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2026-11-06
◂ Monitor A11 ASX

Atlantic Lithium Limited

DFS Unfunded Developer · Lithium · GH · CI Rating locked: sign in to view v8.1 · a11-20261030t224354-full
Last 2026-11-06
A$0.325
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$260.5M
EV
A$252.8M
Cash
A$7.7M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$7.7M2025-09-30: 4,071,000 A$2025-12-31: 5,400,000 A$2026-03-31: 13,920,000 A$2026-06-30: 9,735,000 A$2026-09-30: 7,697,000 A$ Finite
Debt A$0 Net cash A$7.7M
Basic shares 801.5M 2026-10-27
Runway 7.6 quarters Issuer Appendix 5B measure includes the undrawn equity facility; cash alone covers approximately 1.28 quarters of A$6.0 million relevant outgoings.

Liquidity

Financial position

A$38.196 million of undrawn capacity is an equity facility, not cash or debt; drawings require eligible placement capacity and create dilution. Post-quarter deferred cash proceeds of about A$0.1 million are additional. Facility terms include a 5% commission, an AIM VWAP-based placement price, tranche limits and minimum price; amounts shown are not a guarantee of proceeds. The undrawn facilities field is left null because the disclosed capacity is a contingent dilutive equity placement, rather than a committed debt facility or cash equivalent; the facility terms remain described here.

Capital structure

Ownership and dilution

Ordinary shares
801.5M
Fully diluted
824M

Ordinary shares including the 6.5 million loan-funded shares rose from 693,147,313 at 30 June 2025 to 801,503,291 at 30 June 2026: 72,757,549 facility shares, 10,000,000 security shares, 25,380,709 strategic subscription shares and 217,720 performance-right shares. No change occurred through 27 October. The loan-funded shares are already in the ordinary count and must not be added again. Fully diluted shares mechanically add 10 million warrants and 12,484,063 rights; their exercise and scheme treatment need reconciliation. The 6,081,082 Class A Ghanaian investor warrants expired unexercised on 6 May 2026. Proposed Class B and C warrants were subject to shareholder approval; their issuance is not established. The 10 million Long State security shares already issued may ultimately be transferred, sold for the company or bought back and cancelled under the facility terms.

Security classes2
ClassTypeQuantityStrikeExpiry
Long State unquoted warrants, exercisable at GBP 0.128 and expiring on 12 November 2030Option10M—2030-11-12
Unquoted performance rightsPerformance Right12.5M——

KPI history

Operating metrics

Comparable series use a shared scale

Quarter-end cash and cash equivalents · Company · Point In Time

AUD

5 periods
  1. 2025-09-304,071,000 AUD
    Reported
  2. 2025-12-315,400,000 AUD
    Reported
  3. 2026-03-3113,920,000 AUD
    Reported
  4. 2026-06-309,735,000 AUD
    Reported
  5. 30 September 20267,697,000 AUD
    Reported
Operating metric source table5
MetricProjectPeriodPeriod typeValueStatus
Quarter-end cash and cash equivalentsCompany2025-09-30Point In Time4,071,000 AUDReported
Quarter-end cash and cash equivalentsCompany2025-12-31Point In Time5,400,000 AUDReported
Quarter-end cash and cash equivalentsCompany2026-03-31Point In Time13,920,000 AUDReported
Quarter-end cash and cash equivalentsCompany2026-06-30Point In Time9,735,000 AUDReported
Quarter-end cash and cash equivalentsCompany30 September 2026Point In Time7,697,000 AUDReported

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-30

Reviewed annual report, study, mining lease announcement and latest quarterly; underlying private royalty agreements and MIIF project status require further checking.

Huayou acquired the prior joint venture rights from Elevra independently of the takeover. It is to sole fund the remaining Stage 3 commitment, then share additional costs equally. The legal and government interests must be reconciled before converting these percentages to project cash flows.

Earn In · Active
Counterparties
Zhejiang Huayou Cobalt
Applies to
Ewoyaa Lithium Project · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Current Ghana portfolio interest: 22.5 %
Remaining sole development funding: 66 USD million
Incremental interest: 27.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Offtake rights transferred from Elevra. The 2026 financial statements describe pricing linked to prevailing lithium product prices; detailed formula is not public in the documents reviewed.

Offtake · Active
Counterparties
Zhejiang Huayou Cobalt
Applies to
Ewoyaa Lithium Project · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Share of annual spodumene concentrate: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

The ratified lease uses a sliding royalty tied to spodumene prices. The previous fixed 10% lease assumption and 5% DFS assumption are superseded.

Royalty · Active
Counterparties
Government of Ghana
Applies to
Ewoyaa Lithium Project · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
Up to US$1,500/t: 5 %
US$1,500 to US$2,300/t: 7 %
US$2,300 to US$3,200/t: 10 %
Above US$3,200/t: 12 %
How it affects our valuation

No valuation treatment is available for this arrangement.

The lease provides the government a 13% free carried interest once in production; the 2026 ratification states that other fiscal terms remain unchanged.

Free Carry · Conditional
Counterparties
Government of Ghana
Applies to
Ewoyaa Lithium Project · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
Free carried project interest: 13 %
How it affects our valuation

No valuation treatment is available for this arrangement.

The 2022 pre-feasibility study states a 1% life-of-mine royalty on Ewoyaa, Abonko and Kaampakrom receipts and an additional 1% capped at US$2 million. The 2023 study includes both. The original contracts and present counterparty remain to be reconciled.

Royalty · Active
Counterparties
Local joint venture partner
Applies to
Ewoyaa Lithium Project · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
First private royalty: 1 %
Second private royalty: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.

The 2023 project investment was proposed under non-binding heads of terms. Completion is not established by the current source set and it must not be treated as funded.

Strategic Partnership · Conditional
Counterparties
Minerals Income Investment Fund
Applies to
Ewoyaa Lithium Project · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Proposed project interest: 6 %
Proposed consideration: 27.9 USD million
How it affects our valuation

No valuation treatment is available for this arrangement.

Equity placement facility with tranche, VWAP pricing, minimum-price and other conditions; potential proceeds are dilutive and are not existing cash or debt.

Other · Active
Counterparties
Long State Investments
Applies to
Company-wide
Economic direction
Mixed
Period
From 2025-09-03; no end date stated
Key terms
Aggregate facility: 20 GBP million
Commission: 5 %
Minimum price: 0.06 GBP/share
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional cash scheme subject to shareholder, court, regulatory and other conditions, including the separate Barari transaction condition.

Other · Conditional
Counterparties
Zhejiang Huayou Cobalt
Applies to
Company-wide
Economic direction
Mixed
Period
From 2026-05-07; no end date stated
Key terms
Cash consideration: 0.25 USD/share
How it affects our valuation

No valuation treatment is available for this arrangement.