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ELEVRA LITHIUM LTD SPON ADS EACH REP 10 ORD
Symbol	ELVR
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Elevra Lithium Limited (ELVR) June 2026 Quarterly Report

2026-07-27 18:46 ET - News Release

Brisbane, Australia, July 28, 2026 - (ABN Newswire) - Elevra Lithium Limited (ASX:ELV) (NASDAQ:ELVR) (OTCMKTS:SYAXF) delivered another strong operational performance, establishing monthly production records, and a Strategic Financing Package that enables near-term growth.

North American Lithium

- Safety performance at North American Lithium (NAL) remained strong during the June 2026 quarter, with no lost-time injuries recorded and continued improvement in risk management and operational discipline across the site.

- Ore mined remained stable quarter on quarter (QoQ) with 372,938 wet metric tonnes (wmt) mined in line with process plant requirements.

- Process plant utilisation remained high at 92% following a record March 2026 quarter and was the third best quarter on record despite a planned shutdown. Strong crushing plant performance continued to support milling utilisation.

- The combination of high mill utilisation, throughput, and improved feed grades resulted in lithium recoveries of 71% for the June 2026 quarter,a 5% QoQ improvement.

- Spodumene concentrate production increased by 15% QoQ to 54,479 dry metric tonnes (dmt) at an average grade of 5.0%. This was the second-best performance on record and included a new monthly record of 22,202 dmt producedin May 2026 when utilisation and recoveries peaked at 98% and 73%, respectively.

- As previously disclosed, spodumene sales were 33,977 dmt at an average realised selling price (FOB) of US$921/dmt, resulting in revenue of US$31 million. This wasa 39% QoQ decline in tonnes sold and a 37% decrease in the average realised price per tonne as the Company sold the final tonnes under a multi-year contractual agreement that included a lagged pricing mechanism. This legacy contract has now been finalised and pricing in Q1 FY27 and beyond is expected to be more representative of spodumene spot prices.

- Unit operating costs per tonne sold (FOB) for NAL were US$907/dmt, a 3% increase compared to US$884 in the prior quarter, primarily reflecting the release of higher cost inventory resulting from the timing of the planned major plant shutdown costs in April and the sustained mining intensity.

- Capital expenditure of US$4 million for the June 2026 quarter was related to various planned NAL sustaining capital projects and the NAL Expansion Scoping Study.

Growth Projects

NAL Expansion

- Elevra released an Updated Scoping Study for the NAL Expansion evaluating a staged approach which accelerates production growth by twoyears and more than doubles the project's incremental post-tax NPV8% to C$969 million while maintaining total capital expenditure of C$366 million.

- The Company reached a major milestone with the official groundbreaking of the fully funded NAL Expansion and key equipment orders placed to reduce schedule risk.

Moblan

- Elevra purchased the spodumene concentrate offtake rights held by an investment vehicle managed by Waratah Capital Advisors, giving the Company control over 100% of its pro rata offtake entitlement, which is 60% of Moblan's annual production.

- To continue advancing project development, Elevra progressed environmental baseline studies and began preparations for an updated Moblan Scoping Study.

Carolina Lithium

- Elevra maintained engagement with the North Carolina Division of Air Quality to progress the project's air permit while also meeting with local county leadership to provide updates on project activities and reinforce the Company's commitment to responsible project development.

Corporate

- In May 2026, Elevra announced a Strategic Financing Package to fully fund the NAL Expansion comprised of 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.

The issuance of the Upfront Tranche of Convertible Notes was approved by shareholders at an Extraordinary General Meeting on 16 July 2026, with proceedsof approximately US$46 million (C$65 million) from the Upfront Tranche to be received in Q3 CY26. Shareholder approval will be sought at the appropriate time for the issuance of a further C$80M Conditional Tranche of Convertible Notes. A US$11 million (A$16 million) Share Purchase Plan for eligible retail shareholders was also completed.

- 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) to streamline the Company's growth portfolio and remove future funding obligations. This transaction is expected to complete in Q3 CY26.

- Cash at the end of the June 2026 quarter was US$255 million, which did not include the proceedsgenerated from the sale of the Ewoyaa Project interest or the draw down of the first tranche of the CGF convertible note. Net cash was US$200 million (March 2026: US$59 million), with the prepayment facility balance of US$55 million (March 2026: US$54 million). The prepayment facility was subsequently reduced by US$9 million in July 2026.

- Guidance for FY27 will be provided with FY26 Full Year Results in late August.

Management Commentary

The June 2026 quarter was a defining periodfor Elevra as we delivered strong operational performance at North American Lithium, secured a transformational financing package and further strengthened the foundations for our next phase of growth.

At NAL, the team demonstrated that the operational improvements achieved over recent quarters are sustainable, delivering high mill utilisation and lithium recoveries that translated into a new monthly production record in May 2026. The continued improvement in recoveries is particularly notable and reflects the benefits of targeted optimisation initiatives, strong crushing plant performance and enhancements to the processing circuit. These achievements reinforce our confidence in the operation and the opportunity to continue improving performance as we execute the staged expansion plan.

While operational performance remained strong, realised pricing during the June 2026 quarter was impacted by deliveries into a legacy offtake contract that contained an embedded pricing mechanismlinked to historical lithium prices. Because of the lagged pricing mechanism, the significant rise in lithium prices seen in recent months was not fully reflected in the pricing Elevra received, but importantly, all obligations under this legacy contract have now been satisfied and we expect future pricing to better reflect spodumene spot prices.

A major highlight of the June 2026 quarter was the successful completion of our Strategic Financing Package, which fully funds the NAL Brownfield Expansion and provides support for the advancement of Moblan toward a Final Investment Decision. The NAL Expansion is a key near-term milestone for Elevra and is expected to deliver meaningful benefits through increased production capacity and lower unit operating costs, further enhancing the quality and competitiveness of our North American asset base.

We were also pleased to welcome Canada Growth Fund as a strategic partner through participation in the Strategic Financing Package. Canada Growth Fund's investment mandate is strongly aligned with our objective to develop a local critical minerals supply chain, making it a strong partner as we continue to advance our portfolio. We believe this relationship also creates opportunities to collaborate as we pursue future growth initiatives across our business.

During the June 2026 quarter, we also announced the sale of our interest in the Ewoyaa Project in Ghana. This transaction represents a disciplined portfolio decision that allows us to sharpen our focus on our core North American assets, simplify our corporate structure and redeploy capital into opportunities where we see the greatest potential to create value for shareholders.

We believe the outlook for lithium remainspositive, and while prices have moderated from the multi-year highs experienced in recent months, market fundamentals remain supportive and underpinned by continued demand growth. At the same time, industry-wide underinvestment during the recent downturn has constrained the pace of new supply growth, reinforcing our view that high-quality projects in strategic jurisdictions will continue to play an increasingly important role in meeting future demand.

Mr Lucas Dow
Managing Director and CEO

*To view full Quarterly Report, please visit:
https://abnnewswire.net/lnk/937W0EMQ

About Elevra Lithium Limited:

Elevra Lithium Limited is a North American lithium producer (ASX:ELV) (NASDAQ:ELVR) OTCMKTS:SYAXF) with projects in Quebec, Canada, United States, Ghana and Western Australia. In Quebec, Elevra's assets comprise North American Lithium (100%) and a 60% stake in the Moblan Lithium Project in Northern Quebec. In the United States, Elevra has the Carolina Lithium project (100%) and in Ghana the Ewoyaa Lithium project (22.5%) in joint venture with Atlantic Lithium. In Western Australia, the Company holds a large tenement portfolio in the Pilbara region prospective for gold and lithium.

Contact:

 
Andrew Barber
Investor Relations
PH: +61 7 3369 7058