Issuance of Upfront Tranche of Convertible Notes

• Elevra issues C$65 million Upfront Tranche of Convertible Notes to CGF
• Funds to support NAL Brownfield Expansion
• Conversion price set at A$17.17, interest at CORRA + 225 basis points
• Part of broader financing package to increase production capacity
• Conditional Tranche of C$80 million pending certain conditions

Elevra Lithium Limited, a North American lithium producer, has issued a C$65 million upfront tranche of Convertible Notes to a subsidiary of Canada Growth Fund Inc. This issuance supports the North American Lithium Brownfield Expansion and provides additional liquidity. The notes have a five-year maturity, accrue interest at CORRA (floored at zero) plus 225 basis points, and can be converted from the first anniversary until shortly before maturity at a price of A$17.17 per share. This tranche is part of a larger financing package that includes equity financing and a conditional tranche of C$80 million, pending certain conditions.

Elevra's financing package fully funds the NAL Brownfield Expansion.

Elevra aims to increase annual production capacity and reduce unit operating costs through the NAL Brownfield Expansion.