Elevra Lithium Announces Agreement to Sell Ewoyaa Project Interest
Elevra Lithium (NASDAQ:ELVR, ASX:ELV) agreed to sell its entire interest, including offtake rights, in the Ewoyaa Lithium Project in Ghana to Zhejiang Huayou Cobalt for approximately US$71 million in cash before fees and taxes.
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Rhea-AI Summary
Elevra Lithium (NASDAQ:ELVR, ASX:ELV) agreed to sell its entire interest, including offtake rights, in the Ewoyaa Lithium Project in Ghana to Zhejiang Huayou Cobalt for approximately US$71 million in cash before fees and taxes.
Completion is subject to Ghanaian regulatory approvals and is expected by the end of Q1 FY27, enabling Elevra to focus on core North American assets, simplify its portfolio, and remove ongoing Ewoyaa funding obligations.
Positive
- US$71 million gross cash proceeds expected at closing in Q1 FY27
- Eliminates ongoing development funding commitments for the Ewoyaa Project
- Allows sharper strategic focus on core North American lithium assets
- Simplifies corporate and operational structure by exiting Ewoyaa joint venture and offtake
- Proceeds expected to support advancement of other growth projects
Negative
- Loss of future exposure to the Ewoyaa Lithium Project in Ghana
- Transaction completion depends on obtaining Ghanaian regulatory approvals
Details
News Market Reaction – SYAXF
On May 11, the first trading day after this news, SYAXF closed 2.73% above the previous close.
Data tracked by StockTitan Argus for the May 11 session.
Key Figures
- Ewoyaa sale proceeds
- US$71 million
- Cash consideration before fees and taxes, expected at closing Q1FY27
- Atlantic Ewoyaa deal value
- US$210 million
- Cash payable at closing for 100% of Atlantic’s Ewoyaa interest
- Atlantic shares held
- 32,517,598 shares
- Elevra’s shareholding in Atlantic Lithium Limited
- Stake in Atlantic
- 4.1%
- Approximate percentage of Atlantic’s outstanding shares owned by Elevra
- Record quarterly revenue
- US$81.0M
- March 2026 quarter revenue, up 22% QoQ
- YTD revenue
- US$167M
- Year-to-date revenue reported in March 2026 quarter
- Cash balance
- US$113M
- Cash position at end of March 2026 quarter
- Spodumene production
- 47,332 dmt
- March 2026 quarter production at 5.0% grade
Historical Context
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Record quarterly revenue, higher production, strong cash and reaffirmed guidance.
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Scheduled March 2026 quarterly release and investor webcast details.
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Non-binding MoU for significant long-term spodumene concentrate offtake.
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Record revenue but weaker recoveries, lower production and revised FY26 guidance.
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Quarterly report timing and change of presentation currency to USD.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
offtake rights financial
scheme implementation deed regulatory
scheme of arrangement regulatory
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BRISBANE, Australia, May 11, 2026 (GLOBE NEWSWIRE) -- North American lithium producer Elevra Lithium Limited (“Elevra” or “Company”) (ASX:ELV; NASDAQ:ELVR) is pleased to announce that it has entered into an agreement to sell its interest in the Ewoyaa Lithium Project (“Ewoyaa Project”) in Ghana to Zhejiang Huayou Cobalt Co, Ltd. (“Huayou”). Upon closing of the transaction, expected in Q1FY27, Elevra will receive approximately US
Under the terms of the agreement, Huayou has agreed to purchase all of Elevra's rights and interests, inclusive of Elevra's offtake rights, in the Ewoyaa Project. As announced to the ASX1, Huayou has entered into a binding Scheme Implementation Deed with Atlantic Lithium Limited (ASX:A11) (“Atlantic”) to acquire
Selling its interests in the Ewoyaa Project allows Elevra to sharpen its focus on core North American assets while simplifying the corporate and operational structure by removing complexities associated with Ewoyaa's joint venture ownership framework and offtake arrangements. The sale also eliminates Elevra's ongoing funding commitment to develop the Ewoyaa Project.
Proceeds from the transaction will provide Elevra with additional financial flexibility and are expected to support the advancement of the Company's other growth projects to create long-term shareholder value.
Completion of Elevra’s transaction with Huayou remains subject to Ghanaian regulatory approvals and is expected to be completed by the end of Q1FY27.
Elevra’s Chief Executive Officer and Managing Director, Lucas Dow, said: “The sale of our interest in the Ewoyaa Project improves financial flexibility and allows us to sharpen our strategic focus on our North American assets. Importantly, it removes onerous development funding obligations and simplifies our portfolio by eliminating the structural complexities associated with Ewoyaa's ownership structure. The US
BMO Capital Markets’ acted as financial advisor in respect of the transaction.
| Announcement authorised for release by Elevra’s Board of Directors. |
About Elevra Lithium
Elevra Lithium Limited is a North American lithium producer (ASX:ELV; NASDAQ:ELVR) with projects in Québec, Canada, United States, and Western Australia.
In Québec, Elevra’s assets comprise North American Lithium (
In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium.
For more information, please visit us at www.elevra.com
1 Atlantic Lithium Limited announcement dated 7 May 2026 titled “Atlantic Lithium enters into a Binding Scheme of Implementation Deed with Zhejiang Huayou Cobalt”.
For more information, please contact: Andrew Barber Investor Relations PH: +617 3369 7058
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