Elevra Lithium to sell Ewoyaa Lithium Project in Ghana to Huayou for $71M

Elevra Lithium (ELVR) announced that it has entered into an agreement to sell its interest in the Ewoyaa Lithium Project in Ghana to Huayou. Upon closing of the transaction, expected in Q1, Elevra will receive approximately $71M in cash. Under the terms of the agreement, Huayou has agreed to purchase all of Elevra’s rights and interests, inclusive of Elevra’s offtake rights, in the Ewoyaa Project. As announced to the ASX, Huayou has entered into a binding scheme implementation deed with Atlantic Lithium to acquire 100% of Atlantic’s interest in the Ewoyaa Project via a scheme of arrangement for $210M in cash, payable at closing. Elevra currently owns 32,517,598 shares in Atlantic, or approximately 4.1% of the outstanding shares. Importantly, Huayou’s acquisition of Elevra’s interests in the Ewoyaa Project is not contingent on Huayou’s acquisition of Atlantic Lithium. Selling its interests in the Ewoyaa Project allows Elevra to sharpen its focus on core North American assets while simplifying the corporate and operational structure by removing complexities associated with Ewoyaa’s joint venture ownership framework and offtake arrangements. The sale also eliminates Elevra’s ongoing funding commitment to develop the Ewoyaa Project. Completion of Elevra’s transaction with Huayou remains subject to Ghanaian regulatory approvals and is expected to be completed by the end of Q1.