ASX- and Aim-listed Atlantic Lithium has ceased discussions with an interested buyer wanting to acquire all the issued share capital of the company.

Atlantic recently received a conditional, nonbinding indicative change of control proposal for the acquisition of its share capital by way of a scheme of arrangement.

The company appointed Canaccord Genuity and Hopgood Ganim Lawyers to assist with the assessment of the proposal.

Atlantic confirms that all discussions related to such a deal have been halted as the proposal did not fully encompass the true potential of the company, its asset portfolio and the underlying demand trajectory for lithium products.

The board believes the recent improvement in lithium prices, which has seen spodumene concentrate prices rise from $800/t in October 2025 to current levels of about $1 900/t, reflects strong underlying demand for lithium across the electric vehicle (EV) and battery energy storage system (BESS) sectors over the medium to long term.

“As one of few pre-construction hard-rock lithium projects at an advanced stage of permitting, with offtake still uncommitted, the board believes [the Ewoyaa project, in Ghana] represents a highly attractive source of supply for the EV and BESS supply chain.

“As we advance the project beyond the completion of permitting, we believe the project presents numerous milestones for further value creation,” says Atlantic CEO Keith Muller.

Meanwhile, the company awaits ratification of the Ewoyaa lithium mining licence, which the company submitted a revised version of to the Ghanaian Parliament in December.

The company’s shares have been suspended from trading since February 19 in anticipation of the granting of the mining licence.

The company understands that various government meetings have taken place to consider the ratification of the mining licence, but is not yet aware of the outcome of the discussions nor has it received formal confirmation.

Atlantic continues to support due Parliamentary process where possible and remains confident that the ratification will be forthcoming.

Ewoyaa will be Ghana’s first lithium-producing mine, with the project holding a 36-million-tonne resource of lithium oxide grading 1.24%.