Elevra adds LG Energy Solution as a major Québec lithium customer
Elevra Lithium has signed a binding supply agreement with LG Energy Solution for 240,000 dry metric tonnes of spodumene concentrate from Québec over the stated three-year term. The market-linked deal gives North American Lithium a committed battery-sector customer while preserving exposure to lithium prices.
- 240,000 dmt of spodumene concentrate contracted with LG Energy Solution
- Deliveries expected to begin in calendar 2026
- Up to 90,000 dmt of optional volume available
- Pricing linked to the market and adjusted for lithium content
- Agreement supports NAL’s expansion and customer diversification strategy
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LG Energy Solution commits to Québec spodumene supply
Elevra Lithium Limited (ASX:ELV; NASDAQ:ELVR) has added a major global battery manufacturer to the customer list for North American Lithium, signing a binding agreement to supply LG Energy Solution with 240,000 dry metric tonnes of spodumene concentrate. First shipments are expected in calendar 2026.
The contracted schedule covers 30,000 dmt in 2026, 60,000 dmt in each of 2027 and 2028, and 90,000 dmt in 2029. The announcement describes the arrangement as a three-year agreement, although the stated delivery schedule runs across four calendar years. Elevra also has the potential to supply a further 90,000 dmt, subject to agreement between the two parties.
Market-linked pricing leaves lithium exposure in place
The pricing mechanism is linked to the spodumene concentrate market and adjusted for lithium content. Elevra did not disclose the pricing formula, a contract revenue value, or whether the volumes carry take-or-pay commitments, so the announcement establishes a sales relationship rather than a fixed earnings forecast.
The structure nevertheless gives Elevra a committed customer for a meaningful portion of NAL’s output without locking the company into a fully fixed price. That approach fits the expansion story outlined in the company’s NAL expansion plan, which targets a near-doubling of concentrate capacity to 373,000 tonnes per year.
NAL builds a broader customer portfolio
Chief executive Lucas Dow said the agreement implements the commercial strategy presented with Elevra’s FY26 results and strengthens NAL’s position as production increases. The company has also secured a separate Mangrove supply agreement for spodumene from the same Québec operation, giving the latest contract a place within a wider effort to diversify sales.
For shareholders, the next evidence will come from execution rather than the headline tonnage: the timing of the first shipment, realised market-linked pricing, delivery performance and whether LG Energy Solution takes any optional volume. The agreement’s commercial value will also depend on how quickly NAL’s expansion translates into additional saleable production.
Bottom Line?
The LG agreement improves visibility over NAL sales, but its financial impact will remain unclear until shipments, realised pricing and expansion volumes are reported.
Questions in the middle?
- When will the first LG Energy Solution shipment be delivered, and at what realised price?
- Will the optional 90,000 dmt be taken up as NAL production expands?
- How will the agreement’s delivery schedule align with the stated three-year term and NAL’s construction timetable?
Sources
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Spodumene Supply Agreement signed with LG Energy Solution (opens in a new tab)Verified source. Elevra Lithium Limited · 8 Oct 2026
