ELVR

Interested in Elevra Lithium Limited - Sponsored ADR? Here are five stocks we like better. Financial performance improved significantly: Fiscal 2026 revenue rose 39% to $202 million, while underlying EBITDA turned positive at $14 million. Cash increased to $255 million from $47 million, supported by financing and the Sayona-Piedmont merger. NAL expansion has entered execution: The multistage brownfield project is expected to raise annual spodumene capacity from roughly 194,000 to 338,000 tonnes, with stage one targeted for completion by mid-2027 and total capital costs estimated at $270 million. Fiscal 2027 outlook calls for higher production but increased costs: Elevra forecasts 198,000–210,000 tonnes of concentrate production, 200,000–230,000 tonnes of sales, unit costs of $880–$950 per tonne and capital expenditure of $120–$140 million. Elevra Lithium (NASDAQ:ELVR) reported stronger pricing, a return to positive underlying EBITDA and a substantially larger cash balance for fiscal 2026, as the company completed the merger of Sayona Mining and Piedmont Lithium and began execution of its North American Lithium, or NAL, brownfield expansion. Revenue rose 39% to $202 million for the year ended June 30, despite a decline in spodumene concentrate sales volumes. Average realized pricing increased 57% to $1,092 per tonne sold, compared with $694 per tonne in fiscal 2025. The company said the pricing improvement reflected a stronger lithium market as well as changes to legacy offtake arrangements. → Quantum Computing Is Raising the Stakes for Cybersecurity: 5 Stocks to Watch “Realized pricing has now moved above NAL's unit operating cost on a ton sold basis,” Managing Director and CEO Lucas Dow said on the company’s results call. He added that the completion of deliveries under a legacy offtake agreement in the June quarter should allow fiscal 2027 pricing to align more closely with prevailing spodumene market prices. Elevra posted underlying EBITDA of $14 million, compared with an underlying EBITDA loss of $65 million in the prior-year comparable period after adjustments for legacy Piedmont costs. NAL generated underlying EBITDA of $46 million, compared with a $29 million loss a year earlier. → Palantir's Kool-Aid Moment: The Math Behind Karp's Forecast The company reported net profit after income tax of $44 million, an improvement of $292 million from fiscal 2025. The result included a $156 million reversal of a NAL impairment, partly offset by $104 million in non-cash merger-related accounting items. Cash at June 30 totaled $255 million, up from $47 million a year earlier. Elevra subsequently received C$46 million from the first tranche of convertible notes issued to Canada Growth Fund after the fiscal year ended, while Dow said a further C$65 million in convertible-bond proceeds had been received in August. → Looking Beyond NVIDIA? These 3 AI ETFs Are Beating the Market Chief Financial Officer Christian Cortes said operating cash flow usage totaled $44 million, including merger transaction costs and working-capital impacts. NAL generated $3 million of cash by year-end, with cash conversion affected by $32 million in outstanding sales collections and a $15 million inventory increase tied to the transition of port operations. The outstanding prepayment facility balance was reduced to about $38 million during July and August from $55 million at year-end. NAL produced approximately 198,000 tonnes of spodumene concentrate in fiscal 2026, down 3% from the prior year but within the company’s original guidance range. Sales totaled approximately 181,000 dry metric tonnes, down 13%, due to shipment timing and the transition of port operations. Elevra ended the year with about 41,000 dry metric tonnes of inventory, which it said was largely shipped to customers in July. Temporary mining conditions during the first half affected ore feed characteristics, including higher iron content and lower lithium grades. The company increased mining activity to provide greater ore-blending flexibility while maintaining high mill utilization. Recoveries rose to 71% during the June quarter, the highest level achieved during fiscal 2026, while mill utilization reached 92%. Elevra also said its total recordable injury frequency rate declined 67% during the year, with improvements across medical-aid, modified-duty and lost-time injury categories. Unit operating costs were $853 per dry metric tonne sold, up 2% from the prior year. Cortes attributed the increase primarily to elevated mining and stripping activity needed to maintain ore access and improve mill feed. Elevra broke ground on the NAL brownfield expansion at the end of June after completing scoping studies and securing financing. The company selected a multistage development approach, saying it would allow faster production growth and reduce execution risk. The first stage will focus on debottlenecking the mill to support operations at the upper end of its existing permitted rate of 4,500 tonnes per day. The ultimate plan is to expand milling capacity to 6,500 tonnes per day, lifting average annual spodumene concentrate capacity from approximately 194,000 tonnes to about 338,000 tonnes. Elevra expects the expanded operation to reduce life-of-mine average C1 costs to $628 per tonne. Dow said stage one is expected to be completed by the middle of calendar 2027 and should provide a production uplift of roughly 15% to 20%, with the higher volumes expected to begin flowing through in fiscal 2028. Total capital for all three expansion stages remains estimated at $270 million, including roughly $70 million for stage one, $60 million for stage two and $140 million for the final stage. The company said it is reviewing potential effects from tariffs following a breakdown in Canada-U.S. trade negotiations, but expects alternative sourcing options to be available if U.S.-based procurement becomes more expensive. Dow said the company’s preliminary assessment indicates tariffs should not have a significant adverse effect on the overall NAL expansion cost. Elevra finalized an agreement with Mangrove Lithium to supply concentrate from NAL. The agreement includes a floor price of $1,000 per tonne of SC6 concentrate and no price ceiling, although supply is not expected to begin for four to five years. Cortes said the company sees Mangrove as a potential regional partner that could lower logistics costs and support development of a Canadian lithium chemical supply chain. The company plans to transition toward a sales portfolio with approximately three core offtake customers, market-based spodumene pricing and contract terms of three to five years. Elevra is targeting contracts for about three-quarters of production, retaining remaining volumes for allocation to existing customers or spot markets. Fiscal 2027 spodumene concentrate production guidance: 198,000 to 210,000 tonnes. Fiscal 2027 sales guidance: 200,000 to 230,000 tonnes. Fiscal 2027 unit operating cost guidance: $880 to $950 per tonne sold. Fiscal 2027 capital expenditure guidance: $120 million to $140 million, including about $20 million of sustaining capital at NAL. Elevra said higher expected fiscal 2027 unit costs reflect continued mining intensity, inventory building for the expansion and mining through remaining historical underground workings. The company also expects to release an updated Moblan scoping study during the December quarter, evaluating a production rate above the 300,000 tonnes per year contemplated in the prior definitive feasibility study. Elevra Lithium Limited, together with its subsidiaries, engages in the identification, acquisition, exploration, and development of mineral assets in Australia and Canada. The company explores for lithium, graphite, and gold deposits. Its flagship property includes the North American Lithium project that consists of 41 claims and one mining lease covering an area of approximately 1,493 hectares located in Quebec, Canada. The company was formerly known as Sayona Mining Limited and changed its name to Elevra Lithium Limited in August 2025. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Elevra Lithium H2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue: $202 million, a 39% increase compared to FY25. Underlying EBITDA (Group): $14 million profit, compared to a prior period loss of $43 million. Underlying EBITDA (NAL): $46 million profit, compared to a $29 million loss in the prior year. Net Profit After Tax: $44 million, an improvement of $292 million compared to FY25. Cash Balance: $255 million at the end of June, up from $47 million at June 30, 2025. Spodumene Concentrate Production: Approximately 198,000 dry metric tons, a 3% decrease compared to the prior year. Spodumene Concentrate Sales: Approximately 181,000 dry metric tons, a 13% decrease compared to FY25. Average Realized Price: $1,092 per tonne FOB, a 57% increase from $690 per tonne in FY25. Unit Operating Cost: $853 per tonne sold FOB, a modest 2% increase. Capital Expenditure: $24 million during FY26. FY27 Production Guidance: 198,000 to 210,000 tonnes of spodumene concentrate. FY27 Sales Guidance: 200,000 to 230,000 tonnes. FY27 Unit Operating Cost Guidance: $880 to $950 per tonne sold. FY27 Capital Expenditure Guidance: $120 million to $140 million. Warning! GuruFocus has detected 3 Warning Signs with SYAXF. Is SYAXF fairly valued? Test your thesis with our free DCF calculator. Release Date: August 27, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Revenue increased 39% to $202 million, driven by a 57% rise in average realized prices to $1,092 per tonne. Group underlying EBITDA turned positive at $14 million, a significant improvement from a $43 million loss in the prior year. Cash balance strengthened to $255 million, with an additional $65 million received post-period from convertible bonds, fully funding the NAL expansion. Safety performance improved dramatically, with total recordable injury frequency rate down 67%. NAL brownfield expansion is fully funded and underway, expected to increase production capacity to 338,000 tonnes and reduce unit costs to $628 per tonne. Strategic portfolio optimization included divesting non-core assets and securing a new offtake agreement with Mangrove Lithium, featuring a $1,000 floor price and no ceiling. Production declined 3% to 198,000 tonnes, with sales down 13% due to shipment timing and port transition. Unit operating costs increased 2% to $853 per tonne, with FY27 guidance higher at $880-$950 due to elevated stripping activity. Cash flow from operations was weak, with only $3 million generated at NAL, impacted by outstanding receivables and inventory buildup. Corporate costs rose significantly to $30 million, including a $7 million loss on hedge settlements. Potential US tariffs on Canadian goods could impact sourcing for the expansion, though alternate solutions are being evaluated. The Mobilan project remains in study phase, with an updated scoping study not expected until December 2026, delaying potential growth. Q: What guidance can you provide on FY27 realized prices, and can you confirm the floor price in the Mangrove offtake agreement?A: Lucas Dow (CEO) confirmed the Mangrove definitive agreement includes a floor price of $1,000 per tonne with no ceiling. Regarding FY27 pricing, with legacy agreements now completed, the company is effectively exposed to the spot market, and realized pricing should align more closely with reported market prices. Q: Can you explain the increase in FY27 unit operating cost guidance and the impact of US tariffs on the NAL expansion?A: Lucas Dow (CEO) attributed the cost increase primarily to higher mining activity, with the strip ratio rising to ~10% in FY27 from 9.1% in FY26, which will normalize as mining moves through the phase. Christian Cortes (CFO) noted minimal operational exposure to tariffs, with the bulk of technology and processes available worldwide, and the project remains on track at the USD270 million total capital estimate. Q: What are the next steps for the Mobilan project, and when can we expect the updated scoping study?A: Lucas Dow (CEO) stated the updated scoping study will determine the optimal production capacity, potentially higher than the previous DFS level of 300,000 tonnes per year, and refresh capital estimates. The study is expected to be released in the December quarter of this calendar year, with permitting activities progressing in parallel. Q: How should we think about realized pricing going forwardwill it be linked to lithium carbonate or spodumene prices, and is there a lag?A: Christian Cortes (CFO) clarified that all current and future shipments will be linked to spodumene concentrate indexes reported by credible price reporting agencies, with no chemical pricing references. The pricing is settled as product is delivered, and the company is moving away from lag pricing mechanisms. Q: Can you provide more detail on the strip ratio profile beyond FY27 and how quickly it will revert to the life-of-mine average?A: Lucas Dow (CEO) indicated that FY27 represents the peak strip ratio, and it will decline rapidly thereafter as the company completes mining through the underground stopes and picks up additional ore from the Marvelous dike. Q: Is the Carolina project being pushed out further given the recent agreements and study pipeline?A: Lucas Dow (CEO) clarified that Carolina is progressing, with the air permit expected within this quarter or early next quarter, which would fully permit the project. The key enabler remains finding a downstream partner to build and operate the co-located chemical facility, as Elevra's expertise is in mining. Q: What does the capital expenditure profile for the NAL expansion look like over FY28 and FY29?A: Lucas Dow (CEO) outlined the total capital of USD270 million for all three stages: Stage 1 at ~$70 million, Stage 2 at ~$60 million, and Stage 3 at ~$140 million. FY27 includes spending on Stage 1 and advancing Stage 2 work, plus ~USD10 million for Mobilan and growth initiatives. Q: What volume of production do you want under long-term offtake contracts, and what is the benefit if pricing is linked to spodumene indexes?A: Christian Cortes (CFO) stated the target is approximately three core customers covering around three-quarters of production, with flexibility to allocate the remainder to spot sales. The key benefit is counterparty reliability and confidence in offtakers' growth plans, which provides price protection and stability during market downturns. Q: How much of the material will remain in North America?A: Christian Cortes (CFO) noted that currently nothing is shipped to North America due to limited conversion capacity. However, discussions are ongoing with a party with a facility in North America, and if supply commences, it could represent around 25% of volumes. Q: Will there be incremental production as each stage of the NAL expansion is completed?A: Lucas Dow (CEO) explained that Stage 1 will deliver a 15% to 20% production uplift, expected to be complete by mid-calendar year 2027, with volume increases flowing through in FY28. Production increases will occur at the completion of each stage rather than incrementally, as equipment cutovers align with planned shutdown periods. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Elevra Lithium Limited - Sponsored ADR? Here are five stocks we like better. NAL production strengthened: Elevra produced more than 54,000 tonnes of spodumene concentrate in the June quarter, up 15% sequentially, and exceeded fiscal 2026 production guidance with approximately 198,000 tonnes. Improved recoveries and operational initiatives offset mining challenges related to historical underground workings. Financing fully supports expansion: The company raised $207 million through equity offerings and secured a CAD145 million Canada Growth Fund investment via convertible notes. Funds are intended to advance the staged NAL expansion, with the first stage expected to increase annual production to roughly 220,000–230,000 tonnes. Portfolio and market outlook improved: June-quarter realized pricing was depressed by a legacy contract, which has now ended, while management expects future prices to better reflect market conditions. Elevra also gained full control of Moblan’s attributable offtake, advanced a new Moblan study, and agreed to sell Ewoyaa to focus on North American assets. Elevra Lithium (NASDAQ:ELVR) reported its second-best quarterly production result at its North American Lithium, or NAL, operation during the June 2026 quarter, while completing financing intended to fund a brownfield expansion and support development work at the Moblan project. The company produced just over 54,000 tonnes of spodumene concentrate during the quarter, up 15% from the March quarter. May production exceeded 22,000 tonnes, setting a monthly record for the operation. Mill utilization was 92%, despite an April planned maintenance shutdown lasting just under four days, and recoveries improved to 71%. → MarketBeat Week in Review – 07/20- 07/24 Elevra said NAL produced approximately 198,000 tonnes of concentrate for fiscal 2026, exceeding the company’s revised guidance. It also reported no lost-time injuries during the June quarter. Mining continued through areas containing historical underground workings, which have required additional waste movement and enhanced safety and operating protocols. Elevra said ore mined remained aligned with mill requirements despite those conditions. → Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit During the question-and-answer session, management said improved recoveries reflected work on mining strategies, stockpiling, ore sorting and ore blending. The company noted that grades mined and processed in the June quarter remained below NAL’s long-term average grade, leaving what management described as further potential for improvement. The company said its cost of production declined slightly from the prior quarter, although unit operating costs based on tonnes sold rose 3% sequentially to $907 per tonne. The higher cost of goods sold reflected sales of higher-cost inventory, additional mining intensity around the historical underground workings and the April maintenance shutdown. → 2 Stocks Built to Thrive If Inflation Refuses to Fade For the full fiscal year, unit operating costs were $853 per tonne sold, below the company’s revised guidance range of $860 to $880 per tonne. Elevra reported $31 billion in revenue and an average realized selling price of $921 per tonne for the June quarter. The company said realized pricing was below both the March-quarter level and spot pricing because deliveries under a legacy customer contract used a lagged pricing mechanism tied to lithium hydroxide pricing from October 2025 through March 2026. The June quarter marked the final deliveries under that arrangement, according to the company. Elevra said it expects future realized pricing to more closely reflect prevailing market prices. Sales volumes were about 34,000 tonnes during the quarter, reflecting customer shipping schedules. Full-year sales totaled about 181,000 tonnes, the midpoint of prior guidance. With production exceeding sales, the company ended June with approximately 41,000 tonnes of finished-product inventory, most of which it expected to ship in July. Christian Cortes, Elevra’s chief financial officer, said the company changed ports near the end of June, limiting its ability to complete additional shipments during the quarter. He said Elevra had shipped more than 30,000 tonnes in July and expects quarterly shipping volumes over the next six months to increase to a combined 50,000 to 60,000 tonnes through two shipments per quarter. On market conditions, Cortes said customer feedback and other market observations continued to indicate strong demand fundamentals in the near term, while sentiment has been pressured by expectations for supply restarts and new projects. He said inventory levels remain “relatively thin” and that the company sees the three- to six-month outlook as fundamentally strong. Elevra completed a financing package that included an oversubscribed equity placement and retail share purchase plan generating $207 million in net proceeds, as well as a CAD145 million investment from Canada Growth Fund through two tranches of convertible notes. The company said it raised sufficient capital upfront to fully fund its staged NAL expansion in order to eliminate financing uncertainty and allow teams to focus on detailed engineering, procurement and construction. Elevra broke ground on the NAL expansion in late June and said it is placing orders for key long-lead equipment. Management said the expansion will be structured so that tie-ins occur during regular maintenance shutdowns, with no anticipated prolonged disruption to processing or pit operations. The first expansion stage is expected to lift production from a base of about 190,000 tonnes to roughly 220,000 to 230,000 tonnes. Elevra said its updated May scoping study shifted from a single-stage expansion concept to a three-stage approach, which it believes can accelerate initial production growth and unit-cost reductions by about two years while maintaining the same overall capital intensity. At Moblan, Elevra completed the purchase of offtake rights previously held by Waratah Capital. The company said the transaction eliminated a life-of-mine sales commitment that would have required discounted sales and gives Elevra control of 100% of its attributable production, equivalent to 60% of Moblan’s annual output. Management said it has awarded an updated Moblan scoping study, due in the current half-year. The study will assess the optimal production level following a significant increase in the resource base and consider a potentially staged capital-development approach. A prior definitive feasibility study contemplated annual production of around 300,000 tonnes, and management said the enlarged resource could support a higher production level. Elevra also agreed to sell its interest in the Ewoyaa project, describing the transaction as a portfolio-management decision intended to reduce complexity, bring additional capital into the business, remove future funding obligations and focus the company on its North American assets. The company ended the quarter with $255 million in cash, including $202 million in net equity-issuance proceeds. This figure did not include proceeds from the first Canada Growth Fund convertible-note tranche or the Ewoyaa sale. Elevra said NAL generated a modest operating profit during the quarter, though operating cash flow included a $51 million outflow driven largely by higher receivables and finished-goods inventory. Elevra Lithium Limited, together with its subsidiaries, engages in the identification, acquisition, exploration, and development of mineral assets in Australia and Canada. The company explores for lithium, graphite, and gold deposits. Its flagship property includes the North American Lithium project that consists of 41 claims and one mining lease covering an area of approximately 1,493 hectares located in Quebec, Canada. The company was formerly known as Sayona Mining Limited and changed its name to Elevra Lithium Limited in August 2025. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Elevra Lithium Q4 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

BRISBANE, Australia, July 28, 2026 (GLOBE NEWSWIRE) -- Elevra Lithium Limited (“Elevra” or “Company”) (ASX: ELV; NASDAQ: ELVR) delivered another strong operational performance, establishing monthly production records, and a Strategic Financing Package that enables near-term growth. North American Lithium Safety performance at North American Lithium (NAL) remained strong during the June 2026 quarter, with no lost-time injuries recorded and continued improvement in risk management and operational discipline across the site. Ore mined remained stable quarter on quarter (QoQ) with 372,938 wet metric tonnes (wmt) mined in line with process plant requirements. Process plant utilisation remained high at 92% following a record March 2026 quarter and was the third best quarter on record despite a planned shutdown. Strong crushing plant performance continued to support milling utilisation. The combination of high mill utilisation, throughput, and improved feed grades resulted in lithium recoveries of 71% for the June 2026 quarter, a 5% QoQ improvement. Spodumene concentrate production increased by 15% QoQ to 54,479 dry metric tonnes (dmt) at an average grade of 5.0%. This was the second-best performance on record and included a new monthly record of 22,202 dmt produced in May 2026 when utilisation and recoveries peaked at 98% and 73%, respectively. As previously disclosed1, spodumene sales were 33,977 dmt at an average realised selling price (FOB) of US$921/dmt, resulting in revenue of US$31 million. This was a 39% QoQ decline in tonnes sold and a 37% decrease in the average realised price per tonne as the Company sold the final tonnes under a multi-year contractual agreement that included a lagged pricing mechanism. This legacy contract has now been finalised and pricing in Q1 FY27 and beyond is expected to be more representative of spodumene spot prices. Unit operating costs per tonne sold (FOB) for NAL were US$907/dmt, a 3% increase compared to US$884 in the prior quarter, primarily reflecting the release of higher cost inventory resulting from the timing of the planned major plant shutdown costs in April and the sustained mining intensity. Capital expenditure of US$4 million for the June 2026 quarter was related to various planned NAL sustaining capital projects and the NAL Expansion Scoping Study. Growth Projects NAL Expansion Elevra released an Updated Scoping Study for the NAL Expansion evaluating a staged approach which accelerates production growth by two years and more than doubles the project’s incremental post-tax NPV8% to C$969 million while maintaining total capital expenditure of C$366 million2. The Company reached a major milestone with the official groundbreaking of the fully funded NAL Expansion and key equipment orders placed to reduce schedule risk3. Moblan Elevra purchased the spodumene concentrate offtake rights held by an investment vehicle managed by Waratah Capital Advisors, giving the Company control over 100% of its pro rata offtake entitlement, which is 60% of Moblan’s annual production4. To continue advancing project development, Elevra progressed environmental baseline studies and began preparations for an updated Moblan Scoping Study. Carolina Lithium Elevra maintained engagement with the North Carolina Division of Air Quality to progress the project’s air permit while also meeting with local county leadership to provide updates on project activities and reinforce the Company’s commitment to responsible project development. Corporate In May 2026, Elevra announced a Strategic Financing Package to fully fund the NAL Expansion comprised of a US$196 million (A$275 million) institutional placement and US$102 million (C$145 million) in Convertible Notes to be issued to the Canada Growth Fund (CGF) across two tranches. The issuance of the Upfront Tranche of Convertible Notes was approved by shareholders at an Extraordinary General Meeting on 16 July 20265 6, with proceeds of approximately US$46 million (C$65 million) from the Upfront Tranche to be received in Q3 CY26. Shareholder approval will be sought at the appropriate time for the issuance of a further C$80M Conditional Tranche of Convertible Notes. A US$11 million (A$16 million) Share Purchase Plan for eligible retail shareholders was also completed7. Elevra agreed to sell its interest in the Ewoyaa Project in Ghana to Zhejiang Huayou Cobalt Co., Ltd. (Huayou) for approximately US$71 million in cash (before fees) to streamline the Company’s growth portfolio and remove future funding obligations. This transaction is expected to complete in Q3 CY268. Cash at the end of the June 2026 quarter was US$255 million, which did not include the proceeds generated from the sale of the Ewoyaa Project interest or the draw down of the first tranche of the CGF convertible note. Net cash was US$200 million (March 2026: US$59 million), with the prepayment facility balance of US$55 million (March 2026: US$54 million). The prepayment facility was subsequently reduced by US$9 million in July 2026. Guidance for FY27 will be provided with FY26 Full Year Results in late August. Management Commentary The June 2026 quarter was a defining period for Elevra as we delivered strong operational performance at North American Lithium, secured a transformational financing package and further strengthened the foundations for our next phase of growth. At NAL, the team demonstrated that the operational improvements achieved over recent quarters are sustainable, delivering high mill utilisation and lithium recoveries that translated into a new monthly production record in May 2026. The continued improvement in recoveries is particularly notable and reflects the benefits of targeted optimisation initiatives, strong crushing plant performance and enhancements to the processing circuit. These achievements reinforce our confidence in the operation and the opportunity to continue improving performance as we execute the staged expansion plan. While operational performance remained strong, realised pricing during the June 2026 quarter was impacted by deliveries into a legacy offtake contract that contained an embedded pricing mechanism linked to historical lithium prices. Because of the lagged pricing mechanism, the significant rise in lithium prices seen in recent months was not fully reflected in the pricing Elevra received, but importantly, all obligations under this legacy contract have now been satisfied and we expect future pricing to better reflect spodumene spot prices. A major highlight of the June 2026 quarter was the successful completion of our Strategic Financing Package, which fully funds the NAL Brownfield Expansion and provides support for the advancement of Moblan toward a Final Investment Decision. The NAL Expansion is a key near-term milestone for Elevra and is expected to deliver meaningful benefits through increased production capacity and lower unit operating costs, further enhancing the quality and competitiveness of our North American asset base. We were also pleased to welcome Canada Growth Fund as a strategic partner through participation in the Strategic Financing Package. Canada Growth Fund’s investment mandate is strongly aligned with our objective to develop a local critical minerals supply chain, making it a strong partner as we continue to advance our portfolio. We believe this relationship also creates opportunities to collaborate as we pursue future growth initiatives across our business. During the June 2026 quarter, we also announced the sale of our interest in the Ewoyaa Project in Ghana. This transaction represents a disciplined portfolio decision that allows us to sharpen our focus on our core North American assets, simplify our corporate structure and redeploy capital into opportunities where we see the greatest potential to create value for shareholders. We believe the outlook for lithium remains positive, and while prices have moderated from the multi-year highs experienced in recent months, market fundamentals remain supportive and underpinned by continued demand growth. At the same time, industry-wide underinvestment during the recent downturn has constrained the pace of new supply growth, reinforcing our view that high-quality projects in strategic jurisdictions will continue to play an increasingly important role in meeting future demand. Mr Lucas DowManaging Director and CEO Operational Financial Performance Health and Safety Safety remains a core priority across Elevra’s operations. Health and safety performance remained strong during the June 2026 quarter with two recordable injuries and no lost-time injuries. This trend of significant improvements in safety performance since the restart of NAL operations in March 2023 is enabled by the growing maturity of our risk management culture and the commitment of our teams to safe operations. As we move forward with our growth plans, our focus remains on maintaining the same culture of risk awareness, accountability, and operational excellence. ESG and Community Engagement As Elevra continues to advance the NAL Expansion, the Company engaged with several local stakeholder groups to present and discuss the status of current operations and the expansion project. These consultations provided an opportunity to gather feedback, identify concerns, and understand community expectations which will guide planning and further engagement efforts. Environmental studies required for the NAL Expansion progressed along with engineering work to define the expected impacts of the expansion and support permitting, project design and development. Permitting is not expected to constrain the initial stage of the expansion, allowing development to progress in parallel with the advancement and finalisation of longer-term permitting requirements. For Moblan, environmental studies and associated permitting activities represent the critical path for project development. Ongoing technical and engineering work will continue to refine the project scope and inform permitting requirements and timelines. North American Lithium Mining Ore mined of 372,938 wmt was 1% higher than the previous quarter. Mining activity during the June 2026 quarter continued to focus on executing the planned mine development sequence while optimising ore availability and feed quality. As was planned, ore uncovered decreased by 20% during the June 2026 quarter as mining progressed through areas associated with historical underground stopes, which resulted in a 13% increase in waste mined to maintain access to ore zones. Ore mined remained consistent QoQ and totalled 372,938 wmt and was aligned to processing plant requirements. The feed grade of ore delivered to the ROM stockpile averaged 1.06% Li2O for the June 2026 quarter, which was a marginal decline from 1.07% Li2O in the previous quarter, while the iron content continued to decline as expected. Production Production increased to 54,479 dmt of spodumene concentrate at an average grade of 5.0% for the June 2026 quarter. The mill processed 358,806 tonnes of ore during the June 2026 quarter (up 4% QoQ), with continued focus on ore sorting performance at the ROM stockpile and the crushing circuit reducing iron content in the mill feed. Mill utilisation was 92%, a 2% QoQ decrease from the record performance achieved in the March 2026 quarter. The modest decline was due to a major planned shutdown in April 2026, but high mill utilisation in May and June 2026 yielded the third best quarterly performance since the restart of operations. Record crushing plant performance, with 384,307 wmt crushed during the period (+10% QoQ), contributed to operational stability. An improvement in the average feed grade to 1.07% Li2O in the June 2026 quarter (vs. 1.03% Li2O in the March 2026 quarter) and successful blending of iron content yielded meaningful benefits as the Li2O recovery for the June 2026 quarter was 71% (an increase of 5% QoQ). In addition to the improved feed grade, the uplift in recoveries was aided by the high level of mill utilisation, throughput and process modifications made in the March 2026 quarter. Sales NAL revenue was US$31 million for the June 2026 quarter, impacted by a decline in tonnes sold and average realised pricing due to shipping schedule and legacy lagged pricing mechanisms. Revenue declined by 61% QoQ as a result of a 39% decrease in spodumene concentrate tonnes sold and a 37% decrease in the average realised selling price per tonne (FOB). Total spodumene concentrate tonnes sold during the June 2026 quarter was 33,977 dmt, with two cargoes sold during the quarter. The average realised selling price (FOB) for the June 2026 quarter was US$921/dmt. Realised pricing declined due to the contractual pricing mechanism contained within a customer contract which referenced historical lithium hydroxide prices. All 33,977 dmt sold were subject to this lagged pricing mechanism, and the delivered volumes satisfied all remaining obligations under that multi-year offtake agreement. As a result, there will be no further deliveries subject to this lagged pricing mechanism and Elevra expects future realised pricing to align more closely with spot spodumene pricing. A total of 40,863 dmt of spodumene concentrate finished goods was stockpiled at NAL, in transit or at the port as at 30 June 2026. We expect a shipment of approximately 32,500 dmt will be completed in July with a further shipment expected by the end of the quarter. Costs Unit operating costs per tonne sold (FOB) increased 3% quarter on quarter to US$907/dmt sold reflecting the release of higher cost inventory. Controllable costs increased 16% QoQ, broadly in line with the overall increase in concentrate production. Total ore mining and waste stripping costs increased by 13% QoQ, consistent with the planned 13% increase in total material moved. Total ore processing costs increased 27% QoQ, driven by the higher concentrate volumes and the timing of the planned major shutdown in April 2026, compared with no major shutdown activity in the previous quarter. The combined impact of planned mining intensity and timing of plant shutdown contributed to the release of higher cost inventory during the June 2026 quarter. Growth Projects NAL Brownfield Expansion Elevra released an Updated Scoping Study for the NAL Brownfield Expansion which outlined the enhanced project economics and increased strategic value derived from a staged development strategy that accelerated production growth while maintaining the total capital expenditure estimate12. The Updated Scoping Study demonstrates a significant improvement in the value of the expansion project, with the incremental post-tax net present value increasing to C$969 million, more than double that outlined in the previous study13. The staged approach allows Elevra to progressively increase production capacity, optimise operating performance and lower unit costs through a series of defined milestones, reducing execution risk and improving capital efficiency. Following the successful completion of a capital raise in May 2026, which fully funded all three stages of the expansion14, the Company announced the official groundbreaking of the expansion and placed orders for key equipment to derisk the planned delivery schedule15. Strategically, the NAL Brownfield Expansion reinforces Elevra’s position as a leading North American lithium producer at a time when demand for secure and transparent battery material supply chains continues to grow. By delivering additional production earlier, generating cash flow sooner and preserving flexibility to respond to market conditions, the staged development model provides a disciplined pathway for growth. Moblan At the Moblan Project, activities during the June 2026 quarter focused on advancing the key workstreams required to support a future Final Investment Decision (FID) following the successful completion of the May 2026 capital raise14. Permitting remains the critical path for development and Elevra’s immediate priorities are centred on advancing baseline environmental studies and associated permitting activities. Elevra completed the purchase and termination of the existing spodumene concentrate offtake agreement held by an investment vehicle managed by Waratah Capital Advisors Ltd16. The transaction strengthens Elevra’s long-term position at Moblan by eliminating a life-of-mine sales commitment priced at a discount to prevailing market conditions, allowing the Company to regain full control of its attributable share of Moblan’s annual production and providing increased flexibility to structure future sales and financing opportunities as the project advances toward development. In parallel, the Company has commenced work to review and update Moblan’s 2024 Definitive Feasibility Study to incorporate the project’s expanded mineral resource base and further refine the development pathway. Carolina Lithium During the June 2026 quarter, Elevra continued to advance permitting and stakeholder engagement activities for the Carolina Lithium Project. The Company maintained its engagement with the North Carolina Division of Air Quality to progress the air permitting process toward public comment while continuing to work collaboratively with local, state and federal stakeholders. Members of Elevra’s senior leadership team also met with local Gaston County leadership to provide updates on recent project development activities. Western Australia Morella Lithium Joint Venture Project Elevra has a 49% equity interest in the Morella Lithium Joint Venture, which holds lithium rights in the Pilbara and South Murchison regions. The joint venture is managed by Morella Corporation Limited. Following completion of the March 2026 20-hole reverse circulation (RC) drill program at Mt Edon in the South Murchison, assay results testing the Sophie pegmatite were returned. The assay results continued to demonstrate broad zones of rubidium mineralisation and identified several higher-grade zones, reinforcing confidence in the continuity and scale potential of the mineralised pegmatite system. The assay results provided the dataset required to support the preparation of a maiden JORC Mineral Resource Estimate, while ongoing metallurgical test work continues to evaluate development opportunities associated with the project’s rubidium mineralisation and associated lithium potential. Tabba Tabba Elevra holds the lithium and pegmatite rights over the Tabba Tabba project (E45/2364), where exploration is targeting gabbro hosted, flat lying spodumene pegmatite systems. The lease is well located being directly south and along strike from known lithium mineralisation. Planned exploration activities remain focused on drill testing favourable geology along the western flank of the Corridor Gabbro in the North drill area and the Pascal pegmatite cluster, which is located approximately 3km along strike to the south and has untested pegmatite occurrences. Heritage surveys will precede initial RC drilling later in calendar year 2026. Corporate Strategic Financing Package to Fund Growth Projects During the June 2026 quarter, Elevra announced a Strategic Financing Package comprising an equity raising and the issuance of convertible notes to Canada Growth Fund (CGF), securing the funding required to execute the Company’s near-term growth strategy17. The financing included a fully underwritten US$196 million (A$275 million)18 (before fees) institutional placement and US$102 million (C$145 million) Convertible Notes investment from Canada Growth Fund. The Convertible Notes will be issued across two tranches, an Upfront Tranche of US$46 million (C$65 million) and a Conditional Tranche of US$56 million (C$80 million) worth of Convertible Notes. Notably, issuance of the Upfront Tranche was approved by shareholders at an Extraordinary General Meeting on 16 July 202619, while issuance of the Conditional Tranche is subject to the satisfaction of certain conditions which includes Elevra’s election to proceed with drawing on the facility and shareholder approval. In conjunction with the Strategic Financing Package, Elevra offered a Share Purchase Plan (SPP) to eligible existing shareholders and raised an additional US$11 million (A$16 million) in proceeds20. The proceeds from the Strategic Financing Package are expected to fully fund the staged NAL Brownfield Expansion, allowing the Company to plan and execute its multi-year expansion plans with certainty, and provide funding to advance the Moblan Project through pre-development work towards FID. The strengthened capital position provides Elevra with the flexibility to progress key workstreams across its growth portfolio while maintaining sufficient liquidity to operate through market cycles. Sale of Ewoyaa Project Interest Elevra entered into a binding agreement to divest its rights and interests in the Ewoyaa Project, including its associated offtake rights, to Huayou, with completion expected in Q1 FY2721. Subject to satisfaction of the conditions precedent and completion in accordance with its terms, the transaction will provide Elevra with approximately US$71 million in cash before fees and is independent of Huayou’s separate proposed acquisition of Atlantic Lithium. The divestment supports Elevra’s strategy of simplifying its corporate and operational structure, reducing complexity associated with Ewoyaa’s joint venture and offtake arrangements, and eliminating future capital commitments to the project while increasing the Company’s focus on advancing its North American lithium portfolio. Cash Cash and cash equivalents increased by US$142 million to end the June 2026 quarter with a resulting balance of US$255 million (net cash US$200 million)22. NAL generated profit from operations of US$1 million for the June 2026 quarter primarily due to lower sales volumes and lower realised prices compared to the March 2026 quarter. Overall, NAL reported a net operating cash outflow of US$50 million primarily as a result of unfavourable net working capital movements, driven by higher trade receivables due to the timing of receipts (US$30 million) and higher finished goods inventories (US$18 million). Capital expenditure in the June 2026 quarter was US$4 million relating to various planned NAL sustaining capital projects and the NAL Expansion Scoping Study. The balance of the prepayment facility, which relates to advance payments based on the value of certain committed future sales of spodumene concentrate was US$55 million at the end of the June 2026 quarter (March 2026: US$54 million). The prepayment facility was subsequently reduced by US$9 million in July 2026. The Group reported a net cash outflow of US$6 million for the June 2026 quarter which was predominantly corporate expenditure. Capital Structure At 30 June 2026, the Company had the following capital structure: 194,016,029 ordinary fully paid shares; 8,000,000 unquoted options expiring on 31 December 2028 (EX $4.80); 56,678 unquoted options expiring on 12 May 2029 (EX $18.30); 2,457,652 unquoted performance rights (expiring various dates). Announcement authorised for release by the Board of Directors of Elevra Lithium Limited. Information The following information applies to this report: All references to dollars and cents are United States currency, unless otherwise stated. Numbers presented may not add up precisely to the totals provided due to rounding. The following abbreviations may have been used throughout this report: cost, insurance and freight (CIF); dry metric tonne (dmt); earnings before interest and tax (EBIT); earnings before interest, tax, depreciation and amortisation (EBITDA); free on board (FOB); life of mine (LOM); lithium carbonate (Li2CO3); lithium hydroxide (LiOH); lithium oxide (Li2O); net present value (NPV); run of mine (ROM); thousand tonnes (kt); tonnes (t); and wet metric tonne (wmt). Forward-Looking Statements This report may contain certain forward-looking statements. Such statements are only predictions, based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond Elevra Lithium Limited's control. Actual events or results may differ materially from the events or results expected or implied in any forward-looking statement. The inclusion of such statements should not be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions or that any forward-looking statements will be or are likely to be fulfilled. Elevra Lithium Limited undertakes no obligation to update any forward-looking statement or other statement to reflect events or circumstances after the date of this report (subject to securities exchange disclosure requirements). The information in this report does not take into account the objectives, financial situation or particular needs of any person. Nothing contained in this report constitutes investment, legal, tax or other advice. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and all material assumptions and technical parameters continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements. About Elevra Lithium Elevra Lithium Limited (ASX: ELV; NASDAQ: ELVR) is North America's largest hard-rock lithium producer with a diversified portfolio of high-quality assets across Québec (Canada), the United States, and Western Australia. Our flagship operation, the North American Lithium (NAL) mine in Québec, Canada has successfully ramped up production of spodumene concentrate, supported by ongoing operational enhancements to increase recovery rates, throughput, and mill utilisation. Following a Mineral Resource upgrade, Elevra completed a Scoping Study for a brownfield expansion to increase NAL’s annual spodumene concentrate production and reduce unit operating costs. Complementing NAL, the Moblan Lithium Project in central Québec represents one of the largest undeveloped spodumene resources in North America, with a Mineral Resource of 121 Mt @ 1.19% Li₂O. Development activities are progressing with feasibility studies targeting a large-scale, long-life operation capable of supplying both domestic and international markets. In Western Australia, Elevra holds an extensive portfolio of lithium and gold tenements, where exploration programs are advancing to unlock additional growth opportunities. Meanwhile, in the United States, our Carolina Lithium Project offers a strategic foothold in the downstream lithium chemicals market. Looking ahead, Elevra is focused on strategic downstream partnerships to enable further value-added lithium production, positioning the Company to deliver a secure, sustainable supply of critical minerals to global customers. Together, these assets establish Elevra as a growth-focused supplier supporting the global energy transition. For more information, please visit us at www.elevra.com. Appendix ______________________________1 ASX release 10 July 2026 “Elevra Lithium Provides Update on June 2026 Quarter Production and Sales”.2 ASX release 12 May 2026 “Updated NAL Expansion Scoping Study Defines Faster Growth and Lower Costs”. 3 ASX release 29 June 2026 “Elevra Breaks Ground on Fully Funded North American Lithium Expansion”. 4 ASX release 12 May 2026 “Elevra Announces Purchase of Moblan Offtake Rights”. 5 ASX release 12 June 2026, “Notice of Extraordinary Meeting & Proxy Form”.6 ASX release 16 July 2026 “2026 Extraordinary General Meeting Results”.7 ASX release 5 June 2026 “Completion of Share Purchase Plan”.8 ASX release 11 May 2026 “Elevra Announces Agreement to Sell Ewoyaa Project Interest”. 9 Numbers presented may not add up precisely to the totals provided due to rounding.10 Average realised selling price is calculated on an accruals basis and reported in US$/dmt sold, FOB Port of Québec.11 Unit operating cost per tonne sold is calculated on an accruals basis and includes mining, processing, transport, port charges, site-based general and administration costs and cash based inventory movements, and excludes depreciation and amortisation charges, freight and royalties. It is reported in US$/dmt sold, FOB Port of Québec.12 ASX release 12 May 2026 “Updated NAL Expansion Scoping Study Defines Faster Growth and Lower Costs”.13 ASX release 15 September 2025 “NAL Expansion Scoping Study Confirms Lower Costs and Strong Returns”. 14 ASX release 13 May 2026 “Elevra Announces Successful Completion of A$275 Million Institutional Placement”.15 ASX release 29 June 2026 “Elevra Breaks Ground on Fully Funded North American Lithium Expansion”. 16 ASX release 12 May 2026 “Elevra Announces Purchase of Moblan Offtake Rights”.17 ASX release 12 May 2026 “Elevra Announces Transformational Financing Package to Accelerate Growth”.18 FX as at 11 May 2026: USD/CAD 1.37, USD/AUD 1.3819 ASX release 16 July 2026 “Results of 2026 Extraordinary General Meeting”.20 ASX release 5 June 2026 “Completion of Share Purchase Plan”. 21 ASX release 11 May 2026 “Elevra Announces Agreement to Sell Ewoyaa Project Interest”. 22 Net cash is equal to the balance of cash and cash equivalents less the balance of the prepayment facility.23 Numbers presented may not add up precisely to the totals provided due to rounding.24 Average realised selling price is calculated on an accruals basis and reported in US$/dmt sold, FOB Port of Québec.25 Unit operating cost sold is calculated on an accruals basis and includes mining, processing, transport, port charges, site-based general and administration costs and cash based inventory movements, and excludes depreciation and amortisation charges, freight and royalties. It is reported in US$/dmt sold, FOB Port of Québec. CONTACT: For more information, please contact: Andrew Barber Chief Development and Investor Relations Officer Email: [email protected] Phone: +61 7 3369 7058

Elevra reported an operational turnaround at North American Lithium with 94% plant utilization, improved lithium recovery to 66%, 47,332 dmt of spodumene produced and 370,508 wmt mined, keeping the company on track for its FY2026 guidance of 180,000–190,000 tons. Higher pricing drove a record quarterly revenue of $81 million as average realized selling price rose ~46% q/q to about $1,453/ton, even though tons sold fell 16% to 55,526 tonnes; unit operating costs were $884/ton. Balance-sheet strength improved with cash of $113 million (up ~$32 million q/q) after NAL delivered $32 million profit from operations and $41 million net operating cash inflow, while the company advances a staged NAL expansion and a non‑binding MOU with Mangrove to supply North American refining (potential ~20,000 t LCE; FID target mid‑2027). Interested in Elevra Lithium Limited - Sponsored ADR? Here are five stocks we like better. Elevra Lithium (NASDAQ:ELVR) highlighted improved operating execution and a return to meaningful operating cash generation in its March 2026 quarterly update, pointing to stronger performance at its North American Lithium (NAL) operation and continued advancement across its broader development portfolio. Managing Director and CEO Lucas Dow said the March quarter was defined by “improved operational execution, positive cash flow generation, and continued advancement across our global lithium growth portfolio,” following what he described as a challenging prior period. He added that the company focused on “safety, operational discipline, and capital efficiency,” and said those efforts translated into “measurable improvement across the business.” → Credo Stock Flashes Strong Bullish Signal—Upswing Just Starting At NAL, Dow reported two consecutive months without a recordable injury during the quarter, with the total recordable injury frequency rate remaining below the company’s FY2026 target for a third consecutive quarter. Operationally, mining activity focused on adherence to the planned mine development sequence, and waste stripping continued as planned. Dow said ore uncovered increased 25% from the previous quarter, improving operational flexibility. The company mined 370,508 wet metric tons of ore during the quarter. → Allbirds Exits Shoes, Pivots to AI With NewBird Rebrand On processing performance, Dow said plant utilization reached 94%, which he called the highest quarterly utilization in NAL’s operating history. Lithium recovery improved to 66% following mine and process optimization efforts. Spodumene concentrate production totaled 47,332 dry metric tons, up 7% quarter-over-quarter, at a consistent 5% concentrate grade. Dow said the results keep the company “firmly on track” to achieve full-year production guidance of 180,000 to 190,000 tons. → Amazon Stock Up 30%: Is AMZN Still a Buy Before Earnings? Elevra sold 55,526 tons of spodumene concentrate in the March quarter, a 16% decline in tons sold quarter-over-quarter, but the company benefited from significantly higher pricing. Dow said average realized selling price increased 46% quarter-over-quarter to approximately $1,453 per ton on an FOB basis, reflecting tightening lithium market conditions and improving demand fundamentals. The higher price realization drove record quarterly revenue of $81 million, which Dow said represented a 22% increase quarter-over-quarter and a 68% increase year-to-date versus last year. Unit operating costs were $884 per ton sold, up 9% from the prior quarter. Dow attributed the increase primarily to higher cost inventory tied to increased mining costs as the company uncovered additional ore to improve blending flexibility. Dow also pointed to structural cost characteristics at NAL, including diesel fuel representing about 5% of production costs and the processing plant operating primarily on renewable hydroelectric power. Looking ahead, Dow said June quarter shipments will conclude deliveries under one legacy contract with a lagged pricing mechanism. He said ending the contract will increase the company’s exposure to prevailing pricing beyond the June quarter. In Q&A, CFO Christian Cortes said the March quarter had “minimal impact on lagging prices,” noting the first shipment had only a one-month lag. He added that after accounting for that minor lag, prices “would’ve been in line with average prices for the quarter” based on published indices from January through March. Elevra ended the March quarter with $113 million in cash, an increase of nearly $32 million from the previous quarter. Dow said the improvement reflected stronger NAL results, including a $32 million profit from operations and $41 million in net operating cash inflow at NAL. At the group level, operating cash outflow was approximately $5 million, which Dow said was largely related to corporate expenditures. Capital expenditure totaled $4 million and was focused on sustaining capital at NAL. “The key takeaway from this quarter being Elevra is now demonstrating operational cash generation,” Dow said, adding that the company is strengthening its balance sheet while preserving flexibility to fund growth initiatives. Dow said the company is pursuing a staged development pathway for an accelerated NAL expansion, rather than a single-stage expansion. He said the staged approach is intended to deliver additional production earlier through de-bottlenecking steps, while optimizing capital deployment, reducing execution risk, and aligning growth with market demand. An updated expansion scoping study reflecting the staged approach is expected in the June quarter. Dow also said Elevra signed a non-binding memorandum of understanding with Mangrove Lithium to evaluate supplying NAL spodumene concentrate into a North American refining capacity. Dow cited potential benefits including reduced transportation costs and lower carbon intensity. He also noted Mangrove announced the opening of its first commercial lithium refinery earlier in the month. In response to analyst questions, Dow said Mangrove is considering a conversion scale “in the order of around 20,000 tons of LCE,” which he said could represent “a decent chunk of our expanded volume,” estimating it at around half. Dow also said there could be scenarios in which Elevra supplies both Mangrove and the Bécancour facility controlled by Rio Tinto and Investissement Québec, though he characterized sourcing decisions for Bécancour as a matter for Rio Tinto. On timing, Andrew Barber, Elevra’s Chief Development and Investor Relations Officer, said Mangrove is conducting site selection while advancing engineering for a full-scale plant and operating a commercial-scale modular unit during the rest of the year using NAL concentrate provided by Elevra. Barber said the agreement “envisages that they get to an FID by mid-calendar year 2027,” with site selection, engineering, and funding planning advanced by that time. Dow said a co-located facility could reduce logistics costs by eliminating rail costs to port, though he added Mangrove will require additional permitting if it builds in Canada and that Mangrove is “not representing permitting as a significant issue.” Across its development portfolio, Dow said Moblan’s environmental and permitting work remains on the critical path, with fieldwork progressing and environmental and social impact assessment preparation continuing. Later in the call, Dow said that given Moblan’s increased resource base since the last DFS, the company is considering a scoping study in late calendar 2026 or early 2027, followed by an updated DFS. He also confirmed Moblan’s joint venture costs are shared pro rata, with Elevra holding 60% and Investissement Québec 40%. At Ewoyaa in Ghana, Dow said Parliament ratified the mining lease in March, providing legislative approval and further de-risking the project. However, Dow said a construction decision remains dependent on market conditions, financing availability, and “an equitable realignment of the joint venture structure” with Atlantic Lithium. In submitted Q&A, Dow said the current JV requires Elevra to contribute “the lion’s share” of capital and is “not equitable,” and he indicated there would be no substantial cash outflows until a decision to proceed is made. In the U.S., Dow said Elevra continues to advance Carolina Lithium through community engagement, including a public town hall in Gaston County in February, and has finalized acquisition of all contracted land parcels within the project’s permitted boundary. He also said the company is actively pursuing a downstream conversion partner for Carolina Lithium, while acknowledging that the universe of potential partners has shrunk. Separately, in response to a question about Corpus Christi, Dow said Tesla is operating there and that Elevra has an offtake agreement with Tesla. He said the supply is 50,000 tons per year under a contract the company inherited with the Piedmont merger. Dow said FY2026 guidance remains unchanged, and the company expects realized pricing in the June quarter to be linked to average market prices reported between the second and third quarters of FY2026, reflecting final volumes delivered under the lagged legacy contract. He added that the end of that contract will increase exposure to current market-based pricing mechanisms in FY2027. Elevra Lithium Limited, together with its subsidiaries, engages in the identification, acquisition, exploration, and development of mineral assets in Australia and Canada. The company explores for lithium, graphite, and gold deposits. Its flagship property includes the North American Lithium project that consists of 41 claims and one mining lease covering an area of approximately 1,493 hectares located in Quebec, Canada. The company was formerly known as Sayona Mining Limited and changed its name to Elevra Lithium Limited in August 2025. The article "Elevra Lithium Q3 Earnings Call Highlights" was originally published by MarketBeat.

BRISBANE, Australia, April 22, 2026 (GLOBE NEWSWIRE) -- Elevra Lithium Limited (“Elevra” or “Company”) (ASX: ELV; NASDAQ: ELVR) delivered a quarter of improved operational results, positive cash flow, and continued progress across its growth portfolio. North American Lithium North American Lithium (NAL) achieved, for the first time, two consecutive months without any recordable injuries and the Total Recordable Injury Frequency Rate (TRIFR) also declined during the period, marking the third consecutive quarter in which safety performance has remained below the FY2026 TRIFR target. Record revenue of US$81 million was up 22% quarter on quarter (QoQ). Year-to-date revenue of US$167 million was up 68% on the same period last year. Mine development sequencing and waste stripping continued as planned resulting in ore uncovered for the quarter increasing by 25% compared to the previous quarter. The increase in available in-pit ore provided improved operational flexibility. Ore mining activity was aligned to production requirements, with 370,508 wet metric tonnes (wmt) mined, 5% lower QoQ. Process plant utilisation improved to 94% which represents the best quarterly utilisation in operational history and is 5% higher QoQ. The improvement was driven by strong crushing plant performance and no planned shutdowns during the quarter. Lithium recovery for the quarter was 66%, up 4% QoQ as efforts to improve ore sorting delivered feed with a higher lithium and lower iron content to the mill. Spodumene concentrate production increased by 7% QoQ to 47,332 dry metric tonnes (dmt) at an average grade of 5.0%. High plant utilisation and process modifications improved production, and the Company currently remains on track to achieve its full year production guidance. Spodumene sales were 55,526 dmt at an average realised selling price (FOB) of US$1,453/dmt. This was a 16% QoQ decline in tonnes sold, but a 46% increase in the average realised price per tonne as the Company continued to deliver tonnes into a strengthening lithium market. Unit operating costs (per tonne sold) for NAL were US$884/dmt, a 9% increase compared to US$812 in the prior quarter, primarily reflecting the release of higher cost inventory associated with higher mining costs. Elevra has only limited exposure to liquid fuel prices and reduced fuel availability, with diesel accounting for only ~5% of site operating costs and renewable hydroelectricity utilised in the process plant. Canada retains very high oil self-sufficiency with significant domestic production firming the supply chain for fuel within the country. Capital expenditure of US$4 million for the quarter was related to various NAL sustaining capital projects. Growth Projects NAL Expansion During the March 2026 quarter, Elevra announced an accelerated expansion approach for NAL which is designed to bring additional spodumene concentrate production online earlier than previously anticipated while optimising capital deployment and project sequencing1. Engineering activities for the accelerated expansion progressed, advancing the proposed, phased expansion pathway at NAL ahead of execution. An updated NAL Expansion Scoping Study, reflecting the staged development approach announced on 12 January 2026, will be released in Q4 FY26. Moblan Environmental and permitting activities have continued as preparation of the Environmental and Social Impact Assessment (ESIA) continues. Ewoyaa The Parliament of Ghana ratified the Ewoyaa Mining Lease in March 2026, marking the formal approval of the Project after the Mining Lease was granted in October 20232. Advancement of the Ewoyaa Project remains contingent on prevailing market conditions, the availability of suitable project financing and realignment of the joint venture structure with Atlantic Lithium. Carolina Lithium In February 2026, Elevra leadership hosted a town hall in Gaston County, North Carolina to provide local stakeholders with a Project update and engaged directly with residents and community leaders. The Company finalised the acquisition of all contracted parcels located within the permit boundary defined in the May 2024 Mining Permit issued by the North Carolina Department of Environmental Quality’s Division of Energy, Mineral, and Land Resources. Corporate Cash at the March 2026 quarter end was US$113.0 million, reflecting profit generated from operations and favourable net working capital movements. Net cash was US$58.7 million (December 2025: US$26.4 million), with the prepayment facility balance of US$54.3 million. Elevra signed a non-binding Memorandum of Understanding (MoU) with Mangrove Lithium to evaluate supplying spodumene concentrate from NAL for local downstream processing. The MoU establishes a framework for continued discussions and reflects Elevra’s strategy to integrate into downstream partnerships. Work will now commence on a definitive and binding agreement with Mangrove Lithium3. Elevra reaffirms FY26 production guidance of 180,000–190,000 dmt, sales guidance of 170,000– 190,000 dmt subject to the shipping schedule being met, unit operating costs (per tonne sold) of $860–880/dmt, and capital expenditure of $26 million4. Sales volumes for the June 2026 quarter will be subject to pricing linked to average market prices during October 2025-March 2026. The delivery of these volumes will bring the legacy contract with the lagged pricing mechanism to an end. Management Commentary Elevra delivered a strong March 2026 quarter, marked by improved operational performance at NAL, positive cash flow generation amid strengthening lithium market fundamentals, and continued advancement of key growth projects. The March 2026 quarter marked an important period of operational execution, financial improvement, and strategic progress across Elevra’s portfolio. Following a challenging prior quarter, our team remained firmly focused on safety and operational discipline and delivered measurable improvements at NAL. During the March 2026 quarter, NAL demonstrated an improved operating performance compared to the previous period. In response to challenging, transitory and temporary mining conditions, we implemented a set of targeted actions focused on recovery optimisation and production consistency. These initiatives have begun to deliver results – mining and processing performance improved sequentially, operational reliability increased, and production rebounded toward target levels. The performance reflects the resilience and discipline of the operating team and reinforces our confidence in NAL as a cornerstone asset within Elevra’s portfolio. In parallel, we announced an accelerated expansion approach for NAL designed to bring additional capacity online earlier through a staged development pathway. Ongoing engineering work is advancing a three-stage expansion strategy intended to enhance capital efficiency, reduce execution risk, and align growth with market demand. Financial performance during the March 2026 quarter was strong with 55,526 dmt sold at an average realised price (FOB) of US$1,453/dmt generating US$81 million in revenue. Our financial results demonstrate the leverage inherent in our portfolio as operational execution improves and market conditions strengthen. Across our development portfolio, we achieved several important milestones. At Ewoyaa, the ratification of the Mining Lease by the Parliament of Ghana represented a major advancement towards de-risking and developing the country’s first lithium mine. At Carolina Lithium, we continued to proactively engage with local stakeholders and reinforce our commitment to transparency by hosting a town hall. Recent geopolitical activity has driven significant swings in commodity markets and confirmed the importance of energy security through the development of local supply chains. To this effect, we announced a non-binding Memorandum of Understanding with Mangrove Lithium to explore collaboration opportunities in lithium refining and downstream processing. This engagement aligns with our strategy of participating more broadly across the lithium value chain while supporting the development of a North American battery materials ecosystem. The March 2026 quarter reflected improved operational performance driven by focused execution and the operational actions implemented in response to challenges encountered in the prior quarter, demonstrating the resilience and adaptability of our operating teams. We believe Elevra Lithium is increasingly well positioned with existing production, scalable growth, and a strategy centred on disciplined execution and capital efficiency. Mr Lucas Dow Managing Director and CEO Health and Safety Safety remains a core priority across Elevra’s operations, with performance during the March 2026 quarter continuing to exceed the Company’s targets. The Total Recordable Injury Frequency Rate (TRIFR) declined during the period, marking the third consecutive quarter in which safety performance has remained below the FY2026 TRIFR target. North American Lithium achieved two consecutive months without any recordable injuries for the first time - which is an important milestone that reflects the growing maturity of safety practices at site. These results demonstrate the strength of Elevra’s safety culture, where risk management is embedded in daily operations and supported by an agile, operationally focused approach. ESG and Community Engagement Elevra continued to advance ongoing technical and environmental workstreams supporting key development projects. Environmental studies required for the NAL Expansion and the Moblan Project remain in progress, forming a foundation for permitting, project design, and development outcomes. In addition, the Company completed its first self-assessment submission under Canada’s Towards Sustainable Mining framework. Community engagement activities also remained a key focus. At NAL, the Company engaged with members of the local Monitoring Committee to share updates on the planned expansion and provide early visibility on project scope and potential impacts. In North Carolina, engagement continued with local stakeholders near the Carolina Lithium Project, reinforcing Elevra Lithium’s commitment to transparent communication, responsible development, and maintaining strong relationships with host communities as projects progress. North American Lithium Mining Increase in ore uncovered provides increased operational flexibility and resilience. Mining activity for the March 2026 quarter focussed upon the disciplined execution of the planned mine development sequence. Specifically, these efforts resulted in a 25% increase in ore uncovered which enabled greater operational flexibility. Ore mined for the March 2026 quarter was aligned to ore crushing requirements and totalled 370,508 wmt which was 5% lower than the previous quarter. The feed grade of ore delivered to the ROM stockpile averaged 1.07% Li2O for the March 2026 quarter, which was an improvement from the previous quarter, while the iron content declined significantly. Production Production increased to 47,332 dmt of spodumene concentrate at an average grade of 5.0% for the March 2026 quarter. The mill processed 346,324 tonnes of ore (down 1% QoQ) at an average feed grade of 1.03% Li2O, with increased focus on ore sorting performance at the ROM stockpile and the crushing circuit reducing iron content in the mill feed. Mill utilisation was 94%, a 5% QoQ increase and 14% increase from the same period last year. This is the best quarterly mill utilisation since the restart of operations. There were no planned shutdowns during the quarter and crushing plant performance contributed to mill stability during the winter period. The Li2O recovery for the March 2026 quarter was 66%, an increase from 62% in the December 2025 quarter. Improved feed grade (higher lithium content and lower iron content) contributed to the increase in recoveries, which was also aided by process modifications. Elevra currently remains on track to achieve its full year production guidance of 180,000 – 190,000 dmt. Sales NAL revenue was US$81 million for the March 2026 quarter, as Elevra continued to recognise higher average realised selling prices amid a strong prevailing market. This was the second consecutive quarter where Elevra recorded a new quarterly revenue record. The 23% QoQ increase in revenue was driven by a 46% increase in the average realised selling price per tonne (FOB) while spodumene concentrate tonnes sold declined by 16%. Total spodumene concentrate tonnes sold during the March 2026 quarter was 55,526 dry metric tonnes, with two cargoes sold during the quarter. The average realised selling price (FOB) for the March 2026 quarter was US$1,453/dmt. Spodumene concentrate prices remained near multi-year highs throughout the quarter as the market remained tight amid a combination or strengthening demand and constrained supply. Demand expectations were supported by accelerating deployment of stationary storage and renewed interest in electric vehicles, driven in part by rising oil prices, while supply-side pressures persisted due to export restrictions in Africa and the continued closure of select Chinese mining operations. A total of 20,462 tonnes of spodumene concentrate finished goods was stockpiled at NAL, in transit or at the Port of Québec as at 31 March 2026. Sales volumes for the upcoming June 2026 quarter will be subject to a lagged pricing mechanism linked to average market prices applicable during October 2025-March 2026. The delivery of such volumes will bring the legacy contract with a lagged pricing mechanism to an end. Elevra currently remains on track to achieve its full year sales guidance of 170,000–190,000 dmt. Costs Unit operating costs per tonne sold (FOB) for NAL were higher than the prior quarter at US$884/dmt sold with the release of higher cost inventory in the March 2026 quarter. Unit operating costs per tonne sold increased 9% QoQ due to the release of higher cost inventory associated with higher mining costs. Controllable costs during the March 2026 quarter remained elevated due to increased mining activity associated with Phase 3. This resulted in a 25% QoQ increase in ore uncovered and higher In-pit and ROM inventory at the end of the end of the March 2026 quarter, providing additional operational flexibility. Rising energy prices at the end of the March 2026 quarter also contributed to higher costs but this was contained to the mining side of the operation, whereas ore processing expenditure declined by 16%. Diesel fuel for the mining fleet accounts for only ~5% of site operating costs and the processing facilities utilise renewable hydroelectricity. Elevra currently remains on track to achieve its full year operating cost per tonne sold guidance of US$860-US$880 dmt. Growth Projects NAL Brownfield Expansion The NAL Brownfield Expansion represents a key component of Elevra’s strategy to strengthen its position as a leading producer of spodumene concentrate in North America while leveraging existing infrastructure and operational experience at an established producing asset. In January 2026, the Company announced an accelerated expansion approach designed to advance production growth earlier than previously contemplated through a staged development pathway. The revised strategy reflects Management’s focus on capital efficiency, execution discipline, and responsiveness to evolving lithium market conditions. The accelerated expansion approach is underpinned by a strong business case centred on maximising the value of NAL’s existing processing facilities, mining infrastructure, and workforce while reducing development risk. By sequencing capacity increases through multiple stages rather than a single large-scale expansion, Elevra aims to optimise capital deployment, shorten timelines to incremental production, and maintain operational flexibility as market demand continues to evolve. This staged approach also enables the Company to incorporate operational learnings from current production into future expansion phases, supporting improved recoveries, reliability, and long-term operating performance. Work is ongoing to evaluate and refine the accelerated pathway, with further engineering and technical studies underway to assess sequencing, infrastructure requirements, and execution planning associated with the revised development strategy. In support of this approach, Elevra plans to update the Scoping Study in Q2 CY2026 and advance directly to detailed engineering to further de-risk execution and accelerate value creation at NAL. Moblan Fieldwork at the Moblan Project was completed and the information was incorporated into technical reports. Ongoing environmental work and associated permitting activities remain the core focus given permitting is the critical path for Moblan's development. Ewoyaa The Ewoyaa Lithium Project reached a major development milestone in March 2026 with the ratification of the Mining Lease by the Parliament of Ghana, providing legislative approval for Project development and marking a significant step toward establishing Ghana’s first lithium-producing operation. The milestone reflects support from the Government of Ghana following continued engagement with national authorities and local communities and extensive technical, permitting, and stakeholder workstreams progressed over several years. While Ewoyaa is now fully permitted, advancement toward construction remains subject to prevailing lithium market conditions, attainment of suitable project financing and realignment of the joint venture structure. Carolina Lithium During the March 2026 quarter, Elevra continued to progress the Carolina Lithium Project through engagement with local stakeholders. Management hosted a community town hall in Gaston County, providing an opportunity to share project updates, discuss ongoing permitting efforts, and engage directly with residents and community leaders. The event reflects the Company’s ongoing commitment to transparency and constructive dialogue as development planning advances. In parallel, Elevra finalised the acquisition or lease of all properties within the permit boundary outlined in the May 2024 Mine Permit. Western Australia Morella Lithium Joint Venture Project Elevra has a 49% equity interest in the Morella Lithium Joint Venture, which holds lithium rights in the Pilbara and South Murchison regions. The joint venture is managed by Morella Corporation Limited (ASX: 1MC). At Mt Edon in the South Murchison, a 20-hole reverse circulation (RC) drill program for ~1700m was completed, testing rubidium-lithium mineralisation at the Sophie pegmatite system. Eleven of the holes intersected pegmatite intervals greater than 30m in width with a maximum pegmatite intercept of 84m in MER046. Assay results are pending8. The programme has advanced the geological understanding of the Sophie pegmatite, defining key pegmatite domains across the prospect and supporting progression toward a maiden Mineral Resource Estimate at the prospect. Tabba Tabba Elevra holds the lithium and pegmatite rights over the Tabba Tabba project (E45/2364), where exploration is targeting gabbro hosted, flat lying spodumene pegmatite systems. The lease is well located being directly south and along strike from known lithium mineralisation. In the North drill area, planning progressed for drill testing of a key zone of favourable geology along the western flank of the Corridor Gabbro. Drilling is also planned at the Pascal pegmatite cluster, 3km along strike to the south, where additional untested pegmatite occurrences are present. Heritage surveying is planned, followed by initial RC drill testing scheduled for late calendar year 2026. Corporate Memorandum of Understanding with Mangrove Lithium Elevra entered into a non-binding MoU with Mangrove Lithium to evaluate a potential long-term commercial partnership supporting lithium refining in North America. Under the terms of the MoU, the parties intend to assess the future supply of spodumene concentrate from NAL to Mangrove Lithium’s planned conversion facilities. The framework establishes a pathway for offtake volumes to align with project ramp-ups and downstream processing timelines while allowing both companies to advance technical collaboration, logistics planning, and commercial negotiations toward a potential definitive agreement. The collaboration reflects the growing strategic importance of establishing an integrated North American lithium supply chain capable of supporting domestic battery manufacturing and energy transition objectives. By linking upstream lithium production with regional refining capacity, the MoU represents a step toward reducing reliance on overseas conversion markets and strengthening supply security for battery-grade lithium chemicals within North America. For Elevra, the potential partnership offers several strategic advantages, including the opportunity to place committed volumes into a nearby refining hub and the prospect of materially reducing transportation distances relative to traditional export routes. Shorter logistics chains have the potential to lower shipping costs and reduce carbon intensity across the value chain, while positioning Elevra to participate more directly in downstream value creation as the North American lithium industry continues to develop. Addition to the ASX 300 Elevra’s ordinary shares (ASX: ELV) were included in the S&P/ASX 300 Index, as announced by S&P Dow Jones Indices on 6 March 2026. The inclusion reflects the Company’s continued growth in market capitalisation and represents an important milestone in Elevra Lithium’s evolution as a global lithium producer. The addition to the ASX 300 is expected to enhance the Company’s visibility within the institutional investment community and broaden its shareholder base. Cash Cash and cash equivalents increased by US$31.7 million to end the March 2026 quarter with a resulting balance of US$113.0 million (net cash US$58.7 million)9. NAL generated profit from operations of US$32 million for the March 2026 quarter primarily due to higher realised prices, partially offset by higher unit operating costs and lower sales volumes compared to the previous quarter. Overall, NAL reported a net operating cash inflow of US$41 million as a result of profit generated from operations and favourable net working capital movements, driven by lower inventories and reclassification of US$2 million from other financial assets to cash relating to the release of cash backed guarantees for future rehabilitation costs. Capital expenditure in the March 2026 quarter was US$4 million relating to various NAL sustaining capital projects. The balance of the prepayment facility, which relates to advance payments based on the value of certain committed future sales of spodumene concentrate was US$54.3 million at the end of the March 2026 quarter (December 2025: US$54.9 million). The Group reported a net operating cash outflow of US$5 million for the March 2026 quarter, comprised primarily of corporate expenditure. Capital Structure At 31 March 2026, the Company had the following capital structure: 169,376,771 ordinary fully paid shares; 2,723,613 unquoted options expiring on 31 December 2028; 2,708,166 unquoted performance rights (expiring various dates). Announcement authorised for release by the Board of Directors of Elevra Lithium Limited. Information The following information applies to this report: All references to dollars and cents are United States currency, unless otherwise stated. Numbers presented may not add up precisely to the totals provided due to rounding. The following abbreviations may have been used throughout this report: cost, insurance and freight (CIF); dry metric tonne (dmt); earnings before interest and tax (EBIT); earnings before interest, tax, depreciation and amortisation (EBITDA); free on board (FOB); life of mine (LOM); lithium carbonate (Li2CO3); lithium hydroxide (LiOH); lithium oxide (Li2O); net present value (NPV); run of mine (ROM); thousand tonnes (kt); tonnes (t); and wet metric tonne (wmt). Forward-Looking Statements This report may contain certain forward-looking statements. Such statements are only predictions, based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond Elevra Lithium Limited's control. Actual events or results may differ materially from the events or results expected or implied in any forward-looking statement. The inclusion of such statements should not be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions or that any forward-looking statements will be or are likely to be fulfilled. Elevra Lithium Limited undertakes no obligation to update any forward-looking statement or other statement to reflect events or circumstances after the date of this report (subject to securities exchange disclosure requirements). The information in this report does not take into account the objectives, financial situation or particular needs of any person. Nothing contained in this report constitutes investment, legal, tax or other advice. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and all material assumptions and technical parameters continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements. About Elevra Lithium Elevra Lithium Limited (ASX: ELV; NASDAQ: ELVR) is North America's largest hard-rock lithium producer with a diversified portfolio of high-quality assets across Québec Canada, the United States, Ghana and Western Australia. Our flagship operation, the North American Lithium (NAL) mine in Québec, Canada has successfully ramped up production of spodumene concentrate, supported by ongoing operational enhancements to increase recovery rates, throughput, and mill utilisation. Following a Mineral Resource upgrade, Elevra completed a Scoping Study for a brownfield expansion to increase NAL’s annual spodumene concentrate production and reduce unit operating costs. Complementing NAL, the Moblan Lithium Project in northern Québec represents one of the largest undeveloped spodumene resources in North America, with a Mineral Resource of 121 Mt @ 1.19% Li₂O. Development activities are progressing with feasibility studies targeting a large-scale, long-life operation capable of supplying both domestic and international markets. In Western Australia, Elevra holds an extensive portfolio of lithium and gold tenements, where exploration programs are advancing to unlock additional growth opportunities. Meanwhile, in the United States, our Carolina Lithium Project offers a strategic foothold in the downstream lithium chemicals market and our project in Ghana provides a further option for future growth. Looking ahead, Elevra is focused on strategic downstream partnerships to enable further value-added lithium production, positioning the Company to deliver a secure, sustainable supply of critical minerals to global customers. Together, these assets establish Elevra as a growth-focused supplier supporting the global energy transition. For more information, please visit us at www.elevra.com. 1 See ASX release dated 12 January 2026 “Accelerated NAL Expansion”. 2 See Atlantic Lithium ASX release dated 20 March 2026 entitled “Parliamentary Ratification of Ewoyaa Mining Lease”. 3 See ASX release dated 10 February 2026 entitled “Elevra Signs Non-Binding Memorandum of Understanding for Spodumene Concentrate offtake with Mangrove Lithium”. 4 See ASX release dated 28 January 2026 entitled “December 2025 Quarterly Activities Report”. 5 Numbers presented may not add up precisely to the totals provided due to rounding. 6 Average realised selling price is calculated on an accruals basis and reported in US$/dmt sold, FOB Port of Québec. 7 Unit operating cost per tonne sold is calculated on an accruals basis and includes mining, processing, transport, port charges, site-based general and administration costs and cash based inventory movements, and excludes depreciation and amortisation charges, freight and royalties. It is reported in US$/dmt sold, FOB Port of Québec. 8 See ASX release by Morella Corporation on 31 March 2026, “Drilling Completed at Mt Edon – Broad Pegmatite Intercepts Support Resource Potential” 9 Net cash is equal to the balance of cash and cash equivalents less the balance of the prepayment facility. 10 Numbers presented may not add up precisely to the totals provided due to rounding. 11 Average realised selling price is calculated on an accruals basis and reported in US$/dmt sold, FOB Port of Québec. 12 Unit operating cost sold is calculated on an accruals basis and includes mining, processing, transport, port charges, site-based general and administration costs and cash based inventory movements, and excludes depreciation and amortisation charges, freight and royalties. It is reported in US$/dmt sold, FOB Port of Québec. CONTACT: For more information, please contact: Andrew Barber Chief Development and Investor Relations Officer Email: [email protected] Phone: +61 7 3369 7058

This article first appeared on GuruFocus. Revenue: Increased by 8% to $86 million. Cash Balance: Ended December with $81 million in cash. Production: Produced 96,156 dry metric tons of spodumene concentrate, a 7% decrease from the prior period. Sales Volume: Sold 91,991 dry metric tons, a 20% decrease from the prior period. Average Realized Selling Price: Increased by 34% to $937 per dry metric ton. Unit Operating Costs: $814 per dry metric ton, a 6% decrease from the prior period. Underlying EBITDA: $1 million profit compared to a prior period loss of $25 million. Operating Cash Flow: Generated $5 million in operating cash flow. Net Profit After Tax: $74 million, reflecting a $116 million increase from the prior period. Mineral Resource Increase: 30% increase to 120 million tons with a grade of 1.19%. Reserves Increase at NAL: 124% increase in reserves. Capital Expenditure: $16 million at NAL. Equity Placement Proceeds: $44 million received. Net Asset Position: Increased by 82% to $565 million. Warning! GuruFocus has detected 3 Warning Signs with SYAXF. Is SYAXF fairly valued? Test your thesis with our free DCF calculator. Release Date: February 24, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Elevra Lithium Ltd (SYAXF) reported an 8% increase in revenue to $86 million for the first half of FY26. The company ended December with a strong cash position of $81 million. A 124% increase in reserves at North American Lithium (NAL) was reported, supporting future production expansion. The merger between Siona Mining and Piedmont Lithium resulted in $5 million in synergies within four months, with a target of $15 million in annual savings. Elevra Lithium Ltd (SYAXF) achieved its best safety performance to date during the reporting period. Production at NAL was 7% lower than the prior corresponding period due to ore availability challenges. Sales volume decreased by 20% compared to the prior period due to changes in shipping scheduling and lower inventory levels. Unit operating costs per ton sold increased by 14% due to lower production and increased processing costs. The company used $28 million in cash for operating activities, partly due to merger-related costs. Ore availability challenges at NAL required supplementing with volcanic rock, which reduced lithium recoveries. Q: Can you explain the reversal of the $156 million impairment and its impact on assets? A: The reversal excludes any previously impaired individual assets, such as downstream assets. The $156 million pertains to operational assets, net of depreciation that would have been reflected in the P&L if they had been at gross stock value. - Christian Cortes, CFO Q: What is the status of the brownfield expansion outside North America, particularly regarding government approvals? A: There is no new information on the ratification process for the Atlantic Lithium project. The commentary remains consistent with previous updates, and there is no progress to report at this stage. - Lucas Dow, CEO Q: How might Rio Tinto's investment in Becancour and Namaska affect your offtake and product marketing strategy? A: Rio Tinto's first production from Becancour is expected in 2028, so there are no short-term opportunities for supply. If plans change, it would make sense to explore ways to support them with feedstock. - Christian Cortes, CFO Q: What are the current mining conditions, and how might they affect operations? A: Despite heavy snow this winter, mitigation actions have been effective, and no impacts are expected. The team is well-prepared to manage conditions as they transition into spring. - Lucas Dow, CEO Q: What is the current cash margin at prevailing spot prices, and what floor price ensures NAL remains cash flow positive? A: The cost guidance provided indicates the floor price needed for NAL to be cash flow positive. The cash margins can be estimated based on current price indexes and the cost of goods sold guidance. - Lucas Dow, CEO and Christian Cortes, CFO For the complete transcript of the earnings call, please refer to the full earnings call transcript.