North America's Biggest Lithium Mine Is Getting Bigger

Canada Growth Fund commits C$145M to Elevra Lithium, scaling North America's largest operating lithium mine

26 May 2026

Quebec's largest lithium operation has secured a major government-backed capital commitment. On 12 May 2026, the Canada Growth Fund announced up to C$145 million in convertible note financing for Elevra Lithium, supporting a staged expansion at the North American Lithium operation in the Abitibi region. The deal doubles the project's post-tax net present value to C$969 million.

The commitment sits within a broader A$441 million financing package, combining a A$275 million institutional equity placement and a A$20 million public offer. Together, they give Elevra the capital to move a brownfield expansion from planning to construction.

Abitibi's infrastructure makes the project viable on cost. Located roughly 570 kilometres north of Montreal, with year-round road and rail access and clean hydroelectric power, North American Lithium avoids the penalties of remote greenfield sites. Annual spodumene concentrate output rises from 315,000 to 338,000 tonnes, and mine life extends to 21 years.

Elevra was formed in August 2025 through the combination of Sayona Mining and Piedmont Lithium. Chief executive Lucas Dow said the government investment "de-risks the staged expansion and provides certainty to deliver on growth at NAL."

At roughly three quarters of North American spodumene concentrate output, this is not a routine expansion. Supply chain consequences reach across the continent. The Canada Growth Fund has now deployed over C$5 billion across 23 transactions, and the preference is clear: back assets that are already producing, where capital converts into output quickly.

For battery producers and automakers seeking lithium supply outside Asia, the province is gaining credibility as a continental anchor. Canadian lithium has moved beyond resource potential. Production is real, capital is committed, and the pace is increasing.