Highlights

  • Elevra Lithium completes sale of all Ewoyaa lithium interests in Ghana to Huayou Cobalt, receiving US$71 million gross before fees and taxes.
  • Sale package included spodumene concentrate offtake rights, removing Elevra's remaining obligations to fund Ewoyaa development.
  • Proceeds earmarked for brownfield expansion at North American Lithium in Quebec and development at the Moblan lithium project.
  • Elevra retains North American Lithium (100%), Moblan (60%), Carolina Lithium in the US, and a WA joint venture interest.

The sale of Elevra Lithium Limited's (ASX:ELV) interest in the Ewoyaa lithium project in Ghana is complete. Confirmed to the ASX on 26 October 2026 following Ghanaian Government approvals, the transaction delivers US$71 million in gross cash proceeds to Zhejiang Huayou Cobalt and removes all remaining development funding obligations tied to the West African project.

What the Sale Included

Huayou acquired Elevra's full interest in Ewoyaa, including spodumene concentrate offtake rights. The gross consideration of US$71 million is before fees and taxes; the net amount has not yet been disclosed. Sale proceeds arrived after the end of the September quarter and will appear in December quarter accounts.

The transaction leaves Elevra with no further exposure to Ewoyaa — no development obligation, no upside, and no role in its future. Separately, Huayou is pursuing acquisition of Atlantic Lithium, which holds the remaining private-sector interest in Ewoyaa. That process was not a condition of Elevra's sale and may or may not complete.

Why the Sale Makes Sense

CEO Lucas Dow described the completion as delivering the goal of "improving our financial flexibility while removing the development funding obligations." Ewoyaa required significant capital in West Africa; removing that obligation concentrates resources on producing and advancing assets in Canada and the United States, where Elevra's operating platform is already established.

Elevra's North American Lithium operation in Quebec, 100% owned, is producing spodumene concentrate. The company holds a binding supply agreement to deliver 240,000 dry tonnes of spodumene concentrate to LG Energy Solution over three years from that operation. Moblan, a 60% Elevra project also in Quebec, is at the development stage.

Where the Money Goes

Proceeds are intended for brownfield expansion at North American Lithium, development activities at Moblan, and other growth opportunities. No specific dollar amounts have been allocated to individual projects. Updated timelines for the North American Lithium expansion or Moblan development milestones are expected in future communications.

Carolina Lithium in the United States and a joint venture interest in Western Australia round out the portfolio. Elevra has provided no revised schedules or capital estimates for these assets in the current announcement.