Elevra Lithium has announced a transformational financing package of up to AU$441 million, providing the company with full funding certainty for its expansion plans in Canada.
The capital injection is headlined by a fully underwritten AU$275 million institutional placement and a strategic A$146 million investment from the Canada Growth Fund (CGF) via convertible notes. Elevra will issue 22.5 million shares under the placement, representing 13.3 per cent of the company’s existing shares.
Elevra is also launching a share purchase plan (SPP) aimed at raising an additional A$20 million.
Elevra CEO Lucas Dow said: “This financing marks a key inflection point for Elevra, delivering full funding certainty across the three stages of the NAL Brownfield Expansion while preserving balance sheet flexibility at a critical point in our growth trajectory.
“Together with advancing Moblan toward development, this transaction sets the stage to fundamentally reshape Elevra into a larger, more resilient, globally competitive lithium producer.”
The funds will be used for a three-stage brownfield expansion of the North American Lithium (NAL) operation, currently the continent’s largest operating lithium mine.
By upgrading mill throughput and enhancing crushing and flotation circuits, Elevra aims to significantly scale up production while driving down unit costs, making the operation more resilient to commodity price swings.
In addition, funding will support key Moblan technical and pre-development activities, including environmental baseline studies, permitting and technical workstreams through to a final investment decision (FID).
The partnership with the Canada Growth Fund is seen as a major vote of confidence from North American stakeholders.
Yannick Beaudoin, CEO of CGF Investment Management, noted that the investment reinforces Canada’s role in the regional battery materials value chain and supports industrial competitiveness in Quebec.
“One of CGF’s core objectives is to capitalise on Canada’s abundance of natural resources while supporting projects that mobilise private capital,” he said.
