LG Energy Solution Secures Multi-Year Supply of Canadian Spodumene Concentrate from Elevara

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LG Energy Solution Secures Multi-Year Supply of Canadian Spodumene Concentrate from Elevara

• 240,000 dry metric tonnes of spodumene concentrate to be supplied from operational Canadian mine over four years.
• Local supply supports growing North American ESS demand and strengthens regional value chains.
• Securing spodumene concentrate enhances raw material flexibility across EV and ESS markets.

SEOUL, South Korea, October 8, 2026 - LG Energy Solution (KRX: 373220) today announced it has signed a multi-year binding offtake agreement with Elevra Lithium for spodumene concentrate.

Elevra Lithium is a North American lithium producer with projects in Quebec, Canada, United States, and a joint venture in Western Australia.

Starting later this year, Elevra Lithium will supply LG Energy Solution with 240,000 dry metric tonnes of spodumene concentrate over a four-year period. The spodumene concentrate will be produced at Elevra's North American Lithium (NAL) project in Quebec, Canada, which is already operational.

With spodumene concentrate set to be sourced from an operational North American mine and supply expected to commence later this year, LG Energy Solution is well positioned to strengthen its responsiveness to local customer needs while supporting the rapid growth of the regional ESS market.

To proactively respond to the rising market demand for energy storage systems (ESS) in North America, LG Energy Solution has five standalone and joint venture facilities in the region that are meeting customers' growing demand for reliable and scalable ESS solutions powered by LFP batteries.

NextStar Energy, the standalone facility in Windsor, Canada, has been serving as a cornerstone of Canada's growing battery ecosystem since commencing production last year. Backed by more than CAD 5 billion in investment and expected to create up to 2,500 direct jobs at full-scale production, the facility, combined with local supply of spodumene concentrate, will reinforce the local value chain in Canada.

Securing a stable supply of spodumene concentrate not only diversifies the company's raw material sourcing portfolio beyond lithium carbonate and lithium hydroxide but also provides greater flexibility to optimize production based on evolving electric vehicle (EV) and ESS market demand and market conditions. As a key intermediate feedstock that can be processed into either lithium carbonate or lithium hydroxide, spodumene concentrate enables greater production scalability, while enhancing supply chain resilience and supporting a stable supply of critical battery materials.

"This agreement with LG Energy Solution represents an important step in implementing the commercial strategy we outlined with our FY26 annual results. It provides Elevra with a committed customer for a meaningful portion of NAL's production while retaining exposure to spodumene concentrate market pricing," said Lucas Dow, Chief Executive Officer and Managing Director of Elevra Lithium. "Securing a leading global battery manufacturer as a customer further strengthens the commercial position of NAL and supports our strategy of building a diversified portfolio of high-quality customers as we increase production and progress the NAL expansion."

"This agreement marks another important step in strengthening our raw material supply chain in North America and supporting the region's rapidly growing ESS market," said Kang Yeol Lee, Procurement Center Leader of LG Energy Solution. "By securing a stable supply of spodumene concentrate from an operational North American source, we are enhancing both the flexibility and resilience of our supply chain while reinforcing our ability to meet evolving customer demand with greater speed and scale."