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Elevra Lithium
Elevra Lithium (SYA) investor relations material
Elevra Lithium Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary27 Jan, 2026
Executive summary
December 2025 quarter marked the first full quarter post Sayona-Piedmont merger, with record revenue and positive operating cash flow at NAL, driven by higher sales volumes and improved pricing despite operational challenges.
Focused on integration, operational discipline, and advancing growth projects, including permitting and development at Moblan, Ewoyaa, and Carolina Lithium.
NAL achieved its second-best safety performance since 2023 restart, despite two lost time injuries.
Financial highlights
Record quarterly revenue of US$66 million, a 223% increase quarter-over-quarter, with operating profit at NAL reaching US$12 million and operating cash flow of US$13 million.
Spodumene concentrate sold totaled 66,016 dmt, up 154% QoQ, at an average realized price of US$998/dmt (up 27% QoQ).
Unit operating cost per tonne sold was US$812, slightly down from US$818 in the prior quarter.
Cash balance at quarter-end was US$81.3 million, down from US$97.9 million, mainly due to US$14 million in non-recurring merger costs and US$7 million in capex and working capital outflows.
NAL generated a quarterly gross profit of US$12 million.
Outlook and guidance
FY26 spodumene concentrate production guidance revised to 180,000–190,000 dmt (previously 195,000–210,000 dmt) and sales guidance now 170,000–190,000 dmt.
Unit operating cost guidance increased to US$860–US$880/dmt (from US$765–US$830/dmt) due to additional short-term mining and grade control costs.
Capital expenditure outlook unchanged at US$26 million.
Expectation to return to higher concentrate grades (5.2–5.25%) and recoveries (69%) in FY27 as mining moves past current challenging areas.
Management remains optimistic about improving lithium market conditions and is accelerating NAL expansion plans.
NAL recovery improvement timeline
Merger synergy impact on cash flow
Growth project funding and prioritization
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