Highlights

  • ELV shares climbed 3.94% to AUD 6.74, up 95.22% over the past year, following expanded rubidium targets.
  • Rock chip assays at Mt Edon returned Rb₂O grades up to 2.84%, with 121 of 241 samples above 0.1%.
  • The project’s exploration footprint now extends beyond the Sophie, Miles, and June pegmatites, providing multiple new drill targets.

Elevra Lithium Ltd (ASX:ELV) shares rose 3.94% to AUD 6.74 on 3 February 2026 after the company announced identification of multiple additional rubidium-bearing pegmatite targets at the Mt Edon Project in Western Australia, expanding the project’s exploration footprint beyond the previously defined Sophie, Miles, and June pegmatites. Over the past year, ELV shares have increased by 95.22%.

Notably, Canaccord Genuity sees upside potential in ELV and issued a buy rating with a target price of AUD 14.50.

Mt Edon Project Reveals New Rubidium Targets

A systematic review of historic and recent datasets has highlighted several new rubidium-bearing pegmatite zones at Mt Edon. Rock chip sampling returned Rb₂O values as high as 2.84%, with 121 of 241 samples exceeding 0.1% Rb₂O, confirming a widespread and consistent distribution of rubidium mineralisation across the project area. These results substantially expand the area available for exploration and support the prioritisation of additional drilling targets.

Rock Chip Assays Highlight Rubidium Potential

The comprehensive dataset shows multiple locations with Rb₂O grades above 1.0%, including notable results such as 0.97%, 1.23%, and 2.84%. This distribution of rubidium, hosted in microcline-bearing pegmatites, demonstrates potential for further resource development. The expanded footprint now extends beyond the original Sophie, Miles, and June pegmatites, providing new opportunities for follow-up exploration and systematic surface sampling.

Strategic Importance of Rubidium

Rubidium is a rare alkali metal, typically found in highly fractionated lithium–caesium–tantalum (LCT) pegmatites, and is used in specialty glass, advanced electronics, atomic clocks, fibre optics, and medical imaging. Growing applications in next-generation energy storage, thermal batteries, and defence sensor technologies underscore the mineral’s strategic value. Global supply is limited, with production concentrated in a few jurisdictions, positioning Mt Edon as a potentially significant source of this critical mineral.

The Mt Edon Project positions Elevra Lithium to participate in the emerging rubidium market, complementing its broader lithium portfolio. With the expanded exploration footprint and positive rock chip results, ELV continues to attract investor attention, supported by Canaccord Genuity’s buy rating and AUD 14.50 target price.