Elevra Lithium (ASX: ELV; NASDAQ: ELVR), a North American lithium producer operating across Québec, Canada, the United States, and Western Australia, has announced a transformational financing package of up to A$441 million. This substantial funding is set to accelerate the company’s growth and enhance its strategic standing. The package comprises a fully underwritten institutional placement of A$275 million, a strategic A$146 million (C$145 million) Convertible Notes investment from the Canada Growth Fund (CGF), and a non-underwritten Share Purchase Plan (SPP) targeting an additional A$20 million from eligible shareholders.
This capital injection provides full funding certainty for Elevra’s staged, accelerated North American Lithium (NAL) Brownfield Expansion and will finance key Moblan pre-development workstreams through to Financial Investment Decision (FID). Elevra anticipates the funding will enhance balance sheet flexibility during significant growth, supporting accelerated production, improved mill throughput, and considerable unit cost reductions at NAL. This investment is vital for Elevra’s transition into a lower-cost, resilient, and globally relevant lithium producer, thereby strengthening cash flow and competitiveness. The CGF’s participation also underscores a strategic partnership, validating Elevra’s assets and growth strategy.
Elevra’s Managing Director and CEO, Lucas Dow, stated this financing marks a critical inflection point, ensuring full funding for the NAL Brownfield Expansion and preserving balance sheet flexibility. He added that with strong strategic backing from CGF, Elevra is well-equipped to execute near-term growth plans, increasing production and reducing unit costs. Yannick Beaudoin, President and CEO of Canada Growth Fund Investment Management Inc., highlighted CGF’s objective to leverage Canada’s natural resources and foster projects attracting private capital, solidifying Canada’s role in the North American battery materials value chain. The A$275 million placement issues new shares at A$12.20 per share, an 11.2% discount to Elevra’s last closing price.
