Elevra Lithium Limited · ASX:ELV
Elevra Lithium — Investor Presentation (May 2026)
56 slides from Elevra Lithium's investor presentation, May 12, 2026
Slide 1: Strategic Funding Presentation
Elevra Lithium Strategic Funding Presentation 1 2 M A Y 2026 Not for release to US wire services or distribution in the United States ASX:ELV • NASDAQ:ELVR
Slide 2: Important Information and Disclaimer
Important Information and Disclaimer IMPORTANT: You must read the following before continuing Not for release to US wire services or distribution in the United States stated, and the information in this Presentation remains subject to change without accounting, legal or tax advice and must not be re
Slide 3: Important Information and Disclaimer
Important Information and Disclaimer uncertainties and contingencies that may affect Elevra's future operations, and the connection with the repayment of capital or any particular rate of income or capital return Forward-looking statements (Cont.) impact that different future outcomes may have on El
Slide 4: Important Information and Disclaimer
Important Information and Disclaimer fractions in this Presentation are subject to the effect of rounding. Accordingly, the provided in Appendix 5 of this Presentation. The SPP is not underwritten. Disclaimer (Cont.) actual calculation of these figures may differ from the figures set out in this The
Slide 5: Important Information and Disclaimer
Important Information and Disclaimer to "ore reserves" under the JORC Code or any other reporting regime or that the Disclosure (Cont.) Production Targets and Forecast Financial Company will be able to legally and economically extract them. Information In connection with the Placement, one or more i
Slide 6: Transformational Financing to Accelerate Growth at NAL and Moblan
Transformational Financing to Accelerate Growth at NAL and Moblan Strategic financing of A$275M equity and A$146M in convertible notes to fully fund the accelerated NAL expansion, expected to fundamentally transform Elevra’s scale and cost base while providing balance-sheet flexibility to further ad
Slide 7: Transition to Larger, Lower Cost Company Well Positioned for Future Growth
Transition to Larger, Lower Cost Company Well Positioned for Future Growth Creating a larger scale, more resilient platform to operate across lithium market cycles and add value through growth opportunities1 Fully funded accelerated NAL Expansion Fully funded, clearly defined pathway to Fortified ba
Slide 8: Elevra Lithium Overview
Elevra Lithium Overview Investment Highlights ASX: ELV | NASDAQ: ELVR North America’s Leading Hard-Rock Lithium Producer1 #1 North American hard rock pure-play lithium producer Scale Combined lithium Ore Reserve Estimate of 106Mt @ 1.15% Li2O and M&I&I Mineral Resource estimate totalling 229Mt @ 1.1
Slide 9: Transformational financing to accelerate growth
Transformational financing to accelerate growth
Slide 10: Strategic Rationale for Raising Capital Now
Strategic Rationale for Raising Capital Now Transformational financing fully funds Elevra’s proposed NAL Expansion delivery and Moblan pre-development activities to FID, whilst retaining balance sheet flexibility to pursue additional growth opportunities Accelerating NAL Expansion Delivery1 Funding
Slide 11: Strategic Partner – Canada Growth Fund
Strategic Partner – Canada Growth Fund Canada Growth Fund (CGF) to become a key strategic partner for Elevra as the Company progresses growth initiatives at NAL1 Canada Growth Fund (CGF), is a C$15 billion arm’s-length investment vehicle designed to attract private capital to build Canada’s clean ec
Slide 12: Sources & Uses of Funds
Sources & Uses of Funds Existing net cash , net proceeds from the sale of Ewoyaa and capital raise proceeds will fully fund the NAL Expansion project, in addition to supporting pre-development activities at Moblan and providing further balance sheet flexibility Sources of Funds1 US$M A$M NAL Brownfi
Slide 13: NAL Expansion – Transforming Elevra into a Larger, Lower Cost Producer
NAL Expansion – Transforming Elevra into a Larger, Lower Cost Producer Expanded output and lower unit costs create a pathway to improved cash flow generation Average Annual NAL Production Capacity Long-term value creation Strengthens NAL’s position as a Average LOM SC5.41, kdmt Increased cornerstone
Slide 14: An Innovative Approach to Scaling North America’s Lithium Supply
An Innovative Approach to Scaling North America’s Lithium Supply Leveraging an established operating platform creates a structural development advantage 01 02 03 Infrastructure Advantage Permitting Advantage Operational Advantage Major infrastructure is already in place, NAL is a permitted mine oper
Slide 15: Accelerated NAL Brownfield Expansion Plan and Key Next Steps
Accelerated NAL Brownfield Expansion Plan and Key Next Steps Clear pathway to stage permitting, construction and capital investment to fast-track additional production with lower unit operating costs1 Debottlenecking steps2 Capital cost3 Uplift • Debottleneck existing circuits through targeted upgra
Slide 16: North America’s Leading Lithium Producer
North America’s Leading Lithium Producer Largest North American pure-play hard rock lithium producer North American LOM Avg. Spodumene Concentrate Capacity (ktpa SC6 equivalent)1, 2 726 Established producing asset base, with large growth pipeline 636 Current production 242 Future production Carolina
Slide 17: Capital raising detail
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Slide 18: Equity Raising Overview
Equity Raising Overview • Fully underwritten institutional Placement to raise approximately A$275 million (“Placement”) Offer Structure and Size • Approximately 22.5 million new fully paid ordinary shares (“New Shares”) to be issued under the Placement representing 13.3% of existing shares on issue
Slide 19: Convertible Notes Overview – Summary of Key Terms
Convertible Notes Overview – Summary of Key Terms1 • Guaranteed Convertible Notes (the “Notes”) convertible or exchangeable into ordinary fully paid shares of Elevra listed on the ASX (“Shares”), across two tranches (“Upfront Tranche” and “Conditional Securities Issued Tranche”) Status of Notes • Di
Slide 20: Pro-Forma Capital Structure
Pro-Forma Capital Structure Upon completion of the Strategic Financing, Elevra will have a pro forma net cash position of approximately A$443m (before Offer costs) to fund growth initiatives Pro forma capital structure1 Current Pro-Forma for Strategic Financing Issued Capital2 169.6M 192.7M Market C
Slide 21: Indicative Strategic Financing Timetable
Indicative Strategic Financing Timetable Event Date1 Record Date for SPP (7:00pm) MONDAY 11 MAY 2026 Announcement of the Placement and SPP TUESDAY 12 MAY 2026 Announce completion of the Placement WEDNESDAY 13 MAY 2026 Trading halt lifted WEDNESDAY 13 MAY 2026 Settlement of the Placement FRIDAY 15 MA
Slide 22: Appendix 1 – Company Overview
Appendix 1 – Company Overview
Slide 23: The Elevra Strategy
The Elevra Strategy Disciplined delivery remains central to our strategy1 01 02 03 Optimise Existing Operations Develop Assets Following Integrate into the Supply Chain Expanded Resource Base Via Strategic Partnerships Focused on optimising production Deliver portfolio potential through the To lock
Slide 24: Growth Projects
Growth Projects A unique North American investment opportunity with a cornerstone operating asset and multiple strategic brownfield and greenfield projects1, 2 NAL Expansion Moblan Carolina (100%) (60%) (100%) Leading North American open pit mining High-grade, long-life project located close to Full
Slide 25: Q3 2026 Recap
Q3 2026 Recap Maintaining operational discipline and positive cash flow at North American Lithium while advancing growth opportunities Financial Production Corporate US$81M REVENUE 47,332 DRY METRIC TONNES Engineering activities for the accelerated expansion progressed, advancing the UP 22% QoQ UP 7
Slide 26: Experienced and Diverse Board and Management
Experienced and Diverse Board and Management Structured to support and enable Elevra’s growth Board of Directors Management Team Dawne Hickton Lucas Dow James Brown Christina Alvord Lucas Dow Christian Cortes Sylvain Collard Sandra Tremblay Chair Managing Director Director Director Managing Director
Slide 27: Appendix 2 – Key Risks
Appendix 2 – Key Risks
Slide 28: Key Risks
Key Risks There are various risks associated with an investment in New Shares or Elevra generally, as with any securities market investment. This section summarises those key risks. Potential investors should consider whether an investment in New Shares or Elevra generally is a suitable investment,
Slide 29: Key Risks (continued)
Key Risks (continued) Social and environment risks and land access restrictions The tenements of Elevra may be subject to certain access restrictions, which could relate to the freehold owner of the land on which the tenements are located, or the rights of Indigenous persons. In those circumstances,
Slide 30: Key Risks (continued)
Key Risks (continued) Native title risk Elevra's tenements may be subject to native title claims, which may prevent or delay the granting of mining tenements, or affect the ability of Elevra to explore and develop the mining tenements. Elevra operates in jurisdictions that are governed by native tit
Slide 31: Key Risks (continued)
Key Risks (continued) Access to equipment and infrastructure risk Mining, processing, development and exploration activities depend, to a significant degree, on adequate equipment and infrastructure. In the course of developing future mines, Elevra may need additional equipment to mine and to constr
Slide 32: Key Risks (continued)
Key Risks (continued) Financing risk In the ordinary course of business, Elevra relies on a combination of funding arrangements to finance its current and future operations. Elevra’s existing financing arrangements contain a range of covenants and other obligations to which Elevra must comply, some
Slide 33: Key Risks (continued)
Key Risks (continued) Funding risk The North American Lithium Expansion Project (NAL Project) is a large and complex project with an estimated expansion capital expenditure currently estimated at approximately US$270 million (refer to the Company’s ASX announcement “NAL Expansion Scoping Study” date
Slide 34: Key Risks (continued)
Key Risks (continued) Royalty claims risk Many of the mining claims of which Elevra has an interest are subject to ongoing royalty obligations. The amount of the royalties payable in respect of a claim may have an impact on the economic viability of that claim, which depends on various factors such
Slide 35: Key Risks (continued)
Key Risks (continued) Third party risk The ability of Elevra to achieve its business objectives will depend on the performance by Elevra and counterparties of their contractual obligations. If any party defaults in the performance of its obligations under a contract, it may be necessary for either p
Slide 36: Key Risks (continued)
Key Risks (continued) Regulatory risks Elevra may be affected by changes to government policies and legislation. Any changes in regulatory or fiscal frameworks in Canada, the United States, Ghana and/or Australia could adversely impact Elevra’s financial performance, operations, trading price and pr
Slide 37: Key Risks (continued)
Key Risks (continued) General risks Risks associated with an investment in shares There are general risks associated with investments in equity capital such as Elevra shares. The trading price of Elevra shares may fluctuate with movements in equity capital markets in Australia and internationally. T
Slide 38: Key Risks (continued)
Key Risks (continued) Investment in a dual listed Company risk As Elevra's shares are dual listed in Australia and the United States of America, the trading volume and price of the New Shares may fluctuate significantly, including as between ASX Limited (ASX) and the National Association of Securiti
Slide 39: Key Risks (continued)
Key Risks (continued) Liquidity risk Elevra shareholders who wish to sell their Elevra shares may be unable to do so at an acceptable price, or at all, if insufficient liquidity exists in the market for Elevra shares. Elevra does not guarantee the market price or liquidity of Elevra shares and there
Slide 40: Appendix 3 – Supporting Data
Appendix 3 – Supporting Data
Slide 41: Supporting Data
Supporting Data Combined Lithium Ore Reserve Totalling 106Mt1,2 Asset Source Reserve Category Tonnes (Mt) Li2O Grade (%) Cut-off Grade (%Li2O) Proved Ore Reserves 0.3 1.01 0.60 NAL Reserves up 124% to 48.6Mt North American Lithium and Resource increased to 95Mt Probable Ore Reserves 48.2 1.11 0.60 2
Slide 42: Supporting Data (continued)
Supporting Data (continued) Attributable Capacity Attributable Capacity Company Asset Country Ownership (ktpa SC)1 (ktpa SC6 eqv.)1 Source Date Carolina USA 100.0% 242 242 ELV Investor Presentation 3-Mar-25 Updated NAL Expansion Scoping Study Defines NAL Canada 100.0% 194 175 12-May-26 Faster Growth
Slide 43: Supporting Data (continued)
Supporting Data (continued) A Leading Hard Rock Resource Base in North America Totalling 229Mt1,2 Measured Measured Indicated Indicated Total M+I M+I M+I Inclusive Inferred Inferred Asset Company Location Status Code Source Date (Mt) (% Li2O) (Mt) (%Li2O) (Mt) (%Li2O) of Reserves (Mt) (%Li2O) North
Slide 44: Appendix 4 – International Offer Restrictions
Appendix 4 – International Offer Restrictions
Slide 45: International Offer Restrictions
International Offer Restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any
Slide 46: International Offer Restrictions (continued)
International Offer Restrictions (continued) Statutory rights of action for damages and rescission. Securities legislation in certain Provinces may provide a purchaser with remedies for rescission or damages if an offering memorandum contains a misrepresentation, provided the remedies for rescission
Slide 47: International Offer Restrictions (continued)
International Offer Restrictions (continued) Hong Kong WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission
Slide 48: International Offer Restrictions (continued)
International Offer Restrictions (continued) Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this document and any other document or mat
Slide 49: International Offer Restrictions (continued)
International Offer Restrictions (continued) United Arab Emirates This document does not constitute a public offer of securities in the United Arab Emirates (UAE) and the New Shares may not be offered or sold, directly or indirectly, to the public in the UAE. Neither this document nor the New Shares
Slide 50: International Offer Restrictions (continued)
International Offer Restrictions (continued) United States This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 or the securities laws o
Slide 51: Appendix 5 – Summary of the Underwriting Agreement and Termination Events
Appendix 5 – Summary of the Underwriting Agreement and Termination Events
Slide 52: Summary of the Underwriting Agreement and Termination Events
Summary of the Underwriting Agreement and Termination Events Elevra Lithium Limited (Elevra or the Company) has appointed the Joint Lead Managers to act as the joint lead managers, underwriters and bookrunners in relation to the Placement, subject to the terms and conditions of an underwriting agree
Slide 53: Summary of the Underwriting Agreement and Termination Events (continued)
Summary of the Underwriting Agreement and Termination Events (continued) • (fraud) the Company or any of its related bodies corporate, directors or officers (as those terms are defined in the Corporations Act) engage in any fraudulent conduct or activity whether or not in connection with the Placeme
Slide 54: Summary of the Underwriting Agreement and Termination Events (continued)
Summary of the Underwriting Agreement and Termination Events (continued) • * (contravention of law) (i) a contravention by the Company of the Corporations Act, its Constitution, the ASX Listing Rules, the Nasdaq Listing Rules or any other applicable law or regulation (as amended or varied) or order
Slide 55: Summary of the Underwriting Agreement and Termination Events (continued)
Summary of the Underwriting Agreement and Termination Events (continued) Representations, warranties and undertakings Elevra gives customary representations and warranties in connection with (among other things) the Placement. Elevra gives customary undertakings to the Joint Lead Managers, including
Slide 56: ELEVRA
ELEVRA