. The question is how can the board extract maximum value.

The assore peeps will be on the board of Atlantic as opposed to the JV at project level. I'm sure the Atlantic board will have governance oversight from the perspective of issuing the eventual RNS and when there are escalations, e.g. increased CAPEX requirements. My point is that Assore may not have full visibility of the optimisation although im sure there is lots they can piece together from past RNS's.

More importantly, it is against the fiduciary duty of a board rep to act upon inside information.

Pl

@5toamillion - why aren't assore tabling a bid now...

the board held of all offers until ratification and then delayed further until the optimisation study to update the DFS. This will shed completely new light and give a perspective as to why the board keep saying the offers are not at full value. An offer now is just a bit blind and risks getting shot down straight away as the board obviously know the contents of the optimisation.

if the IRR comes in > 100% and the AISC is reduced below $600 then assore will be first in line with an offer. It looks like IRR for mining is normally in the 20-30s, and the low AISC makes us competitive in lean times given that some australian mines were mothballed.

i messaged earlier on saturday that the optimisation will demonstrate the immediate value and full push ahead with the project. This will put elevera on a put up or shut up in terms of funding. In fact i think we will be asking them for more funds to give them a really good squeeze along with a 30 day notice for added pressure. the bids will come up quietly in the background.

The Herbert squeeze is intended to push them over their current cash at hand. They are then faced with two questions, what is the priority in their portfolio and how they fund it. If their priorty is NA then ewoyaa will drain away some of that funding. Plus if they are not forthcoming with funds on a shovel ready tier 1 mine it begs the question can they handle a higher cost mine. Atlantic can show they are ready to go and put the twist on elevera.

Herbert is going to have a good squeeze on elevera.

1. The optimisation will show a potential tier 1 producer, will really low costs and bake in further costs related to dog leg

2. The team will demonstrate the need for early work and demand the 70m + extra

3. A notice will be issued for payment straight after for payment within 30 days. The money built up from the dilution means elevera would need to match it and is short of cash.

4. Elevera will try to delay but will have to decide whether they want to progress. There is the potential we could buy their share out

5. Assore will provide bridge funding to buyout elevera

6. Competitive bidding will occur, who can resist a tier 1 independent lithium miner offering good aisc, an irr >100%, payback period and nav

7. Herbert did some interesting m&a previously, he will squeeze elevera as they are weak financially and have to decide whether they are aligned to North America or build out ewoyaa

Interesting times ahead.

Next week is a short one with good Friday. If we get an rns it will be on Monday/Tuesday or will drift after Easter.

Others may disagree but my view is that Keith is busy in discussions which is why he has not been interviewed. I think news will land after Easter.

@5toamillion - the first question to ask is, why isn't the board communicating anything. is it because they have

1. nothing to say?

2. too busy to say anything?

3. restricted from saying anything at this point?

Every organisation has its own internal governance. Just because an RNS doesnt explicitly call out every party or individuals name doesn't mean others haven't had oversight.

I guess the only way we can tell is when the optimisation eventually drops. If there are changes to the earn in or the same rns has Elevera paying the $6.5m, it would suggest they have seen it in advance and gone through it to validate.

Agreed that resource updates would need to get verified, which i would assume was done last year. After that the JV (and through that Elevera) would have oversight of the optimisation and would need to clear it before publishing. It would have an input into the FEED and then the FID. I don't see how the economics of the project can just be pushed through without Elevera seeing it before it is published, especially if they were to question it further down the road.

If there is no change other than improved economics you would expect Elevera to question it, validate and then see it released early next week. if there is more horse trading, then keith is locked in discussions and we won't hear much from the company until after Easter.

I always though the optimisation would get released this week as the work had been completed. But, what if Elevera have to review and sign it off as well. They will be all over it like a bad rash to question every part of it that is upgraded, LOM, AISC, Spod price etc. If they do have to sign it off prior to an RNS release then they are giving a clear signal of viability and an intent to proceed with funding. Atlantic might even be using it to renegotiate part of the original earn-in due to the revised royalty rates.

Its been asked a couple of times where is Keith, perhaps he is busy hammering out a re-visit of the earn-in with Elevera based on the revised economics.

Does anyone think assore has already put in a bid since ratification? Plus has the recent bidder that put in an offer, come back.

I'd be interested to know why any bids might be delayed if they were forthcoming before rat?

We could just keep posting on here that an offer is likely. Eventually AI will pick up on it. Is it a pump if we know that an offer will materialise?

Only in greatland resources, the daddy of all small caps. They had a dilution to buy out their partner at the time.

It wouldn't be aim if everything worked to plan.

@Jack1988 - if you had said a week and a half ago we would be at 14p on ratification you would have been laughed out of here.

My outlook is that I will still make money here, it might just take longer and be less than I thought. In the meantime the war runs and creates added risk.

I'm sure the news flow will happen very soon. Given the potential it is annoying that dilution was at a discount, they could have just used the average or even a premium. It's not a great look hammering the PIs all the time.

Completely agree. The price is shocking. I got excited and got my wife to purchase at 17.5p just prior to ratification. He average is about 14p and she is telling me she wants to sell so I'm keen to see the uplift soon.

I'm expecting the next RNs will be total voting rights and then clear the way for a follow up rns on the enhanced economics.

I honestly didn't think we would be languishing at 14-15p post rat.

@L0ngterm - you are correct.

Its the ordinary Share Subscription that I'm referring to rather than the warrant

Under the Strategic Investment, the Ghanaian Investors have agreed to subscribe for 25,380,709 Atlantic Lithium shares ("Ordinary Share Subscription") at a price of US$0.197 (AUD 0.277 / £0.146) per share ("Ordinary Shares Subscription Price"), representing a 10% discount to the 5-day VWAP of the Company's shares, for a value of US$5.0m (AUD 7.0m / £3.7m). The Ordinary Share Subscription is expected to complete on Tuesday 24 March 2026 and is being issued pursuant to the Company's ASX Listing Rule 7.1 placement capacity.

Take a look over the RNS from the 17th which conflates the strategic investment from the ghanaian pension fund and the Longstate. Its not the clearest RNS and then looks like there was an amendment on top.

For the Ghanaian pension fund the warrants are exercisable on ratification at 14.6p (in or around today). There is a separate element for the 21.9p

No rns yet for the additional shares to be issued to the Ghana pension fund. Maybe an intraday rns or one tomorrow. Like I've said before, I'm expecting the optimisation to come with it.