Exhibit 99.2

Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Announcement Summary

Entity name

ELEVRA LITHIUM LIMITED

Date of this announcement

Tuesday January 20, 2026

The +securities the subject of this notification are:

Unquoted options that have been exercised or other unquoted +convertible securities that have been converted

Total number of +securities to be issued/transferred

ASX +security code	Security description	Total number of +securities to be issued/transferred	Issue date

ELV	ORDINARY FULLY PAID	372,486	19/01/2026

Refer to next page for full details of the announcement

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Part 1 - Entity and announcement details

1.1

Name of entity

ELEVRA LITHIUM LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type	Registration number

ABN	26091951978

1.3

ASX issuer code

ELV

1.4

The announcement is

New announcement

1.5

Date of this announcement

20/1/2026

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Part 2 - Issue details

2.1

The +securities the subject of this notification are:

Unquoted options that have been exercised or other unquoted +convertible securities that have been converted

2.2

b The +securities being issued, transferred or re-classified as a result of the options being exercised or other +convertible securities being converted are:

securities that have already been quoted on ASX ("existing class")

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Part 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to

ASX in an Appendix 3B

The right of the holder of the options or other +convertible securities to receive the +underlying securities is being satisfied by:

A transfer of existing +securities

The underlying securities being received by the holder are:

Already quoted by ASX

Existing +securities converting into an existing class

FROM (Existing Class)

ASX +Security code and description

ELVAM : PERFORMANCE RIGHTS

TO (Existing Class)

ASX +Security code and description

ELV : ORDINARY FULLY PAID

Please state the number of options that were exercised or other +convertible securities that were converted		The first date the options were exercised or other +convertible securities were converted		The last date the options were exercised or other +convertible securities were converted
372,486		19/1/2026		19/1/2026

Is this all of the options or other +convertible securities on issue of that type?

Were the options being exercised or other +convertible securities being converted issued under an +employee incentive scheme?

Yes

Are any of the options being exercised or other +convertible securities being converted held by +key management personnel (KMP) or an +associate?

Yes

Provide details of the KMP or +associates who are exercising options or converting +convertible securities.

Name of KMP

Name of registered holder

Number of +securities

Sylvain Collard

84,123

Date the +securities the subject of this notification were issued/transferred

19/1/2026

Any other information the entity wishes to provide about the +securities the subject of this notification

Exercise of 372,486 unlisted Performance Rights (including the exercise of 84,123 unlisted Performance Rights by Sylvain Collard) under the terms of the Elevra Equity Incentive Plan as approved by shareholders of the Company.

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Issue details

Number of +securities

372,486

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Appendix 3G - Notification of issue, conversion or payment up of unquoted equity securities

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this notification, the +securities of the entity will comprise:

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1

Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)

ASX +security code and description	Total number of +securities on issue

ELV : ORDINARY FULLY PAID	169,376,771

4.2

Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue

ELVAM : PERFORMANCE RIGHTS	1,388,251

ELVAN : OPTION EXPIRING 31-DEC-2028 EX $4.80	2,723,613

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