Elevra (ELVR) signs non-binding MoU for major spodumene offtake to Mangrove

Rhea-AI Filing Summary

Elevra Limited has signed a non-binding Memorandum of Understanding with Mangrove Lithium to negotiate a future offtake agreement for spodumene concentrate from the North American Lithium operation. The potential agreement could see Elevra supply up to 144,000 tonnes per year at market-related prices, subject to a floor and ceiling.

The proposed term is five years from 2028, ramping to 144,000 tonnes per annum by 2030, representing about 46% of estimated sales volumes. A binding deal depends on Mangrove making a final investment decision before June 2027 on a lithium conversion facility in Eastern Canada and agreement on definitive terms.

Insights

Mining and battery materials analyst

Elevra outlines a sizeable, but conditional, future offtake path with Mangrove.

Elevra and Mangrove Lithium plan to negotiate a definitive agreement for spodumene concentrate from North American Lithium. The non-binding MoU contemplates up to 144,000 tonnes per year over five years starting in 2028, with pricing linked to market levels under a floor and ceiling.

This potential volume would represent about 46% of estimated sales volumes by 2030, which could help underpin future cashflow if a binding contract is executed. However, the arrangement depends on Mangrove making a final investment decision before June 2027 and both parties agreeing final terms, so execution risk remains.

Mangrove’s plan to process concentrate in Eastern Canada into battery-grade lithium hydroxide aligns with Canadian critical minerals and battery supply chain goals. Investors may pay attention to Mangrove’s test work on NAL spodumene, with results expected in Q3 CY26, and its progress toward a larger conversion facility.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2026

Commission File Number 001-42819

ELEVRA LITHIUM LIMITED

(Translation of registrant’s name into English)

Level 28,

10 Eagle Street

Brisbane, Queensland 4000

Australia

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F  ☒ Form 40-F  ☐

ASX ANNOUNCEMENT

10 February 2026

Elevra Signs Non-Binding Memorandum of Understanding for Spodumene Concentrate offtake with Mangrove Lithium

North American lithium producer Elevra Lithium Limited (“Elevra”) (ASX:ELV; NASDAQ:ELVR) is pleased to announce that it has signed a non-binding Memorandum of Understanding (“MoU”) to supply Mangrove Lithium (“Mangrove”) with spodumene concentrate produced at North American Lithium (“NAL”). A binding definitive agreement between Elevra and Mangrove may be signed at a future date, subject to Mangrove making a final investment decision prior to June 2027 for construction of a lithium conversion facility and agreement on the final terms of the agreement.

Under the terms of the non-binding MoU, Elevra and Mangrove intend to negotiate a definitive agreement under which Elevra could supply up to 144,000 tonnes per year of spodumene concentrate to Mangrove at market related prices, subject to a floor and ceiling price, which would support positive cashflow generation for NAL at any point in the pricing cycle.

The proposed supply would be for an initial period of five (5) years, commencing in 2028 and ramping up to 144,000 tonnes per annum by 2030, which would represent approximately 46% of estimated sales volumes. Mangrove intends to process the spodumene concentrate in Eastern Canada into battery-grade lithium hydroxide to support the establishment of a resilient, domestic battery supply chain in Canada. Mangrove’s facility would have the capacity to produce 20,000 tonnes of battery-grade lithium a year, which is the equivalent to 500,000 EVs.

Mangrove have demonstrated the viability of their lithium conversion process in a pilot plant located in Delta, Canada. Test work is being completed on NAL spodumene and results are expected in Q3 CY26. Alongside the pilot plant, Mangrove has constructed and commissioned North America’s first commercial electrochemical lithium refining plant, with a 1,000 tonnes per annum capacity, which will be used for customer product qualification programs.

Mangrove recently announced an US$85 million financing round led by Canada Growth Fund, with support from returning investors Breakthrough Energy, and BMW i Ventures. Other key supporters include Mitsubishi Corporation, Orion Industrial Ventures, Export Development Canada, InBC, Asahi Kasei, and BDC Capital. Mangrove’s proprietary refining platform eliminates solid waste byproducts and leverages low-cost, low-carbon electricity, delivering both environmental benefits and a structurally more cost-competitive alternative to conventional lithium refining.

Elevra’s Managing Director and Chief Executive Officer, Lucas Dow, said: “Signing this non-binding Memorandum of Understanding with Mangrove marks an important step in strengthening our commercial position while supporting the Canadian Government’s priority to build a secure critical minerals supply chain. Mangrove have achieved impressive results from their Pilot Plant and continue to refine their process efficiency.

ELEVRA LITHIUM • Level 3, 10 Eagle Street • Brisbane QLD 4000 • Australia
+61 7 3369 7058 • info@elevra.com • ASX:ELV | NASDAQ:ELVR • ABN 26 091 951 978	elevra.com

“By supplying North American Lithium’s production to a local partner, we expect to improve our cost efficiency and reinforce the competitiveness of our operations.”

Mangrove Chief Commercial and Strategy Officer, Annie Liu, said: “Partnering with Elevra to source Canadian spodumene concentrate is a natural strategic fit for Mangrove. Today, most lithium refining happens overseas, resulting in the loss of downstream value from Canada’s raw resources. By locating conversion close to the feedstock, we enhance supply chain security, support the creation of high-value domestic jobs, and advance Canada’s Critical Minerals Strategy.

“This collaboration supports the development of a resilient, end-to-end lithium supply chain in Canada, reducing reliance on overseas processing and anchoring greater economic and strategic value domestically. In addition, Mangrove’s electrochemical refining process leverages Québec’s low-cost, low-carbon hydroelectric power, delivering a structurally cost-competitive solution while materially reducing the carbon footprint of lithium conversion”.

Strategic Benefits for Elevra

This non-binding MoU is an important commercial milestone that aligns Elevra with a potential local downstream partner - which could improve the economics of NAL. Key benefits are anticipated to include:

• Reduced freight and logistics costs by supplying spodumene concentrate to a local converter, creating one of the shortest mine-to-chemicals supply chains in the industry;

• A pricing framework which includes a floor price (and associated ceiling price) that underpins cashflow generation across market cycles while maintaining considerable leverage to lithium prices; and

• A potential long-term offtake customer for increased annual output from the NAL Brownfield Expansion.

Strengthening Canada and Québec’s Battery Ecosystem

Collaboration between Elevra and Mangrove directly supports the Government of Québec and Canada’s priorities to accelerate the production of domestic battery materials and create end-to-end supply chains. Converting Elevra’s spodumene concentrate in Québec would minimise the need for long-distance transport, is likely to reduce emissions and would anchor more value-added processing within Canada.

Partnership with a Canadian Innovator

Mangrove is a Canadian company, backed by a strong group of global strategic investors, creating a modular, scalable, electrochemical refining platform that converts a wide variety of feedstocks directly into battery-grade lithium hydroxide, eliminating complex and costly steps from conventional lithium processing technologies. The modular platform allows for lithium refining operations to be established near the point of feedstock extraction or battery manufacturing.

For more information about Mangrove, please visit their website at: www.mangrovelithium.com

Announcement authorised for release by Elevra’s Board of Directors.

ELEVRA LITHIUM 2

About Elevra Lithium

Elevra Lithium Limited is a North American lithium producer (ASX:ELV; NASDAQ:ELVR) with projects in Québec, Canada, United States, Ghana and Western Australia.

In Québec, Elevra’s assets comprise North American Lithium (100%) and a 60% stake in the Moblan Lithium Project in Northern Québec. In the United States, Elevra has the Carolina Lithium project (100%) and in Ghana the Ewoyaa Lithium project (22.5%) in joint venture with Atlantic 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 For more information, please contact:

Andrew Barber

Investor Relations

PH: +617 3369 7058

ELEVRA LITHIUM 3

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ELEVRA LITHIUM LIMITED
Date: February 11, 2026	By:	/s/ Dylan Roberts
		Name: Dylan Roberts
		Title: Company Secretary and General Counsel

FAQ

What did Elevra (ELVR) announce in its February 2026 Form 6-K?

Elevra announced a non-binding Memorandum of Understanding with Mangrove Lithium to negotiate a future offtake agreement. The potential deal covers spodumene concentrate from North American Lithium, with contemplated multi-year volumes and market-related pricing subject to floor and ceiling levels.

How much spodumene concentrate could Elevra supply to Mangrove Lithium?

Under the non-binding MoU, Elevra and Mangrove intend to negotiate for Elevra to supply up to 144,000 tonnes per year of spodumene concentrate. This volume would ramp up and is expected to represent approximately 46% of estimated sales volumes by 2030 if a binding agreement is executed.

When would the potential Elevra–Mangrove offtake agreement start and how long could it run?

The contemplated supply term is an initial five-year period, commencing in 2028. Volumes are expected to ramp up to 144,000 tonnes per annum by 2030, subject to Mangrove’s final investment decision and both parties agreeing definitive binding terms before the arrangement starts.

What conditions must be met before Elevra’s MoU with Mangrove becomes a binding agreement?

A binding definitive agreement may be signed only after Mangrove makes a final investment decision before June 2027 to construct a lithium conversion facility. The parties must also agree on final commercial terms, including pricing and volumes, before the offtake becomes legally binding.

How does the Elevra–Mangrove MoU support Canada’s battery supply chain?

The MoU envisions converting North American Lithium’s spodumene concentrate in Québec into battery-grade lithium hydroxide. This local processing aims to minimise long-distance transport, enhance domestic critical minerals supply chains, create high-value jobs, and align with Québec and Canada’s battery ecosystem priorities.

What lithium refining capabilities does Mangrove Lithium bring to its collaboration with Elevra?

Mangrove has demonstrated its electrochemical lithium conversion process in a pilot plant in Delta, Canada, and built North America’s first commercial electrochemical lithium refining plant with 1,000 tonnes per annum capacity. This platform converts various feedstocks directly into battery-grade lithium hydroxide using low-carbon hydroelectric power.