The September quarter marked a period of transformation for the company, culminating in the completion of several key business milestones that laid a strong foundation for the next phase of growth.
The merger between Sayona Mining and Piedmont Lithium was successfully completed with overwhelming shareholder support. The merger enables a unified development strategy for an expanded portfolio of high-quality assets to become the leading North American hard rock lithium producer with global scale, a balanced leadership team and a strong foundation for creating long-term shareholder value.
Following completion of the merger, the conditional capital raise was completed with Resource Capital Fund VIII, LP, providing immediate funding to support near-term growth initiatives and introducing a highly strategic and supportive investor to the shareholder register.
At the same time, the company completed a corporate rebrand and began trading under the new name Elevra Lithium Limited. A share consolidation was also implemented to simplify the capital structure and align Elevra’s profile with its extensive presence in international markets.
Operationally, Elevra continued to make progress on its key operating and development assets. Updated mineral resource and ore reserve estimates were announced for both North American lithium and Moblan, with both deposits showing significant increases following a highly successful drilling campaign completed in 2024. These results further strengthen the quality of Elevra’s resource base and provide a strong platform for future expansion.
We also published the NAL Expansion Scoping Study, which outlines a compelling path forward to increasing annual production capacity at North America’s leading source of existing hard rock lithium production. The study demonstrates the technical and economic potential to increase value through a capital-efficient brownfield development project. Basic environmental studies related to the expansion are underway and the company plans to continue development to strengthen our position as the largest supplier of hard rock lithium in North America.
An expansion is only possible thanks to the continued operational success at NAL, which is a testament to the focus on process optimization, operational stability and cost discipline. Despite a modest decline in mill utilization and recovery, spodumene concentrate production remained strong at 52,003 dmt. Importantly, safety performance has improved significantly as a result of ongoing processes designed to provide structure and minimize the risk of incidents or accidents.
Sales for the quarter totaled 25,975 dmt, at an average realized sales price of $1,198/dmt (FOB).
Looking ahead, Elevra provided FY26 guidance for spodumene concentrate production, sales and operating costs and remains on track to continue to meet our expectations.
Elevra Lithium completed its transformational merger while maintaining high levels of production at NAL.
Fusion
– Sayona Mining Limited and Piedmont Lithium Inc. completed the previously announced merger on August 30, 2025 (AEST) / August 29, 2025 (ET) with overwhelming shareholder support.
– Concurrent with the closing of the merger, the company completed a $69 million (before fees) placement in Resource Capital Fund VIII, LP
– Following the completion of the merger, the company was renamed Elevra Lithium Limited and a 150-to-1 share consolidation was implemented for ordinary shares traded on the Australian Securities Exchange (ASX).
– The merger enables a unified development strategy across an expanded portfolio of high-quality assets to emerge as the largest North American hard rock lithium producer.
North American lithium
– The September 2025 quarter showed the best safety performance since the restart of operations in 2023.
– Ore mined of 338,341 wet metric tons (wmt) was 7% lower quarter-on-quarter (QoQ) to be in line with mill production.
– Process plant utilization remained strong at 87%, down 6% quarter-on-quarter due to a combination of planned and unplanned downtime compared to the previous quarter where there was no planned maintenance. The root cause of the unplanned downtime was identified and corrected to prevent recurrence.
– Lithium recovery for the quarter was 69%, down 4% quarter-on-quarter based on lower feed quality and increased use of WHIMS (high intensity wet magnetic separators) in response to higher iron content in the feed material.
– Strong spodumene production of 52,003 dry metric tons (dmt) at an average grade of 5.2%, down 11% quarter-on-quarter due to lower capacity utilization and plant recovery compared to record levels in Q4 FY25. Despite the QoQ decline, this was the third best quarterly production since commencement of operations.
– Spodumene sales amounted to 25,975 dmt for the September 2025 quarter, in line with previous expectations.
Sales are deliberately weighted towards the December quarter, with inventory building to facilitate the planned increase in sales volume, which will be converted into higher priced forward sales prices.
– Average realized sales price (FOB) increased 14% to $1,198/dmt (US$784/dmt) compared to the previous quarter, reflecting the benefit of improved spot market prices and Elevra’s strategy to manage market price risk through forward sales agreements.
Unit operating costs (per tonne sold) for NAL increased 1% quarter-on-quarter to $1,250/dmt (US$818/dmt) with higher milling costs, lower concentrate sales volumes and increased inventory.
– Capital expenditure of $13 million for the quarter remains within expectations and mainly related to the upgrade of the Tailings Storage Facility and other NAL support projects, with earthworks scheduled to be completed over the summer period.
Growth projects
NAL expansion
– The NAL Expansion Scoping Study outlined a path to expand production capacity by 55% from 200 ktpa (thousand tonnes per annum) to 315 ktpa and reduce unit operating costs by ~30% (vs. Q1 FY26) to approximately US$562/dmt at an attractive capital cost of approximately US$270 million, placing NAL significantly lower on the cost curve and driving profitability through the cycle becomes possible.
– The Scoping Study indicates a compelling increase in value over the base case, with a net present value after tax of C$1,284 million (US$950 million) and an IRR of 26.4%.
– The first basic ecological studies related to permits are underway and the company is working towards a final investment decision in the second half of 2027, resulting in first production in 2029.
Moblan
– Moblan continues to emerge as one of the most strategic and attractive lithium resources in North America following the completion of a 30% increase in the project’s JORC-compliant Mineral Resource Estimate (MRE).
– Basic environmental activities resumed in the September quarter.
ewoya
– Discussions on the revised fiscal terms of the Mining Lease are ongoing with the Ghanaian government, with the final terms to be submitted to the Ghanaian Parliament before ratification.
– Project progress remains dependent on the ratification of the Mining Lease, prevailing market conditions and project financing.
Carolina Lithium
– Progress on the open application for an air permit and the general stormwater permit for North Carolina.
– U.S. policy has been strengthened following direct government investments in critical minerals projects, underscoring growing federal support for domestic supply chains and providing a positive backdrop to Carolina Lithium’s strategic importance.
Commercial
– Cash and cash equivalents balance at September 30, 2025 was $148.8 million, an increase of $76.5 million from the equivalent balance of $72.3 million at June 30, 2025. Cash increased due to the receipt of $69 million in proceeds from the issuance of new shares and $52 million in Piedmont cash upon completion of the merger (net of Piedmont expenses from July 1 to August 30, which included $8 million). of merger transaction costs). This was offset by a cash outflow of $12 million at NAL, mainly driven by adverse working capital movements due to inventory build-up, $13 million of capital expenditure, $10 million of outflows from group activities and $9 million of merger transaction costs.
– Elevra reaffirms FY 26 production guidance of 195,000-210,000 dmt, FY 26 sales guidance of 195,000-210,000 dmt and unit operating costs (per tonne sold) of $1,175-1,275/dmt.
*For the full quarterly report, visit:
https://abnnewswire.net/lnk/9MD79DA7
About Elevra Lithium Limited:
Elevra Lithium Limited (ASX:ELV) (NASDAQ:ELVR) is North America’s largest hard rock lithium producer with a diversified portfolio of high-quality assets in Quebec, Canada, the United States, Ghana and Western Australia.
Our flagship operation, the North American Lithium (NAL) mine in Quebec, Canada, has successfully ramped up spodumene concentrate production, supported by continued operational improvements to increase recovery rates, throughput and plant utilization. Following a mineral resource upgrade, Elevra completed a scoping study for a brownfield expansion to increase NAL’s annual spodumene concentrate production and reduce unit operating costs.
Complementing NAL, the Moblan Lithium Project in northern Quebec represents one of the largest undeveloped spodumene resources in North America, with a mineral resource of 121 Mt @ 1.19% Li2O.
Development activities are progressing with feasibility studies aimed at a large-scale, long-lived operation capable of serving both domestic and international markets.
In Western Australia, Elevra owns an extensive portfolio of lithium and gold tenements, where exploration programs are progressing to unlock additional growth opportunities. Meanwhile, our Carolina Lithium Project in the United States provides a strategic foothold in the downstream lithium chemicals market, and our project in Ghana provides a further option for future growth.
Looking ahead, Elevra is focused on strategic downstream partnerships to enable further value-added lithium production, enabling the company to provide a safe, sustainable supply of critical minerals to global customers. Together, these assets make Elevra a growth-oriented supplier that supports the global energy transition.
Source:
Elevra Lithium Limited
Contact:
Andreas Kapper
Investor Relations
Phone: +61 7 3369 7058
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