Elevra Secures A$275 Million to Accelerate North American Lithium Expansion

Capital Raise Underpins Growth Ambitions

Elevra Lithium Limited (ASX:ELV; NASDAQ: ELVR) has successfully closed a fully underwritten A$275 million institutional placement, issuing approximately 22.5 million new shares at A$12.20 each. This capital injection, representing a 13.3% increase in shares on issue, comes at an 11.2% discount to the last close price, reflecting a balance between raising significant funds and maintaining shareholder value.

The placement attracted strong support from both existing shareholders and a high-calibre group of domestic and global institutional investors, signaling confidence in Elevra’s strategy to accelerate its North American Lithium (NAL) Brownfield expansion and advance the Moblan Lithium Project towards final investment decision (FID). This enthusiasm is consistent with the company’s recent operational and strategic updates, including the 102% NPV boost for NAL expansion announced just days earlier.

Funding the NAL Brownfield Expansion and Moblan Development

The funds raised through this placement, combined with a strategic convertible notes investment announced recently and an upcoming Share Purchase Plan (SPP) targeting up to A$20 million, will fully fund the NAL Brownfield Expansion project. This expansion aims to materially increase spodumene concentrate production capacity, building on the strong operational base at NAL.

Elevra’s Managing Director and CEO, Lucas Dow, emphasised the significance of the capital raise, stating it validates the company’s growth trajectory within a strengthening lithium market. The company is also leveraging support from the Canada Growth Fund to underpin its development activities at Moblan, further diversifying its North American lithium assets.

Share Purchase Plan and Market Timing

Following the placement, Elevra will offer eligible shareholders the chance to participate in the SPP at a price capped at the lower of the 5-day volume weighted average price (VWAP) or the placement price of A$12.20. The SPP aims to raise around A$20 million, providing retail investors an opportunity to engage with the company’s growth story while maintaining prudent liquidity.

The placement shares are set to settle on 15 May 2026 and commence trading on the ASX on 18 May 2026. This timing positions Elevra well to capitalise on market momentum, especially after recent strategic moves such as the sale of the Ghana Ewoyaa stake for US$71 million, which has allowed the company to sharpen its focus on North American lithium assets.

Strategic Positioning Amid Market Strength

Elevra’s capital raising effort coincides with a period of strengthening demand and pricing in the lithium sector. The company’s focus on brownfield expansion at NAL is designed to leverage existing infrastructure and operational expertise, aiming for a faster ramp-up and improved project economics. This approach aligns with Elevra’s broader strategy to enhance production capacity while managing costs effectively.

With the funding in place, Elevra is positioned to advance Moblan’s technical and pre-development workstreams to FID, complementing the expansion at NAL. The company’s ability to secure substantial institutional backing alongside strategic convertible note investments underscores market confidence in its growth plans and operational execution.