Agreement to Sell Ewoyaa Stake

Research evidence excerpt

Agreement to Sell Ewoyaa Stake

ravel for the research analyst related to facilitating a

material site visit.

Disclosure 19: BMO Capital Markets ("BMO CM") is acting as financial advisor to Elevra Lithium Limited. ("Elevra") (ASX: ELV; NASDAQ ELVR) in

connection with the sale of its interest in the Ewoyaa Lithium Project ("Ewoyaa Project") in Ghana to Zhejiang Huayou Cobalt Co, Ltd. ("Huayou").

BMO CM will be paid a fee. BMO CM follows information control procedures which prevent its research analysts who are issuing research from

having access to non-public information received by BMO CM investment banking personnel in connection with the transaction. Accordingly, it

is possible that individual employees at BMO CM may have material non-public information or opinions which are not included in, and may not

be consistent with, the information and advice in this research report.

Methodology and Risks to Target Price/Valuation for Elevra Lithium (ELV-ASX)

Methodology: Our target price is based on a 1.2x multiple of our 8% NAVPS. We ascribe value for the NAL expansion and the Moblan project

in Québec. We do not currently ascribe any value for the Ewoyaa or Carolina Lithium projects.

Risks: (i) Operational risk. The company is navigating current mining operations around old underground stopes from prior underground

operations. This poses operational risk and mining costs may remain elevated as Elevra operates around these more complex mining areas.

Additionally, the current phase of the mine plan includes ore with higher iron content, which could affect recoveries and production. Higher-

than-expected iron content or lower recoveries could affect our modeled target price. Unexpected operational challenges could impact