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ELEVRA LITHIUM LTD
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Elevra Lithium Limited (ELVR) September 2026 Quarterly Report: Reports Record Mining and Processing Volumes at North American Lithium

2026-10-26 20:48 ET - News Release

Brisbane, Australia, Oct 27, 2026 - (ABN Newswire) - Elevra Lithium Limited (ASX:ELV) (NASDAQ:ELVR) (OTCMKTS:SYAXF) reported record ore mining and processing volumes at North American Lithium (NAL) for the September 2026 quarter, alongside increased concentrate sales, higher realised pricing and lowerunit operating costs per tonne sold.

North American Lithium

- Safety performance at North American Lithium (NAL) was impacted by a number of musculoskeletal injuries that affected the total recordable injury frequency rate (TRIFR). NAL is responding by strengthening safety coaching, leadership visibility and critical risk controls.

- Ore mined increased by 25% quarter on quarter (QoQ) with a record 466,499 wet metric tonnes (wmt) mined. Total material mined increased by 12% QoQ as the operation moved into areas with thicker veins which reduced waste stripping and mining.

- Process plant utilisation remained high at 91% in the September 2026 quarter, consistent QoQ despite a major planned shutdown, demonstrating the operation's ability to maintain strong plant performance through a major shutdown period.

- Mill throughput reached a new quarterly record and lithium recoveries averaged 70% for the September 2026 quarter, in line with the previous quarter.

- Spodumene concentrate production increased by 1% QoQ to 54,907 dry metric tonnes (dmt) at an average grade of 5.1%, with high mill utilisation, throughput and lithium recovery generating the second-best quarterly production performance on record.

- Spodumene sales were 58,134 dmt at an average realised selling price (FOB) of US$1,276/dmt (US$1,524/dmt SC6), resulting in revenue of US$74 million. Unit operating costs per tonne sold (FOB) were US$780/dmt, a 14% decrease compared to US$907 in the prior quarter delivering an operating cash margin of US$476/dmt sold.

- Capital expenditure of US$9 million for the September 2026 quarter was related to various planned NAL sustaining capital projects and the NAL Expansion.

Growth Projects

NAL Expansion

- The NAL Expansion project moved into execution during the September 2026 quarter, with detailed engineering, long-lead item procurement, installation activities and demolition of NAL's legacy carbonate plant underway.

Moblan

- Fieldwork continued to document baseline environmental conditions to support associated permitting activities.

- Scoping study was commenced to evaluate plant sizing and project staging scenarios, built on the 2024 Moblan Definitive Feasibility Study.

Carolina Lithium

- Elevra continued to advance permitting for the integrated Carolina Lithium Project, with a draft air permit issued for public comment by the North Carolina Division of Air Quality.

Western Australia

- Consistent with Elevra's focus on capital management and developing its North American project portfolio, the Company completed the sale of its rights in tenement E45/2364 (Tabba Tabba) and announced a proposal to expand the Morella Lithium Joint Venture.

Corporate

- Shareholders approved all five resolutions at the Company's Extraordinary General Meeting on 16 July 2026, including the issuance of the Upfront Tranche of convertible notes to Canada Growth Fund (CGF). Following receipt of shareholder approval, Elevra subsequently issued US$46 million (C$65 million) of convertible notes to CGF.

- Elevra executed a binding supply agreement with Mangrove Lithium for spodumene concentrate produced at NAL. Pricing is market-based with a floor price of US$1,000/t (SC6). The agreement is subject to satisfaction of certain conditions, including Mangrove securing financing and taking a Final Investment Decision for a conversion facility proposed to be developed in Eastern Canada.

- Subsequent to the end of the period, Elevra executed a binding spodumene concentrate supply agreement with LG Energy Solution for 240,000 dmt on 8 October 2026.

- On 16 October 2026, Elevra announced that its Board will reduce from 8 to 6 Directorsfollowing the conclusion of the 2026 Annual General Meeting (AGM), with Non-Executive Directors Allan Buckler and Jorge Beristain to resign at the close of the meeting.

- On 26 October 2026, Elevra completed the sale of its interests in the Ewoyaa Project to Zhejiang Huayou Cobalt Co., Ltd. (Huayou) for approximately US$71 million in cash, further concentrating the portfolio in North America.

- Cash at the end of the September 2026 quarter was US$319 million, an increase of US$63 million from June 2026 reflecting the receipt of proceeds from the issuance of convertible notes and cash generated from operations. Net cash was US$240 million (June 2026: US$200 million), inclusive of the convertible note facility balance of US$46 million (June 2026: Nil) and prepayment facility balance of US$33 million (June 2026: US$55 million). This balance does not include the Ewoyaa sale proceeds.

Management Commentary

The September 2026 quarter was a strong start to FY27 with record mining and processing volumes at NAL, a significant uplift in sales volumes and revenues, and continued progress in executing the NAL Expansion.

At NAL, the team delivered record ore mined of 466,499 wmt and the mill processed 364,987 dmt, the first quarter in NAL's history processing more than 360,000 dmt of ore. Mill utilisation remained above 90% despite a major planned concentrator shutdown. Concentrate production of 54,907 dmt was the secondhighest quarter on record.

Concentrate salesof 58,134 dmt at an average realised selling price of US$1,276/dmt (FOB) (US$1,524/dmt SC6) generated revenue of US$74 million, a 137% increase on the prior quarter. The average realised selling price of US$1,276/dmt (FOB) was estimated with reference to spot price indices at 30 September 2026 as the final pricing for these shipments will settle in the December Quarter. Unit operating costs decreased 14% to US$780/dmt sold, reflecting higher sales volumes and demonstrating NAL's ability to reduce unit costs with consistent production.

While operational performance was strong, safety performance did not meet our expectations with six recordable injuries during the September quarter. No common causal factor was identified and in response, NAL is reinforcing the fundamentals of effective safety management through increased coaching, visible leadership in the field and consistent application of critical risk controls.

Project development work accelerated at NAL, with the Expansionmoving from planning into execution during the September 2026 quarter. Environmental studies and permitting work advanced at Moblan and Carolina Lithium, with the latter receiving a draft air permit from the North Carolina Division of Air Quality.
We also commenced the Scoping Study for Moblan to complete our evaluation of optimal plant sizing and development staging.

Lithium prices were volatile during the September 2026 quarter, which is normal for an immature market growing at a rapid pace. Prices rallied through August, then eased through September into October as the market weighed visible demand growth and market tightness against speculation of future battery production curtailments. While price swings have been meaningful,we view this as an ordinary fluctuation of a developing market and not a fundamental change in the demand outlook.

Taking a step back, pricing ended the September 2026 quarter at strong levels relative to recent history.

Demand has proven resilient despite the negative headlines. Electric vehicle sales continue to grow globally, with increasing battery sizes and the electrification of heavy-duty fleets offsetting moderating unit sales growth, and energy storage systems providing a secondary, fast-growing source of demand.

We remain confident in the outlook for lithium and Elevra is in a strong financial position with US$319 million of cash at 30 September 2026 and the additional cash (US$71 million) subsequently received from the sale of our Ewoyaa interest. With the NAL expansion project fully funded, we are well positioned to continue to operate safely and execute our near-term growth initiatives at NAL.

*To view the Elevra Lithium Quarterly Report, please visit:
https://abnnewswire.net/lnk/2W97CWA2

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