BRISBANE, Australia – Elevra Lithium Limited (ASX: ELV; NASDAQ: ELVR) announced a robust operational performance for the June 2026 quarter, marked by new monthly production records and the successful securing of a Strategic Financing Package aimed at accelerating near-term growth. The company’s North American Lithium (NAL) operation demonstrated strong output while maintaining an impeccable safety record.
Operational Performance at North American Lithium
During the June 2026 quarter, NAL sustained a strong safety performance, reporting no lost-time injuries and continuous improvements in risk management. Ore mined remained stable quarter-on-quarter at 372,938 wet metric tonnes (wmt), aligning with process plant requirements.
Process plant utilisation at NAL remained high at 92%, marking the third-best quarter on record despite a planned shutdown. This follows a record-setting March 2026 quarter. Strong crushing plant performance was a key factor in supporting milling utilisation. The combination of high mill utilisation, throughput, and enhanced feed grades led to a 5% quarter-on-quarter improvement in lithium recoveries, reaching 71% for the period.
Spodumene concentrate production saw a significant 15% quarter-on-quarter increase, totaling 54,479 dry metric tonnes (dmt) at an average grade of 5.0%. This achievement represents NAL’s second-best performance on record and included a new monthly production record of 22,202 dmt in May 2026, when utilisation and recoveries peaked at 98% and 73% respectively.
Sales and Financials
Spodumene sales for the quarter totaled 33,977 dmt at an average realised selling price (FOB) of US$921/dmt, generating US$31 million in revenue. This represented a 39% quarter-on-quarter decline in tonnes sold and a 37% decrease in the average realised price per tonne. The company attributed this to the sale of final tonnes under a multi-year contractual agreement that incorporated a lagged pricing mechanism. This legacy contract has now concluded, and Elevra anticipates that pricing in Q1 FY27 and beyond will be more reflective of current spodumene spot prices.
Unit operating costs per tonne sold (FOB) for NAL increased by 3% to US$907/dmt, up from US$884 in the prior quarter. This increase primarily reflects the release of higher-cost inventory, influenced by the timing of planned major plant shutdown costs in April and sustained mining intensity. Capital expenditure for the June 2026 quarter amounted to US$4 million, allocated to various planned NAL sustaining capital projects and the NAL Expansion Scoping Study.
Advancing Growth Projects
NAL Expansion
Elevra released an Updated Scoping Study for the NAL Expansion, which outlines a staged approach designed to accelerate production growth by two years. This strategy is projected to more than double the project’s incremental post-tax NPV8% to C$969 million, while maintaining the total capital expenditure at C$366 million. A significant milestone was achieved with the official groundbreaking of the fully funded NAL Expansion, alongside the placement of key equipment orders to mitigate schedule risk.
Moblan
The company strategically purchased the spodumene concentrate offtake rights previously held by an investment vehicle managed by Waratah Capital Advisors. This transaction grants Elevra control over 100% of its pro rata offtake entitlement, which equates to 60% of Moblan’s annual production. Project development continued with progress on environmental baseline studies and preparations for an updated Moblan Scoping Study.
Carolina Lithium
Elevra maintained active engagement with the North Carolina Division of Air Quality to advance the project’s air permit. Concurrently, the company met with local county leadership to provide updates on project activities and reiterate its commitment to responsible project development.
Corporate Strategy and Financial Position
In May 2026, Elevra announced a comprehensive Strategic Financing Package totaling US$298 million (A$275 million institutional placement + C$145 million convertible notes), specifically designed to fully fund the NAL Expansion. This package includes a US$196 million (A$275 million) institutional placement and US$102 million (C$145 million) in Convertible Notes to be issued to the Canada Growth Fund (CGF) across two tranches. Shareholders approved the issuance of the Upfront Tranche of Convertible Notes at an Extraordinary General Meeting on July 16, 2026, with approximately US$46 million (C$65 million) from this tranche expected in Q3 CY26. Shareholder approval for a further C$80M Conditional Tranche of Convertible Notes will be sought at a later date. Additionally, a US$11 million (A$16 million) Share Purchase Plan for eligible retail shareholders was successfully completed.
Further streamlining its growth portfolio, Elevra agreed to sell its interest in the Ewoyaa Project in Ghana to Zhejiang Huayou Cobalt Co., Ltd. (Huayou) for approximately US$71 million in cash (before fees). This divestment aims to remove future funding obligations and is expected to conclude in Q3 CY26.
Elevra reported a cash balance of US$255 million at the end of the June 2026 quarter. This figure does not include the proceeds from the Ewoyaa Project sale or the draw down of the first tranche of the CGF convertible note. Net cash stood at US$200 million, a significant increase from US$59 million in March 2026. The prepayment facility balance was US$55 million, which was subsequently reduced by US$9 million in July 2026. The company plans to provide guidance for FY27 with its FY26 Full Year Results, anticipated in late August.
