Key Highlights

•  NAL mined a quarterly record 466,499 wet metric tonnes of ore, up 25 per cent on the June quarter, and processed 364,987 dry metric tonnes.

•  The plant produced 54,907 dry metric tonnes of concentrate at 5.1 per cent lithium oxide, with recovery of 70 per cent.

•  Safety was a weak point with six recordable injuries at NAL, and realised prices are provisional and exposed to lithium market volatility.

Elevra Lithium (ASX:ELV) has reported a sharp rise in spodumene concentrate sales and Revenue from its North American Lithium (NAL) operation in Québec for the September 2026 quarter. In its quarterly activities report, datelined Brisbane, 27 October 2026, the Nasdaq-listed lithium producer also reported higher cash reserves and completed the sale of its interest in the Ewoyaa project in Ghana.

Operations at North American Lithium

NAL mined a quarterly record 466,499 wet metric tonnes of ore, up 25% on the June quarter, and processed 364,987 dry metric tonnes. The plant produced 54,907 dry metric tonnes of concentrate at a grade of 5.1% lithium oxide, which the company described as its second-best quarter on record. Recovery was 70% and plant utilisation reached 91% despite a major planned shutdown.

Concentrate sales rose 71% to 58,134 dry metric tonnes. The estimated average realised price was US$1,276 per tonne on a free-on-board basis, equivalent to US$1,524 per tonne on a 6% concentrate basis, up 39% on the previous quarter. Revenue was US$74 million, up 137%. Pricing is provisional, based on spot indices at 30 September, and final pricing will settle in the December quarter.

Unit operating costs fell 14% to US$780 per tonne sold, giving an operating cash Margin of US$476 per tonne. Capital Expenditure at NAL was US$9 million.

Balance sheet and transactions

Elevra held US$319 million in cash at 30 September, an increase of about US$63 million over the quarter. After deducting a US$46 million convertible note and a US$33 million prepayment facility, net cash was US$240 million, compared with US$200 million in June.

The Ewoyaa sale to Zhejiang Huayou Cobalt completed on 26 October for about US$71 million in cash before fees and taxes. Elevra also sold its rights over the Tabba Tabba tenement in Western Australia to Wildcat Resources for total consideration of A$16 million. The company has described these moves as simplifying its portfolio around North America.

On the offtake side, Elevra signed a binding agreement with LG Energy Solution for 240,000 tonnes of concentrate over three years, with the first shipment expected in calendar 2026. A separate take-or-pay arrangement with Mangrove Lithium remains conditional on Mangrove securing funding and taking a final Investment decision by the end of 2028.

Growth projects

A pre-feasibility study completed in September supports expanding NAL from about 199,000 tonnes a year to 373,000 tonnes a year across three stages. The study is underpinned by ore reserves of 47.2 million tonnes at 1.12% lithium oxide, supporting a 20-year mine life, and outlines a life-of-mine C1 cost of US$630 per tonne. The company says the expansion is on schedule, on budget and fully funded under a financing package arranged in May 2026.

At the Moblan project, also in Québec, environmental fieldwork and permitting continue, with an updated scoping study expected in the December quarter. Moblan hosts a mineral resource of 121 million tonnes at 1.19% lithium oxide. In North Carolina, a draft air permit for Carolina Lithium was issued for public comment.

Risks and next steps

Safety was a clear weak point, with six recordable injuries at NAL; the company says it is adding coaching and risk controls. Realised prices are provisional and exposed to lithium market volatility, while the Mangrove agreement and a further conditional Tranche of convertible notes depend on conditions being met. Permitting is the critical path at Moblan, and Warden's Court proceedings affect tenure linked to Elevra's Morella joint venture in Western Australia. The announcement did not include full-year guidance.

Disclosed next steps include the Annual General Meeting on 19 November 2026, after which two directors will step down, continued execution of the NAL expansion, the first LG Energy Solution shipment and the Moblan scoping study.