Elevra (NASDAQ: ELVR) boosts NAL prices, cash and expansion pipeline
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Elevra Lithium reported a strong March 2026 quarter, highlighted by record revenue from its North American Lithium (NAL) operation and higher prices. NAL sold 55,526 dmt of spodumene concentrate at an average realised price of US$1,453/dmt, generating revenue of US$81 million, up 22% quarter-on-quarter as pricing rose 46% while volumes fell 16%.
Unit operating costs at NAL increased to US$884/dmt sold, reflecting release of higher-cost inventory and elevated mining activity, but the mine still delivered US$32 million profit from operations and a US$41 million net operating cash inflow. Group cash and cash equivalents rose by US$31.7 million to US$113.0 million, with net cash of US$58.7 million.
Operationally, mill utilisation reached 94% and recovery improved to 66%, supporting guidance for 180,000–190,000 dmt production and 170,000–190,000 dmt sales for the year. Elevra advanced growth projects, including an accelerated NAL brownfield expansion, permitting at Moblan, ratification of the Ewoyaa Mining Lease in Ghana, and continued progress at Carolina Lithium. The company signed a non-binding MoU with Mangrove Lithium on potential North American refining collaboration and was added to the S&P/ASX 300 Index.
Positive
- NAL revenue and pricing surge: North American Lithium generated US$81 million revenue in the March 2026 quarter, up 22% QoQ, with the average realised selling price rising 46% QoQ to US$1,453/dmt, contributing to the second consecutive quarterly revenue record.
- Stronger balance sheet and net cash: Cash and cash equivalents increased by US$31.7 million to US$113.0 million at quarter end, with net cash of US$58.7 million supported by a US$41 million net operating cash inflow from NAL.
- Operational improvements at NAL: Mill utilisation reached 94%, the best since restart, and lithium recovery improved to 66% from 62% in the prior quarter, while the company reaffirmed full-year production and sales guidance.
Negative
- None.
Insights
Record NAL pricing, stronger cash and visible growth underpin Elevra’s quarter.
Elevra’s quarter centres on North American Lithium, where 55,526 dmt sold at US$1,453/dmt lifted revenue to US$81M, a 22% QoQ increase despite lower volumes. Higher recoveries, 94% mill utilisation and improved feed quality show tangible operational progress after a tougher prior period.
On cash flow, NAL generated US$32M profit from operations and a US$41M net operating cash inflow, helping group cash reach US$113M with net cash of US$58.7M. While unit operating costs rose 9% QoQ to US$884/dmt due to higher-cost inventory and mining intensity, guidance for full-year costs of US$860–US$880/dmt remains reaffirmed.
Strategically, the accelerated brownfield expansion at NAL, full permitting at Ewoyaa, progress at Moblan and Carolina Lithium, plus a non-binding MoU with Mangrove Lithium for North American refining, all point to a broader growth pipeline. Inclusion in the S&P/ASX 300 should increase market visibility. Actual value delivery will depend on execution of expansions, permitting milestones and lithium market conditions in upcoming quarters.
Key Figures
NAL revenue: US$81M
Average realised selling price: US$1,453/dmt
Concentrate sold: 55,526 dmt
+5 more
8 metrics
NAL revenue
US$81M
March 2026 quarter from spodumene concentrate sales
Average realised selling price
US$1,453/dmt
FOB, March 2026 quarter at North American Lithium
Concentrate sold
55,526 dmt
Spodumene concentrate volumes in March 2026 quarter
Unit operating cost per tonne sold
US$884/dmt
FOB, NAL, March 2026 quarter, up 9% QoQ
Cash and cash equivalents
US$113.0M
Balance at end of March 2026 quarter
Net cash position
US$58.7M
Cash less prepayment facility at March 2026 quarter end
NAL net operating cash inflow
US$41M
March 2026 quarter driven by profit and working capital
Mill utilisation
94%
NAL March 2026 quarter, best since restart
Key Terms
Total Recordable Injury Frequency Rate (TRIFR), spodumene concentrate, Memorandum of Understanding, prepayment facility, +2 more
6 terms
Total Recordable Injury Frequency Rate (TRIFR) financial
"The Total Recordable Injury Frequency Rate (TRIFR) declined during the period..."
spodumene concentrate financial
"Production increased to 47,332 dmt of spodumene concentrate at an average grade of 5.0%..."
A processed rock product that concentrates spodumene, a mineral rich in lithium, which is then refined into lithium chemicals used to make rechargeable batteries. Think of it as the crude oil equivalent for lithium batteries: an early-stage raw material whose availability and price influence the cost and supply of battery-grade lithium. Investors watch spodumene concentrate as an indicator of future battery material supply, production costs, and the health of electric-vehicle and energy-storage supply chains.
Memorandum of Understanding financial
"Elevra entered into a non-binding MoU with Mangrove Lithium to evaluate a potential long-term commercial partnership..."
A memorandum of understanding (MOU) is a formal agreement between two or more parties that outlines their shared intentions and plans to work together. It acts like a handshake in writing, clarifying each side’s roles and expectations before any official contract is signed. For investors, an MOU signals that parties are serious about collaboration, which can influence future business opportunities and potential growth.
prepayment facility financial
"The balance of the prepayment facility...was US$54.3 million at the end of the March 2026 quarter..."
A prepayment facility is a lending arrangement that gives a company an upfront cash advance in exchange for early repayment or reduction of future payments it would otherwise make or receive. Think of it like getting an advance against future paychecks: it boosts short-term cash but reduces future income or increases repayable obligations. Investors care because it changes a company’s cash flow, debt level and future revenue visibility, which can affect valuation and risk.
Towards Sustainable Mining framework financial
"the Company completed its first self-assessment submission under Canada’s Towards Sustainable Mining framework."
lagged pricing mechanism financial
"Sales volumes for the upcoming June 2026 quarter will be subject to a lagged pricing mechanism linked to average market prices..."
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission File Number 001-42819
ELEVRA LITHIUM LIMITED
(Translation of registrant’s name into English)
Level 3,
10 Eagle Street
Brisbane, Queensland 4000
Australia
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
|
Form 20-F ☒
|
Form 40-F ☐
|
23 April 2026
Quarterly Activities Report
March 2026
Elevra Lithium Limited (“ELV” 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.
|
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”.
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
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.
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.
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.
Figure 1: NAL Global Recovery and Mill Utilisation
Figure 2: NAL Concentrate Production and Unit Operating Costs (per tonne sold)
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.
8 See ASX release by Morella Corporation on 31 March 2026, “Drilling Completed at Mt Edon – Broad Pegmatite
Intercepts Support Resource Potential”
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.
Figure 3: Net cash flows for March 2026 Quarter
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.
For more information, please contact:
Andrew Barber
Chief Development and Investor Relations Officer
Email: ir@elevra.com
9 Net cash is equal to the balance of cash and cash
equivalents less the balance of the prepayment facility.
Phone: +61 7 3369 7058
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.
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$/dmt
|
830
|
791
|
818
|
812
|
884
|
|
|
||||||
|
Production Variables
|
||||||
|
Mill utilisation
|
%
|
80%
|
93%
|
87%
|
89%
|
94%
|
|
Recovery
|
%
|
69%
|
73%
|
69%
|
62%
|
66%
|
|
Concentrate grade produced
|
%
|
5.2%
|
5.2%
|
5.2%
|
4.9%
|
5.0%
|
10 Numbers presented may not add up precisely to the totals provided due to rounding.
11 Average realised selling price is calculated on an accruals basis and reported in US$/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.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
ELEVRA LITHIUM LIMITED
|
||
|
Date: April 23, 2026
|
By:
|
/s/ Dylan Roberts
|
|
Name: Dylan Roberts
|
||
|
Title: Company Secretary and General Counsel
|
||
FAQ
How did Elevra Lithium (ELVR) perform financially in the March 2026 quarter?
Elevra generated strong financial results, with North American Lithium revenue of US$81 million in the March 2026 quarter. This came from 55,526 dmt of spodumene concentrate sold at an average realised price of US$1,453/dmt, driving positive cash flow and contributing to higher group cash balances.
What were Elevra Lithium’s key operating metrics at North American Lithium in Q3 FY26?
At North American Lithium, Elevra processed 346,324 dmt of ore and produced 47,332 dmt of concentrate at 5.0% grade in Q3 FY26. Mill utilisation reached 94% and lithium recovery improved to 66%, up from 62% in the prior quarter, supporting ongoing production guidance.
How did Elevra Lithium’s cash position change during the March 2026 quarter?
Elevra’s cash and cash equivalents increased by US$31.7 million, ending the March 2026 quarter at US$113.0 million with net cash of US$58.7 million. NAL contributed a net operating cash inflow of US$41 million, while group operations recorded a modest net operating cash outflow of US$5 million.
What growth and project development milestones did Elevra Lithium (ELVR) achieve?
Elevra advanced multiple growth projects, including an accelerated brownfield expansion strategy at North American Lithium and ongoing permitting work at Moblan. The Ewoyaa Lithium Project secured Mining Lease ratification by Ghana’s Parliament, and the Carolina Lithium Project saw continued community engagement and property consolidation within the mine permit boundary.
How did unit operating costs at North American Lithium change in the quarter?
Unit operating costs per tonne sold at North American Lithium increased to US$884/dmt in the March 2026 quarter, up 9% from US$812/dmt previously. The rise mainly reflects release of higher-cost inventory and increased mining activity, though full-year cost guidance of US$860–US$880/dmt was maintained.
What index recognition did Elevra Lithium (ELVR) receive during the period?
Elevra’s ordinary shares were added to the S&P/ASX 300 Index. This inclusion reflects growth in the company’s market capitalisation and marks an important milestone in its evolution as a global lithium producer, potentially broadening its institutional investor base and improving market visibility.