Elevra Lithium Pitches Fully Funded NAL Expansion Plan at Extraordinary Meeting

Elevra Lithium told shareholders its financing package is intended to fully fund a staged expansion of the North American Lithium (NAL) mine while preserving flexibility amid lithium market volatility.

The company’s updated plan expands NAL in three phases, aiming to lift production gradually, cut execution risk, and ultimately boost annual spodumene concentrate output by about 74% while reducing unit operating costs by around 21%.

The funding mix includes a AUD 275 million underwritten institutional placement, a AUD 146 million Canada Growth Fund convertible note investment, and expected proceeds from the planned divestment of its Ewoyaa stake in Ghana.

Elevra Lithium NASDAQ: ELVR Chair Dawne Hickton told shareholders at the company’s extraordinary general meeting in Brisbane that the miner’s proposed financing arrangements are intended to fully fund a staged expansion of the North American Lithium, or NAL, operation and preserve flexibility through lithium market volatility.

The hybrid meeting, held in person at Capri by Fraser in Brisbane and online through Computershare, was convened to seek shareholder approval and ratification of share and option issuances and financing arrangements outlined in the company’s notice of meeting.

Hickton said 470 proxies representing just over 69.97 million votes had been received. Voting on all resolutions was conducted by poll, with final results to be released on the ASX platform and the company’s website later in the day.

Hickton said one of the “most compelling drivers” of the merger between Sayona Mining and Piedmont Lithium was the opportunity to unlock value through the NAL brownfield expansion, which she said neither company could have achieved independently.

Rather than pursuing a single-step expansion, Hickton said the company developed a phased strategy designed to increase production sooner, reduce upfront capital needs and lower execution risk.

The expansion is planned in three stages: Stage 1 focuses on optimizing the existing operation and increasing throughput to the currently permitted 4,500 tons per day milling rate. Hickton said Elevra recently announced a groundbreaking for this phase and placed orders for key equipment, with an expected 15% to 20% increase in annual spodumene concentrate production capacity.

Stage 2 would expand milling capacity to 6,500 tons per day using temporary crushing capacity along with increased grinding and flotation capacity. Hickton said this phase is expected to bring production capacity to just under 340,000 tons per year and be completed by calendar year 2028.

Stage 3 would replace temporary mobile crushing with a larger crushing circuit aligned with the expanded mill feed requirement and improved ore sorting capabilities. Hickton said this phase is where production capacity and lower unit operating costs become sustainable over the long term.

Hickton said the phased approach allows Elevra to deploy capital progressively, shorten the timeline for production increases and incorporate learnings from each phase to manage technical, construction and market risks.

Discussing the company’s updated scoping study released in May 2026, Hickton said the NAL expansion is intended to create a “larger, lower cost, more resilient business.” Once all three stages are complete, annual spodumene concentrate production capacity is expected to increase by approximately 74% compared with current operations, while unit operating costs are expected to decline by around 21%, she said.

Hickton said those benefits are expected to accrue incrementally as each stage is completed and commissioned.