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2026-11-06
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Elevra Lithium Limited

Producer · Lithium · CA · US · GH · AU Rating locked: sign in to view v8.1 · elv-20261031t172755-full
Last 2026-11-06
A$3.34
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$648M
EV
A$247.9M
Cash
US$319M
Debt
US$79M
3 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

7 assets

Core asset

North American Lithium (NAL)

CA

Producer100% ownedLithium

100% owned open-pit spodumene mine and concentrator at La Corne, Abitibi-Temiscamingue, Quebec; permitted at 4,500 tpd milling; staged brownfield expansion in execution after the September 2026 PFS.

Producer · Producer
Production annualised (attributable)
11.2k td
Production (last FY, 100%)
9.9k td
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
107%d
Reserve life
53.4 yrsd
Head grade
1.10% Li2O
Published study economicsIssuer or study metrics
NPVC$3.2B8% discount
IRR49.9%Published return
Initial capexC$366MPublished capital estimate
Operating cost876CAD/t concentrate (LOM C1)

Post-tax, unlevered, total NAL expansion case at Benchmark Q1 2026 deck (US$1,260-2,430/t SC6), CAD/USD 1.35; IRR is for the expansion increment.

Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated and Inferred (total)93.3 Mt1.15% Li2OLithium2026-06-30
Mineral ResourceIndicated74.4 Mt1.17% Li2OLithium2026-06-30
Mineral ResourceInferred18.9 Mt1.06% Li2OLithium2026-06-30
Ore ReserveProved and Probable (total)47.2 Mt1.12% Li2OLithium2026-06-30
Milestones3
  1. Stage 1 mill optimisation commissioning (15-20% capacity uplift)

    Pending · High materiality

  2. Stage 2 milling expansion to 6,500 tpd

    Pending · High materiality

  3. Stage 3 permanent crushing and ore sorting circuit

    Pending · High materiality

Permits & approvals3
PermitJurisdictionStatusExpiryCritical path
NAL Phase 5 mining permit (also the CGF conditional tranche condition)QuebecPending—Yes
Existing permit for 4,500 tpd millingQuebecGranted—No
Additional approvals for expanded mine, TSF and waste rock (Stage 3)QuebecRequired—Yes
Economic studies3
StudyStageStatusDateSummary
NAL Expansion Pre-Feasibility StudyPFSCurrent2026-09-07Three-stage expansion, C$366M initial capex, post-tax NPV8% C$3,218M for the total operation (C$943M expansion-only), IRR 49.9%, LOM C1 C$876/t, 20 years.
Updated NAL Expansion Scoping Study (May 2026)Scoping StudySuperseded2026-05-12338ktpa staged expansion, NPV8% C$3,112M; superseded by the PFS.
NAL Expansion Scoping Study (September 2025)Scoping StudySuperseded2025-09-15First single-stage expansion scoping study; superseded.

Other

Authier Lithium Project

CA

Resource Stage100% ownedLithium

Open-pit spodumene deposit about 35km from NAL, now 100% owned following the merger; resource and reserve at 30 June 2026 but no current economic study in the documents read.

Resource / scoping · Resource stage
Contained metal (attributable)
172.6k td
Resource grade
1%
% Measured + Indicated
82.6%d
Resource tonnes
17.14 Mt
Our value per attrib. contained unit
Locked
Mining method
—
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred (total)17.1 Mt1.01% Li2OLithium2026-06-30
Ore ReserveProved and Probable (total)10.5 Mt1.00% Li2OLithium2025-06-30

Material

Moblan Lithium Project

CA

DFS Unfunded Developer60% ownedLithium

60% Elevra and 40% Investissement Quebec; greenfield James Bay project with a February 2024 DFS, resource and reserve upgraded in August 2025; updated scoping study due Q2 FY27 and pre-FID work funded from the May 2026 raising; permitting is the critical path.

Developer · DFS unfunded developer
Study
Definitive Feasibility Study (February 2024)s
Post-tax NPV (study prices, attributable)
C$1.3bd
NPV restated at our deck (attributable)
Locked
IRR
3,440.0%s
Initial capex (100%)
C$962.0ms
Capital intensity
C$53,444/(t/yr)d
LoM AISC
A$855/ts
Mine life
21.1 yrss
Published study economicsIssuer or study metrics
NPVC$2.2B8% discount
IRR34.4%Published return
Initial capexC$962MPublished capital estimate
Operating cost555.39CAD/t concentrate

100% basis, constant 2023 CAD, average LOM price US$1,990/t SC6 and CAD/USD 0.75; Elevra share is 60%.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred (total)121 Mt1.19% Li2OLithium2026-06-30
Ore ReserveProved and Probable (total)48.1 Mt1.31% Li2OLithium2025-06-30
Milestones2
  1. Updated Moblan scoping study on plant sizing and staging

    Pending · Medium materiality

  2. Updated feasibility study ahead of a final investment decision

    Pending · Medium materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Moblan construction and operating approvals (environmental baseline and permitting under way)QuebecPending—Yes
Economic studies1
StudyStageStatusDateSummary
Moblan Definitive Feasibility Study (February 2024)DFSCurrent2024-02-20300ktpa 6% Li2O for 21 years, post-tax NPV8% C$2,187M (US$1.64B), capex C$962M; being refreshed for the larger reserve.

Material

Carolina Lithium Project

US

PFS Developer100% ownedLithium

100% owned integrated mine and hydroxide project in the Carolina tin-spodumene belt, North Carolina; stormwater permits received October 2025, draft air permit out for public comment in the September 2026 quarter; 2021 DFS pre-dates current costs and prices.

Developer · PFS developer
Study
Definitive Feasibility Study (December 2021, integrated mine and hydroxide plant)s
Post-tax NPV (study prices, attributable)
US$2.0bd
NPV restated at our deck (attributable)
Locked
IRR
2,700.0%s
Initial capex (100%)
—
Capital intensity
—
LoM AISC
—
Mine life
—
Published study economicsIssuer or study metrics
NPVUS$2B8% discount
IRR27%Published return

2021 study on 2021 prices and capital costs; stale and shown for reference only.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated and Inferred (total)44.2 Mt1.08% Li2OLithium2026-06-30
Ore ReserveProbable (total)18.3 Mt1.10% Li2OLithium2025-06-30
Milestones1
  1. Final North Carolina air permit decision after the October 2026 public hearing

    Pending · Medium materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
North Carolina Division of Air Quality air permitNorth CarolinaPending—Yes
General stormwater permits (mine and conversion plant)North CarolinaGranted—No
Economic studies1
StudyStageStatusDateSummary
Carolina Definitive Feasibility Study (December 2021)DFSCurrent2021-12-15Integrated mine and 30,000tpa hydroxide plant, post-tax NPV8% US$2.0B, IRR 27%, on a 2021 price deck; not refreshed.

Other

Ewoyaa Lithium Project (divested)

GH

Divested0% ownedLithium

Interests (22.5% plus offtake rights) sold to Zhejiang Huayou Cobalt for about US$71M cash before fees and taxes; sale completed 26 October 2026.

Other

Western Australia exploration and Morella Lithium JV (49%)

AU

Early Explorer49% ownedLithiumOthers

49% of the Morella Lithium Joint Venture (Pilbara and South Murchison), including the Mt Edon rubidium project, plus Elevra-held WA tenements; Tabba Tabba rights sold to Wildcat in August 2026.

Exploration · Early explorer
Ownership
4,900.0%
Commodity
Li2Or
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceInferred (Morella announcement, 100% of the Mt Edon resource)5.4 Mt0.16% Rb2OOthers2026-09-17

Other

Quebec regional exploration (Lac Albert, Pontiac, Troilus claims)

CA

Early Explorer100% ownedLithium

Early-stage Quebec claims retained for prospectivity; tenure is being rationalised and no resource is declared.

Exploration · Early explorer
Ownership
100%r
Commodity
Li2Or
Country
CAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)