Canada Growth Fund to Invest Up to C$145 Million in Expansion of Elevra's Big Quebec Lithium Mine

By Robb M. Stewart

The Canadian government's arms-length investment vehicle has agreed to invest in Elevra Lithium's planned expansion of a lithium mine in Quebec.

Canada Growth Fund said it committed to invest as much as 145 million Canadian dollars (US$106 million) in Elevra's Canadian subsidiary, Sayona. The injection is part of Elevra's push to raise C$417 million in all, including a roughly C$272 million equity raising.

The transaction will help fund a staged expansion of Elevra's flagship North American Lithium mine in Abitibi, Quebec, where the company is seeking to lift cost competitiveness and boost production.

The investment will support Canada's largest operating lithium mine, reinforcing the country's role in the North American battery materials supply chain and industrial competitiveness in Quebec, said Yannick Beaudoin, chief executive Officer of Canada Growth Fund Investment Management.

Canada Growth Fund plans to make the investment through convertible notes that will be issued by Sayona. The notes will be convertible into Elvera shares that are listed on the Australian stock exchange. A portion of Canada Growth Fund's committed capital is contingent on Elevra meeting certain milestones, including permitting progress.

The company said the project will support 252 jobs in the region.

Elevra is looking to expand the mine to help the company become a larger, lower-cost lithium producer. The Brisbane-based company , which was formed through the merger of Piedmont Lithium and Sayona Mining, has a portfolio of lithium assets across Quebec, North Carolina, Ghana and Western Australia.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

May 12, 2026 08:04 ET (12:04 GMT)