Highlights

  • Revenue rose 39% to US$202 million, driven by a 57% rise in the average realised price, partly offset by a 13% fall in spodumene concentrate sales volumes.
  • Underlying EBITDA was a US$14 million profit and profit after tax was US$44 million in FY26.
  • The difference between reported profit and underlying EBITDA highlights the need to distinguish operating performance from other accounting items.
  • Cash and equivalents stood at US$255 million at 30 June 2026.
  • Net Assets were US$727 million at 30 June 2026.

Elevra Lithium Limited (ASX:ELV) produces and develops lithium resources, with its operating North American Lithium mine in Québec and development assets including Moblan and Carolina Lithium. Its FY26 performance reflected improved realised prices, continued concentrate production and portfolio changes, while cash generation and the planned expansion remain important operational considerations.

NAL: the production engine

NAL is the operating asset that generates revenue. In FY26 it produced 197,967 dry metric tonnes of spodumene concentrate, 3% lower than the prior year, with a record month of 22,202 tonnes in May 2026 and 54,479 tonnes in the June quarter. Ore mined rose 14% to 1.47 million wet tonnes and mill feed rose 4% to 1.40 million dry tonnes, but average recovery slipped two percentage points to 67%, and mill utilisation averaged 91%. Unit cost is the key metric.

Growth Options and portfolio reshaping

The Moblan project in Québec, held 60% by Elevra and 40% by Investissement Québec, has a mineral resource of 121.0 million tonnes at 1.19% lithium oxide and reserves of 48.1 million tonnes at 1.31%. In May 2026 Elevra purchased and terminated a legacy offtake arrangement with Waratah, freeing future production from that commitment. In the United States, the Carolina Lithium project in North Carolina has received general stormwater permits, while an air permit is still progressing.

Sector context

Lithium is a cyclical commodity. Elevra's Merger fits that pattern. Its advantage is location: Québec offers hydro-powered operations, established Mining regulation and proximity to North American battery Supply chains that governments in the US and Canada want to localise.

Risks and what to monitor

The company lists operational safety, operational performance, lithium price, Liquidity and funding, geopolitical and political risk, and climate change as material risks. Practical points follow. Recovery and utilisation at NAL need to improve to support costs. The expansion needs to be built on budget. Ewoyaa proceeds need to arrive. Carolina Lithium still needs its air permit and, in time, a decision on funding and timing.

Key Insights

The company lists operational safety, operational performance, lithium price, liquidity and funding, geopolitical and political risk, and climate change as material risks. Practical points follow. Recovery and utilisation at NAL need to improve to support costs. The expansion needs to be built on budget. Ewoyaa proceeds need to arrive. Carolina Lithium still needs its air permit and, in time, a decision on funding and timing.