Elevra Lithium signs North American spodumene offtake MOU with Mangrove

Core Insights - Elevra Lithium has reached a commercial milestone with a non-binding memorandum of understanding (MoU) to supply spodumene to the North American market, potentially aligning with a local downstream partner [1][4] Group 1: MoU Details - Under the MoU, Elevra could supply Mangrove with up to 144,000 tonnes of spodumene per year for an initial five-year term starting in calendar year 2028, ramping up to 144,000 tonnes per annum by calendar year 2030 [2] - Mangrove plans to process the spodumene concentrate in eastern Canada, utilizing a modular, scalable electrochemical refining platform to convert feedstocks into battery-grade lithium hydroxide [3] Group 2: Strategic Implications - Elevra's CEO, Lucas Dow, indicated that the partnership with Mangrove may enhance cost efficiency and competitiveness, while also supporting the Canadian government's initiative to establish a secure critical minerals supply chain [4] - The MoU strengthens Elevra's commercial position in the lithium market, which is critical for the growing electric vehicle (EV) sector [4] Group 3: Company Overview - Elevra has multiple lithium projects in North America, including the North American Lithium project in Québec and a 60% stake in the Moblan lithium project, as well as the Carolina lithium project in the U.S. [5] - Elevra's stock price increased by 11.8%, reaching $7.20 per share following the announcement [6]