Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Elevra Lithium Progresses Ewoyaa Divestment While Awaiting Ghanaian Government Sign-Off
Highlights
Sale Process Continues to Move Forward
On 1 October 2026, Elevra Lithium Limited (ASX: ELV) updated the market on its planned divestment of the Ewoyaa Lithium Project in Ghana. The proposed acquisition would be undertaken by Zhejiang Huayou Cobalt Co., Ltd., which is seeking to acquire Elevra’s interest in the project, the approval process with the Ghanaian Government has not yet concluded. Meanwhile, Huayou has secured FIRB approval for its proposed acquisition of Atlantic Lithium Limited (ASX: A11), in a separate transaction.
Under the agreement struck earlier, Elevra will hand over every right and interest it holds in Ewoyaa, together with the related offtake rights. In return, Huayou will pay roughly US$71 million in cash, before fees and taxes. The deal cannot complete until the Ghanaian Government grants the necessary approvals. Based on the market data provided, Elevra shares were changing hands at AU$5.385 on 6 October 2026, a rise of AU$0.054 or 1.031%.
30 October Deadline Shapes Next Steps
The current terms give Huayou two choices if the Ghanaian approvals have not come through by 30 October 2026. It may go ahead with the purchase and pay the consideration of about US$71 million. Alternatively, it may walk away from the agreement, in which case it owes Elevra a break fee of US$5 million. There is one exception: no break fee applies if the Ghanaian Government turns down Huayou's application on or before that date.
Elevra reported that Huayou is still engaging with the relevant authorities in Ghana on the approvals. Elevra is assisting Huayou so that the transaction can be completed.
FIRB Clearance Supports Huayou's Wider Ewoyaa Plans
In a separate move, Huayou is seeking to acquire Atlantic Lithium, the owner of the remaining private-sector stake in the Ewoyaa Project. That acquisition is structured as a Scheme of Arrangement and now has FIRB approval. Several conditions still need to be met or waived before the scheme can proceed, among them shareholder, court and regulatory approvals. Elevra stressed that its own sale to Huayou stands apart from the Atlantic Lithium deal. It does not depend on Huayou completing that acquisition.
The company plans to issue a further update when the transaction completes or when the Ghanaian approval process reaches a material development. Elsewhere in its portfolio, Elevra owns North American Lithium, a 60% interest in the Moblan Lithium Project in Québec, and the Carolina Lithium Project in the United States.
Note- All data presented is based on information available at the time of writing.
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