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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
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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

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash US$319M2025-09-30: 98,000,000 US$2025-12-31: 81,000,000 US$2026-03-31: 113,000,000 US$2026-06-30: 255,000,000 US$2026-09-30: 319,000,000 US$ Construction Funded
Debt US$79MFY25A (June 2025): 74,954,700FY26A (June 2026): 96,370,680 Net cash US$240M
Basic shares 194MFY25A (June 2025): 76.96FY26A (June 2026): 194 2026-09-30
Runway Construction Funded Cash of US$319M plus US$71M Ewoyaa proceeds received 26 October 2026 fund the US$271M NAL expansion remaining spend (largely FY27-FY29) while NAL generates operating cash at current prices.

Liquidity

Financial position

Net cash US$240M after US$46M convertible notes and the US$33M prepayment facility; IQ preference shares (about US$20M, redeemable September 2028), leases (US$9.7M) and onerous contract provisions (US$17.2M) sit outside the company net cash definition.

Inventory composition1

37,173 dmt of finished concentrate at 30 September 2026 (about 41kt at 30 June 2026); ROM ore stockpile not quantified in the documents read.

NAL spodumene concentrate finished goods stockpiled, in transit or at port
— carrying · 37,173 dmt

Capital structure

Ownership and dilution

Ordinary shares
194M
Fully diluted
204.5M

Shares were 11,543,296,014 pre-consolidation at 30 June 2025 (76.96M after the 150:1 consolidation of 22 September 2025); the merger issued 11,565,602,304 Sayona shares, RCF subscribed 2,156,250,000 shares, then 24.67M post-consolidation shares (22,540,984 placement, 1,275,668 SPP and other) were issued, reaching 194,016,029 at 30 June 2026, unchanged at 30 September 2026. Fully diluted adds options and rights (204,532,519); the notes are excluded as out of the money.

Security classes4
ClassTypeQuantityStrikeExpiry
Unquoted options exercise A$4.80 expiring 31 December 2028Option8MA$4.82028-12-31
Unquoted options exercise A$18.30 expiring 12 May 2029Option56.7KA$18.32029-05-12
Unquoted performance rightsPerformance Right2.5M——
CGF convertible notes (65,000,000 notes of C$1), convertible at A$17.17 per share from 31 July 2027Convertible65MA$17.172031-07-31

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25A (June 2025)AFY26A (June 2026)A
Operations
NAL concentrate produceddmtFY25A (June 2025): 204,858 dmtFY26A (June 2026): 197,967 dmt204,858197,967
NAL concentrate solddmtFY25A (June 2025): 209,038 dmtFY26A (June 2026): 181,494 dmt209,038181,494
Unit costs
Unit operating cost per tonne sold (FOB)USD/dmtFY25A (June 2025): 835 USD/dmtFY26A (June 2026): 853 USD/dmt835.0853.0
Profit and loss
Revenue (spodumene concentrate)AUDmFY25A (June 2025): 224,107,726 AUDFY26A (June 2026): 297,672,300 AUD224.1297.7
NAL operating expensesAUDmFY25A (June 2025): 268,899,600 AUDFY26A (June 2026): 230,256,000 AUD268.9230.3
Group, corporate and other costsAUDmFY25A (June 2025): 21,660,326 AUDFY26A (June 2026): 46,752,300 AUD21.746.8
Underlying EBITDAAUDmFY25A (June 2025): -66,452,200 AUDFY26A (June 2026): 20,664,000 AUD(66.5)20.7
Depreciation and amortisationAUDmFY25A (June 2025): 38,608,728 AUDFY26A (June 2026): 34,877,880 AUD38.634.9
Net interest income (expense)AUDmFY25A (June 2025): -1,035,418 AUDFY26A (June 2026): 1,070,100 AUD(1.0)1.1
Income tax expenseAUDmFY25A (June 2025): -2,991,894 AUDFY26A (June 2026): 3,002,184 AUD(3.0)3.0
Net profit after taxAUDmFY25A (June 2025): -381,889,976 AUDFY26A (June 2026): 65,519,640 AUD(381.9)65.5
Cash flow
Operating cash flowAUDmFY25A (June 2025): -14,840,476 AUDFY26A (June 2026): -64,360,980 AUD(14.8)(64.4)
Capital expenditureAUDmFY25A (June 2025): 51,194,466 AUDFY26A (June 2026): 36,206,280 AUD51.236.2
Free cash flowAUDmFY25A (June 2025): -66,034,942 AUDFY26A (June 2026): -100,567,260 AUD(66.0)(100.6)
Balance sheet
CashAUDmFY25A (June 2025): 72,298,620 AUDFY26A (June 2026): 359,943,390 AUD72.3359.9
Debt (convertible notes, prepayment, preference shares, other)AUDmFY25A (June 2025): 74,954,700 AUDFY26A (June 2026): 96,370,680 AUD75.096.4
Net debt (negative is net cash)AUDmFY25A (June 2025): 2,656,080 AUDFY26A (June 2026): -263,572,710 AUD2.7(263.6)
Total equityAUDmFY25A (June 2025): 475,831,530 AUDFY26A (June 2026): 1,025,304,060 AUD475.81,025.3
Per share
Ordinary sharesm sharesFY25A (June 2025): 76.96 m sharesFY26A (June 2026): 194 m shares77.0194.0
Earnings per shareAUD/shareFY25A (June 2025): -4.96 AUD/shareFY26A (June 2026): 0.34 AUD/share(4.96)0.34
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A (June 2025): -3.29 xFY26A (June 2026): 10.59 x(3.3)10.6
P / E (x, current market cap)xFY25A (June 2025): -1.62 xFY26A (June 2026): 9.45 x(1.6)9.4
FCF yield (current market cap)%FY25A (June 2025): -0.11 fractionFY26A (June 2026): -0.16 fraction-10.7%-16.2%
EBITDA margin%FY25A (June 2025): -0.30 fractionFY26A (June 2026): 0.07 fraction-29.7%6.9%
Net debt / EBITDA (x)xFY25A (June 2025): -0.04 xFY26A (June 2026): -12.76 x(0.0)(12.8)

KPI history

Operating metrics · North American Lithium (NAL)

NAL spodumene concentrate produced (100%) shown
016,38932,77849,16865,557December 2024: 50,922 dmtDecember 2024March 2025: 43,261 dmtMarch 2025June 2025: 58,533 dmtJune 2025September 2025: 52,003 dmtSeptember 2025December 2025: 44,154 dmtDecember 2025March 2026: 47,332 dmtMarch 2026June 2026: 54,479 dmtJune 2026September 2026: 54,907 dmtSeptember 2026
MetricUnitTrendDecember 2024March 2025June 2025September 2025December 2025March 2026June 2026September 2026
NAL spodumene concentrate produced (100%)dmtDecember 2024: 50,922 dmtMarch 2025: 43,261 dmtJune 2025: 58,533 dmtSeptember 2025: 52,003 dmtDecember 2025: 44,154 dmtMarch 2026: 47,332 dmtJune 2026: 54,479 dmtSeptember 2026: 54,907 dmt50,92243,26158,53352,00344,15447,33254,47954,907
NAL unit operating cost per tonne sold FOBUSD/dmtDecember 2024: 837 USD/dmtMarch 2025: 830 USD/dmtJune 2025: 791 USD/dmtSeptember 2025: 818 USD/dmtDecember 2025: 812 USD/dmtMarch 2026: 884 USD/dmtJune 2026: 907 USD/dmtSeptember 2026: 780 USD/dmt837830791818812884907780
NAL spodumene concentrate sold (100%)dmtSeptember 2025: 25,975 dmtDecember 2025: 66,016 dmtMarch 2026: 55,526 dmtJune 2026: 33,977 dmtSeptember 2026: 58,134 dmt———25,97566,01655,52633,97758,134
NAL average realised selling price FOBUSD/dmtSeptember 2025: 784 USD/dmtDecember 2025: 998 USD/dmtMarch 2026: 1,453 USD/dmtJune 2026: 921 USD/dmtSeptember 2026: 1,276 USD/dmt———7849981,4539211,276
Operating metric source table36
MetricProjectPeriodPeriod typeValueStatus
NAL spodumene concentrate produced (100%)NalSeptember 2024 quarterQuarter52,141 dmtReported
NAL spodumene concentrate produced (100%)NalDecember 2024 quarterQuarter50,922 dmtReported
NAL unit operating cost per tonne sold FOBNalDecember 2024 quarterQuarter837 USD/dmtReported
NAL spodumene concentrate produced (100%)NalMarch 2025 quarterQuarter43,261 dmtReported
NAL unit operating cost per tonne sold FOBNalMarch 2025 quarterQuarter830 USD/dmtReported
NAL spodumene concentrate produced (100%)NalJune 2025 quarterQuarter58,533 dmtReported
NAL unit operating cost per tonne sold FOBNalJune 2025 quarterQuarter791 USD/dmtReported
NAL spodumene concentrate produced (100%)NalSeptember 2025 quarterQuarter52,003 dmtReported
NAL spodumene concentrate sold (100%)NalSeptember 2025 quarterQuarter25,975 dmtReported
NAL average realised selling price FOBNalSeptember 2025 quarterQuarter784 USD/dmtReported
NAL unit operating cost per tonne sold FOBNalSeptember 2025 quarterQuarter818 USD/dmtReported
NAL spodumene concentrate produced (100%)NalDecember 2025 quarterQuarter44,154 dmtReported
NAL spodumene concentrate sold (100%)NalDecember 2025 quarterQuarter66,016 dmtReported
NAL average realised selling price FOBNalDecember 2025 quarterQuarter998 USD/dmtReported
NAL unit operating cost per tonne sold FOBNalDecember 2025 quarterQuarter812 USD/dmtReported
NAL spodumene concentrate produced (100%)NalMarch 2026 quarterQuarter47,332 dmtReported
NAL spodumene concentrate sold (100%)NalMarch 2026 quarterQuarter55,526 dmtReported
NAL average realised selling price FOBNalMarch 2026 quarterQuarter1,453 USD/dmtReported
NAL unit operating cost per tonne sold FOBNalMarch 2026 quarterQuarter884 USD/dmtReported
NAL spodumene concentrate produced (100%)NalJune 2026 quarterQuarter54,479 dmtReported
NAL spodumene concentrate sold (100%)NalJune 2026 quarterQuarter33,977 dmtReported
NAL average realised selling price FOBNalJune 2026 quarterQuarter921 USD/dmtReported
NAL unit operating cost per tonne sold FOBNalJune 2026 quarterQuarter907 USD/dmtReported
NAL spodumene concentrate produced (100%)NalSeptember 2026 quarterQuarter54,907 dmtReported
NAL spodumene concentrate sold (100%)NalSeptember 2026 quarterQuarter58,134 dmtReported
NAL average realised selling price FOBNalSeptember 2026 quarterQuarter1,276 USD/dmtReported
NAL unit operating cost per tonne sold FOBNalSeptember 2026 quarterQuarter780 USD/dmtReported
Group cash balance (US$ million)CompanySeptember 2025 quarterPoint In Time98 USDmReported
Group cash balance (US$ million)CompanyDecember 2025 quarterPoint In Time81 USDmReported
Group cash balance (US$ million)CompanyMarch 2026 quarterPoint In Time113 USDmReported
Group cash balance (US$ million)CompanyJune 2026 quarterPoint In Time255 USDmReported
Group cash balance (US$ million)CompanySeptember 2026 quarterPoint In Time319 USDmReported
NAL spodumene concentrate produced FY26NalFY26 (year to June 2026)Year197,967 dmtReported
NAL spodumene concentrate sold FY26NalFY26 (year to June 2026)Year181,494 dmtReported
Group revenue FY26 (US$ million)CompanyFY26 (year to June 2026)Year201.68 USDmReported
Underlying group EBITDA FY26 (US$ million)CompanyFY26 (year to June 2026)Year14 USDmReported
Company guidance5
MetricProjectPeriodLowHighStatus
Spodumene Concentrate ProductionnalFY27198,000210,000 dmtCurrent
Spodumene Concentrate SalesnalFY27200,000230,000 dmtCurrent
Unit Operating Cost Sold (Fob)nalFY27880950 USD/dmtCurrent
Capital Expenditure (Us$20M Nal Sustaining, Us$100 120M Nal Expansion And Moblan Studies)CompanyFY27120,000,000140,000,000 USDCurrent
Spodumene Concentrate ProductionnalFY26180,000190,000 dmtAchieved

Capital history

Capital events

6 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-30DebtPrepayment FacilityUS$60M——OngoingAdvance payments from a trading partner against committed spodumene sales, elective up to US$60M; balance US$55M at 30 June 2026 and US$33M at 30 September 2026.SOFR plus 2.4%
2026-06-05Ann. 2026-05-19RaisingOrdinary SharesA$16M1.3MA$12.2CompletedShare purchase plan capped at A$30,000 per holder, targeting up to A$20M, completed 5 June 2026 raising about US$11.1M.
2026-05-18Ann. 2026-05-12RaisingOrdinary SharesA$275M22.5MA$12.2CompletedFully underwritten A$275M institutional placement at A$12.20, an 11.2% discount to the last close, settled 15 May 2026 and issued 18 May 2026.Max 22.5M
2026-07-31Ann. 2026-05-12DebtConvertible NotesUS$46M—US$17.17CompletedUpfront tranche of CGF convertible notes, C$65M (US$46M), five-year maturity, CORRA (floored at zero) plus 225bp paid semi-annually, convertible from the first anniversary at A$17.17; shareholders approved on 16 July 2026.Holder approval required
2026-05-12DebtConvertible NotesUS$56M——AnnouncedConditional tranche of C$80M (US$56M) remains subject to Elevra election to draw, shareholder approval and the NAL Phase 5 mining permit.conversion price set separately for the tranche · Holder approval required
2025-09-04Ann. 2025-08-12RaisingOrdinary Shares (Pre Consolidation)A$66M2.2BA$0.032CompletedPlacement to Resource Capital Fund VIII at A$0.032 per pre-consolidation share (about US$45.2M gross), completed 4 September 2025.Max 2.2B

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-31

Offtake, financing, joint venture, royalty and preference share terms disclosed in the annual report, September 2026 quarterly, financing release and Moblan DFS; no commodity or FX hedges are live after the US$7M settlement of hedge contracts accrued at 30 June 2026.

Convertible notes to Canada Growth Fund, five-year maturity; upfront tranche issued, conditional tranche undrawn. Treated as debt in the equity bridge because the conversion price is far above the reference price.

Other · Active
Counterparties
Canada Growth Fund
Applies to
North American Lithium (NAL) · Lithium
Economic direction
Burden
Period
2026-07-31 to 2031-07-31
Key terms
Upfront tranche principal: 46,000,000 USD
Conversion price: 17.17 AUD/share
Interest margin: 2.25 pct over CORRA
Conditional tranche: 56,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding supply agreement with Mangrove Lithium (backed by Canada Growth Fund) for up to 144ktpa; conditional on Mangrove securing project financing and taking FID by 31 December 2028.

Offtake · Conditional
Counterparties
Mangrove Lithium
Applies to
North American Lithium (NAL) · Lithium
Economic direction
Benefit
Period
Dates not stated
Key terms
Volume: 144,000 dmt per year
Term: 7 years
Floor price: 1,000 USD/t SC6
Conditions precedent date: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding three-year supply agreement for 240,000 dmt priced off market indices, extending market-linked pricing after the legacy lagged-price Piedmont offtake ended.

Offtake · Active
Counterparties
LG Energy Solution
Applies to
North American Lithium (NAL) · Lithium
Economic direction
Benefit
Period
From 2026-10-08; no end date stated
Key terms
Volume: 240,000 dmt
Term: 3 years
Pricing: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Advance payments against committed spodumene sales, repaid by deliveries; the outstanding balance is deducted as debt-like in the bridge because the sales it funds are valued in the DCF.

Other · Active
Counterparties
Trading company partner (unnamed)
Applies to
North American Lithium (NAL) · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Facility size: 60,000,000 USD
Balance at 30 September 2026: 33,000,000 USD
Interest: 2.4 pct over SOFR
How it affects our valuation

No valuation treatment is available for this arrangement.

Moblan is a 60/40 joint venture with Investissement Quebec; Elevra funds and receives 60% of project cash flows.

Joint Venture · Active
Counterparties
Investissement Quebec
Applies to
Moblan Lithium Project · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Elevra interest: 60 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Royalty of 1.5-2.0% on Moblan production payable to Lithium Royalty Corp.

Royalty · Active
Counterparties
Lithium Royalty Corp
Applies to
Moblan Lithium Project · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty: 1.75 pct (range 1.5-2.0%)
How it affects our valuation

No valuation treatment is available for this arrangement.

49% interest in the Morella Lithium Joint Venture (Pilbara and South Murchison; Mt Edon rubidium).

Joint Venture · Active
Counterparties
Morella Corporation
Applies to
Western Australia exploration and Morella Lithium JV (49%) · Lithium · Others
Economic direction
Benefit
Period
Dates not stated
Key terms
Elevra interest: 49 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Indicative non-binding term sheet of August 2026 to expand the joint venture; subject to definitive documents.

Farm Out · Conditional
Counterparties
Morella Corporation
Applies to
Western Australia exploration and Morella Lithium JV (49%) · Lithium
Economic direction
Mixed
Period
Dates not stated
Key terms
Morella earn-in: 51 pct
Morella spend required: 300,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

IQ holds NAL preference shares (carrying value about US$20.0M at 30 June 2026) with redemption postponed to September 2028 and a relief mechanism tied to local transformation conditions.

Other · Active
Counterparties
Investissement Quebec
Applies to
North American Lithium (NAL) · Lithium
Economic direction
Burden
Period
2021-08-27 to 2028-09-01
Key terms
Stated capital: 20,000,000 CAD
Dividend rate: 5 pct
Redemption postponed to: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Contingent payments retained on the Tabba Tabba sale to Wildcat (A$16M total consideration, A$5M cash plus A$8M shares already received).

Royalty · Active
Counterparties
Wildcat Resources
Applies to
Western Australia exploration and Morella Lithium JV (49%) · Lithium
Economic direction
Benefit
Period
From 2026-08-07; no end date stated
Key terms
Contingent royalty: 0.7 AUD/t
Deferred cash: 3,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Legacy NAL offtake with Piedmont that carried a price ceiling; removed on completion of the merger on 30 August 2025 (final deliveries in FY26).

Offtake · Terminated
Counterparties
Piedmont Lithium
Applies to
North American Lithium (NAL) · Lithium
Economic direction
Burden
Period
Through 2025-08-30; start date not stated
Key terms
Price ceiling: —
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

Legacy Moblan offtake rights purchased and cancelled in May 2026, removing a discount to market on part of attributable output.

Offtake · Terminated
Counterparties
Waratah Capital Advisors
Applies to
Moblan Lithium Project · Lithium
Economic direction
Burden
Period
Through 2026-05-12; start date not stated
Key terms
Discount to market: —
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.