ATLANTIC LITHIUM LIMITED. (A11)
Share Price Analysis and Chart

30/03/2026

3

Upgrade to Neutral from Underperform

$0.32

1.59%

Macquarie has raised its 2026 commodity price forecasts, with the largest increases for thermal coal up 29%, aluminium up 26%, metallurgical coal up 15%, gold up 7%, iron ore up 6% and copper up 3%.

In the near term, the broker is overweight thermal coal, aluminium, metallurgical coal and nickel relative to consensus, while remaining even-weight on copper, iron ore, zinc, lithium, gold, silver and manganese.

Alumina is the only commodity where Macquarie is underweight.

The broker’s Australian dollar forecast is around 6% stronger than consensus. While higher prices support earnings, higher FX and fuel costs offset some of the benefit, the analyst explains.

Macquarie upgrades Atlantic Lithium to Neutral from Underperform and raises the target to $0.32 from $0.24, given higher longer-term lithium prices have improved the project valuation and the return outlook.

This is a summary of research produced by Macquarie on March 27.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.70 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -1.70 cents.

05/05/2026

1

Speculative Buy

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Canaccord Genuity reiterates its Speculative Buy rating and 43p target price for Atlantic Lithium following the release of its March quarter activities report.

The broker notes the company remains comfortably funded to reach a Final Investment Decision (FID) at its Ewoyaa project, supported by a healthy cash balance of $13.9m at the end of March following a recent capital raise.

Project technical committees are currently evaluating alternative development pathways to optimise initial project scale or secondary product quality through a potential flotation stage.

While joint venture partner Elevra Lithium ((ELV)) has publicly expressed a desire to amend the existing funding structure to be more equitable, Canaccord Genuity believes a strong lithium market remains supportive of traditional debt or equity alternatives.

The broker's base case assumes Ewoyaa receives construction approval by the end of 2026, with initial production targeted for late 2028.