Elevra Lithium Reports 52,000 Tonnes Production and $31M Revenue in Q1 FY26

Strong Operational Performance Sets Foundation

Elevra Lithium, North America’s leading hard-rock lithium producer, has kicked off FY26 with a solid quarter, delivering 52,003 dry metric tonnes of spodumene concentrate and generating $31 million in revenue. The company maintained a robust 69% lithium recovery rate and held mill utilisation steady at 87%, underscoring operational stability despite ongoing optimisation efforts. Unit operating costs remained competitive at A$1,250 per dry metric tonne sold, aligning with management’s disciplined focus on cost control and efficiency.

Expanding Resource Base Bolsters Growth Prospects

Elevra’s resource and reserve base saw significant upgrades, with a combined lithium ore reserve estimate now at 106 million tonnes at 1.15% lithium oxide (Li2O) and a measured and indicated mineral resource totaling 183 million tonnes at 1.16% Li2O. These increases reflect successful exploration and drilling campaigns, particularly at the North American Lithium (NAL) and Moblan projects, reinforcing the potential for extended mine life and higher production rates.

Brownfield Expansion Targets Production and Cost Gains

The company is advancing a brownfield expansion at its flagship NAL operation, aiming to boost spodumene concentrate production from the current 195–210 ktpa to 315 ktpa. The expansion scoping study highlights strong economics, including a reduction in unit cash costs to US$562 per dry metric tonne and an estimated initial capital expenditure of US$270 million. This project is expected to enhance margins and operational resilience, with construction anticipated to commence around 2028–2029 and ramp-up by 2030.

Strategic Merger and Portfolio Diversification

Elevra’s recent merger with Piedmont Lithium has consolidated its position as the dominant North American hard-rock lithium pure-play, unlocking synergies in operations, logistics, and marketing. The combined entity benefits from a strengthened balance sheet, expanded resource base, and a diversified portfolio that includes the Moblan, Carolina Lithium, and Ewoyaa projects. Each development offers unique strategic advantages, from proximity to key infrastructure and end markets to potential for downstream integration.

Funding and Partnerships to Accelerate Growth

With a cash balance of $149 million as of September 2025, Elevra is actively exploring non-dilutive funding options, including secured loans and strategic partnerships, to support its growth pipeline. The company is engaging with potential financiers and leveraging US federal government support aimed at critical mineral projects. Downstream integration and vertical supply chain partnerships are key strategic priorities to lock in demand and enhance value capture.

Outlook and Guidance

For FY26, Elevra guides spodumene concentrate production of 195,000 to 210,000 dry metric tonnes and unit operating costs between A$1,175 and A$1,275 per tonne sold. Sustaining capital expenditure is forecast at A$30 million, with additional spend directed toward growth projects. The company’s disciplined approach to operational delivery and project development positions it well to capitalise on the accelerating demand for lithium driven by the electric vehicle and battery markets.