Elevra Lithium (ASX:ELV) said approvals from the Ghanaian Government for Zhejiang Huayou Cobalt's proposed $71 million acquisition of its interests in the Ewoyaa Lithium Project remain outstanding, with both parties continuing to engage with authorities, according to a Thursday filing with the Australian bourse.

Under the agreement, if the required approvals are not obtained by Oct. 30, Huayou may either proceed with the deal or terminate it by paying a $5 million break fee, except where the Ghanaian Government rejects the application, in which case no break fee will be due, per the filing.

Meanwhile, Huayou has secured Australia's Foreign Investment Review Board approval for its proposed acquisition of Atlantic Lithium, with the transaction still subject to other conditions, the filing added.