Elevra (NASDAQ: ELVR) outlines NAL expansion and Moblan growth pathway

Rhea-AI Filing Summary

Elevra Limited provides an update on its lithium operations, financial position, and growth plans across North America. Year-to-date FY26 revenue is US$167 million, with unit operating costs of US$840 per dry metric tonne and concentrate production of 143,489 dry metric tonnes, of which 147,517 tonnes were sold at a 66% recovery rate.

The company reports pro-forma net cash of US$321 million, a pro-forma market capitalization of US$1,887 million, and 193 million pro-forma shares outstanding following a strategic financing. Elevra highlights a combined lithium Ore Reserve estimate of 106Mt at 1.15% Li2O and a Mineral Resource estimate of 229Mt at 1.14% Li2O, plus an updated NAL expansion study targeting production capacity up to 338kt per year through staged mill optimization and expansion.

Insights

Mining sector equity analyst

Elevra pairs improving NAL operations with a large, staged expansion and strong liquidity.

Elevra positions itself as a major North American hard-rock lithium producer with YTD FY26 revenue of US$167 million and improving recoveries at North American Lithium. Record plant utilisation, 66% lithium recovery, and 47kt Q3 FY26 concentrate output indicate operational momentum at the cornerstone asset.

The updated NAL expansion scoping study outlines three capex stages totalling about US$270 million, aiming to lift production capacity to roughly 338kt of spodumene concentrate and structurally lower unit costs. Pro-forma net cash of US$321 million provides funding flexibility for this brownfield growth and for advancing Moblan and Carolina studies.

The portfolio shows scale with 229Mt of attributable measured, indicated and inferred resources at 1.14% Li2O and a Moblan DFS citing a post-tax NPV8% of C$2.2B. Actual value delivery will depend on executing expansion stages on schedule, advancing Moblan permitting and updated studies, and converting the Mangrove Lithium offtake memorandum into a definitive agreement.

Key Figures

YTD FY26 revenue: US$167 million Unit operating cost: US$840 per dmt Pro-forma net cash: US$321 million +5 more

8 metrics

YTD FY26 revenue US$167 million Revenue year-to-date FY26 from lithium operations

Unit operating cost US$840 per dmt YTD FY26 unit operating cost per dry metric tonne

Pro-forma net cash US$321 million After strategic financing announced 12 May 2026

Pro-forma market cap US$1,887 million Based on capital structure post strategic financing

Pro-forma shares outstanding 193 million shares Shares after strategic financing

Concentrate production YTD FY26 143,489 dmt Dry metric tonnes of concentrate produced year-to-date FY26

Concentrate sold YTD FY26 147,517 dmt Dry metric tonnes of concentrate sold year-to-date FY26

Combined M&I&I resource 229Mt @ 1.14% Li2O Attributable lithium Mineral Resource estimate

Key Terms

JORC Code, NI 43-101, S-K 1300, Definitive Feasibility Study, +2 more

6 terms

JORC Code financial

"Ore reserve and mineral resource estimates reported in accordance with the JORC code."

The JORC Code is a professional standard for reporting mineral exploration results, mineral resources, and ore reserves so that geological and economic statements about a mining project are transparent and consistent. Think of it as an independent checklist and labeling system that requires qualified experts to document how estimates were made, making company claims verifiable and comparable. Investors use JORC-compliant reports to assess how reliable a mine’s reported size and potential value are before committing funds.

NI 43-101 financial

"Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

S-K 1300 financial

"required to comply with the resource estimation standards of both the JORC Code and S-K 1300."

Regulation S-K Item 1300 is a U.S. securities disclosure rule that requires public companies to report how they manage cybersecurity risks and to promptly disclose material cyber incidents. Think of it as a requirement to tell investors both the company’s “cyber health” plan and any major break-ins, similar to a homeowner explaining their alarm system and alerting neighbors after a burglary. This helps investors assess operational risk and potential financial or reputational impact.

Definitive Feasibility Study financial

"Moblan Lithium Project Definitive Feasibility Study: Positive Results Deliver C$2.2B NPV"

A definitive feasibility study is a detailed, near-final assessment that shows whether a proposed project—often a mine, infrastructure or major industrial venture—can be built and operated profitably. It combines precise engineering plans, realistic cost estimates, production schedules and risk analysis to give lenders and investors a clear picture of expected returns and potential pitfalls, like a full blueprint and budget that helps decide whether to greenlight financing and construction.

Memorandum of Understanding financial

"Elevra signed a non-binding Memorandum of Understanding to supply Mangrove Lithium"

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.

Mineral Resource estimate financial

"Attributable Measured & Indicated & Inferred Mineral Resource Estimate"

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 6-K: How Foreign Companies Report to the SEC →

Accepted by SEC EDGAR 06/02/2026 - 04:10 PM Learn about SEC filing dates

FAQ

What production and sales has Elevra (ELVR) reported year-to-date FY26?

Elevra produced 143,489 dry metric tonnes of concentrate and sold 147,517 tonnes year-to-date FY26. Lithium recovery reached 66%, supported by record plant utilisation and improved ore sorting that delivered higher lithium and lower iron content feed at North American Lithium.

What is Elevra (ELVR)’s current financial position and market capitalization?

Elevra cites pro-forma net cash of US$321 million and a pro-forma market cap of US$1,887 million, with 193 million pro-forma shares outstanding. These figures reflect the company’s capital structure following a strategic financing announced on 12 May 2026.

How large are Elevra (ELVR)’s lithium reserves and resources in North America?

Elevra reports a combined lithium Ore Reserve estimate of 106Mt at 1.15% Li2O and a measured, indicated and inferred Mineral Resource estimate of 229Mt at 1.14% Li2O. These figures are reported under the JORC Code and presented on a net attributable basis.

What does the NAL expansion plan involve for Elevra (ELVR)?

The NAL expansion uses three stages: mill optimisation, mill expansion, and full production upgrades. Capital of about US$270 million targets increasing annual spodumene concentrate capacity to roughly 338kt, lowering unit operating costs and expanding long-term cash flow potential from the asset.

What are the key features of Elevra (ELVR)’s Moblan lithium project?

The Moblan project has a Mineral Resource of 121Mt at 1.19% Li2O and a Definitive Feasibility Study citing a post-tax NPV8% of C$2.2B. Planned work includes updated DFS studies, permitting, drilling, and metallurgical test work to support a final investment decision.

How is Elevra (ELVR) integrating into the lithium supply chain?

Elevra’s strategy includes upstream optimisation, asset development, and downstream partnerships. It signed a non-binding memorandum of understanding to supply Mangrove Lithium with spodumene concentrate from North American Lithium, and is engaging U.S. and Canadian governments on critical mineral supply chains.

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 June 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  ☐

 ASX:ELV • NASDAQ:ELVR  Elevra Lithium  Providing a Secure and Reliable Supply of Lithium in North America  JUNE 2026 

 ELEVRA LITHIUM  2  Introducing Elevra Lithium  North America’s Leading Hard-Rock Lithium Producer  Business Highlights:  YTD FY26 Operations3  Financial  143,489  Dry metric tonnes produced  147,517  Dry metric tonnes sold  66%  Recovery  US$167 million  YTD FY26 revenue  US$840  YTD FY26 unit operating cost  US$321 million4  Pro-Forma net cash   Corporate  US$1,887 million4  Pro-Forma market cap  193 million4  Pro-Forma shares outstanding   229 Mt @ 1.14% Li2O  Attributable Measured & Indicated & Inferred Mineral Resource Estimate1  Investment Highlights:  ASX: ELV | NASDAQ: ELVR  #1 North American hard rock pure-play lithium producer  Combined lithium Ore Reserve Estimate of 106Mt @ 1.15% Li2O and M&I&I Mineral Resource estimate totalling 229Mt @ 1.14% Li2O1  Scale  Growth  Strategically Positioned  NAL expansion study confirms lower costs and strong returns with staged production growth commencing CY272  Diversified growth portfolio with medium term growth at Moblan  Only major North American hard-rock lithium project in production  Growing engagement with U.S. and Canadian government stakeholders to support critical mineral supply chains  North American Lithium  Stage:  Production  Ownership:  100%  Authier  Stage:  Studies  Ownership:  100%  Moblan  Stage:  Studies  Ownership:  60%  Carolina Lithium  Stage:  Studies  Ownership:  100%  Combined spodumene ore reserve estimates and mineral resource estimates (inclusive of reserves). Ore reserve and mineral resource estimates reported in accordance with the JORC code. Metrics as reported and shown on a net attributable basis. See appendix for support.  ASX release “Updated NAL Expansion Scoping Study Defines Faster Growth and Lower Costs” released 12 May 2026.  ASX release “March 2026 Quarterly Activities Report” released 23 April 2026.  Pro-Forma net cash, market cap, and shares outstanding reflect Elevra’s capital structure following the strategic financing announced 12 May 2026.  

 01  Optimise Existing Operations  02  Develop Assets Following Expanded Resource Base  03  Integrate into the Supply Chain Via Strategic Partnerships  The Elevra Strategy  Disciplined delivery remains central to our strategy  Next 18 Months  Next 18 Months  Next 18 Months  Increase grade control drilling to deliver better mine performance  Production and cost optimisation  Continued mill utilisation and throughput improvement  Recovery optimisation  Logistics cost reduction  Improve safety and environmental performance  Deliver NAL expansion stage 1 based on expanded resource base and updated Scoping Study  Revisit Moblan DFS with focus on benefits of increased reserve base, capital intensity & sizing  Advance Moblan approvals and permitting (~5 year lead time)  Complete a Definitive Offtake Agreement with Mangrove Lithium1  Build on partnership opportunities, including support from the government, to further advance downstream development in Quebec  Focus on options to enable development pathways for Moblan greenfield and NAL brownfield expansion  ELEVRA LITHIUM  3  Focused on optimising production sustainably and maximising returns and cashflow generation for NAL  Deliver portfolio potential through the development of upstream assets off the back of an expanded resource base  To lock in demand, access end markets, establish a vertically integrated supply chain, and fund the accelerated development of Elevra’s portfolio via downstream partnerships  Elevra signed a non-binding Memorandum of Understanding to supply Mangrove Lithium with spodumene concentrate produced at North American Lithium. See ASX release dated 10 February 2026 entitled “Elevra Signs Non-Binding Memorandum of Understanding for Spodumene Concentrate Offtake with Mangrove Lithium” 

 Improved operational discipline and cash generation  Record plant utilisation and process modifications drove improved production with Q3 FY26 concentrate production of 47kt  Lithium recovery improved to 66% with efforts to improve ore sorting delivering feed with higher lithium and lower iron content  Ore uncovered increased 25% QoQ, enabling better feed consistency  NAL generated US$41 million in operating cashflow with higher realised sales price partially offset by higher unit operating costs  NAL Operational Performance  Operational focus on ore quality translated to improved recoveries and production  NAL Global Recovery and Mill Utilisation1  NAL Concentrate Production and Unit Operating Costs Sold (FOB)1  ELEVRA LITHIUM  4  See ASX release “March 2026 Quarterly Activities Report” released 23 April 2026. 

 Lower Unit Costs  Increased Scale  Capital Efficient Expansion  Strengthens NAL’s position as a cornerstone asset in North America  Larger production base increases commercial flexibility and partnership opportunities  Throughput expansion structurally lowers operating cost per tonne  Lower cost base improves margins and cash flow resilience across lithium price cycles  Existing infrastructure enables high-return growth with limited incremental capital intensity  Faster development timeline accelerates value creation  NAL Expansion Transforms Elevra into a Larger, Lower Cost Producer  Expanded output and lower unit costs create a pathway to improved cash flow generation  ELEVRA LITHIUM  5  Higher production and lower unit costs materially expand cash flow generation potential  Improved margin durability offers resilience through commodity price cycles  NPV8% (post-tax)2  US$M1  See ASX release “Updated NAL Expansion Scoping Study Defines Faster Growth and Lower Costs” released 12 May 2026. Figures converted from Canadian dollars to United States dollars using USD/CAD = 1.35.  Total NAL project NPV post tax. See ASX release “Updated NAL Expansion Scoping Study Defines Faster Growth and Lower Costs” released 12 May 2026.  +45%  Average Annual NAL Production Capacity  Average LOM SC5.41, kdmt  C1 Cost of Concentrate  Average LOM US$/dmt1  Long-term value creation  Total Initial Capex  US$M1  +74%  (21%)  Stage 3  Stage 2  Stage 1 

 Debottlenecking steps  Capital cost2  Uplift3  Capacity3  Stage 1  Mill Optimisation  Debottleneck existing circuits through targeted upgrades to crushing, grinding, flotation and separation systems to improve efficiency and support throughput at the 4,500tpd permitted rate  Cost savings resulting from dilution of fixed costs on increased production  A$103M (US$71M)  ↑ ~34ktpa increase in annual spodumene production   (+15-20% increase)  ~228  ktpa  Stage 2  Mill Expansion  Expand capacity through duplication of processing circuits, including additional milling, magnetic separation, flotation and thickening capacity  Supplement crushing capacity with temporary use of mobile crushing to achieve 6,500tpd throughput  A$87M  (US$60M)  ↑ ~110ktpa incremental production increase to 338ktpa production capacity  ~338  ktpa  Stage 3  Full Production  Replacement of mobile crushing circuit, upgrade existing crushing circuit and implement new ore sorting circuit to sustain throughput gains  Further cost optimisation related to lower crushing costs, improved feed quality, recovery and sustained concentrate grade  A$202M  (US$139M)  ↑ Crushing and ore sorting cost efficiencies  ~338  ktpa  Accelerated NAL Brownfield Expansion Plan and Key Next Steps  Clear pathway to fast-track additional production with lower unit operating costs1  ELEVRA LITHIUM  6  See ASX release “Updated NAL Expansion Scoping Study Defines Faster Growth and Lower Costs” released 12 May 2026.  Forecast FX Rate: USD/AUD 1.45, USD/CAD 1.35.  ~34ktpa (SC5.4) production increase calculated at 17.5% uplift to NAL Base case production capacity of 194ktpa. ~110kpta (SC5.4) incremental production increase calculated as 338ktpa expansion capacity minus Base Case 194ktpa capacity plus 34ktpa uplift from Stage 1 of expansion.  Proposed dates and timing is indicative and are the current target of Elevra.  Scoping  Study  Project Evaluation  Updated  Scoping  Study  Stage 1 – Mill  Optimisation  Stage 2 – Mill  Expansion  Stage 3 – Full  Production  Completed  In Progress    Completed  Mid CY274  CY294  CY284      Completed 

 Growth Projects   A unique North American investment opportunity with a cornerstone operating asset and strategic growth projects  ELEVRA LITHIUM  7  Leading North American open pit mining operator producing 180-190kt1 of spodumene concentrate in FY26, with expansion to increase capacity to 338kt2  See ASX release “December 2025 Quarterly Activities Report” released 28 January 2026. FY26 production guidance based on an SC5.0 product grade.  See ASX release “Updated NAL Expansion Scoping Study Defines Faster Growth and Lower Costs” for the results of the updated scoping study. Figures converted at CAD/USD = 1.35.  See ASX release “Moblan increases Resource to 121Mt and Reserves to 48Mt” released 25 August 2025.  NAL Expansion(100%)  High-grade, long-life project located close to key infrastructure and transport nodes with production target of 300kt per annum of spodumene concentrate  Moblan(60%)  Fully-integrated, strategically located asset designed to produce battery-grade lithium chemicals  Carolina(100%)  Brownfield expansion scoping study completed with strong economics  Staged expansion opportunity to increase annual production and reduce unit costs  Competitive capital returns with estimated expansion capex of US$270mm2  Drilling program achieved 6.5x increase in Resource base since acquisition; Measured, Indicated and Inferred Mineral Resource of 121Mt @ 1.19% Li2O3  Strategically located at the southern most portion of the James Bay region of Quebec  Funded for key pre-development activities to enable FID2  Received mining permit for construction, operation and reclamation in May 2024  One of only two significant spodumene projects in the U.S.  Expected to benefit from exceptional infrastructure and close proximity to end customers 

 Moblan  Fully funded and clearly defined pathway to FID; MRE growth creates opportunity to evaluate increased annual production  ELEVRA LITHIUM  8  See ASX release “Elevra Announces Transformational Financing Package to Accelerate Growth” and Strategic Funding Presentation released 12 May 2026.  See ASX release “Moblan increases Resource to 121Mt and Reserves to 48Mt” released 25 August 2025 for current Mineral Resources and ASX release “Moblan Lithium Project Definitive Feasibility Study: Positive Results Deliver C$2.2B NPV” dated 20 February 2024 for DFS Mineral Resources.   See ASX release “Moblan Lithium Project Definitive Feasibility Study: Positive Results Deliver C$2.2B NPV” dated 20 February 2024.  FID development pathway1  Progress baseline environmental studies  Progress permitting activities  Hydrogeological and geotechnical drilling  Further metallurgical sampling and test work  Review and update of the previous DFS incorporating larger resource base  Moblan Mineral Resources2  Mt  Moblan 2024 Definitive Feasibility Study3  Key Outcomes  300,000t  AVERAGE ANNUAL 6% Li2O PRODUCTION  34.4%  POST-TAX IRR  2.3 : 1  AVERAGE LIFE OF MINE STRIP RATIO  (Waste : Ore)  C$2.2B  POST-TAX NPV8%  Inferred  Indicated  Measured  +71% 

 Uplift in Demand with Strong Outlook into 2030  Elevra is positioned to take advantage of forecast demand growth through its unique portfolio of development projects  Global Lithium Demand  Mt LCE  ELEVRA LITHIUM  9  Source: JP Morgan Equity Research; April 2026  + 1.5Mt, +74%  North American Lithium Market Balance  Mt LCE  Source: Benchmark Mineral Intelligence Q1 2026 Lithium Forecast Model  

 Appendix 

 Important Information and Disclaimer  ELEVRA LITHIUM  11  Important Information and Disclaimer  Statements in this presentation are made only as of the date of this presentation unless otherwise stated, and the information in this presentation remains subject to change without notice.  Presentation for the Purposes of Providing Information Only  This presentation is not a prospectus, disclosure document or offering document under Australian law or under the law of any other jurisdiction. It is for informational purposes only. This document does not constitute and should not be construed as, an offer to sell or a solicitation of an offer or invitation to subscribe for, buy, or sell securities in the Company.  Any material used in this presentation is only an overview and summary of certain data selected by the management of the Company. The presentation does not purport to contain all the information that a prospective investor may require in evaluating a possible investment in the Company, nor does it contain all the information which would be required in a disclosure document prepared in accordance with the requirements of the Corporations Act and should not be used in isolation as a basis to invest in the Company. Recipients of this presentation must make their own independent investigations, consideration and evaluation of the Company.  The distribution of this presentation in other jurisdictions outside of Australia may also be restricted by law and any restrictions should be observed. To avoid doubt, this presentation is not for distribution or dissemination within the US and Canada. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.  Disclaimer  No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in or derived from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any person.   To the maximum extent permitted by law, neither the Company nor any of its affiliates, related bodies corporate and their respective officers, directors, employees, advisors and agents, nor any other person, accepts any liability as to or in relation to the accuracy or completeness of the information, statements, opinions, or matters (express or implied) arising out of, contained in or derived from this presentation or any omission from this presentation or of any other written of oral information or opinions provided now or in the future to any person.  Forward Looking Statements  This presentation 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 Sayona Mining 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. Sayona Mining Limited (Elevra Lithium) undertakes no obligation to update any forward-looking statement or other statement to reflect events or circumstances after the date of this presentation (subject to securities exchange disclosure requirements).  The information in this presentation does not take into account the objectives, financial situation or particular needs of any person.  Nothing contained in this presentation 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. 

 Important Information and Disclaimer  ELEVRA LITHIUM  12  Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources  Standard for Assessing Mineral Reserves and Resources  As a public company listed in Australia and the United States, Sayona Mining is required to comply with the resource estimation standards of both the JORC Code and S-K 1300. Certain of Sayona’s disclosures instead comply with the JORC Code or Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”).  Each of these standards contain specific meanings for terms such as “mineral resource”, “measured mineral resource”, “indicated mineral resource”, “inferred mineral resource”, “proven mineral reserves”, and “probable mineral reserves” for various types of technical studies. Although the principles for reporting mineral resources and reserves, including subcategories of measured, indicated, and inferred resources, are broadly similar under each set of standards, we caution you that estimates prepared solely under the JORC Code are not fully comparable to similarly titled measures disclosed under S-K 1300 or the other reporting and disclosure requirements of the U.S. federal securities laws, rules and regulations.  Mineral Reserves and Resources of the Carolina Lithium Project  Mineral reserve and mineral resource information contained in this presentation for the Carolina Lithium Project was prepared by Piedmont in accordance with S-K 1300 and the JORC Code.  Mineral Reserves and Resources of the North American Lithium, Authier, and Moblan Projects  Mineral reserve and mineral resource information contained in this presentation for the North American Lithium, Authier, and Moblan Projects were prepared in accordance with the JORC Code and NI 43-101. Such information was not prepared in accordance with S-K 1300.  

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: June 2, 2026	By:	/s/ Dylan Roberts
		Name: Dylan Roberts
		Title: Company Secretary and General Counsel