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

30/03/2026

3

Upgrade to Neutral from Underperform

$0.32

3.23%

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.

25/03/2026

1

Speculative Buy

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Atlantic Lithium has announced the full ratification of the mining lease for the Ewoyaa lithium project by the Ghana government. The company can now advance project funding and FID.

The next steps will be reporting on the second half optimisation in order to enhance economics amid periods of commodity price volatility.

Canaccord Genuity considers the ratification a significant positive for the company. Speculative Buy rating and 37p target unchanged.