The September quarter marked a transformational interval for the Firm, highlighted by the completion of a number of main company milestones that established a powerful basis for the subsequent section of development.
The merger between Sayona Mining and Piedmont Lithium was efficiently accomplished with overwhelming shareholder assist. The merger allows a unified improvement technique throughout an expanded portfolio of high-quality property to emerge because the premier North American hard-rock lithium producer with international scale, a balanced management group, and a powerful basis for long-term shareholder worth creation.
Following completion of the merger, the conditional capital elevate with Useful resource Capital Fund VIII, L.P. was finalised which offered instant funding to assist near-term development initiatives and launched a extremely strategic and supportive investor to the shareholder register.
In parallel, the Firm accomplished a company rebranding and started buying and selling underneath the brand new title Elevra Lithium Restricted. A share consolidation was additionally carried out to simplify the capital construction and align Elevra’s profile with its expanded presence in worldwide markets.
Operationally, Elevra continued to ship progress throughout its core operational and improvement property. Up to date Mineral Useful resource and Ore Reserve estimates had been introduced for each North American Lithium and Moblan, with each deposits exhibiting materials will increase following a extremely profitable drill marketing campaign accomplished in 2024. These outcomes additional reinforce the standard of Elevra’s useful resource base and supply a powerful platform for future growth.
We additionally launched the NAL Growth Scoping Examine, outlining a compelling pathway to extend the annual manufacturing capability at North America’s most important supply of current hard-rock lithium manufacturing. The examine demonstrates technical and financial potential to boost worth by means of a capital environment friendly brownfield improvement undertaking. Baseline environmental research associated to the growth are underway and the Firm intends to progress the event to boost our place as North America’s main hardrock lithium supplier.
An growth is just doable because of the continued operational success at NAL, which is a testomony to the give attention to course of optimisation, operational stability and price self-discipline. Regardless of a modest decline in mill utilisation and restoration, spodumene focus manufacturing remained robust at 52,003 dmt. Importantly, security efficiency improved meaningfully because of ongoing processes supposed to implement construction and minimise the chance of incidents or accidents.
Gross sales totalled 25,975 dmt for the quarter at a mean realised promoting worth of $1,198/dmt (FOB).
Trying forward, Elevra offered FY26 steerage for spodumene focus manufacturing, gross sales and unit working prices and stays on monitor to ship inside our outlook.
Elevra Lithium accomplished its transformational merger whereas sustaining a excessive stage of manufacturing at NAL.
Merger
– Sayona Mining Restricted and Piedmont Lithium Inc. accomplished the beforehand introduced merger on 30 August 2025 (AEST) / 29 August 2025 (ET) with overwhelming shareholder assist.
– Concurrent with closing of the merger, the Firm accomplished a $69 million (earlier than prices) placement to Useful resource Capital Fund VIII, L.P.
– Following the completion of the merger, the Firm was renamed Elevra Lithium Restricted and effected a 150-to-1 share consolidation for strange shares traded on the Australian Securities Trade (ASX).
– The merger allows a unified improvement technique throughout an expanded portfolio of high-quality property to emerge because the premier North American hard-rock lithium producer.
North American Lithium
– The September 2025 quarter noticed the perfect security efficiency because the restart of operations in 2023.
– Ore mined of 338,341 moist metric tonnes (wmt) was 7% decrease quarter on quarter (QoQ) to align with mill manufacturing.
– Course of plant utilisation remained robust at 87%, which was a 6% decline QoQ because of a mix of deliberate and unplanned downtime in comparison with the prior quarter by which there was no deliberate upkeep. The basis reason for the unplanned downtime was recognized and corrected to forestall a recurrence.
– Lithium restoration for the quarter was 69%, down 4% QoQ primarily based on a decrease feed grade and elevated use of the WHIMS (moist excessive depth magnetic separators) in response to increased iron content material in feed materials.
– Robust spodumene manufacturing of 52,003 dry metric tonnes (dmt) at a mean grade of 5.2%, down 11% QoQ because of decrease plant utilisation and recoveries in comparison with the file ranges seen in This autumn FY25. Regardless of the QoQ discount, this marked the third greatest quarterly manufacturing since operations started.
– Spodumene gross sales had been 25,975 dmt for the September 2025 quarter, in step with prior steerage.
Gross sales are intentionally weighted towards the December quarter, with stock constructed to facilitate the deliberate uplift in gross sales quantity which shall be delivered into increased priced ahead gross sales costs.
– The typical realised promoting worth (FOB) elevated by 14% to $1,198/dmt (US$784/dmt) versus the prior quarter, reflecting the advantage of improved spot market costs and Elevra’s technique to handle market worth threat by means of ahead gross sales preparations.
Unit working prices (per tonne offered) for NAL elevated 1% QoQ to $1,250/dmt (US$818/dmt) with increased mill prices, decreased focus gross sales volumes and elevated stock.
– Capital expenditure of $13 million for the quarter stays inside steerage and was primarily associated to improve of the Tailings Storage Facility and different NAL sustaining initiatives with earth works deliberate to be accomplished in summer season interval.
Development Initiatives
NAL Growth
– The NAL Growth Scoping Examine outlined a pathway to increase manufacturing capability 55% from 200ktpa (thousand tonnes every year) to 315ktpa and scale back unit working prices ~30% (vs. Q1 FY26) to roughly US$562/dmt at a gorgeous capital price of roughly US$270 million shifting NAL considerably down the fee curve and enabling through-the-cycle profitability.
– The Scoping Examine highlights a compelling uplift in worth relative to the bottom case with post-tax NPV of C$1,284 million (US$950 million) and a 26.4% IRR.
– Preliminary environmental baseline research associated to allowing are underway and the Firm is working in the direction of a Ultimate Funding Resolution within the second half of 2027, leading to first manufacturing in 2029.
Moblan
– Moblan continues to emerge as one in every of North America’s most strategic and enticing lithium assets following the completion of a 30% improve to the undertaking’s JORC-compliant Mineral Useful resource Estimate (MRE).
– Baseline environmental subject actions resumed in the course of the September quarter.
Ewoyaa
– Discussions on the revised fiscal phrases of the Mining Lease are ongoing with the Ghanaian authorities, with the ultimate phrases to be offered to Ghana’s Parliament previous to ratification.
– Development of the undertaking stays contingent on Mining Lease ratification, prevailing market circumstances and undertaking financing.
Carolina Lithium
– Progressed the excellent air allow utility and North Carolina Normal Stormwater allow.
– U.S. coverage has strengthened following direct authorities investments in crucial minerals initiatives, underscoring rising federal assist for home provide chains and offering a constructive backdrop for Carolina Lithium’s strategic significance.
Company
– The steadiness of money and money equivalents at 30 September 2025 was $148.8 million, a $76.5 million improve over the equal steadiness of $72.3 million at 30 June 2025. Money elevated because of the receipt of $69 million of proceeds raised by means of the issuance of recent shares and $52 million of money from Piedmont at merger completion (web of Piedmont expenditure from 1 July to 30 August, which included $8 million of merger transaction prices). This was offset by a $12 million working money outflow at NAL, primarily pushed by antagonistic working capital actions from stock construct, $13 million in capital expenditure, $10 million outflow from Group operations, and $9 million of merger transaction prices.
– Elevra reaffirms FY26 manufacturing steerage of 195,000-210,000 dmt, FY26 gross sales steerage of 195,000-210,000 dmt, and unit working prices (per tonne offered) of $1,175-1,275/dmt.
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About Elevra Lithium Restricted:
Elevra Lithium Restricted (ASX:ELV) (NASDAQ:ELVR) is North America’s largest hard-rock lithium producer with a diversified portfolio of high-quality property throughout Quebec Canada, the USA, Ghana and Western Australia.
Our flagship operation, the North American Lithium (NAL) mine in Quebec, Canada has efficiently ramped up manufacturing of spodumene focus, supported by ongoing operational enhancements to extend restoration charges, throughput, and mill utilisation. Following a Mineral Useful resource improve, Elevra accomplished a Scoping Examine for a brownfield growth to extend NAL’s annual spodumene focus manufacturing and scale back unit working prices.
Complementing NAL, the Moblan Lithium Undertaking in northern Quebec represents one of many largest undeveloped spodumene assets in North America, with a Mineral Useful resource of 121 Mt @ 1.19% Li2O.
Growth actions are progressing with feasibility research concentrating on a large-scale, long-life operation able to supplying each home and worldwide markets.
In Western Australia, Elevra holds an intensive portfolio of lithium and gold tenements, the place exploration packages are advancing to unlock extra development alternatives. In the meantime, in the USA, our Carolina Lithium Undertaking provides a strategic foothold within the downstream lithium chemical compounds market and our undertaking in Ghana supplies an extra possibility for future development.
Trying forward, Elevra is concentrated on strategic downstream partnerships to allow additional value-added lithium manufacturing, positioning the Firm to ship a safe, sustainable provide of crucial minerals to international prospects. Collectively, these property set up Elevra as a growth-focused provider supporting the worldwide vitality transition.
Supply:
Elevra Lithium Restricted
Contact:
Andrew Barber
Investor Relations
PH: +61 7 3369 7058
