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.
NAL Expansion Presented as Key Merger Benefit
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.
Scoping Study Points to Higher Output, Lower Costs
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, rather than only at the end of the project. She added that higher output and lower production costs should improve operating margins and strengthen the business through lithium price cycles.
Financing Package Includes Equity Raise, Canada Growth Fund Investment
Hickton said Elevra compiled a financing package that allows the company to “plan confidently and execute decisively.” The package includes AUD 275 million before fees raised through a fully underwritten institutional placement at AUD 12.20 per share.
The financing also includes an AUD 146 million strategic investment package from the Canada Growth Fund through convertible notes. Hickton said the proposed investment is structured as two tranches: an AUD 65 million upfront tranche and an AUD 81 million conditional tranche, subject to shareholder approval at the meeting. She said the notes are convertible at a premium to the company’s market share price at the time of the transaction, which she said helps limit dilution while allowing Canada Growth Fund to participate in potential long-term value creation.
Elevra has also entered into an agreement to divest its interest in the Ewoyaa project in Ghana. Subject to the agreement’s terms being satisfied, Hickton said the company expects to receive approximately AUD 87 million in net proceeds. She said Elevra continues to view Ewoyaa as a high-quality asset but that its joint venture structure added complexity to the company’s growth portfolio.
Hickton said the financing package fully funds the NAL expansion under current market conditions and strengthens the balance sheet while preserving financial flexibility.
Moblan Work Continues
Hickton said the NAL funding does not come at the expense of the company’s broader portfolio. She pointed specifically to the Moblan project, which she described as one of the highest quality and scalable undeveloped hard rock lithium projects in North America.
Elevra is continuing technical studies, permitting and development work at Moblan to position the project for a final investment decision, Hickton said. That decision is expected to follow an updated feasibility study that will assess the potential for increased annual output given growth in resources and reserves since the prior study.
As part of work at Moblan, Hickton said Elevra terminated an offtake agreement with Lithium Offtake Inc., an investment vehicle managed by Waratah Capital, in exchange for Elevra shares and options. She said removing a life-of-mine commitment to deliver tons at a discounted market price could enhance project economics and increase flexibility around future supply agreements and financing opportunities.
Shareholders Consider Five Resolutions
The resolutions considered at the meeting included ratification of the institutional placement shares, approval of the first tranche of convertible notes and shares upon conversion, ratification of shares and options issued to Lithium Offtake Inc., and approval of financial assistance under Section 260B of the Corporations Act related to the convertible notes guarantee and conversion arrangements.
During shareholder questions, one attendee asked how excluded shares were treated in voting on the first resolution. Hickton said excluded shares would not count in the vote. Another shareholder asked whether ordinary eligible shareholders had an opportunity to purchase shares. Managing Director and CEO Lucas Dow said an SPP was available to shareholders and that retail shareholders “probably had a superior opportunity to participate.”
Hickton closed the meeting by thanking shareholders for their participation and continued support, and said final poll results would be published later through ASX and on Elevra’s website.
About Elevra Lithium (NASDAQ:ELVR)
Elevra Lithium Limited, together with its subsidiaries, engages in the identification, acquisition, exploration, and development of mineral assets in Australia and Canada. The company explores for lithium, graphite, and gold deposits. Its flagship property includes the North American Lithium project that consists of 41 claims and one mining lease covering an area of approximately 1,493 hectares located in Quebec, Canada. The company was formerly known as Sayona Mining Limited and changed its name to Elevra Lithium Limited in August 2025.
