Elevra Lithium Quarterly Activities Report
Rhea-AI Summary
Elevra Lithium (ASX: ELV; NASDAQ: ELVR) reported improved March 2026 quarter operations with record revenue of US$81.0M (up 22% QoQ) and YTD revenue US$167M (+68% YTD). Spodumene production was 47,332 dmt (up 7% QoQ) at 5.0% grade and mill utilisation hit 94%. Cash balance was US$113M.
The company reaffirmed FY26 guidance: production 180,000–190,000 dmt, sales 170,000–190,000 dmt, unit costs US$860–880/dmt, and capex US$26M. Key milestones include a staged NAL expansion program and Ewoyaa mining lease ratification.
Positive
- Revenue increased 22% QoQ to US$81M
- YTD revenue rose 68% to US$167M
- Spodumene production +7% QoQ to 47,332 dmt
- Mill utilisation reached a record 94%
- Group cash balance of US$113M at quarter end
- Reaffirmed FY26 guidance: 180-190k dmt production
Negative
- Concentrate sold declined 16% QoQ to 55,526 dmt
- Unit operating cost per tonne sold rose to US$884/dmt despite guidance range
News Market Reaction – SYAXF
On the day this news was published, SYAXF gained 3.44%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SYAXF was up 1.36% while peers showed mixed moves: LUCMF +2.83%, NTCPF -0.54%, TLOFF -0.55%, ACGAF 0.00%, LTSRF +0.36%. This pattern points to stock-specific factors rather than a broad sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 15 | Quarterly call advisory | Neutral | +9.7% | Announcement of upcoming March 2026 quarterly report and investor webcast details. |
| Feb 09 | Offtake MoU | Positive | +2.5% | Non-binding MoU to supply up to 144,000 tpa spodumene to Mangrove Lithium. |
| Jan 27 | Quarterly report | Positive | -8.4% | Record NAL revenue but weaker recoveries and production plus revised FY26 guidance. |
| Jan 21 | Report advisory | Neutral | +11.9% | Notice of Dec 2025 quarterly timing and change of presentation currency to USD. |
| Jan 12 | Expansion plan | Positive | +10.1% | Accelerated, staged NAL expansion with updated production targets and cost metrics. |
News—especially strategic or operational updates—has often coincided with positive moves, though at least one strong operational report saw a negative reaction.
Over recent months, Elevra has regularly updated investors on NAL’s operations and growth plans. On Jan 12, 2026, an accelerated NAL expansion with strong economics saw shares rise 10.08%. The Dec 2025 quarterly report on Jan 27, 2026 combined record revenue with weaker recoveries and coincided with an 8.42% decline. Advisory notices about upcoming quarterlies on Jan 21 and Apr 15, 2026 triggered double‑digit and high‑single‑digit gains. The Mangrove MoU on Feb 9, 2026 also drew a positive reaction.
Market Pulse Summary
This announcement highlights a record NAL quarter with revenue of US$81M, improved recovery to 66%, and higher utilisation, alongside group cash of US$113M. The company reaffirmed FY26 production and cost guidance, while advancing projects such as Ewoyaa, Moblan and Carolina Lithium. Investors may watch execution against the 180,000–190,000 dmt production target, trends in unit costs at US$884/dmt, and progress toward a definitive agreement with Mangrove Lithium.
Key Terms
total recordable injury frequency rate technical
trifr technical
memorandum of understanding financial
esia regulatory
fob financial
rom stockpile technical
li2o technical
AI-generated analysis. Not financial advice.
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 up22% quarter on quarter (QoQ). Year-to-date revenue of US$167 million was up68% 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 is5% 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% , up4% 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 of5.0% . 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 a16% QoQ decline in tonnes sold, but a46% 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, a9% 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 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 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
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
| 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 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
The feed grade of ore delivered to the ROM stockpile averaged
Production
Production increased to 47,332 dmt of spodumene concentrate at an average grade of
The mill processed 346,324 tonnes of ore (down
Mill utilisation was
The Li2O recovery for the March 2026 quarter was
Elevra currently remains on track to achieve its full year production guidance of 180,000 – 190,000 dmt.
Sales
NAL revenue was US
This was the second consecutive quarter where Elevra recorded a new quarterly revenue record. The
The average realised selling price (FOB) for the March 2026 quarter was US
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
Unit operating costs per tonne sold increased
Controllable costs during the March 2026 quarter remained elevated due to increased mining activity associated with Phase 3. This resulted in a
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
Elevra currently remains on track to achieve its full year operating cost per tonne sold guidance of US
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
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
NAL generated profit from operations of US
Capital expenditure in the March 2026 quarter was US
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
The Group reported a net operating cash outflow of US
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 @
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.
| 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 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.
For more information, please contact: Andrew Barber Chief Development and Investor Relations Officer Email: ir@elevra.com Phone: +61 7 3369 7058