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Absolute nonsense. Atlantic would have a mountain of cash and can fast track it's other projects. Loads of small cap miners listed on AIM with no more in the bag than Atlantic Lithium would have if it sold Ewoyaa.

The news has reached Ghana.

https://www.newsghana.com.gh/atlantic-lithium-rejects-takeover-bid-bets-on-ewoyaa-lease-ratification/

You couldn't ask for bigger global publicity to potential bidders than Mining Weekly. Every mining CEO would read it.

**Hey, look over here, you might want this new Spodumene Mine**

https://www.miningweekly.com/article/atlantic-lithium-confirms-recent-takeover-proposal-will-not-be-considered-2026-02-23

Indeed, Assore or Elevra could see a takeover as a potential risk. They both know Atlantic Lithium, it's Directors and technical staff, it's happy with the setup, but if an unknown party buys out Atlantic Lithium, they are stuck with the new company and it's Directors, the risk is that they don't see eye to eye. That risk could see either or both combined make an offer for Atlantic Lithium or just for Ewoyaa, leaving Atlantic Lithium to progress it's other licenses.

It's not worthless without RAT, that is proven by a bidder making an offer worthy of negotiations without RAT in place.

I'd actually be more inclined towards Mineral Resources (MinRes) (approx. $7B): An Australian miner of hardrock spodumene.

Hardrock Spodumene, same as Atlantic Lithium.

$7bn valuation, could easily afford the deal and absorb Atlantic Lithium.

ASX listed, same as Atlantic Lithium.

It wasn't Elevra or Assore. We know that from the ASX announcement. "being an entity not otherwise associated with Atlantic Lithium"

"The Atlantic Lithium Board appointed Canaccord Genuity and HopgoodGanim Lawyers to assist it with its assessment of the Proposal and entered into exclusive discussions and provided due diligence to the potential suitor (being an entity not otherwise associated with Atlantic Lithium), in relation to the Proposal."

(Repost as it disappeared over the horizon with all the posts on the offer)

What's happened since the offer of £222m for the company in November 2023? .... LOADS!

The offer came in after the Definitive Feasibility Study (DFS) was announced.

29th Jun 2023 8:21 am RNS Ewoyaa Definitive Feasibility Study

Since then, the resource in the DFS has increased, on top of which a maiden Mineral Resource Estimate for the Feldspar was produced and then increased. We also have Pegmatite discovery and Pronounced Lithium-in-soil Anomalies in Côte d’Ivoire, multiple other value add milestones as per the RNS titles below. Ratification adds a huge milestone and value add to the list. I doubt the board would consider any offer below £350m (46.7p per share) with Ratification in the bag.

15th Nov 2023 7:00 am RNS Rejection of Non-Binding Indicative Offers (at £222m)

28th Nov 2023 7:00 am RNS 106m Continuous Pegmatite Interval Reported

12th Dec 2023 7:00 am RNS Maiden Feldspar Mineral Resource Estimate

24th Jan 2024 7:00 am RNS Completion of US$5m MIIF Subscription

5th Feb 2024 7:00 am RNS Multiple Broad and High-Grade Drill Intersections

19th Mar 2024 7:00 am RNS Further Broad and High-Grade Drill Intersections

7th May 2024 7:00 am RNS Dog-Leg Delivers Further High-grade Intersections

10th May 2024 7:00 am RNS Admission to Trading on the Ghana Stock Exchange

30th Jul 2024 7:00 am RNS New Dog-Leg Target Delivers Increase to Ewoyaa MRE (increased from 35.3Mt to 36.8Mt)

12th Sep 2024 7:00 am RNS Grant of Ewoyaa Lithium Mining Project EPA Permit

8th Oct 2024 7:00 am RNS Grant of Mine Operating Permit

30th Jan 2025 7:00 am RNS Updated Ewoyaa Feldspar Resource Estimate (Feldspar Mineral Resource Estimate of 36.8Mt at 41.9% Feldspar)

22nd May 2025 7:00 am RNS Spodumene Pegmatite Discovered in Côte d’Ivoire

20th Oct 2025 7:00 am RNS Pronounced Lithium-in-soil Anomalies Côte d'Ivoire

22nd Dec 2025 7:00 am RNS Ratification Process - Ewoyaa Mining Lease

19th Feb 2026 8:27 am RNS ASX Trading Halt (in discussions for a corporate transaction)

You'd have to be clueless to think that Tomco would get this deal way above market price and get Steve Byle as a Non-Exec if nothing positive was going to happen. So any doubters should give their heads a wobble, see if they are screwed on right!

If it's another Lithium Mining company looking at a stock or stock plus cash offer, here's the list of the biggest. Bearing in mind a couple of these are listed in Australia too, I'd put those at the top of my suspects list, because existing shareholders would get shares in those companies, with some arrangement made for UK and Ghana shareholders. US or Chinese companies would have to pay cash I think, due to the hassle for foreign PI's to hold and trade US stocks.

Top Lithium Mining Companies (Approximate Market Cap)

Albemarle Corporation (ALB) (approx. $11–12B+): Based in the U.S., it is the world's largest producer with operations in Chile, Australia, and the U.S..

SQM (Sociedad Química y Minera de Chile) (approx. $11B): A major Chilean producer.

Ganfeng Lithium (approx. $9B): A Chinese industry leader.

Tianqi Lithium (approx. $8B): A Chinese company with significant global assets.

Mineral Resources (MinRes) (approx. $7B): An Australian miner of hardrock spodumene.

Liontown Resources (approx. $1B+): Operates in Western Australia.

Not2sure,

Well you're wrong too, the below is the first announcement AND REJECTION of the offer, it clearly states CASH and REJECTED.

28 November 2025

SolGold plc

Possible Offer Announcement

The Board of SolGold plc ("SolGold" or the "Company") can confirm that on 28 November 2025, SolGold received a preliminary and conditional non-binding proposal from Jiangxi Copper Company Limited ("JCC") in relation to a possible cash offer for the entire issued and to be issued share capital of the Company at a price of 26 pence per ordinary share (the "Proposal"). The Proposal follows an earlier non-binding proposal from JCC which was unanimously rejected by the Board of SolGold on 23 November 2025.

The SolGold Board has carefully considered this Proposal along with its advisers, and has unanimously decided to reject this Proposal.

As I said, cash was in the first offer that was rejected.

August 2025:

Possible Offer Announcement

The Board of SolGold plc ("SolGold" or the "Company") can confirm that on 28 November 2025, SolGold received a preliminary and conditional non-binding proposal from Jiangxi Copper Company Limited ("JCC") in relation to a possible cash offer for the entire issued and to be issued share capital of the Company at a price of 26 pence per ordinary share (the "Proposal"). The Proposal follows an earlier non-binding proposal from JCC which was unanimously rejected by the Board of SolGold on 23 November 2025.

No mention of cash by Atlantic to me says it involves shares, either 100% shares or a mix of cash and shares, but not cash only otherwise they'd have said so like Solgold did in their first announcement.

Well it definitely says cash here:

December 2025:

The boards of directors of SolGold and JCHK, for and on behalf of Jiangxi Copper Company Limited ("JCC"), are pleased to announce that they have reached agreement on the terms of a recommended all cash acquisition of the entire issued and to be issued ordinary share capital of SolGold (the "Acquisition"). The Acquisition is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act.

· Under the terms of the Acquisition, SolGold Shareholders shall be entitled to receive:

28 pence in cash per SolGold Share (the "Cash Consideration")

· The Cash Consideration values the entire issued and to be issued share capital of SolGold at approximately £867 million

And, in the original announcement it said cash too. August 2025:

Possible Offer Announcement

The Board of SolGold plc ("SolGold" or the "Company") can confirm that on 28 November 2025, SolGold received a preliminary and conditional non-binding proposal from Jiangxi Copper Company Limited ("JCC") in relation to a possible cash offer for the entire issued and to be issued share capital of the Company at a price of 26 pence per ordinary share (the "Proposal"). The Proposal follows an earlier non-binding proposal from JCC which was unanimously rejected by the Board of SolGold on 23 November 2025.

"Atlantic Lithium advises that it received a conditional, non-binding, indicative change of control proposal for the acquisition of 100% of the Company's share capital by way of a scheme of arrangement (the "Proposal")."

1) No offer price was announced.

2) 'Change of control proposal' suggests a takeover but not for cash, otherwise I'd expect to see 'cash offer' or something similar.

So that sounds more like we'd get shares in the buyer rather than cash, but either way, we'd get the equivalent of the valuation, so upwards of £350m (my guesstimate) in the other companies stock.

What's happening at Solgold has no relevance to this offer, totally different situations.

"The Atlantic Board appointed Canaccord Genuity and HopgoodGanim Lawyers to assist it with its assessment of a Transaction and granted exclusivity for those discussions on 23 January 2026."

You simply do not do this for a low ball offer, only for an offer close enough to what you value the company at that you think you can negotiate enough out of them to recommend an offer to shareholders. The offer was reasonable, but after assessment just wasn't enough to put it to shareholders.

Reserves based project finance, which they can get once Valkor have production and can book Reserves.

From Google:

Reserve-Based Lending (RBL) is a specialized, secured debt financing tool for oil and gas companies, where loan capacity is determined by the estimated value of a producer’s developed and undeveloped reserves. The borrowing base is typically redetermined twice a year based on commodity prices and reserve engineering reports, ensuring the loan matches the asset value.

Trade Finance Global

Trade Finance Global

+4

Key Features and Mechanics

Borrowing Base: The maximum loan amount (borrowing base) is calculated by assessing the net present value (NPV) of future cash flows from proven reserves.

Revolving Credit: RBLs are usually structured as revolving credit facilities, providing flexibility for ongoing exploration, development, and production.

Collateral: The loan is secured by the company's oil and gas assets, including the right to proceeds from production.

Periodic Redetermination: Lenders review the reserve reports and commodity price forecasts regularly (often semi-annually) to adjust the borrowing base.

Repayment: Proceeds from the sale of oil and gas produced by the assets are used to pay down the debt.

Manx71"

"Atlantic Lithium advises that it received a conditional, non-binding, indicative change of control proposal for the acquisition of 100% of the Company's share capital by way of a scheme of arrangement (the "Proposal")."

That sounds more like we'd get shares in the buyer rather than cash, but either way, we'd get the equivalent of the valuation, so upwards of £350m (my guesstimate) in the other companies stock.

The bidder has made a fair and reasonable offer that reflected the value of Ewoyaa, but unfortunately nothing else. Atlantic Lithium have Cote d'Ivoire plus several other licenses in Ghana that they've not started on yet, with the ones nearby believed to be similar to Ewoyaa for Lithium.

"The Board believes that the Proposal focused primarily on the valuation of the Project, without fully considering the potential of the rest of its underexplored exploration tenure."

The Bidder has now created the news that it was hoping to avoid by making an offer prior to Ratification. The news of this bid will go far and wide across the Mining, Lithium, EV and Battery sectors, it will be seen by the big decision makers, it will have many thinking they should take a look at what the proposed acquisition was targeting and if worthwhile then consider making a bid themselves.

Ratification in the next couple of weeks will be another thing that does the same, adding to the interest in making bids.