Atlantic Lithium Limited has walked away from takeover discussions as it awaits parliamentary ratification of the Mining Lease for the Ewoyaa Lithium Project, a decision that places Ghana’s approval process at the centre of the company’s valuation outlook.

In its corporate update published on the Ghana Stock Exchange on February 23, 2026, the company confirmed it had received a conditional, non-binding proposal for the acquisition of 100% of its shares, but has now ended exclusivity and negotiations without reaching an agreement.

The Board determined that the proposal did not fully reflect the value potential of the Ewoyaa Project, particularly at a time when the Mining Lease is before Parliament.

Ghana’s Parliamentary decision is now critical

The ratification of the Mining Lease by Ghana’s Parliament is viewed by the company as a major de-risking milestone. Parliament reconvened on February 3, 2026, and the Committee on Lands and Natural Resources met on February 12, to consider the Lease. However, the company says it has not received formal confirmation regarding the timing or outcome of the ratification.

Approval would clear a key legal hurdle for what is expected to become Ghana’s first lithium-producing mine, positioning the country within the global electric vehicle and battery supply chain.

Lithium prices rebound sharply

The decision to abandon takeover talks also comes amid a sharp recovery in lithium prices. Spodumene concentrate prices have risen from approximately US$800 per tonne in mid-October 2025 to around US$1,900 per tonne as of 19 February 2026, reflecting renewed demand from electric vehicle and battery energy storage markets.

The company believes improved sentiment in the lithium market strengthens the long-term economics of Ewoyaa and enhances future value creation potential beyond what was reflected in the takeover proposal. 

Broader West African portfolio in play

Beyond Ewoyaa, Atlantic Lithium holds 509 square kilometres of granted and under-application tenure in Ghana and 771 square kilometres in Côte d’Ivoire. While exploration activity has been curtailed to conserve cash, the Board maintains that the wider portfolio remains underexplored and prospective for further lithium discoveries.

With trading on the Australian Securities Exchange set to resume following a temporary halt, investor attention is now firmly fixed on Parliament’s next move ; a decision that could shape not only Atlantic Lithium’s trajectory but also Ghana’s entry into the global lithium production landscape.