North American Lithium
North American Lithium (NAL) achieved, for the first time, two consecutive months without any recordable injuries and the Total Recordable Injury Frequency Rate (TRIFR) also declined during the period, marking the third consecutive quarter in which safety performance has remained below the FY2026 TRIFR target.
Record revenue of US$81 million was up 22% quarter on quarter (QoQ). Year-to-date revenue of US$167 million was up 68% on the same period last year.
Mine development sequencing and waste stripping continued as planned resulting in ore uncovered for the quarter increasing by 25% compared to the previous quarter. The increase in available in-pit ore provided improved operational flexibility. Ore mining activity was aligned to production requirements, with 370,508 wet metric tonnes (wmt) mined, 5% lower QoQ.
Process plant utilisation improved to 94% which represents the best quarterly utilisation in operational history and is 5% higher QoQ. The improvement was driven by strong crushing plant performance and no planned shutdowns during the quarter.
Lithium recovery for the quarter was 66%, up 4% QoQ as efforts to improve ore sorting delivered feed with a higher lithium and lower iron content to the mill.
Spodumene concentrate production increased by 7% QoQ to 47,332 dry metric tonnes (dmt) at an average grade of 5.0%. High plant utilisation and process modifications improved production, and the Company currently remains on track to achieve its full year production guidance.
Spodumene sales were 55,526 dmt at an average realised selling price (FOB) of US$1,453/dmt. This was a 16% QoQ decline in tonnes sold, but a 46% increase in the average realised price per tonne as the Company continued to deliver tonnes into a strengthening lithium market.
Unit operating costs (per tonne sold) for NAL were US$884/dmt, a 9% increase compared to US$812 in the prior quarter, primarily reflecting the release of higher cost inventory associated with higher mining costs.
Elevra has only limited exposure to liquid fuel prices and reduced fuel availability, with diesel accounting for only ~5% of site operating costs and renewable hydroelectricity utilised in the process plant. Canada retains very high oil self-sufficiency with significant domestic production firming the supply chain for fuel within the country.
Capital expenditure of US$4 million for the quarter was related to various NAL sustaining capital projects.
Growth Projects
NAL Expansion
During the March 2026 quarter, Elevra announced an accelerated expansion approach for NAL which is designed to bring additional spodumene concentrate production online earlier than previously anticipated while optimising capital deployment and project sequencing1.
Engineering activities for the accelerated expansion progressed, advancing the proposed, phased expansion pathway at NAL ahead of execution.
An updated NAL Expansion Scoping Study, reflecting the staged development approach announced on 12 January 2026, will be released in Q4 FY26.
Moblan
Environmental and permitting activities have continued as preparation of the Environmental and Social Impact Assessment (ESIA) continues.
Ewoyaa
The Parliament of Ghana ratified the Ewoyaa Mining Lease in March 2026, marking the formal approval of the Project after the Mining Lease was granted in October 20232.
Advancement of the Ewoyaa Project remains contingent on prevailing market conditions, the availability of suitable project financing and realignment of the joint venture structure with Atlantic Lithium.
Carolina Lithium
In February 2026, Elevra leadership hosted a town hall in Gaston County, North Carolina to provide local stakeholders with a Project update and engaged directly with residents and community leaders.
The Company finalised the acquisition of all contracted parcels located within the permit boundary defined in the May 2024 Mining Permit issued by the North Carolina Department of Environmental Quality's Division of Energy, Mineral, and Land Resources.
Corporate
Cash at the March 2026 quarter end was US$113.0 million, reflecting profit generated from operations and favourable net working capital movements. Net cash was US$58.7 million (December 2025: US$26.4 million), with the prepayment facility balance of US$54.3 million.
Elevra signed a non-binding Memorandum of Understanding (MoU) with Mangrove Lithium to evaluate supplying spodumene concentrate from NAL for local downstream processing. The MoU establishes a framework for continued discussions and reflects Elevra's strategy to integrate into downstream partnerships. Work will now commence on a definitive and binding agreement with Mangrove Lithium3.
Elevra reaffirms FY26 production guidance of 180,000–190,000 dmt, sales guidance of 170,000– 190,000 dmt subject to the shipping schedule being met, unit operating costs (per tonne sold) of $860–880/dmt, and capital expenditure of $26 million4.
Sales volumes for the June 2026 quarter will be subject to pricing linked to average market prices during October 2025-March 2026. The delivery of these volumes will bring the legacy contract with the lagged pricing mechanism to an end.
Management Commentary
Elevra delivered a strong March 2026 quarter, marked by improved operational performance at NAL, positive cash flow generation amid strengthening lithium market fundamentals, and continued advancement of key growth projects.
The March 2026 quarter marked an important period of operational execution, financial improvement, and strategic progress across Elevra's portfolio. Following a challenging prior quarter, our team remained firmly focused on safety and operational discipline and delivered measurable improvements at NAL.
During the March 2026 quarter, NAL demonstrated an improved operating performance compared to the previous period. In response to challenging, transitory and temporary mining conditions, we implemented a set of targeted actions focused on recovery optimisation and production consistency. These initiatives have begun to deliver results, mining and processing performance improved sequentially, operational reliability increased, and production rebounded toward target levels. The performance reflects the resilience and discipline of the operating team and reinforces our confidence in NAL as a cornerstone asset within Elevra's portfolio.
In parallel, we announced an accelerated expansion approach for NAL designed to bring additional capacity online earlier through a staged development pathway. Ongoing engineering work is advancing a three-stage expansion strategy intended to enhance capital efficiency, reduce execution risk, and align growth with market demand.
Financial performance during the March 2026 quarter was strong with 55,526 dmt sold at an average realised price (FOB) of US$1,453/dmt generating US$81 million in revenue. Our financial results demonstrate the leverage inherent in our portfolio as operational execution improves and market conditions strengthen.
Across our development portfolio, we achieved several important milestones. At Ewoyaa, the ratification of the Mining Lease by the Parliament of Ghana represented a major advancement towards de-risking and developing the country's first lithium mine. At Carolina Lithium, we continued to proactively engage with local stakeholders and reinforce our commitment to transparency by hosting a town hall.
Recent geopolitical activity has driven significant swings in commodity markets and confirmed the importance of energy security through the development of local supply chains. To this effect, we announced a non-binding Memorandum of Understanding with Mangrove Lithium to explore collaboration opportunities in lithium refining and downstream processing. This engagement aligns with our strategy of participating more broadly across the lithium value chain while supporting the development of a North American battery materials ecosystem.
The March 2026 quarter reflected improved operational performance driven by focused execution and the operational actions implemented in response to challenges encountered in the prior quarter, demonstrating the resilience and adaptability of our operating teams. We believe Elevra Lithium is increasingly well positioned with existing production, scalable growth, and a strategy centred on disciplined execution and capital efficiency.
Mr Lucas DowManaging Director and CEO
Operational Financial Performance
Unit
Q3 FY26
Q2FY26
QoQ Variance
YTD FY26
YTD FY25
YTD Variance
North American Lithium5
Ore mined
wmt
370,508
389,801
(5
%)
1,098,650
933,090
18
%
Ore processed
dmt
346,324
351,592
(1
%)
1,039,696
989,172
5
%
Recovery
%
66
62
4
%
66
68
(2
%)
Concentrate produced
dmt
47,332
44,154
7
%
143,489
146,324
(2
%)
Concentrate grade produced
%
5.0
4.9
0.1
%
5.0
5.3
(0.3
%)
Concentrate sold
dmt
55,526
66,016
(16
%)
147,517
142,058
4
%
Average realised selling price (FOB)6
US$/dmt
1,453
998
46
%
1,133
699
62
%
Revenue
US$M
81
66
22
%
167
99
68
