Elevra Lithium (ELV) Q1 2027 earnings summary

Executive summary

• NAL recorded its highest quarterly ore mining and processing, second-highest concentrate production, 71% QoQ sales growth and 137% QoQ revenue growth.

• NAL Expansion entered execution and remains on schedule, on budget and fully funded; quarter-end cash was US$319 million, with Ewoyaa proceeds received after quarter-end.

• Six recordable injuries weakened safety performance; field leadership visibility, coaching and critical-risk controls were reinforced.

Financial highlights

• NAL revenue was US$74 million, up 137% QoQ and 264% YoY; 58,134 dmt of concentrate was sold, up 71% QoQ.

• Average realized price was US$1,276/dmt FOB (US$1,524/dmt SC6 equivalent), up 39% QoQ; final shipment prices remain subject to settlement.

• Unit operating cost was US$780/dmt sold, down 14% QoQ and 5% YoY; operating cash margin was US$476/dmt sold.

• NAL generated US$29 million profit from operations and US$34 million net operating cash inflow.

Outlook and guidance

• FY27 capital expenditure is expected at US$120–140 million, including US$100–120 million for NAL Expansion and Moblan studies; quarterly spending is expected to rise through the year.

• NAL Expansion PFS targets annual production of 373 ktpa versus ~199 ktpa currently, with life-of-mine average C1 costs of US$630/t; production is 10% above the May scoping study estimate.

• Moblan scoping study, assessing plant sizing and development staging, is expected in Q2 FY27; permitting remains the development critical path.

• Mangrove agreement provides for up to 144 ktpa over seven years at market-linked pricing with a US$1,000/t floor, conditional on financing and FID by 31 December 2028.

• LG Energy Solution agreement covers 240,000 dmt over three years, with first shipment expected in CY2026 and pricing linked to market prices adjusted for lithium content.