Exhibit 99.1
ASX ANNOUNCEMENT
16 July 2026
2026 Extraordinary General Meeting Chair Address
One of the most compelling drivers of the merger between Sayona Mining and Piedmont Lithium was the opportunity to unlock value that neither company could have achieved
independently, the North American Lithium Brownfield Expansion.
After exploring a single-step expansion, we challenged ourselves to find an approach that could be delivered more efficiently while reducing execution risk.
The result is a phased expansion strategy that increases production more quickly, requires less capital upfront by staging capital deployment and provides greater
flexibility throughout the life of the project.
The expansion will be delivered in three stages.
The first stage focuses on optimising the existing operation and increasing throughput to the currently permitted 4,500 tonnes per day milling throughput. We recently
announced a groundbreaking on the expansion and have placed orders for key equipment needed to deliver Stage 1 and the expected 15-20% increase in annual spodumene concentrate production capacity.
The second stage expands milling capacity to 6,500 tonnes per day through additional temporary crushing capacity combined with increased grinding and flotation capacity.
This stage will bring our production capacity to the expansion target of just under 340,000 tonnes per year and is expected to be completed in calendar year 2028.
Stage 3 completes the expansion by replacing the temporary mobile crushing utilised in Stage 2 with a larger crushing circuit aligned with the expanded mill feed
requirement and improved ore sorting capabilities. This is the stage where production capacity and lower unit operating costs are fully realised and become sustainable over the long term.
There are several advantages to this phased approach.
First, it allows us to deploy capital progressively rather than all at once.
Second, it shortens the timeline to increased annual production. Instead of waiting for a single, large construction project and permitting to be completed before
realising any benefits, each phase delivers incremental production as it comes online. That means shareholders begin to see returns sooner.
Third, it substantially reduces execution risk. Each stage builds on proven operating infrastructure and incorporates learnings from the previous phase. This allows us
to manage technical, construction and market risks in a much more disciplined way than a single-step expansion.
Ultimately, this project reflects exactly what we set out to achieve through the merger –delivering greater value than either company could have achieved independently.
Turning to slide 5, we’ll look at the key benefits of the NAL Expansion as outlined in our Updated Scoping Study1.
The NAL Brownfield Expansion is not simply about increasing production. It is also about creating a larger, lower-cost, more resilient business that
is positioned to generate sustainable returns for shareholders.
The Scoping Study released in May 2026 demonstrates why we are excited about this opportunity.
Compared to maintaining the operation at its current scale, the study outcomes show that investing in the expansion delivers meaningful improvements in production,
operating costs and cash generation which should translate into value creation.
Once all three stages are complete, annual spodumene concentrate production capacity is expected to increase by approximately 74% compared to today’s operation.
Perhaps more importantly, unit operating costs are expected to decrease by around 21%.
Given the staged development approach, these benefits are not deferred until the end of the project. As each stage is completed and commissioned, production will
increase incrementally while unit costs begin to decline.
This combination of higher production and lower production costs means that we can simultaneously produce more tonnes while improving operating margins. Together, this
will strengthen the resilience of the business through all phases of the lithium price cycle.
In summary, this is exactly the type of project we want to invest in. This expansion builds on an existing asset, delivers attractive incremental returns and strengthens
the Company's long-term competitive position.
As we outline on slide 6, we successfully compiled a financing package which allows us the ability to plan confidently and execute decisively.
We raised A$275 million before fees through a fully underwritten equity placement to institutional investors.
The financing also includes a A$146 million strategic investment from Canada Growth Fund through convertible notes, reflecting its confidence in
both the NAL expansion and Elevra’s long-term role in building a secure North American critical minerals supply chain.
Additionally, we entered into an agreement to divest our interest in the Ewoyaa Project in Ghana and subject to satisfaction of its terms, expect to receive
approximately A$87 million in net proceeds. While we continue to believe Ewoyaa is a high-quality asset, its joint venture structure added complexity to our growth portfolio and the sale allows us to redeploy capital toward our core North American
opportunities.
1 ASX announcement dated 12 May 2026 entitled "Updated NAL expansion scoping study defines faster growth and lower costs".
This financing package fully funds the NAL Expansion under current market conditions and by securing the necessary funding upfront, we can focus our attention on
execution and delivering the project safely, on schedule and within budget.
The capital raise strengthens our balance sheet and preserves financial flexibility.
We anticipate that the lithium industry will continue to experience periods of volatility, and maintaining a strong liquidity position allows us to manage through
commodity price cycles while continuing to operate from a position of strength. It also provides the capacity to evaluate and pursue value-creating opportunities as they arise, rather than being constrained by our capital structure.
The financing is also expected to support a faster path to growth.
Approval today of the proposed funding arrangements mean we can progress the staged NAL expansion in line with our development schedule rather than pacing investment or
pausing development around future financing events. We anticipate that this will allow us to bring additional production online sooner and begin realising the operational and financial benefits of the expansion earlier.
Importantly, funding the NAL Expansion does not come at the expense of the rest of our portfolio. This capital raise actually opens the door for us to invest further in
our growth portfolio, specifically in the Moblan project.
Moblan remains one of the highest quality and scalable undeveloped hard rock lithium projects in North America, and we are continuing the technical studies, permitting
and development work needed to position the project for a final investment decision. That FID will follow an updated feasibility study on Moblan exploring the potential of increasing the annual output given the significant increase in the Resource
and Reserves since the previous study2.
As part of the ongoing work at Moblan, we announced that we terminated an Offtake Agreement with Lithium Offtake Inc., an investment vehicle managed by Waratah Capital,
in exchange for Elevra shares and options3. As we advance the development of Moblan, the ability to purchase these offtake rights and remove a life-of-mine commitment to deliver tonnes at a discounted market price presented an opportunity to enhance
the project’s economics and increase flexibility around future supply agreements and financing opportunities.
Finally, I’d like to discuss the investment from Canada Growth Fund and the structure of the convertible note in more detail.
For those unfamiliar with the Canada Growth Fund, it is a large investment vehicle established by the Canadian Government to support the development of strategic
industries that strengthen Canada’s economy and critical minerals supply chain.
The proposed CGF investment is structured as two tranches of convertible notes with a A$65 million Upfront Tranche and an A$81 million Conditional Tranche which are
subject to shareholder approval at today’s EGM. We believe this structure is attractive because it aligns the investment with project execution while allowing flexibility with respect to issuing the Conditional Tranche.
2 See ASX releases 12 May 2026 “Strategic Funding Presentation, 25 August 2025 “Moblan Increases Resource to 121Mt and Reserve to 48Mt” and 20 February 2024
“Moblan Lithium Project Definitive Feasibility Study”
3 See ASX release 12 May 2026 “Purchase of Moblan Offtake Rights”
Importantly, the notes are convertible at a premium to the market price of the Company’s shares at the time of the transaction. That premium helps limit dilution for
existing shareholders while providing Canada Growth Fund with the opportunity to participate in the long-term value that we believe this business can create.
Beyond the immediate funding, we see this as the beginning of what could become an important long-term relationship. As we continue advancing projects across our
portfolio, including the future development of Moblan, we believe there may be opportunities to work together again.
While there are no commitments beyond the current investment, establishing a relationship with a long-term strategic capital partner creates optionality that could prove
valuable as we continue to grow.
Ultimately, the proposed Canada Growth Fund investment strengthens both our balance sheet and our strategic position. It provides capital on attractive terms, supports
the execution of the NAL expansion, and establishes a relationship with an organisation that shares our long-term vision for developing a world-class North American lithium business.
Announcement authorised for release by Elevra’s Board of Directors.
About Elevra Lithium
Elevra Lithium Limited is a North American lithium producer (ASX:ELV; NASDAQ:ELVR) with projects in Québec, Canada, United States and Western Australia.
In Québec, Elevra’s assets comprise North American Lithium (100%) and a 60% stake in the Moblan Lithium Project in Northern Québec. In the United States, Elevra has the
Carolina Lithium project (100%).
In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium.
For more information, please visit us at www.elevra.com or contact:
Andrew Barber
Investor Relations
PH: +61 7 3369 7058
