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Yes, pressure is on Elevra now. Maybe an announcement from them on ASX tonight. You can track their announcements at https://www.elevra.com/investors/asx-announcements/

That's very tangible theory by the way.

Very interesting, thanks for sharing!

"Key question is what does Elevra do? Stay in a JV with Huayou and fund alongside them? Sell their current 22.5% project interest to Huayou as well or simply not fund and have their project equity diluted? Or, more interestingly, use its now healthy ~$1.7B equity currency (like PLS/Latin or LAC/Millennium) to counterbid for full control, potentially backed by DFC/Australian financing? Ewoyaa tons likely faster and lower capex/opex than NAL stage 2."

From ADVFN. Trading volume, plenty of buyers around, not a one way street.

4,161,472 at ASK price

4,942,943 at BID price

Major-Tom,

"Elevra will need to put up or pee off."

Very true. Elevra deciding after years of planning that they want to backpedal on what they agreed (to pay the first $70m and 50% of the rest) or delay the project for year(s) whilst they concentrate on their other projects, now the ball is in their court, they can accept Ewoyaa becoming owned and operated by a Chinese company that only has it's own interests at heart, a company that will demand Elevra pay it's share without delay, or Elevra can make it's own offer to make Ewoyaa 100% it's own.

Atlantic Lithium are playing Hardball.

Zhejiang Huayou Cobalt can certainly bid higher, they are valued at £13.7bn. That bodes well for a bidding war.

Major-Tom,

Spot on!!

Another way to look at it is that the Directors have spent years of hard work getting the project to a ready to build position. To accept such a low ball offer and walk away with far less money than they had been looking forward to for years, definitely smells of forcing the hand of Elevra and attracting other bidders with higher offers, to trigger a bidding war. Accepting a low ball offer makes it more attractive to counter bidders to put bids in.

It wasn't long ago that the Directors sent a veiled message out to prospective bidders like Battery Manufacturers.

"As one of few, pre-construction hard rock lithium projects at an advanced stage of permitting, with offtake still uncommitted, the Board believes that Ewoyaa represents a highly attractive source of supply for the EV and BESS supply chain."

If we know it's a low ball offer, so will the prospective counter bidders!

Companies in the Battery, Lithium and Mining sectors will all look at this deal and see straight away that it's cheap for Ewoyaa, let alone Cote d'Ivoire and all the other Licenses Atlantic Lithium hold.

The assets might only fit the aims of 1% of those companies, but that is still a lot of companies that can counter bid.

£155m is so cheap that I'd be extremely surprised if no better offers appeared.

Elevra, although saying Ewoyaa was not a high priority, might now decide they don't want to deal with a Chinese company and that full ownership is worth pursuing, especially as they too can see this is a low ball offer which they could easily better. They could get project finance easily because they are so big and, because the DFS and optimisations back the financials and full permitting is in place.

I've been in the same situation with a few stocks before, I've even bought stocks on news like this on the expectation of higher counter bids, very often it's paid off to keep hold and see what appears.

This agreement won't go through until November, that's a good seven months for counter bids to arrive.

Assore are voting in favour so I can't see them bidding.

Atlantic Lithium's largest shareholder, Assore International Holdings Limited ("Assore"), which holds -26.496% of the Company's issued shares as at the date of this announcement, has confirmed to Atlantic Lithium that it intends to vote all Atlantic Lithium shares held or controlled by Assore at the time of the Scheme Meeting in favour of the Scheme, subject to there not being a superior proposal and subject to an independent expert concluding that the Scheme is in the best interests of Atlantic Lithium shareholders (and not changing that conclusion).

The Transaction is subject to customary and other conditions including approval by Atlantic Lithium shareholders at a meeting of shareholders called to vote on the Scheme ("Scheme Meeting"), which is expected to be held in November 2026.

Oh yes, I also said if there was an offer it would most likely be announced on ASX overnight, as ALL is based in Sydney, so anyone that traded out trying to get back in cheaper would lose out because the price would open at the offer price, no chance to get back in cheaper and that's precisely what's happened.

"subject to there not being a superior proposal"

Bring on the superior proposals!!

How many times have I said the silence smelt of a takeover bid?? LOADS. So I was right.

I consider the offer derisory though. I fail to see how £222m offered in 2023 was flatly rejected, yet £155m today is deemed worthwhile to shareholders!!

PLEASE NOTE: OTHER BETTER OFFERS CAN STILL ARRIVE, ESPECIALLY NOW THIS ONE IS PUBLIC KNOWLEDGE. A bidding war is what I said I wanted and we could still get one!! I will keep holding the stock for that possibility.

Atlantic Lithium Enters into a Binding Scheme Implementation Deed with Zhejiang Huayou Cobalt

Atlantic Lithium Limited (AIM: ALL, ASX: All, GSE: ALLGH, "Atlantic Lithium" or the "Company"), the Africa-focused lithium exploration and development company, is pleased to announce it has entered into a binding Scheme Implementation Deed ("SID") with Zhejiang Huayou Cobalt Co., Limited ("Huayou"), under which it is proposed that Huayou will acquire all of the issued shares in Atlantic Lithium by way of an Australian scheme of arrangement for cash consideration of US$0.25486 per share (A$0.354 per share / 60.188 per share): ("Scheme Consideration") (the "Scheme" or "Transaction").

Transaction Highlights The all-cash Scheme Consideration values Atlantic Lithium at approximately US$210 millionz (approximately A$292 million and E155 million) and represents a 26.6% premiums to Mande Lithium's last close of A$0.280 per share and a 21.8% premiums to Atlantic Lithium's 30-day volume weighted average price ("VWAP") of A$0.291(0.154) per shares. Transaction with a leading participant in the new energy materials industry validates the Company's flagship Ewoyaa Lithium Project (the "Project") and the potential of its exploration tenure within Ghana and C8te d'Ivoire. The Board of Atlantic Lithium has determined that the Scheme provides Mande Lithium shareholders with the most attractive, certain, and accelerated realisation of value on a risk-adjusted basis versus other strategic alternatives.

Atlantic Lithium's Directors unanimously recommend that shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to an independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Atlantic Lithium shareholders•.

Subject to the qualifications noted above, the Mande Lithium Directors intend to vote, or cause to be voted, all Atlantic Lithium shams in which they have a relevant interest at the time of the Scheme Meeting in favour of the Scheme, which as at the date of this announcement represents approximately 1.8% of the Company's issued shares

"Rare earth elements (REEs) can be found with Graphite, most notably in the form of by-product enrichment in Graphite deposits. A significant example is Graphite One’s Graphite Creek project in Alaska, where high-grade Graphite is found alongside Neodymium, Praseodymium, Dysprosium, Terbium, and Yttrium. These discoveries suggest that rare earths can be recovered as a by-product to Graphite production."

The way I look at it is:

1) The preference shares ensure a cut of the majority chunk of the ICSID claim, you wouldn't have that future potential if you didn't hold the stock on delisting.

2) The existing stock, whist diluted, is still worth holding onto rather than converting a paper loss into an actual loss, because the Market Cap on relisting of £3.2m is basically cash shell money, it's what a cash shell with no business would sell for, it undervalues the company based on the Graphite project and the cash that will be in the bank. It should double or even triple on relisting, but as the Graphite project progresses it could easily 10x and still go up from there.

3) The Retail Offer allows us to buy the stock at a discount based on the theory in '2'. I will be getting 5x my existing holding in that Retail Offer as £3.2m Market Cap is only going to go up.

Swest42,

A new funding structure is always the priority of both parties, there is no 'us and them' that some people try to manifest, Elevra have heavily supported Atlantic Lithium since the start, as advised in many RNS.

Alternative funding is extremely simple, it's called Offtake Agreements, where Lithium buyers invest in the project for guaranteed supply at a later date. Atlantic Lithium have had offtakers lined up for years, held back by Ratification delay but still there just a phone call away. The priority is agreement with Elevra on what final cut they will take, only after that is known will Atlantic Lithium be in a position to deal with offtakers.

I have absolutely zero worries about Elevra or funding.

BMI Revises Lithium Price Forecast Upwards Amid Supply Tightening 2026

https://discoveryalert.com.au/lithium-price-forecast-supply-tightening-ev-demand-2026/

Interesting that another Lithium miner, Liontown, on ASX is flying. Explanation on the link below tells me Atlantic Lithium should fly on ASX on announcement of the new funding structure with Elevra and some Offtake Agreement(s) as it will be very similar news to what has driven liontown up.

https://thebull.com.au/news/liontown-shares-leads-asx-200-today-as-price-hits-three-year-high/

Spodumene UP +355 to $2,700 for May contracts!!

I thought the April price movements looked like a head of steam building up and sure enough it's popped $355 in one day. Demand in the background must be shooting up fast with all the EV sales and renewables projects hitting the news. I'm betting Spodumene goes above $3,000 within May.

To claim it's "heading to Arbitration" is utterly misleading FAKE NEWS!!

It's NOT heading anywhere unless Atlantic Lithium announce that it is.

Arbitration is only AN OPTION, one which HAS NOT been taken.

Atlantic Lithium and Elevra are IN DISCUSSIONS on funding structure, which will include settlement of the disputed payment.

The mine could be funded by U.S.A Offtake Agreements rather than dilution.

https://www.americasquarterly.org/article/can-brazil-and-the-u-s-reach-a-deal-on-rare-earths/

Maybe Rare Earth elements in with the Graphite too!!

"Bahia state, Brazil, is emerging as a critical hub for both graphite and rare earth elements (REE), driven by high-grade discoveries and intense investment aimed at diversifying global supply chains."

Rare Earth Elements (REE) in Bahia

Brazil possesses the world's second-largest proven reserves of rare earths, with key assets located in Bahia.

Brazilian Rare Earths (BRE): Operates a "district-scale" project in Bahia, focused on high-grade rare earth mineralisation.

Refining Hub: BRE is advancing a pilot plant in Camaçari, Bahia, to refine high-grade rare earths, with pilot operations expected to begin in mid-2026.

Investment & Partnership: The sector is attracting international attention, including investment to map and develop these resources, with projects in Bahia being a key focus for 2025-2029.