Elevra Lithium Completes Binding Supply Agreement with Mangrove Lithium

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Under the terms of the Agreement, Mangrove must achieve FID by 31 December 2028 and Commercial Operation no more than three years later.

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Market-Linked Pricing with Downside Protection

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Under the Agreement, the price payable to Elevra is linked to market-based pricing for spodumene concentrate. The final price will reflect the long-term purchase commitment made by Mangrove and will be adjusted to account for product grade (as is industry practice).

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Importantly, the Agreement includes a floor price which Management expects to be above NAL’s cost of production, providing Elevra with downside price protection over the life of the Agreement. Further, and in contrast to the pricing contemplated under the MoU, the Agreement contains no price ceiling and preserves Elevra’s full exposure to any future increase in spodumene concentrate prices.

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Benefits of Local Delivery

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Mangrove’s conversion facility, which is subject to Mangrove obtaining financing and announcing a Final Investment Decision, is expected to be located within Eastern Canada and will include both spodumene concentrate processing and lithium refining using Mangrove’s proprietary electrochemical technology. As deliveries under the Agreement will be to a domestic North American customer, Elevra expects to avoid the ocean freight costs that it would otherwise incur delivering spodumene concentrate to international customers.

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Canadian Government Support through Canada Growth Fund

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Mangrove previously secured up to US$85 million in structured financing led by the Canada Growth Fund (CGF), announced in January 2026. Elevra has also received strategic backing from CGF by way of an investment in convertible notes to fund the staged NAL Brownfield Expansion².

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Elevra considers that this shared support from CGF, a C$15 billion investment vehicle established to attract private capital into strategically important Canadian projects, reflects strong Canadian government backing for the establishment of a secure, domestic mine-to-chemicals lithium supply chain.

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About Mangrove Lithium

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Mangrove Lithium is a lithium refining technology company headquartered in Delta, British Columbia, Canada, with a mission to build scalable, battery-grade lithium production across North America and beyond. The Company has developed a patented electrochemical refining technology that converts diverse feedstocks into high-purity battery-grade lithium hydroxide and carbonate. Mangrove’s platform enables economic lithium production and is designed to integrate seamlessly into upstream and downstream supply chains. Backed by Canada Growth Fund, Breakthrough Energy Ventures, BMW i Ventures, Mitsubishi Corporation, Asahi Kasei, Orion Industrial Ventures, Export Development Canada and BDC Capital, Mangrove Lithium is advancing lithium infrastructure to meet the global demand for secure, domestic battery production. Learn more at www.mangrovelithium.com.

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Announcement authorised for release by Elevra’s Managing Director and Chief Executive Officer.

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About Elevra Lithium

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Elevra Lithium Limited is a North American lithium producer (ASX:ELV; NASDAQ:ELVR) with projects in Québec, Canada, United States, and a joint venture in Western Australia.

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Elevra’s assets comprise North American Lithium (100%), a 60% stake in the Moblan Lithium Project in Central Québec and the Carolina Lithium Project (100%) in the United States.

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² See ASX announcement “Elevra Announces Transformational Financing Package to Accelerate Growth” announced 12 May 2026.

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