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ELVR News
ELVR Events
Elevra Signs 240,000 Ton Spodumene Supply Agreement with LG Energy Solution
Elevra Lithium announced that it has executed a binding spodumene concentrate supply agreement with LG Energy Solution for the supply of spodumene concentrate produced at North American Lithium, or NAL, in Quebec. The agreement provides for the aggregate supply of 240,000 dry metric tons of spodumene concentrate over a three-year term commencing from the date of the first shipment, which is expected to be delivered in calendar year 2026. The contracted base quantity of 240,000 dmt, comprises: 30,000 dmt in 2026; 60,000 dmt in 2027 and 2028; and 90,000 dmt in 2029. In addition to the contracted base quantity, Elevra may supply up to 90,000 dmt of optional volume over the three-year term, subject to agreement between both parties. The agreement establishes a market-linked pricing for spodumene concentrate adjusted for lithium content. This three-year agreement with LG Energy Solution is aligned with Elevra's commercial strategy to prioritise establishing strategic customer relationships while developing a more diversified and market-aligned sales portfolio for NAL with improved commercial terms.
Elevra Sells Ewoyaa Lithium Project to Huayou Cobalt for Approximately $71M
Elevra Lithium provided an update on the proposed sale of its interests in the Ewoyaa Lithium Project in Ghana to Zhejiang Huayou Cobalt Co. where the Ghanaian Government approval process continues and Huayou has received FIRB approval for the proposed acquisition of Atlantic Lithium Limited. As announced on May 11, Elevra entered into an agreement with Huayou for the sale of all of Elevra's rights and interests in the Ewoyaa Project, including its associated offtake rights, for cash consideration of approximately $71M before fees and taxes. Completion of the transaction remains subject to receipt of the required Ghanaian Government approvals. Huayou continues to progress the approvals process with the relevant Ghanaian authorities, with Elevra working constructively with Huayou to facilitate completion. Under the current terms of the agreement with Huayou, if the relevant Ghanaian Government approvals have not been obtained by October 30, Huayou will have an election to either complete the transaction and pay the cash consideration of approximately $71M or terminate the transaction and pay Elevra a $5M break fee. In circumstances where the Ghanaian Government rejects Huayou's application on or before October 30, then no break fee shall be payable to Elevra. Separately, Huayou continues to progress its proposed acquisition of Atlantic Lithium which holds the remaining private-sector interest in the Ewoyaa Project. Atlantic Lithium has announced that Huayou has received approval from Australia's Foreign Investment Review Board for the proposed acquisition by way of Scheme of Arrangement.
Elevra Lithium Breaks Ground on NAL Expansion Project
Elevra Lithium announced that it has reached a milestone in the expansion of its North American Lithium operation with the official groundbreaking of the NAL Expansion project. The development is fully funded following the completion of a capital raise in May. Upon its anticipated completion in mid-2027, the first stage of the expansion is expected to increase annual spodumene concentrate production capacity by 15% to 20% while reducing unit operating costs. "The groundbreaking of the NAL Expansion marks a milestone for Elevra and reflects the progress we have made since announcing our staged expansion strategy. With funding secured and equipment orders being placed, we are focused on disciplined execution to deliver Stage 1. This expansion will increase production capacity and further strengthen NAL's position as a strategically important source of lithium supply in North America," said Lucas Dow, CEO and managing director.
Elevra Lithium Terminates Spodumene Offtake Agreement with Waratah
Elevra Lithium announced that it has purchased and terminated the spodumene concentrate offtake agreement previously granted to an investment vehicle managed by Waratah Capital Advisors in respect of the Moblan lithium project. Moblan is owned 60% by Elevra and 40% by Investissement Quebec. Following completion of the transaction, Elevra now controls 100% of its pro-rata offtake entitlement from Moblan. The terminated offtake agreement originated under an October 2021 agreement between Sayona Mining and Waratah which granted Waratah the right to purchase 10% of Sayona's ownership participation in Moblan's annual spodumene concentrate production on a life of mine basis priced at a 5% discount to prevailing market prices. Elevra and Waratah have executed an agreement to terminate the offtake agreement and related delivery obligations. In consideration of the termination of the offtake agreement, Elevra has agreed to issue Waratah: $5M in Elevra Lithium ordinary shares and $500,000 in options which are exercisable at a 50% premium to the issue price of Elevra's ordinary shares issued under this agreement. The shares will be issued using existing placement capacity and will rank equally with existing Elevra ordinary shares, while the options are exercisable 120 days after closing and up to the third anniversary of the date of closing.
Elevra Sells Ewoyaa Lithium Project to Huayou for Approximately $71M
Elevra Lithium announced that it has entered into an agreement to sell its interest in the Ewoyaa Lithium Project in Ghana to Huayou. Upon closing of the transaction, expected in Q1, Elevra will receive approximately $71M in cash. 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 ASX, Huayou has entered into a binding scheme implementation deed with Atlantic Lithium to acquire 100% of Atlantic's interest in the Ewoyaa Project via a scheme of arrangement for $210M in cash, payable at closing. Elevra currently owns 32,517,598 shares in Atlantic, or approximately 4.1% of the outstanding shares. Importantly, Huayou's acquisition of Elevra's interests in the Ewoyaa Project is not contingent on Huayou's acquisition of Atlantic Lithium. 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. Completion of Elevra's transaction with Huayou remains subject to Ghanaian regulatory approvals and is expected to be completed by the end of Q1.
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