Elevra Lithium Q4 Earnings Call Highlights

Elevra produced more than 54,000 tonnes of spodumene concentrate in the June quarter, up 15% sequentially, and exceeded fiscal 2026 production guidance with approximately 198,000 tonnes. Improved recoveries and operational initiatives offset mining challenges related to historical underground workings. The company raised $207 million through equity offerings and secured a CAD145 million Canada Growth Fund investment via convertible notes. Funds are intended to advance the staged NAL expansion, with the first stage expected to increase annual production to roughly 220,000–230,000 tonnes. June-quarter realized pricing was depressed by a legacy contract, which has now ended, while management expects future prices to better reflect market conditions. Elevra also gained full control of Moblan’s attributable offtake, advanced a new Moblan study, and agreed to sell Ewoyaa to focus on North American assets. 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. 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. 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.