Elevra Lithium NASDAQ: ELVR reported its second-best quarterly production result at its North American Lithium, or NAL, operation during the June 2026 quarter, while completing financing intended to fund a brownfield expansion and support development work at the Moblan project.
The company produced just over 54,000 tonnes of spodumene concentrate during the quarter, up 15% from the March quarter. May production exceeded 22,000 tonnes, setting a monthly record for the operation. Mill utilization was 92%, despite an April planned maintenance shutdown lasting just under four days, and recoveries improved to 71%.
Elevra said NAL produced approximately 198,000 tonnes of concentrate for fiscal 2026, exceeding the company’s revised guidance. It also reported no lost-time injuries during the June quarter.
Operational improvements offset mining complexity
Mining continued through areas containing historical underground workings, which have required additional waste movement and enhanced safety and operating protocols. Elevra said ore mined remained aligned with mill requirements despite those conditions.
During the question-and-answer session, management said improved recoveries reflected work on mining strategies, stockpiling, ore sorting and ore blending. The company noted that grades mined and processed in the June quarter remained below NAL’s long-term average grade, leaving what management described as further potential for improvement.
The company said its cost of production declined slightly from the prior quarter, although unit operating costs based on tonnes sold rose 3% sequentially to $907 per tonne. The higher cost of goods sold reflected sales of higher-cost inventory, additional mining intensity around the historical underground workings and the April maintenance shutdown.
For the full fiscal year, unit operating costs were $853 per tonne sold, below the company’s revised guidance range of $860 to $880 per tonne.
Legacy contract affected June-quarter pricing
Elevra reported $31 billion in revenue and an average realized selling price of $921 per tonne for the June quarter. The company said realized pricing was below both the March-quarter level and spot pricing because deliveries under a legacy customer contract used a lagged pricing mechanism tied to lithium hydroxide pricing from October 2025 through March 2026.
The June quarter marked the final deliveries under that arrangement, according to the company. Elevra said it expects future realized pricing to more closely reflect prevailing market prices.
Sales volumes were about 34,000 tonnes during the quarter, reflecting customer shipping schedules. Full-year sales totaled about 181,000 tonnes, the midpoint of prior guidance. With production exceeding sales, the company ended June with approximately 41,000 tonnes of finished-product inventory, most of which it expected to ship in July.
Christian Cortes, Elevra’s chief financial officer, said the company changed ports near the end of June, limiting its ability to complete additional shipments during the quarter. He said Elevra had shipped more than 30,000 tonnes in July and expects quarterly shipping volumes over the next six months to increase to a combined 50,000 to 60,000 tonnes through two shipments per quarter.
On market conditions, Cortes said customer feedback and other market observations continued to indicate strong demand fundamentals in the near term, while sentiment has been pressured by expectations for supply restarts and new projects. He said inventory levels remain “relatively thin” and that the company sees the three- to six-month outlook as fundamentally strong.
Financing supports NAL expansion and Moblan work
Elevra completed a financing package that included an oversubscribed equity placement and retail share purchase plan generating $207 million in net proceeds, as well as a CAD145 million investment from Canada Growth Fund through two tranches of convertible notes.
The company said it raised sufficient capital upfront to fully fund its staged NAL expansion in order to eliminate financing uncertainty and allow teams to focus on detailed engineering, procurement and construction. Elevra broke ground on the NAL expansion in late June and said it is placing orders for key long-lead equipment.
Management said the expansion will be structured so that tie-ins occur during regular maintenance shutdowns, with no anticipated prolonged disruption to processing or pit operations. The first expansion stage is expected to lift production from a base of about 190,000 tonnes to roughly 220,000 to 230,000 tonnes.
Elevra said its updated May scoping study shifted from a single-stage expansion concept to a three-stage approach, which it believes can accelerate initial production growth and unit-cost reductions by about two years while maintaining the same overall capital intensity.
Moblan study and portfolio changes
At Moblan, Elevra completed the purchase of offtake rights previously held by Waratah Capital. The company said the transaction eliminated a life-of-mine sales commitment that would have required discounted sales and gives Elevra control of 100% of its attributable production, equivalent to 60% of Moblan’s annual output.
Management said it has awarded an updated Moblan scoping study, due in the current half-year. The study will assess the optimal production level following a significant increase in the resource base and consider a potentially staged capital-development approach. A prior definitive feasibility study contemplated annual production of around 300,000 tonnes, and management said the enlarged resource could support a higher production level.
Elevra also agreed to sell its interest in the Ewoyaa project, describing the transaction as a portfolio-management decision intended to reduce complexity, bring additional capital into the business, remove future funding obligations and focus the company on its North American assets.
The company ended the quarter with $255 million in cash, including $202 million in net equity-issuance proceeds. This figure did not include proceeds from the first Canada Growth Fund convertible-note tranche or the Ewoyaa sale. Elevra said NAL generated a modest operating profit during the quarter, though operating cash flow included a $51 million outflow driven largely by higher receivables and finished-goods inventory.
About Elevra Lithium (NASDAQ:ELVR)
Elevra Lithium Limited, together with its subsidiaries, engages in the identification, acquisition, exploration, and development of mineral assets in Australia and Canada. The company explores for lithium, graphite, and gold deposits. Its flagship property includes the North American Lithium project that consists of 41 claims and one mining lease covering an area of approximately 1,493 hectares located in Quebec, Canada. The company was formerly known as Sayona Mining Limited and changed its name to Elevra Lithium Limited in August 2025.
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