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 ofUS$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 toUS$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 ofGhana ratified the Ewoyaa Mining Lease inMarch 2026 , marking the formal approval of the Project after the Mining Lease was granted inOctober 2023 2. - 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 inGaston 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’sDivision of Energy , Mineral, and Land Resources.
Corporate
- Cash at the
March 2026 quarter end wasUS$113.0 million , reflecting profit generated from operations and favourable net working capital movements. Net cash wasUS$58.7 million (December 2025 :US$26.4 million ), with the prepayment facility balance ofUS$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 million 4. - 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
The
During the
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
Across our development portfolio, we achieved several important milestones. At Ewoyaa, the ratification of the Mining Lease by the
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
Mr
Managing Director and CEO
| Operational Financial Performance | |||||||||
| Unit | Q3 FY26 | Q2 FY26 | QoQ Variance | YTD FY26 | YTD FY25 | YTD Variance | |||
| North American Lithium5 | |||||||||
| Ore mined | wmt | 370,508 | 389,801 | (5 | %) | 1,098,650 | 933,090 | 18 | % |
| Ore processed | dmt | 346,324 | 351,592 | (1 | %) | 1,039,696 | 989,172 | 5 | % |
| Recovery | % | 66 | 62 | 4 | % | 66 | 68 | (2 | %) |
| Concentrate produced | dmt | 47,332 | 44,154 | 7 | % | 143,489 | 146,324 | (2 | %) |
| Concentrate grade produced | % | 5.0 | 4.9 | 0.1 | % | 5.0 | 5.3 | (0.3 | %) |
| Concentrate sold | dmt | 55,526 | 66,016 | (16 | %) | 147,517 | 142,058 | 4 | % |
| Average realised selling price (FOB)6 | US$/dmt | 1,453 | 998 | 46 | % | 1,133 | 699 | 62 | % |
| Revenue | US$M | 81 | 66 | 22 | % | 167 | 99 | 68 | % |
| Unit operating cost per tonne sold (FOB)7 | US$/dmt | 884 | 812 | 9 | % | 840 | 855 | (2 | %) |
| Group | |||||||||
| Cash balance | US$M | 113 | 81 | 39 | % | 113 | 56 | 102 | % |
| USD : CAD | $ | 1.37 | 1.39 | (2 | %) | 1.38 | 1.40 | (1 | %) |
| USD : AUD | $ | 1.44 | 1.52 | (5 | %) | 1.50 | 1.54 | (3 | %) |
Health and Safety
Safety remains a core priority across Elevra’s operations, with performance during the
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
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 American Lithium
Mining
Increase in ore uncovered provides increased operational flexibility and resilience.
Mining activity for the
The feed grade of ore delivered to the ROM stockpile averaged 1.07% Li2O for the
Production
Production increased to 47,332 dmt of spodumene concentrate at an average grade of 5.0% for the
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
Elevra currently remains on track to achieve its full year production guidance of 180,000 – 190,000 dmt.
Sales
NAL revenue was
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
The average realised selling price (FOB) for the
A total of 20,462 tonnes of spodumene concentrate finished goods was stockpiled at NAL, in transit or at the Port of
Sales volumes for the upcoming
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
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
Rising energy prices at the end of the
Elevra currently remains on track to achieve its full year operating cost per tonne sold guidance of
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
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
Ewoyaa
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
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.
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
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
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
Cash
Cash and cash equivalents increased by
NAL generated profit from operations of
Capital expenditure in the
The balance of the prepayment facility, which relates to advance payments based on the value of certain committed future sales of spodumene concentrate was
The Group reported a net operating cash outflow of
Capital Structure
At
- 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
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
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
Our flagship operation, the North American Lithium (NAL) mine in
Complementing NAL, the
In
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 | |||||||||||
| Unit | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | ||||||
| Physicals10 | |||||||||||
| Ore mined | wmt | 322,407 | 361,883 | 338,341 | 389,801 | 370,508 | |||||
| Ore crushed | wmt | 292,962 | 379,353 | 349,698 | 361,485 | 350,202 | |||||
| Ore processed | dmt | 287,782 | 357,290 | 341,780 | 351,592 | 346,324 | |||||
| Concentrate produced | dmt | 43,261 | 58,533 | 52,003 | 44,154 | 47,332 | |||||
| Concentrate sold | dmt | 27,030 | 66,980 | 25,975 | 66,016 | 55,526 | |||||
| Unit Metrics | |||||||||||
| Average realised selling price (FOB)11 | US$/dmt | 710 | 682 | 784 | 998 | 1,453 | |||||
| Unit operating cost per tonne sold (FOB)12 | US$/dmt | 830 | 791 | 818 | 812 | 884 | |||||
| Production Variables | |||||||||||
| Mill utilisation | % | 80 | % | 93 | % | 87 | % | 89 | % | 94 | % |
| Recovery | % | 69 | % | 73 | % | 69 | % | 62 | % | 66 | % |
| Concentrate grade produced | % | 5.2 | % | 5.2 | % | 5.2 | % | 4.9 | % | 5.0 | % |
1 See ASX release dated
2 See Atlantic Lithium ASX release dated
3 See ASX release dated
4 See ASX release dated
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$/dmt sold, FOB Port of
7 Unit operating cost per tonne sold is calculated on an accruals basis and includes mining, processing, transport, port charges, site-based general and administration costs and cash based inventory movements, and excludes depreciation and amortisation charges, freight and royalties. It is reported in US$/dmt sold, FOB Port of
8 See ASX release by Morella Corporation on
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$/dmt sold, FOB Port of
12 Unit operating cost sold is calculated on an accruals basis and includes mining, processing, transport, port charges, site-based general and administration costs and cash based inventory movements, and excludes depreciation and amortisation charges, freight and royalties. It is reported in US$/dmt sold, FOB Port of
For more information, please contact:Andrew Barber Chief Development and Investor Relations OfficerEmail: ir@elevra.comPhone: +61 7 3369 7058
