Elevra Lithium Strikes MoU with Mangrove to Supply Québec Spodumene for Canadian Refining

Elevra Lithium ( (AU:ELV) ) has issued an update.

On 10 February 2026, Elevra Lithium announced it had signed a non-binding memorandum of understanding to supply Mangrove Lithium with spodumene concentrate from its North American Lithium operation in Québec. The parties aim to negotiate a definitive offtake agreement under which Elevra could deliver up to 144,000 tonnes per year over an initial five-year term from 2028, ramping to full volume by 2030 at market-linked prices with a floor and ceiling designed to stabilise NAL cashflows.

Mangrove plans to convert the Canadian feedstock in Eastern Canada into battery-grade lithium hydroxide at a proposed 20,000-tonne-per-year facility, reinforcing a domestic battery materials supply chain and leveraging Québec’s low-cost, low-carbon power. For Elevra, supplying a local converter is expected to reduce freight and logistics costs, underpin economics for its NAL operation and potential brownfield expansion, and further align the company with Canadian and Québec government strategies to develop an end-to-end critical minerals and battery ecosystem.

Mangrove has already demonstrated its electrochemical refining technology at a pilot plant in Delta, Canada, and has commissioned a 1,000-tonne-per-year commercial refining facility for qualification work, while securing an US$85 million funding round from a consortium of strategic and financial backers. Elevra’s management framed the MoU as a key commercial milestone that strengthens its North American positioning by shortening the mine-to-chemicals supply chain and anchoring more value-added processing in Canada, though any binding agreement remains contingent on Mangrove’s final investment decision before June 2027.

The most recent analyst rating on (AU:ELV) stock is a Hold with a A$6.00 price target. To see the full list of analyst forecasts on Elevra Lithium stock, see the AU:ELV Stock Forecast page.

More about Elevra Lithium

Elevra Lithium Limited is a North American-focused lithium producer listed on the ASX and Nasdaq, with assets in Québec, the United States, Ghana and Western Australia. Its portfolio includes the North American Lithium operation and a majority stake in the Moblan Lithium Project in Québec, the Carolina Lithium project in the U.S., the Ewoyaa Lithium joint venture in Ghana, and a large Pilbara tenement package in Australia prospective for gold and lithium.

The company’s Québec assets anchor its strategy to supply battery-grade lithium into the fast-growing electric vehicle and energy storage markets, while its diversified global project base positions Elevra to participate in multiple emerging lithium hubs. By aligning mining operations with downstream processing and regional industrial policies, Elevra is seeking to strengthen its role in North American and global battery supply chains.

Average Trading Volume: 1,295,060

Technical Sentiment Signal: Hold

Current Market Cap: A$1.08B

Learn more about ELV stock on TipRanks’ Stock Analysis page.