Huayou Cobalt: Intends to Acquire 1.4 Billion Overseas Lithium Mining Enterprises

6, Huayou Cobalt Industry (603799. The company and Atlantic Lithium Limited (hereinafter referred to as "Atlantic Lithium") signed the "Scheme Implementation Contract" and related agreement annexes, intending to acquire 100% of the issued and to-be-issued shares of Atlantic Lithium. The consideration for the

acquisition of 100% equity interest in Atlantic Lithium is US $210 million (equivalent to RMB1.429 billion, excluding capital gains tax), and the final acquisition price will be determined according to the application for capital gains tax by the Ghana Revenue Authority (GRA). After the completion of this

transaction, the company will acquire 100% equity of the target company, and Atlantic Lithium Industry will be included in the scope of the company's consolidated statements.

It is reported that Atlantic Lithium is a lithium company listed on the AIM market of the London Stock Exchange, the Australian Stock Exchange and the Ghana Stock Exchange, headquartered in Australia, whose main business is lithium exploration and development in the African market. The core asset is the Ewoyaa Lithium Project in Ghana.

Atlantic Lithium has released the final feasibility study report of Ewoyaa Lithium Mine Project in July 2023, demonstrating that Ewoyaa Lithium Mine has excellent commercial development value. The project obtained the mining lease in October 2023, obtained the permission of the Environmental Protection Agency (EPA) in September 2024, and obtained the mine operation license in October 2024. In March 2026, the mining lease was formally approved by the Parliament of Ghana, which is the first lithium mining lease approved by the Parliament of Ghana.

The Ewoyaa Lithium Project is located in the Central Region of Ghana, about 100 km southwest of Accra (the capital) and about 110 km from Takoradi. According to the JORC standard, the total mineral resources are 36.8 million tons, with a lithium oxide grade of 1.24%, equivalent to 1.127 million tons of lithium carbonate equivalent (LCE); of which, the proven resources are 3.7 million tons, with a lithium oxide grade of 1.37%, equivalent to 125,000 tons of LCE; Indicated resource is 26.1 million tons, lithium oxide grade is 1.24%, equivalent to 799,000 tons LCE; inferred resource is 7 million tons, lithium oxide grade is 1.15%, equivalent to 199,000 tons LCE.

Huayou Cobalt said that the acquisition of Atlantic Lithium is an important step for the company to deepen the distribution of overseas resources, which will further enhance the company's self-sufficiency rate of lithium resources and supply chain security and resilience, enhance the advantages of industrial integration, and enhance its comprehensive competitiveness, in line with the company's development strategy.