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We are a Ghanaian listed company, a Ghanaian JV, a company Ghana has invested in. Neil H really just needs to play a patient game. The reason being:

The government holds the ultimate "Sovereign Leverage" through the Mining Lease itself:

Tactical Move: "Use it or Lose it" Clauses:

Ewoyaa Mining Lease , contain development milestones. If Elevra’s spending objections lead to "unreasonable delays" in construction, the Minister of Lands and Natural Resources can issue a default notice against a JV partner.

The Kingmaker Play: If Elevra persists in blocking progress, the government (via the Minerals Commission) could technically force a transfer of interest. They have the power to approve or deny any "change of control" or partner transfer. By signalling that they will only support a partner willing to fund immediately, they can make Elevra's position untenable.

Strategic:

Elevra is currently in a "squeeze." If they block the project, they risk sovereign intervention; if they don't pay, they get diluted. Neil Herbert, has a history of refusing low-value deals , suggesting he is prepared to give them enough rope to hang themselves.

We had all this with royalties, yada yada, then it’s just a tax and then it’s sliding.

Eeeh panic 😱 and then settle. It will all balance out.

I would state that bringing in RAT, linking investments to the government pensions, and to the sovereign fund, all now have much more legitimacy and add significant weight to any shenanigans that are detrimental. Combined with LS funding, it seems the board have been working on a strategy and implementing it.

Like I said we have moved from if to how the mine will be built, and so has elevra.

So we have moved from “if the mine will happen”, to “how the mine will happen”

Usual stuff, and we are in a tizzy 😂

The whole panic though, ie shall we say well over done. Every party is here to make money, and if not they can leave.

@ceejay101 One of the many points, but a key one of bringing in MIIF and Ghana pension funds. Is that they are now embedded with us, Elevra can ask and push a tad, things can be structured slightly differently but they do need to be careful.

The alternative is, elevra go against MIIF, Atlantic and the government.

That’s a loser all round!

What’s the panic. They are all adults and it will be agreed

Elevra want:

1) clarity on the 40 percent miff can bid on.

2) a revisit of the costs to adjust for equity.

Atlantic:

1) work with MiIF to confirm.

2) will go ok, we want more of the offtake, payments go down elevera 50 percent offtake or portfolio claim goes down. Higher costs to raise, but bigger share.

Somewhere they will meet in the middle.

MIIf engaged and government for these exact scenarios.

Mind you the Ghanaian government and MIIF could just walk in and say to wlevra, pay or leave. Which to be honest I think they would like to do 😂

Earn in being key, don’t put up cash Atlantic can start to dilute their 22.5 percent stake.

@ceejay101 the three things elevra called out. Finances, Market and JV structure (equity).

It’s point 3, they are blocking on not technical designs, that were done last year.

Or Atlantic?

@ceejay101 what is the obsession with optimisation? Can you pin point where exactly eleven have stated this is blocked?

@swest42 it’s even more ridiculous when you factor.

The 6.44bn, could easily treble to 19bn, as ewooya could easily double, and cotes has similar strikes lengths showing as Ewooya as it has the same geology.

But let’s panic about 185 million mine.

This disconnect between reality and the share price.

The company is sitting on 36.8 million tons of Lithium at 1.24%. @ $2445 a ton that’s 8.4 billion. Or 6.4 billion after AISC.

@Justathought we all know, if you want to deck with a plan just tell god, or anyone.

It’s the rules!

I would also possible like, a partner that owes us a favour and Ghana!

What the figures show is how much money is on the table. Compare their AISC and Price against Atlantic , jeeez.

@Justathought I don’t disagree., but it is funny how the tables have turned.

To me it seems like Elevra are trying to save face with shareholders/market while more than likely eating some humble pie in the background and attempting to align timescales with cash flow.

the corporate game of bs and chess, also explains the we love the atlantic guys 😂, please be nice atlantic 😂

quick ai/*** packet calculation, they really wanted another quarter. if they run for another quarter at higher price per ton which they will, then they can cover nal obligations, debt and fund ewooya.

if li prices run as is 2-2.5k for rest of the year they have no real issues at all.

Says it all really, also says why they need Ewooya

Elevera Quarterly:

Key Pricing and Financial Details (March 2026 Update):

Average Realized Price: US$1,453/dmt (Q3 FY26).

Unit Operating Cost: US$884/dmt.

Cash Position: US$113 million at March 2026 quarter end.

Production Volume: 47,332 dry metric tonnes (dmt) of spodumene concentrate produced.

Sales Volume: 55,526 dmt of spodumene concentrate sold.

For the June 2026 quarter, the company expects sales to be priced based on market prices from October 2025 to March 2026, which marks the end of their legacy contract with a lagged pricing mechanism