Elevra Lithium (NASDAQ: ELVR) wins backing for A$508M NAL expansion funding
Rhea-AI Filing Summary
Elevra Lithium Limited outlines a three-stage expansion of its North American Lithium (NAL) operation and reports strong shareholder backing at the 2026 Extraordinary General Meeting. Shareholders approved resolutions to ratify a prior institutional placement of 22,540,984 shares, approve Tranche 1 convertible notes to LCSC Holdings Inc. (Canada Growth Fund), ratify shares and options issued to Lithium Offtake Inc., and approve financial assistance under section 260B of the Corporations Act, all with voting support of about 99.7% on polls.
The company presents a phased debottlenecking and capacity expansion at NAL, targeting 4,500 tonnes per day in Stage 1 by mid‑CY2027, 6,500 tonnes per day in Stage 2 by CY2028 and a full crushing circuit upgrade in CY2029. An updated scoping study indicates annual spodumene concentrate capacity increasing from 194ktpa to about 338ktpa, a rise of approximately 74%, while average life‑of‑mine C1 costs are expected to fall by around 21%. The same study shows NAL’s post‑tax 8% NPV rising from US$1,587M to US$2,305M.
To fund this growth, Elevra has arranged a strategic financing package totalling A$508M, comprising a fully underwritten A$275M equity placement, A$146M of convertible notes from Canada Growth Fund and expected net proceeds of about A$87M from the agreed sale of its Ewoyaa Project interest. The company states this package fully funds the NAL expansion under current market conditions and also supports pre‑development work at the Moblan project. The Canada Growth Fund notes, issued in two tranches, include an upfront A$65M tranche convertible at A$17.17 per share and a conditional A$81M tranche convertible at a 30% premium to a future VWAP, which Elevra highlights as helping limit dilution while aligning capital deployment with project milestones.
Positive
- A$508M strategic financing package, including equity, convertible notes and asset-sale proceeds, is described as fully funding the staged NAL expansion under current market conditions, reducing funding uncertainty for a major growth project.
- Updated scoping work projects an 8% NPV (post-tax) for NAL rising from US$1,587M to US$2,305M after the expansion, indicating significantly higher projected project value.
- Annual spodumene concentrate capacity at NAL is expected to rise about 74% to 338ktpa while average life-of-mine C1 costs fall around 21%, which the company states will improve operating margins and cash-flow resilience.
Negative
- None.
Key Figures
Strategic Financing Package: A$508M
Equity Placement: A$275M
Canada Growth Fund Notes: A$146M
+5 more
8 metrics
Strategic Financing Package
A$508M
Total package of equity placement, convertible notes and Ewoyaa sale proceeds to fund NAL expansion
Equity Placement
A$275M
Fully underwritten institutional placement before fees to support NAL expansion funding
Canada Growth Fund Notes
A$146M
Strategic investment via two tranches of convertible notes supporting NAL expansion
Ewoyaa Net Proceeds
A$87M
Expected net proceeds from divestment of Ewoyaa Project interest, subject to transaction terms
NAL Production Capacity
338ktpa
Expected annual spodumene concentrate capacity after expansion versus 194ktpa base case
C1 Cost Reduction
21%
Projected decrease in average life-of-mine C1 cost of concentrate after NAL expansion
NAL Project NPV
US$2,305M
Post-tax 8% NPV for NAL post-expansion compared with US$1,587M base case
Placement Shares Issued
22,540,984 shares
Shares issued under the institutional placement later ratified by shareholders
Key Terms
spodumene concentrate, C1 Cost of Concentrate, convertible notes, offtake rights, +1 more
5 terms
spodumene concentrate technical
"increase in annual spodumene concentrate production capacity"
A processed rock product that concentrates spodumene, a mineral rich in lithium, which is then refined into lithium chemicals used to make rechargeable batteries. Think of it as the crude oil equivalent for lithium batteries: an early-stage raw material whose availability and price influence the cost and supply of battery-grade lithium. Investors watch spodumene concentrate as an indicator of future battery material supply, production costs, and the health of electric-vehicle and energy-storage supply chains.
C1 Cost of Concentrate financial
"C1 Cost of Concentrate Average LOM US$/dmt"
convertible notes financial
"Convertible notes issued to Canada Growth Fund A$146M"
Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.
offtake rights financial
"purchase these offtake rights and remove a life-of-mine commitment"
A contractual right allowing a buyer to purchase a future share or all of a producer’s output (such as minerals, energy, or manufactured goods) at agreed terms. Like pre-ordering and locking in supply from a factory, offtake rights give the seller predictable revenue and the buyer assured access to product. Investors watch them because they reduce sales risk, help secure project financing, and can materially affect a company’s future cash flow and valuation.
financial assistance under section 260B of the Corporations Act regulatory
"Approval of financial assistance under section 260B of the Corporations Act"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What expansion is Elevra Lithium (ELVR) planning at its North American Lithium (NAL) operation?
Elevra is pursuing a three-stage NAL expansion, lifting throughput to 6,500 tonnes per day and boosting annual spodumene concentrate capacity from 194ktpa to about 338ktpa. Stages run from mid‑CY2027 debottlenecking to a full crushing circuit upgrade in CY2029.
How much new funding did Elevra Lithium (ELVR) secure to support the NAL expansion?
Elevra has assembled a A$508M strategic financing package. It combines a A$275M fully underwritten institutional placement, A$146M of convertible notes from Canada Growth Fund, and approximately A$87M in expected net proceeds from selling its Ewoyaa Project interest.
How will the NAL expansion affect Elevra Lithium’s (ELVR) production and operating costs?
An updated scoping study indicates annual spodumene concentrate capacity increasing roughly 74%, from 194ktpa to about 338ktpa, once all stages are complete. Average life-of-mine C1 costs are expected to decrease by around 21%, improving margins and cash-flow potential over the project’s life.
What are the key terms of the Canada Growth Fund convertible notes for ELVR?
Canada Growth Fund will subscribe for A$146M in convertible notes across two tranches. The upfront A$65M tranche converts at A$17.17 per share, while the A$81M conditional tranche converts at a 30% premium to a future VWAP, subject to permitting and timing conditions.
How does the NAL expansion change Elevra Lithium’s (ELVR) project economics?
For the NAL project, post-tax 8% NPV is projected to increase from US$1,587M in the base case to US$2,305M after expansion. Combined with lower C1 costs and higher output, this supports Elevra’s view that the expansion enhances long-term value creation potential.
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 July 2026
Commission File Number 001-42819
ELEVRA LITHIUM LIMITED
(Translation of registrant’s name into English)
Level 3,
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 ☐
Elevra Lithium Limited (the “Registrant”) is filing the following exhibits on this Report on Form 6-K, each of which is hereby incorporated by reference:
Exhibit
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No.
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Description
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99.1
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Announcement filed by the Registrant with the Australian Securities Exchange on July 16, 2026 – 2026 Extraordinary General Meeting Chair Address and Slide Deck
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99.2
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Announcement filed by the Registrant with the Australian Securities Exchange on July 16, 2026 – 2026 Extraordinary General Meeting Results.
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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.
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ELEVRA LITHIUM LIMITED
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Date: July 17, 2026
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By:
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/s/ Dylan Roberts
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Name: Dylan Roberts
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Title: Company Secretary and General Counsel
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Exhibit 99.1
ASX ANNOUNCEMENT
16 July 2026
2026 Extraordinary General Meeting Chair Address
One of the most compelling drivers of the merger between Sayona Mining and Piedmont Lithium was the opportunity to unlock value that neither company could have achieved
independently, the North American Lithium Brownfield Expansion.
After exploring a single-step expansion, we challenged ourselves to find an approach that could be delivered more efficiently while reducing execution risk.
The result is a phased expansion strategy that increases production more quickly, requires less capital upfront by staging capital deployment and provides greater
flexibility throughout the life of the project.
The expansion will be delivered in three stages.
The first stage focuses on optimising the existing operation and increasing throughput to the currently permitted 4,500 tonnes per day milling throughput. We recently
announced a groundbreaking on the expansion and have placed orders for key equipment needed to deliver Stage 1 and the expected 15-20% increase in annual spodumene concentrate production capacity.
The second stage expands milling capacity to 6,500 tonnes per day through additional temporary crushing capacity combined with increased grinding and flotation capacity.
This stage will bring our production capacity to the expansion target of just under 340,000 tonnes per year and is expected to be completed in calendar year 2028.
Stage 3 completes the expansion by replacing the temporary mobile crushing utilised in Stage 2 with a larger crushing circuit aligned with the expanded mill feed
requirement and improved ore sorting capabilities. This is the stage where production capacity and lower unit operating costs are fully realised and become sustainable over the long term.
There are several advantages to this phased approach.
First, it allows us to deploy capital progressively rather than all at once.
Second, it shortens the timeline to increased annual production. Instead of waiting for a single, large construction project and permitting to be completed before
realising any benefits, each phase delivers incremental production as it comes online. That means shareholders begin to see returns sooner.
Third, it substantially reduces execution risk. Each stage builds on proven operating infrastructure and incorporates learnings from the previous phase. This allows us
to manage technical, construction and market risks in a much more disciplined way than a single-step expansion.
Ultimately, this project reflects exactly what we set out to achieve through the merger –delivering greater value than either company could have achieved independently.
Turning to slide 5, we’ll look at the key benefits of the NAL Expansion as outlined in our Updated Scoping Study1.
The NAL Brownfield Expansion is not simply about increasing production. It is also about creating a larger, lower-cost, more resilient business that
is positioned to generate sustainable returns for shareholders.
The Scoping Study released in May 2026 demonstrates why we are excited about this opportunity.
Compared to maintaining the operation at its current scale, the study outcomes show that investing in the expansion delivers meaningful improvements in production,
operating costs and cash generation which should translate into value creation.
Once all three stages are complete, annual spodumene concentrate production capacity is expected to increase by approximately 74% compared to today’s operation.
Perhaps more importantly, unit operating costs are expected to decrease by around 21%.
Given the staged development approach, these benefits are not deferred until the end of the project. As each stage is completed and commissioned, production will
increase incrementally while unit costs begin to decline.
This combination of higher production and lower production costs means that we can simultaneously produce more tonnes while improving operating margins. Together, this
will strengthen the resilience of the business through all phases of the lithium price cycle.
In summary, this is exactly the type of project we want to invest in. This expansion builds on an existing asset, delivers attractive incremental returns and strengthens
the Company's long-term competitive position.
As we outline on slide 6, we successfully compiled a financing package which allows us the ability to plan confidently and execute decisively.
We raised A$275 million before fees through a fully underwritten equity placement to institutional investors.
The financing also includes a A$146 million strategic investment from Canada Growth Fund through convertible notes, reflecting its confidence in
both the NAL expansion and Elevra’s long-term role in building a secure North American critical minerals supply chain.
Additionally, we entered into an agreement to divest our interest in the Ewoyaa Project in Ghana and subject to satisfaction of its terms, expect to receive
approximately A$87 million in net proceeds. While we continue to believe Ewoyaa is a high-quality asset, its joint venture structure added complexity to our growth portfolio and the sale allows us to redeploy capital toward our core North American
opportunities.
1 ASX announcement dated 12 May 2026 entitled "Updated NAL expansion scoping study defines faster growth and lower costs".
This financing package fully funds the NAL Expansion under current market conditions and by securing the necessary funding upfront, we can focus our attention on
execution and delivering the project safely, on schedule and within budget.
The capital raise strengthens our balance sheet and preserves financial flexibility.
We anticipate that the lithium industry will continue to experience periods of volatility, and maintaining a strong liquidity position allows us to manage through
commodity price cycles while continuing to operate from a position of strength. It also provides the capacity to evaluate and pursue value-creating opportunities as they arise, rather than being constrained by our capital structure.
The financing is also expected to support a faster path to growth.
Approval today of the proposed funding arrangements mean we can progress the staged NAL expansion in line with our development schedule rather than pacing investment or
pausing development around future financing events. We anticipate that this will allow us to bring additional production online sooner and begin realising the operational and financial benefits of the expansion earlier.
Importantly, funding the NAL Expansion does not come at the expense of the rest of our portfolio. This capital raise actually opens the door for us to invest further in
our growth portfolio, specifically in the Moblan project.
Moblan remains one of the highest quality and scalable undeveloped hard rock lithium projects in North America, and we are continuing the technical studies, permitting
and development work needed to position the project for a final investment decision. That FID will follow an updated feasibility study on Moblan exploring the potential of increasing the annual output given the significant increase in the Resource
and Reserves since the previous study2.
As part of the ongoing work at Moblan, we announced that we terminated an Offtake Agreement with Lithium Offtake Inc., an investment vehicle managed by Waratah Capital,
in exchange for Elevra shares and options3. As we advance the development of Moblan, the ability to purchase these offtake rights and remove a life-of-mine commitment to deliver tonnes at a discounted market price presented an opportunity to enhance
the project’s economics and increase flexibility around future supply agreements and financing opportunities.
Finally, I’d like to discuss the investment from Canada Growth Fund and the structure of the convertible note in more detail.
For those unfamiliar with the Canada Growth Fund, it is a large investment vehicle established by the Canadian Government to support the development of strategic
industries that strengthen Canada’s economy and critical minerals supply chain.
The proposed CGF investment is structured as two tranches of convertible notes with a A$65 million Upfront Tranche and an A$81 million Conditional Tranche which are
subject to shareholder approval at today’s EGM. We believe this structure is attractive because it aligns the investment with project execution while allowing flexibility with respect to issuing the Conditional Tranche.
2 See ASX releases 12 May 2026 “Strategic Funding Presentation, 25 August 2025 “Moblan Increases Resource to 121Mt and Reserve to 48Mt” and 20 February 2024
“Moblan Lithium Project Definitive Feasibility Study”
3 See ASX release 12 May 2026 “Purchase of Moblan Offtake Rights”
Importantly, the notes are convertible at a premium to the market price of the Company’s shares at the time of the transaction. That premium helps limit dilution for
existing shareholders while providing Canada Growth Fund with the opportunity to participate in the long-term value that we believe this business can create.
Beyond the immediate funding, we see this as the beginning of what could become an important long-term relationship. As we continue advancing projects across our
portfolio, including the future development of Moblan, we believe there may be opportunities to work together again.
While there are no commitments beyond the current investment, establishing a relationship with a long-term strategic capital partner creates optionality that could prove
valuable as we continue to grow.
Ultimately, the proposed Canada Growth Fund investment strengthens both our balance sheet and our strategic position. It provides capital on attractive terms, supports
the execution of the NAL expansion, and establishes a relationship with an organisation that shares our long-term vision for developing a world-class North American lithium business.
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 (100%) and a 60% stake in the Moblan Lithium Project in Northern Québec. In the United States, Elevra has the
Carolina Lithium project (100%).
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 or contact:
Andrew Barber
Investor Relations
PH: +61 7 3369 7058
Exhibit 99.2
ASX ANNOUNCEMENT
16 July 2026
2026 Extraordinary General Meeting Results
Elevra Lithium Limited (ACN 091 951 978) (ASX:ELV; NASDAQ:ELVR) (“Elevra” or “Company”)
wishes to announce that all resolutions were passed following a poll at the Company's Extraordinary General Meeting held this morning, 16 July 2026.
Details of the votes cast are provided on the following page.
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) with projects in Québec, Canada, United States 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%). 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 or contact:
Andrew Barber
Investor Relations
PH: +61 7 3369 7058
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ELEVRA LITHIUM
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1 |
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Elevra Lithium Limited
Extraordinary General Meeting
Thursday, 16 July 2026
Results of Meeting
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The following information is provided in accordance with section 251AA(2) of the Corporations Act 2001 (Cth) and ASX Listing Rule 3.13.2.
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Resolution details
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Instructions given to validly appointed proxies
(as at proxy close)
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Number of votes cast on the poll
(where applicable)
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Resolution
Result
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||||||
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Resolution
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Resolution Type
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For
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Against
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Proxy's Discretion
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Abstain
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For
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Against
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Abstain*
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Carried / Not Carried
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1 Ratification of prior issue of Institutional Placement Shares
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Ordinary
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69,699,790
99.60%
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214,128
0.31%
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65,904
0.09%
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18,020,364
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70,675,203
99.70%
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214,128
0.30%
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18,020,364
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Carried
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2 Approval to issue Tranche 1 Convertible Notes and Shares following conversion
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Ordinary
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86,209,129
99.79%
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113,925
0.13%
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66,447
0.08%
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2,461,932
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87,203,756
99.87%
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113,925
0.13%
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2,461,932
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Carried
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3 Ratification of prior issue of Consideration Shares to Lithium Offtake Inc.
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Ordinary
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88,602,833
99.77%
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128,374
0.14%
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80,217
0.09%
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40,009
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89,611,230
99.86%
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128,374
0.14%
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40,009
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Carried
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4 Ratification of prior issue of Consideration Options to Lithium Offtake Inc.
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Ordinary
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88,613,305
99.78%
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130,823
0.15%
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66,118
0.07%
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41,187
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89,607,603
99.85%
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130,823
0.15%
|
41,187
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Carried
|
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5 Approval of financial assistance under section 260B of the Corporations Act
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Special
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88,587,515
99.77%
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129,333
0.15%
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72,510
0.08%
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61,853
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89,580,711
99.85%
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137,760
0.15%
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61,853
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Carried
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* Votes cast by a person who abstains on an item are not counted in calculating the required majority on a poll.
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