Elevra Lithium (ASX:ELV) has completed the sale of all rights, interests, and obligations tied to licence E45/2364 and the associated Tabba Tabba pegmatite project in Western Australia to Wildcat Resources (ASX:WC8). Wildcat will assume full ownership, control, and liability for the tenement.

The divestment comes as Elevra sharpens its focus on its North American lithium portfolio, a strategy increasingly adopted by ASX-listed miners seeking to concentrate capital and management bandwidth on fewer, higher-confidence assets amid fluctuating lithium prices.

Under the transaction terms, Elevra will receive total consideration of $16 million plus an ongoing royalty, structured as follows:

• $5 million in cash, payable on completion;
• $8 million in Wildcat ordinary shares, issued at $0.353 per share;
• $3 million in deferred cash, payable six months after Wildcat announces a completed feasibility study for the Tabba Tabba project; and
• Contingent cash payments of A$0.70 per tonne for each tonne of JORC pegmatite mineral resource announced by Wildcat within E45/2364.

Managing Director Lucan Dow said the blend of guaranteed and contingent payments gives Elevra continued exposure to any exploration success Wildcat achieves on E45/2364 while enabling the company to realise immediate value.

"This transaction delivers an attractive outcome for Elevra by unlocking immediate value from a non-core asset through a cash payment which can be reinvested in near-term growth initiatives," Mr Dow said.

"The structure also allows Elevra to benefit if any pegmatite mineralisation is discovered on E45/2364. The transaction further simplifies our portfolio and allows us to maintain our focus on executing our North American growth strategy, including the NAL Brownfield Expansion and the advancement of our development pipeline."

Elevra's North American assets comprise a 100% interest in North American Lithium, a producing spodumene operation in Quebec, a 60% stake in the Moblan lithium project in Central Québec, and a 100% interest in the Carolina Lithium project in the United States. The concentration in Québec and the southeastern US aligns with accelerating policy momentum to build domestic critical mineral supply chains across North America.

The Tabba Tabba sale follows what Elevra described as another strong operational performance across its North American operations, during which the company set monthly production records and secured a strategic financing package intended to support near-term growth.

For Wildcat, the acquisition adds pegmatite ground in a proven Western Australian lithium province at a time when explorer interest in the region remains elevated.

Prior to market open, ELV was steady at $7.86 with a market capitalisation of $1.524 billion.