Elevra Lithium (ELVR) lands long-term buyer; see the tonnage and pricing terms
Rhea-AI Filing Summary
Elevra Lithium Ltd (ELVR) reports two strategic developments. First, it signed an indicative, non-binding term sheet with Morella Corporation to expand their Western Australia exploration joint venture. Four Elevra projects will be added, with Morella able to earn a 51% interest by funding A$300,000 of exploration in two years, leaving Elevra with 49%. Morella will operate and fund exploration during the earn-in, while Elevra retains legal title and a 49% ongoing stake if the earn-in is completed.
Second, Elevra executed a binding Spodumene Concentrate Supply Agreement with Mangrove Lithium for production from North American Lithium in Québec. The contract has an initial 7‑year term plus a potential 7‑year renewal and take‑or‑pay volumes of 122,000 dmt in year 1 and 144,000 dmt annually from year 2, with Mangrove able to increase volumes by up to 20% subject to NAL capacity. Pricing is market‑linked with a floor that management expects to be above NAL’s cost of production and no price ceiling, preserving upside. Deliveries to an Eastern Canada facility are expected to avoid seaborne freight costs, and both Elevra and Mangrove have secured support from the Canada Growth Fund for their respective projects.
Positive
- Binding Mangrove offtake secures up to 144,000 dmt per year on a take‑or‑pay basis after year 1, providing long‑term volume visibility for North American Lithium.
- Market‑linked pricing with a floor above expected NAL cost of production and no price ceiling offers downside protection while preserving upside to higher spodumene prices.
Negative
- None.
Filing Explained
No immediate ownership transfer or guaranteed supply begins: the exploration expansion awaits approvals, while the signed offtake remains conditional.
Form 6-K is a foreign private issuer’s interim report for material information published in its home market; this filing furnishes two ASX announcements. The proposed exploration-joint-venture expansion remains subject to definitive documents and approvals, while the Mangrove supply agreement has been executed but its performance remains conditional.
Elevra therefore retains legal title to the additional exploration projects during the proposed earn-in, and the supply agreement does not yet establish deliveries because Mangrove must secure financing, reach a positive FID, and operate at no less than 50% of nameplate capacity. The four-project proposal also remains partly dependent on licensing: two projects have granted exploration licences, while two applications remain in progress.
The named resolution points are execution of definitive joint-venture documents and any required shareholder or regulatory approvals, plus Mangrove’s FID deadline of
Key Figures
Exploration earn-in expenditure: A$300,000
Joint venture ownership (existing WA JV): Elevra 49%, Morella 51%
Supply agreement initial term: 7 years
+5 more
8 metrics
Exploration earn-in expenditure
A$300,000
Amount Morella must spend within two years to earn 51% in the added projects
Joint venture ownership (existing WA JV)
Elevra 49%, Morella 51%
Ownership split in the Morella Lithium Joint Venture
Supply agreement initial term
7 years
Initial term of Mangrove spodumene concentrate supply agreement, with 7-year renewal option
Year 1 contracted volume
122,000 dmt
Take-or-pay spodumene concentrate volume in year 1 of the Mangrove agreement
Year 2+ contracted volume
144,000 dmt
Annual take-or-pay volume from year 2 onward under the Mangrove agreement
Mangrove facility capacity
20,000 tonnes per annum LCE
Planned capacity of Mangrove’s Eastern Canada lithium conversion facility
Mangrove CGF financing
up to US$85 million
Structured financing for Mangrove led by Canada Growth Fund
Canada Growth Fund size
C$15 billion
Investment capacity of the Canada Growth Fund supporting Canadian strategic projects
Key Terms
earn-in, take or pay, Final Investment Decision, Lithium Carbonate Equivalent, +2 more
6 terms
earn-in financial
"to expand the scope of the existing Morella Lithium Joint Venture earn-in and joint venture agreement"
take or pay financial
"144,000 dmt of spodumene concentrate 6% equivalent beginning in Year 2, on a take or pay basis"
A take-or-pay clause is a contract term where a buyer agrees either to accept and pay for a minimum quantity of product or service, or to pay a set fee if they don’t take that amount. It matters to investors because it creates predictable revenue for the seller and reduces sales risk, much like a nonrefundable subscription fee guarantees income even if the user doesn’t fully use the service. That predictability affects cash flow stability, valuation, and credit risk.
Final Investment Decision financial
"subject to Mangrove securing the necessary project financing, taking a positive Final Investment Decision (FID)"
A final investment decision is the point at which a person or organization chooses to move forward with a particular project or purchase after reviewing all the necessary information and options. It is like deciding to buy a house after considering all the costs, benefits, and alternatives. This decision is important because it determines whether and when the investment will be made, impacting future financial plans and outcomes.
Lithium Carbonate Equivalent technical
"Mangrove’s 20,000 tonne per annum LCE (Lithium Carbonate Equivalent) conversion facility"
Lithium carbonate equivalent (LCE) is a standardized measure that converts the lithium contained in various minerals or chemical products into the amount that would be present as lithium carbonate. Like converting different currencies into a single unit to compare value, LCE lets investors compare production volumes, resource estimates and pricing across projects and product types, making forecasts and company statements easier to evaluate side-by-side.
spodumene concentrate technical
"binding Spodumene Concentrate Supply Agreement (the “Agreement”) with Mangrove Lithium"
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.
Canada Growth Fund financial
"structured financing led by the Canada Growth Fund (CGF), announced in January 2026"
FAQ
What joint venture changes did Elevra Lithium (ELVR) announce with Morella?
Elevra agreed an indicative, non-binding term sheet to add four Western Australian exploration projects to the existing Morella joint venture. Morella can earn a 51% interest by spending A$300,000 on qualified exploration within two years, with Elevra retaining 49% and legal title.
What are the key terms of Elevra Lithium’s (ELVR) supply agreement with Mangrove Lithium?
Elevra signed a binding agreement to supply spodumene concentrate from North American Lithium for an initial 7 years, renewable for another 7 years. Volumes are 122,000 dmt in year 1 and 144,000 dmt annually from year 2 on a take‑or‑pay basis, with market‑linked pricing and a protective floor.
How is pricing structured under Elevra Lithium’s (ELVR) Mangrove offtake?
The price payable to Elevra is linked to market-based spodumene prices, adjusted for product grade. The agreement includes a floor price management expects to exceed NAL’s production cost and, unlike the prior MoU, no price ceiling, preserving full upside to higher prices.
What conditions must be met before Elevra’s supply agreement with Mangrove becomes fully effective?
Performance depends on Mangrove securing project financing, taking a positive Final Investment Decision (FID), and reaching sustained commercial operations at no less than 50% of nameplate capacity at its planned 20,000 tonnes per annum LCE facility. Mangrove must achieve FID by 31 December 2028.
How does the expanded joint venture affect Elevra Lithium’s Western Australian assets?
Four Elevra exploration projects—Deep Well, Mt Dove, Station Peak and Mount Satirist—would move under the joint venture, with Morella funding and operating exploration. Elevra targets more efficient management of these assets and reduced standalone exploration costs while keeping a 49% interest if the earn‑in is completed.
What role does the Canada Growth Fund play in Elevra Lithium’s (ELVR) plans?
The Canada Growth Fund, a C$15 billion investment vehicle, has committed up to US$85 million in structured financing to Mangrove and invested in Elevra convertible notes to fund NAL’s brownfield expansion, signalling governmental support for a Canadian mine‑to‑chemicals lithium supply chain.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 August 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.
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Form 20-F ☒
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Form 40-F ☐
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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 August 20, 2026 – Elevra and Morella Propose to Expand Joint Venture with Additional Exploration Assets.
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99.2
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Announcement filed by the Registrant with the Australian Securities Exchange on August 21, 2026 – Elevra Completes Binding Supply Agreement with Mangrove Lithium.
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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: August 21, 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
20 August 2026
Elevra and Morella Propose to Expand Joint Venture with Additional Exploration Assets
North American lithium producer Elevra Lithium Limited (“Elevra” or “Company”) (ASX:ELV; NASDAQ:ELVR) advises that it has entered into an indicative,
non-binding term sheet with Morella Corporation Limited (ASX: 1MC) (“Morella”) to expand the scope of the existing Morella Lithium Joint Venture (the “Joint Venture”) earn-in and joint venture agreement.
The proposed expansion of the Joint Venture follows Elevra’s recent divestiture of its rights over the Tabba Tabba tenement1 and a strategic review of its remaining Western Australian exploration
portfolio. Elevra believes that the exploration assets can be managed more efficiently through the Joint Venture while reducing the costs associated with maintaining a standalone exploration capability to allow greater focus on the development and
production of priority North American projects.
Under the proposal, four additional Elevra exploration projects will be incorporated into the existing Joint Venture: Deep Well (E47/3829), Mt Dove (E47/3950), Station Peak (ELA47/4870) and Mount Satirist
(ELA47/4872). Deep Well and Mt Dove have been granted exploration licenses while the Station Peak and Mount Satirist exploration license applications are in progress.
Morella will have the right to earn a 51% interest in the projects by incurring a total A$300,000 of qualified exploration expenditures within two years of agreeing and signing a definitive agreement, with Elevra
retaining a 49% interest following completion of the earn-in. The proposed expansion will also broaden the existing Joint Venture to cover all minerals across the Joint Venture and the additional projects beyond lithium, with the exception of the
existing mineral rights at Mallina and Mount Edon that will remain unchanged.
Under the proposal, Morella will manage and operate the additional projects during the two year earn-in period and bear all associated exploration, administration and tenure maintenance costs. Elevra will retain
legal title to the projects during the earn-in and an ongoing 49% interest thereafter. If the earn-in is not achieved within the 2-year period and an extension is not agreed by both parties, the projects will be returned to the Company.
This proposed transaction has been approved by the Elevra Board. Consistent with good governance practice and to eliminate potential conflicts of interest, Mr James Brown and Mr Allan Buckler did not participate in
the Elevra Board’s consideration and approval of the proposal.
Completion of the proposed expansion of the Joint Venture remains subject to certain conditions, including agreement and execution of definitive transaction documents and receipt of any required shareholder and/or
regulatory approvals.
1 See ASX announcement “Elevra Completes Sale of E45/2364 Pegmatite Rights” dated 7 August 2026.
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ELEVRA LITHIUM • Level 3, 10 Eagle Street • Brisbane
QLD 4000 • Australia
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+61 7 3369 7058 • info@elevra.com • ASX:ELV | NASDAQ:ELVR • ABN 26 091 951 978
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elevra.com
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About the Morella Lithium Joint Venture
Elevra and Morella are parties to an existing Joint Venture covering a portfolio of exploration tenements in Western Australia. The joint venture provides a framework for the parties to jointly advance exploration
opportunities with established governance, exploration programs, budgets and funding mechanisms.
Elevra owns 49% of the Joint Venture and Morella owns the remaining 51%.
Announcement authorised for release by Elevra’s Managing Director & CEO.
About Elevra Lithium
Elevra Lithium Limited is a North American lithium producer (ASX:ELV; NASDAQ:ELVR) with projects in Québec, Canada, United States, and a Joint Venture in Western Australia.
Elevra’s assets comprise North American Lithium (100%), a 60% stake in the Moblan Lithium Project in Central Québec and the Carolina Lithium project (100%) in the United States.
For more information, please visit us at www.elevra.com or contact:
Andrew Barber
Investor Relations
PH: +617 3369 7058
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ELEVRA LITHIUM
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2
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Exhibit 99.2
ASX ANNOUNCEMENT
21 August 2026
Elevra Completes Binding Supply Agreement with Mangrove Lithium
North American lithium producer Elevra Lithium Limited (“Elevra”) (ASX:ELV; NASDAQ:ELVR) is pleased to announce that it has executed a
binding Spodumene Concentrate Supply Agreement (the “Agreement”) with Mangrove Lithium (“Mangrove”) for the long-term supply of spodumene concentrate produced at North American Lithium (“NAL”) in Québec.
The Agreement follows the non-binding Memorandum of Understanding (“MoU”) announced by Elevra on 10 February 20261. Since that time, Elevra and Mangrove have finalised technical, logistics and commercial
terms, resulting in a definitive, binding Agreement (subject to achievement of agreed conditions precedent) for the supply of spodumene concentrate to Mangrove’s 20,000 tonne per annum LCE (Lithium Carbonate Equivalent) conversion facility proposed
to be developed in Eastern Canada.
Elevra’s Chief Executive Officer and Managing Director, Lucas Dow, said: “This binding agreement with Mangrove Lithium is a significant step forward from the MoU we
announced. It provides Elevra with a long-term local customer for NAL production on attractive terms, backed by a price floor set above our expected cost of production and with no price ceiling to limit potential upside. Supplying a customer
located close to NAL also allows us to avoid the seaborne freight costs associated with shipping to international customers, which further supports our margins.
“We are pleased that both Elevra and Mangrove Lithium have separately attracted the support of the Canada Growth Fund. That shared backing is a strong signal of the Canadian
government’s commitment to building a domestic lithium supply chain.”
Saad Dara, Mangrove Lithium CEO and Founder, commented: “We are very pleased to have converted the MoU with Elevra into a binding supply agreement. This is a
significant step forward for Mangrove and for the development of a Canadian lithium supply chain. It provides greater certainty around a key feedstock source for our planned Eastern Canada lithium conversion facility and brings together an
integrated mine-to-chemicals supply chain within Canada, which is central to Mangrove’s strategy for commercialisation of our proprietary technology. The partnership with Elevra also helps establish an integrated critical minerals infrastructure
needed to strengthen North America’s energy security and battery materials competitiveness, while reducing reliance on overseas processing.”
“The support that both Mangrove and Elevra have received from the Canada Growth Fund further demonstrates the strategic importance being placed on developing this
capability in Canada. We are proud to be working with Elevra to advance the lithium supply chain that can support Canada’s growing battery manufacturing ecosystem and contribute to energy security across the G7.”
Contract Term and Volumes
The Agreement has an initial term of seven (7) years, increased from five years under the MoU, with a further seven-year (7) renewal, unless either party elects to terminate. Consistent with the arrangements contemplated under the MoU, performance under the Agreement remains subject to Mangrove securing the necessary project financing, taking a positive Final Investment Decision (FID), and achieving sustained commercial operations of no less than 50% of nameplate capacity.
1 See ASX announcement “Elevra Signs Non-Binding Offtake MOU with Mangrove Lithium” dated 10
February 2026.
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ELEVRA LITHIUM • Level 3, 10 Eagle Street • Brisbane QLD 4000 • Australia
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+61 7 3369 7058 • info@elevra.com • ASX:ELV | NASDAQ:ELVR • ABN 26 091 951 978
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elevra.com
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Contracted annual volumes total 122,000 dry metric tonnes (“dmt”) in Year 1 and 144,000 dmt of spodumene concentrate 6% equivalent beginning in Year 2, on a take or pay basis. Mangrove may elect to
increase the volume in any year by up to 20%, subject to available capacity at NAL and Elevra’s agreement. Additionally, Mangrove may elect to purchase up to 72,000 dmt in any 12-month period prior to reaching Commercial Operation.
Under the terms of the Agreement, Mangrove must achieve FID by 31 December 2028 and Commercial Operation no more than three years later.
Market-Linked Pricing with Downside Protection
Under the Agreement, the price payable to Elevra is linked to market-based pricing for spodumene concentrate. The final price will reflect the long-term purchase commitment made by Mangrove and will
be adjusted to account for product grade (as is industry practice).
Importantly, the Agreement includes a floor price which Management expects to be above NAL’s cost of production, providing Elevra with downside price protection over the life of the Agreement.
Further, and in contrast to the pricing contemplated under the MoU, the Agreement contains no price ceiling and preserves Elevra’s full exposure to any future increase in spodumene concentrate prices.
Benefits of Local Delivery
Mangrove’s conversion facility, which is subject to Mangrove obtaining financing and announcing a Final Investment Decision, is expected to be located within Eastern Canada and will include both
spodumene concentrate processing and lithium refining using Mangrove’s proprietary electrochemical technology. As deliveries under the Agreement will be to a domestic North American customer, Elevra expects to avoid the ocean freight costs that it
would otherwise incur delivering spodumene concentrate to international customers.
Canadian Government Support through Canada Growth Fund
Mangrove previously secured up to US$85 million in structured financing led by the Canada Growth Fund (CGF), announced in January 2026. Elevra has also
received strategic backing from CGF by way of an investment in convertible notes to fund the staged NAL Brownfield Expansion2.
Elevra considers that this shared support from CGF, a C$15 billion investment vehicle established to attract private capital into strategically important Canadian projects, reflects strong Canadian
government backing for the establishment of a secure, domestic mine-to-chemicals lithium supply chain.
About Mangrove Lithium
Mangrove Lithium is a lithium refining technology company headquartered in Delta, British Columbia, Canada, with a mission to build scalable, battery-grade lithium production across North America and
beyond. The Company has developed a patented electrochemical refining technology that converts diverse feedstocks into high-purity battery-grade lithium hydroxide and carbonate. Mangrove’s platform enables economic lithium production and is
designed to integrate seamlessly into upstream and downstream supply chains. Backed by Canada Growth Fund, Breakthrough Energy Ventures, BMW i Ventures, Mitsubishi Corporation, Asahi Kasei, Orion Industrial Ventures, Export Development Canada and
BDC Capital, Mangrove Lithium is advancing lithium infrastructure to meet the global demand for secure, domestic battery production. Learn more at www.mangrovelithium.com.
For more information please contact:
Carl McBeath
Communications Manager
carlmcbeath@mangrovelithium.com
2 See ASX announcement “Elevra Announces Transformational Financing Package to Accelerate Growth”
announced 12 May 2026.
Announcement authorised for release by Elevra’s Managing Director and Chief Executive Officer.
About Elevra Lithium
Elevra Lithium Limited is a North American lithium producer (ASX:ELV; NASDAQ:ELVR) with projects in Québec, Canada, United States, and a joint venture in Western Australia.
Elevra’s assets comprise North American Lithium (100%), a 60% stake in the Moblan Lithium Project in Central Québec and the Carolina Lithium Project (100%) in the United States.
For more information, please visit us at www.elevra.com
For more information, please contact:
Andrew Barber
Investor Relations
PH: +617 3369 7058