Elevra Lithium (ELV) H2 2026 earnings summary

Executive summary

• Achieved a transformational year with the merger of Sayona Mining and Piedmont Lithium, creating a leading North American lithium producer and fully funding the staged expansion of the North American Lithium (NAL) mine.

• Revenue rose 39% year-over-year to $202 million, with cash ending at $255 million, supporting the NAL brownfield expansion and other growth initiatives.

• Achieved first full-year profit post-merger, driven by higher lithium prices and merger synergies.

• Safety performance improved significantly, with a 67% reduction in total recordable injury frequency rate.

• Strategic focus shifted to North America, divesting non-core assets and advancing Moblan and NAL projects.

Financial highlights

• Underlying EBITDA turned positive at $14 million, up from a $43 million loss in the prior year, with NAL contributing $46 million.

• Profit after tax was $44 million, a $292 million improvement year-over-year, including a $156 million impairment reversal and $104 million in non-cash merger-related items.

• Cash balance increased from $47 million to $255 million, aided by strategic financing and convertible notes.

• Average realized pricing for spodumene concentrate rose 57% to $1,092/ton, offsetting a 13% decrease in sales volumes.

• Unit operating cost per ton sold increased 2% to $853.

Outlook and guidance

• FY 2027 spodumene concentrate production guidance: 198,000–210,000 tons; sales: 200,000–230,000 tons.

• Unit operating costs guided at $880–$950/ton, reflecting higher mining intensity and strip ratio.

• Total capital expenditure forecasted at $120–$140 million, mainly for NAL expansion and Moblan studies.

• Stage 1 of NAL expansion to deliver 15–20% production uplift by mid-2027; full project capital remains $270 million.

• Priorities include consistent NAL operations, restructuring offtake agreements, executing NAL expansion, and advancing Moblan.