Elevra Lithium (SYA) H1 2026 earnings summary

Executive summary

• Completed merger between Sayona Mining and Piedmont Lithium, forming Elevra Lithium Limited with a 50:50 equity split, new ASX and Nasdaq tickers, and unified management.

• Revenue rose 8% year-over-year to US$86.2 million, driven by a 34% increase in average realised selling price despite a 20% drop in sales volumes.

• Underlying EBITDA turned positive at US$1 million, up from a US$25 million loss, supported by improved pricing and merger synergies.

• Net profit after tax reached US$74 million, reflecting a US$156 million impairment reversal and extraordinary merger-related items.

• Significant increase in mineral resource and ore reserve estimates at NAL and Moblan, with Moblan MRE up 30% to 121Mt @ 1.19% Li₂O and NAL reserves up 124%.

Financial highlights

• Cash and cash equivalents increased to US$81.2 million, supported by a US$43.8 million capital raise and merger inflows.

• Spodumene concentrate sales totaled 91,991 dmt, down 20% year-over-year, but average realised price rose 34% to US$937/dmt.

• Unit operating cost sold decreased 6% to US$814/dmt; per tonne produced increased 14% to US$831/dmt.

• Net assets rose 82% to US$565 million at December 2025, with property, plant, and equipment up 64% due to impairment reversal and asset integration.

• Group underlying EBITDA was US$1 million, with NAL contributing US$11 million.

Outlook and guidance

• FY26 guidance: spodumene concentrate production of 180,000–190,000 dmt, sales of 170,000–190,000 dmt, and unit operating cost sold US$860–880/dmt.

• NAL Brownfield Expansion Scoping Study projects average annual production of 315,000 dmt at C1 cash cost of US$630/tonne, with an accelerated pathway to reduce timeline by two years.

• Capital expenditure guidance at US$26 million, with US$20 million for sustaining capital at NAL.

• Market outlook for lithium remains strong, with global demand expected to double by 2030 and a CAGR of 18%, but price volatility anticipated.

• Updated Scoping Study for NAL expansion expected in Q2 2026.