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

16/06/2026

3

Neutral

$0.35

14.75%

Lithium prices may have corrected more than 15% from the peak in early May yet Macquarie remains constructive on market fundamentals.

The broker updates its price forecasting methodology, and higher spodumene and lithium carbonate price assumptions drive material upgrades to earnings estimates across lithium-exposed coverage for the next few years.

Neutral rating retained for Atlantic Lithium while the target increases to $0.35 from $0.32. No changes are made to production or physical assumptions.

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.

03/05/2026

1

Speculative Buy

-

-

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.