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

01/06/2026

3

Neutral

$0.32

Macquarie has observed increased speculative activity on the Guangzhou Futures Exchange, which may be the reason for higher futures price volatility, suggesting the market reflects investor sentiment more than fundamentals.

The analyst reckons spodumene prices could "whipsaw" in the short term following the recent correction. Zimbabwe spodumene is expected to rally in July and August after declining over May and June.

The restart of Bald Hill and Ngungaju could further weigh on sentiment in 3Q26.

Macquarie's channel checks infer around RMB200k/t or US$28,500/t LCE is considered a price point at which Southeast Asia and domestic China will encounter pressure.

Atlantic Lithium is Neutral rated with a 32c target.

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.