Page 1

ATLANTIC LITHIUM AIM : ALL , ASX : A 11 , GSE : ALLGH 31 July 2026 Quarterly Activities and Cash Flow Report for the quarter ended 30 June 2026 Atlantic Lithium progresses Conditions Precedent in accordance with binding Scheme Implementation Deed with Zhejiang Huayou Cobalt Co. , Limited Atlantic Lithium Limited ( AIM : ALL , ASX : A11 , GSE : ALLGH , “ Atlantic Lithium " or the " Company " ) , the Africa - focused lithium exploration and development company targeting the delivery of Ghana's first lithium mine , is pleased to release its Quarterly Activities and Cash Flow Report for the period ended 30 June 2026 . Highlights Corporate : On 7 May 2026 , Atlantic Lithium announced that it had entered into a Scheme Implementation Deed ( " SID " ) with Zhejiang Huayou Cobalt Co. , Limited ( " Huayou " ) , under which Huayou has agreed to acquire all of the issued shares in Atlantic Lithium by way of an Australian scheme of arrangement ( " Scheme " ) ¹ . о O ○ о If the Scheme is implemented , Atlantic Lithium shareholders will receive an all - cash consideration of US $ 0.25486 per share ( A $ 0.354 per share / £ 0.188 per share ) ¹ . The Scheme remains subject to various conditions including approval by the requisite majority of Atlantic Lithium shareholders at a meeting of shareholders to be called to vote on the Scheme and other customary conditions¹ . The Atlantic Lithium Board continues to unanimously recommend that shareholders vote in favour of the Scheme in the absence of a superior proposal and subject to an independent expert concluding ( and continuing to conclude ) that the Scheme is in the best interests of Atlantic Lithium shareholders . Subject to these same qualifications , each member of the Atlantic Lithium Board intends to vote all Atlantic Lithium shares held or controlled by them in favour of the Scheme . A Scheme Booklet containing important information in relation to the Scheme , including reasons for the unanimous recommendation of the Atlantic Lithium Board and an independent expert's report , is expected to be sent to the Atlantic Lithium shareholders in October 2026. A meeting of the Atlantic Lithium shareholders to approve the Scheme is expected to be held in November 2026 , with implementation of the Scheme expected to occur in December 2026 . On 11 May 2026 , Atlantic Lithium announced that it had provided its consent under an agreement for Elevra Lithium Limited ( " Elevra " ) to sell all of its rights and interests in respect of the agreements relating to the Company's Ewoyaa Lithium Project ( " Ewoyaa " or the " Project " ) in Ghana ( " Project Agreement " ) to Huayou ( " Novation Agreement " ) . x " ) in Ghana ( " Project A Upon completion of the Novation Agreement , Huayou has agreed that the development costs conditions precedent are deemed to be satisfied or otherwise waived . Accordingly , Huayou will begin sole funding the Project's development costs up to the remainder of the sole funding obligations under the Project Agreement . Atlantic Lithium Limited ACN : 127 215 132 AIM : ALL , ASX : A11 , GSE : ALLGH Registered Address Level 17 Angel Place 123 Pitt Street Sydney NSW 2000 Australia Contact T : +61 2 8072 0640 E : info@atlanticlithium.com.au W : www.atlanticlithium.com.au