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    Elevra’s $318M Quebec lithium funding: NAL expansion capex and returns for mine planners

    May 13, 2026|

    Reviewed by Tom Sullivan

    Elevra’s $318M Quebec lithium funding: NAL expansion capex and returns for mine planners

    First reported on MINING.com

    30 Second Briefing

    Elevra Lithium has secured a A$441 million (US$318 million) funding package, including a fully underwritten A$275 million placement and up to C$145 million in convertible notes from the C$15 billion Canada Growth Fund, to expand its North American Lithium (NAL) mine in Quebec and advance the Moblan project to final investment decision. The three-stage NAL brownfield expansion, with capex of C$366 million, targets throughput increases lifting output to 338,000 t/y of spodumene concentrate and delivers a post-tax NPV of C$3.11 billion, 42% IRR and 25‑month payback. Proceeds will fund mill optimisation, flotation upgrades and crushing circuit enhancements, with Stage 1 starting mid‑2027 and Stage 3 construction due by mid‑2029.

    Technical Brief

    • NAL is located about 570 km north of Montreal, operating as Canada’s largest lithium mine.
    • Updated scoping work doubled the expansion’s incremental post-tax NPV to C$969 million versus prior estimates.
    • Mine life is projected at 21 years, underpinned by higher forecast annual spodumene concentrate output.
    • Convertible notes from the C$15 billion Canada Growth Fund are split into two tranches over five years.
    • Release of the second CGF tranche depends on shareholder approval and receipt of the NAL stage‑five mining permit.
    • Elevra will issue ~22.5 million new shares at A$12.20, an 11% discount to A$13.74.
    • Proceeds also fund Moblan pre‑development: environmental baseline studies, permitting and review of the defined feasibility study.
    • Sale proceeds from the Ewoyaa project in Ghana are earmarked alongside the raise for NAL plant upgrades.

    Our Take

    With a 21‑year operating life at the North American Lithium operation and a 60% stake in the Moblan lithium project in Quebec’s James Bay region, Elevra Lithium is building a multi‑asset footprint that contrasts with single‑asset peers in our lithium coverage and reduces exposure to any one jurisdiction such as Ghana or the US Carolinas.

    The earlier MoU to supply Mangrove Lithium with NAL spodumene concentrate from 2028, combined with this financing and the mid‑2027 to mid‑2029 ramp window, suggests Elevra is timing Quebec capacity so that a material share of output is pre‑aligned with downstream conversion capacity rather than relying solely on spot spodumene markets.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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