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ELV
ASX (primary), Nasdaq ADS (ELVR, 10 shares per ADS)
Elevra Lithium Limited
v8.1 · elv-20261031t172755-full- Last 2026-11-06
- A$3.34
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Corporate Presentation - November 2026Latest Operating Presentation
- Notification of cessation of securities - ELVPost Cash Checkpoint Security Event
- Notification regarding unquoted securities - ELVPost Cash Checkpoint Security Event
Investment view
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Investment view
Our rating, thesis and what the price implies are available to subscribers.
Sign in or enter a guest codeAnnouncements
Latest 12 of 30All sources ▸- September 2026 Quarterly Activities ReportResults
- Ceasing to be a substantial holder - JPMorgan (27 Oct 2026)Governance
- Change in substantial holding - Citigroup (26 Oct 2026)Governance
- Change in substantial holding - Bank of New York Mellon (21 Oct 2026)Governance
- 2026 Notice of Annual General Meeting and Proxy FormGovernance
- Becoming a substantial holder - Vanguard (24 Sep 2026)Governance
- Morella: Maiden Mt Edon Rubidium Mineral ResourceResource Update
- Corporate Presentation - September 2026Presentation
- NAL Expansion Pre-Feasibility Study (ASX release with NI 43-101 report)Study
- 2026 Annual Report (FY26, year to 30 June 2026)Results
- FY26 Full Year Results AnnouncementResults
- FY26 Full Year Results PresentationPresentation
Event calendar · next 12 months
7 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Expected CY2026 | First shipment under the LG Energy Solution agreement | Economic Arrangement | Company Guided | Medium | First market-linked contracted cargo to a tier-one cell maker tests the new pricing mechanism. |
| Q2 FY27 (October-December 2026) | Updated Moblan scoping study | Study | Company Guided | Medium | Sets plant size, staging and capital for the largest undeveloped asset in the portfolio and informs funding needs. |
| 19 November 2026 | 2026 annual general meeting and board reduction from eight to six | Governance | Confirmed | Medium | Resolutions on remuneration and the departure of two non-executive directors change board composition after a period of heavy turnover. |
| Late January 2027 | December 2026 quarterly activities report | Results | Inferred | Medium | Shows whether realised prices have repriced to the lower market and whether unit cost reaches the FY27 guidance range. |
| Late February 2027 | FY27 half-year results | Results | Inferred | Medium | First reported profit and cash flow after the price fall and the start of expansion spending. |
| Mid CY2027 | NAL Stage 1 mill optimisation commissioning | Construction Or Commissioning | Company Guided | High | Delivers the first 15-20% of annual capacity uplift and the first unit cost reduction from the expansion. |
| Late August 2027 | FY27 full year results and annual report | Results | Inferred | Medium | Tests delivery against FY27 production (198-210kdmt), unit cost (US$880-950/dmt) and capex (US$120-140M) guidance. |
Executive roster
As of 2026-10-31Background checks ▸Annual report KMP list and director biographies plus the September 2026 quarterly contact line; the chief development officer is named only as the investor relations contact and no biography was read.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Lucas Dow | Managing Director and Chief Executive Officer | Executive Director · Chief Executive | 2024-07-03 | 2026 Annual Report (FY26, year to 30 June 2026) |
| Christian Cortes | Chief Financial Officer | Finance | 2025-10-20 | 2026 Annual Report (FY26, year to 30 June 2026) · Resignation and Appointment of CFO |
| Shawn Collard | Chief Operating Officer and President Canada | Operations | — | 2026 Annual Report (FY26, year to 30 June 2026) |
| Dylan Darbyshire-Roberts | Group Company Secretary and General Counsel | Company Secretary | — | 2026 Annual Report (FY26, year to 30 June 2026) |
| Andrew Barber | Chief Development and Investor Relations Officer | Senior Management | — | September 2026 Quarterly Activities Report |
devCoverage status: Partial
Portfolio detail
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.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated and Inferred (total) | 93.3 Mt | 1.15% Li2O | Lithium | 2026-06-30 |
| Mineral Resource | Indicated | 74.4 Mt | 1.17% Li2O | Lithium | 2026-06-30 |
| Mineral Resource | Inferred | 18.9 Mt | 1.06% Li2O | Lithium | 2026-06-30 |
| Ore Reserve | Proved and Probable (total) | 47.2 Mt | 1.12% Li2O | Lithium | 2026-06-30 |
Milestones3
- Stage 1 mill optimisation commissioning (15-20% capacity uplift)
Pending · High materiality
- Stage 2 milling expansion to 6,500 tpd
Pending · High materiality
- Stage 3 permanent crushing and ore sorting circuit
Pending · High materiality
Permits & approvals3
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| NAL Phase 5 mining permit (also the CGF conditional tranche condition) | Quebec | Pending | — | Yes |
| Existing permit for 4,500 tpd milling | Quebec | Granted | — | No |
| Additional approvals for expanded mine, TSF and waste rock (Stage 3) | Quebec | Required | — | Yes |
Economic studies3
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| NAL Expansion Pre-Feasibility Study | PFS | Current | 2026-09-07 | Three-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 Study | Superseded | 2026-05-12 | 338ktpa staged expansion, NPV8% C$3,112M; superseded by the PFS. |
| NAL Expansion Scoping Study (September 2025) | Scoping Study | Superseded | 2025-09-15 | First 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.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred (total) | 17.1 Mt | 1.01% Li2O | Lithium | 2026-06-30 |
| Ore Reserve | Proved and Probable (total) | 10.5 Mt | 1.00% Li2O | Lithium | 2025-06-30 |
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.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured, Indicated and Inferred (total) | 121 Mt | 1.19% Li2O | Lithium | 2026-06-30 |
| Ore Reserve | Proved and Probable (total) | 48.1 Mt | 1.31% Li2O | Lithium | 2025-06-30 |
Milestones2
- Updated Moblan scoping study on plant sizing and staging
Pending · Medium materiality
- Updated feasibility study ahead of a final investment decision
Pending · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Moblan construction and operating approvals (environmental baseline and permitting under way) | Quebec | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Moblan Definitive Feasibility Study (February 2024) | DFS | Current | 2024-02-20 | 300ktpa 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.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated and Inferred (total) | 44.2 Mt | 1.08% Li2O | Lithium | 2026-06-30 |
| Ore Reserve | Probable (total) | 18.3 Mt | 1.10% Li2O | Lithium | 2025-06-30 |
Milestones1
- Final North Carolina air permit decision after the October 2026 public hearing
Pending · Medium materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| North Carolina Division of Air Quality air permit | North Carolina | Pending | — | Yes |
| General stormwater permits (mine and conversion plant) | North Carolina | Granted | — | No |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Carolina Definitive Feasibility Study (December 2021) | DFS | Current | 2021-12-15 | Integrated 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.
- Ownership
- 4,900.0%
- Commodity
- Li2Or
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Inferred (Morella announcement, 100% of the Mt Edon resource) | 5.4 Mt | 0.16% Rb2O | Others | 2026-09-17 |
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.
- 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)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Unquoted options exercise A$4.80 expiring 31 December 2028 | Option | 8M | A$4.8 | 2028-12-31 |
| Unquoted options exercise A$18.30 expiring 12 May 2029 | Option | 56.7K | A$18.3 | 2029-05-12 |
| Unquoted performance rights | Performance Right | 2.5M | — | — |
| CGF convertible notes (65,000,000 notes of C$1), convertible at A$17.17 per share from 31 July 2027 | Convertible | 65M | A$17.17 | 2031-07-31 |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY25A (June 2025)A | FY26A (June 2026)A |
|---|---|---|---|---|
| Operations | ||||
| NAL concentrate produced | dmt | 204,858 | 197,967 | |
| NAL concentrate sold | dmt | 209,038 | 181,494 | |
| Unit costs | ||||
| Unit operating cost per tonne sold (FOB) | USD/dmt | 835.0 | 853.0 | |
| Profit and loss | ||||
| Revenue (spodumene concentrate) | AUDm | 224.1 | 297.7 | |
| NAL operating expenses | AUDm | 268.9 | 230.3 | |
| Group, corporate and other costs | AUDm | 21.7 | 46.8 | |
| Underlying EBITDA | AUDm | (66.5) | 20.7 | |
| Depreciation and amortisation | AUDm | 38.6 | 34.9 | |
| Net interest income (expense) | AUDm | (1.0) | 1.1 | |
| Income tax expense | AUDm | (3.0) | 3.0 | |
| Net profit after tax | AUDm | (381.9) | 65.5 | |
| Cash flow | ||||
| Operating cash flow | AUDm | (14.8) | (64.4) | |
| Capital expenditure | AUDm | 51.2 | 36.2 | |
| Free cash flow | AUDm | (66.0) | (100.6) | |
| Balance sheet | ||||
| Cash | AUDm | 72.3 | 359.9 | |
| Debt (convertible notes, prepayment, preference shares, other) | AUDm | 75.0 | 96.4 | |
| Net debt (negative is net cash) | AUDm | 2.7 | (263.6) | |
| Total equity | AUDm | 475.8 | 1,025.3 | |
| Per share | ||||
| Ordinary shares | m shares | 77.0 | 194.0 | |
| Earnings per share | AUD/share | (4.96) | 0.34 | |
| Dividends per share | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (3.3) | 10.6 | |
| P / E (x, current market cap) | x | (1.6) | 9.4 | |
| FCF yield (current market cap) | % | -10.7% | -16.2% | |
| EBITDA margin | % | -29.7% | 6.9% | |
| Net debt / EBITDA (x) | x | (0.0) | (12.8) | |
KPI history
Operating metrics · North American Lithium (NAL)
| Metric | Unit | Trend | December 2024 | March 2025 | June 2025 | September 2025 | December 2025 | March 2026 | June 2026 | September 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| NAL spodumene concentrate produced (100%) | dmt | 50,922 | 43,261 | 58,533 | 52,003 | 44,154 | 47,332 | 54,479 | 54,907 | |
| NAL unit operating cost per tonne sold FOB | USD/dmt | 837 | 830 | 791 | 818 | 812 | 884 | 907 | 780 | |
| NAL spodumene concentrate sold (100%) | dmt | — | — | — | 25,975 | 66,016 | 55,526 | 33,977 | 58,134 | |
| NAL average realised selling price FOB | USD/dmt | — | — | — | 784 | 998 | 1,453 | 921 | 1,276 |
Operating metric source table36
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| NAL spodumene concentrate produced (100%) | Nal | September 2024 quarter | Quarter | 52,141 dmt | Reported |
| NAL spodumene concentrate produced (100%) | Nal | December 2024 quarter | Quarter | 50,922 dmt | Reported |
| NAL unit operating cost per tonne sold FOB | Nal | December 2024 quarter | Quarter | 837 USD/dmt | Reported |
| NAL spodumene concentrate produced (100%) | Nal | March 2025 quarter | Quarter | 43,261 dmt | Reported |
| NAL unit operating cost per tonne sold FOB | Nal | March 2025 quarter | Quarter | 830 USD/dmt | Reported |
| NAL spodumene concentrate produced (100%) | Nal | June 2025 quarter | Quarter | 58,533 dmt | Reported |
| NAL unit operating cost per tonne sold FOB | Nal | June 2025 quarter | Quarter | 791 USD/dmt | Reported |
| NAL spodumene concentrate produced (100%) | Nal | September 2025 quarter | Quarter | 52,003 dmt | Reported |
| NAL spodumene concentrate sold (100%) | Nal | September 2025 quarter | Quarter | 25,975 dmt | Reported |
| NAL average realised selling price FOB | Nal | September 2025 quarter | Quarter | 784 USD/dmt | Reported |
| NAL unit operating cost per tonne sold FOB | Nal | September 2025 quarter | Quarter | 818 USD/dmt | Reported |
| NAL spodumene concentrate produced (100%) | Nal | December 2025 quarter | Quarter | 44,154 dmt | Reported |
| NAL spodumene concentrate sold (100%) | Nal | December 2025 quarter | Quarter | 66,016 dmt | Reported |
| NAL average realised selling price FOB | Nal | December 2025 quarter | Quarter | 998 USD/dmt | Reported |
| NAL unit operating cost per tonne sold FOB | Nal | December 2025 quarter | Quarter | 812 USD/dmt | Reported |
| NAL spodumene concentrate produced (100%) | Nal | March 2026 quarter | Quarter | 47,332 dmt | Reported |
| NAL spodumene concentrate sold (100%) | Nal | March 2026 quarter | Quarter | 55,526 dmt | Reported |
| NAL average realised selling price FOB | Nal | March 2026 quarter | Quarter | 1,453 USD/dmt | Reported |
| NAL unit operating cost per tonne sold FOB | Nal | March 2026 quarter | Quarter | 884 USD/dmt | Reported |
| NAL spodumene concentrate produced (100%) | Nal | June 2026 quarter | Quarter | 54,479 dmt | Reported |
| NAL spodumene concentrate sold (100%) | Nal | June 2026 quarter | Quarter | 33,977 dmt | Reported |
| NAL average realised selling price FOB | Nal | June 2026 quarter | Quarter | 921 USD/dmt | Reported |
| NAL unit operating cost per tonne sold FOB | Nal | June 2026 quarter | Quarter | 907 USD/dmt | Reported |
| NAL spodumene concentrate produced (100%) | Nal | September 2026 quarter | Quarter | 54,907 dmt | Reported |
| NAL spodumene concentrate sold (100%) | Nal | September 2026 quarter | Quarter | 58,134 dmt | Reported |
| NAL average realised selling price FOB | Nal | September 2026 quarter | Quarter | 1,276 USD/dmt | Reported |
| NAL unit operating cost per tonne sold FOB | Nal | September 2026 quarter | Quarter | 780 USD/dmt | Reported |
| Group cash balance (US$ million) | Company | September 2025 quarter | Point In Time | 98 USDm | Reported |
| Group cash balance (US$ million) | Company | December 2025 quarter | Point In Time | 81 USDm | Reported |
| Group cash balance (US$ million) | Company | March 2026 quarter | Point In Time | 113 USDm | Reported |
| Group cash balance (US$ million) | Company | June 2026 quarter | Point In Time | 255 USDm | Reported |
| Group cash balance (US$ million) | Company | September 2026 quarter | Point In Time | 319 USDm | Reported |
| NAL spodumene concentrate produced FY26 | Nal | FY26 (year to June 2026) | Year | 197,967 dmt | Reported |
| NAL spodumene concentrate sold FY26 | Nal | FY26 (year to June 2026) | Year | 181,494 dmt | Reported |
| Group revenue FY26 (US$ million) | Company | FY26 (year to June 2026) | Year | 201.68 USDm | Reported |
| Underlying group EBITDA FY26 (US$ million) | Company | FY26 (year to June 2026) | Year | 14 USDm | Reported |
Company guidance5
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Spodumene Concentrate Production | nal | FY27 | 198,000 | 210,000 dmt | Current |
| Spodumene Concentrate Sales | nal | FY27 | 200,000 | 230,000 dmt | Current |
| Unit Operating Cost Sold (Fob) | nal | FY27 | 880 | 950 USD/dmt | Current |
| Capital Expenditure (Us$20M Nal Sustaining, Us$100 120M Nal Expansion And Moblan Studies) | Company | FY27 | 120,000,000 | 140,000,000 USD | Current |
| Spodumene Concentrate Production | nal | FY26 | 180,000 | 190,000 dmt | Achieved |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-06-30 | DebtPrepayment Facility | US$60M | — | — | Ongoing | Advance 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. 2026-05-19 | RaisingOrdinary Shares | A$16M | 1.3M | A$12.2 | Completed | Share 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. 2026-05-12 | RaisingOrdinary Shares | A$275M | 22.5M | A$12.2 | Completed | Fully 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. 2026-05-12 | DebtConvertible Notes | US$46M | — | US$17.17 | Completed | Upfront 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 |
| 2026-05-12 | DebtConvertible Notes | US$56M | — | — | Announced | Conditional 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. 2025-08-12 | RaisingOrdinary Shares (Pre Consolidation) | A$66M | 2.2B | A$0.032 | Completed | Placement 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.
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.
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.
Intrinsic value
Valuation
Valuation
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Management background checks
The selected V8.1 roster was partial. Elevra's current senior-management page adds four current roles and documents a mismatch between the bundle's Shawn Collard label and the issuer's Sylvain Collard identity; the report preserves the bundle name and makes the conflict explicit. The team brings relevant operating, finance, legal, HSEC, people, development and government-affairs experience. FY26 delivered the merger, US$19m annualised synergies and a project-development strategy, but NAL production was 2.5% below the Board scorecard target and unit cost was 3.1% above target. Q1 FY27 then set mining and processing records and cut unit cost per tonne sold 14%, alongside six recordable injuries. A historical Canadian environmental non-compliance investigation was disclosed without a case-specific outcome; no personal conduct was identified. One 2019 allegation about Lucas Dow's committee evidence was not referred after the Speaker accepted his explanation. Much biography, credential and performance evidence is issuer-reported; the report does not clear any executive.
Decision-relevant facts
Material summary
Lucas Dow
Managing Director and Chief Executive Officer
GovernanceAlleged · Medium materiality
Queensland Parliament allegation about Carmichael job estimates
A member alleged that Dow misled a parliamentary committee about projected jobs. Dow proactively supplied an explanation and supporting material. The Speaker concluded the explanation was adequate and did not refer the matter to the Ethics Committee. This is an allegation with a stated non-referral outcome, not a finding of misconduct.
Individual involvement documented · Dow was Adani CEO and was named as the witness; the Speaker's ruling did not find deliberate misleading and closed the issue at that stage.
Queensland Parliament Hansard — Speaker's ruling on alleged misleading of committee · PDF pp.3090-3091, Speaker's ruling
GovernanceDocumented · Medium materiality
Public discussion of Carmichael capacity differed from the 10Mt construction plan
ABC reported a video of Dow at a 2019 political fundraiser saying Adani was permitted to export up to 60Mt and could expand. Adani said it was building a 10Mt-per-year mine while approvals allowed 60Mt and the railway's initial capacity was 40Mt. This is a documented public communications issue; the article does not establish a breach or unlawful conduct.
Individual involvement documented · The article identifies Dow as Adani CEO and quotes him, while also presenting Adani's response and the approved-versus-planned distinction.
Adani executive Lucas Dow talks up bigger coal mine in leaked video at LNP fundraising event · 19 March 2020 report, paragraphs 4-12
FailureIssuer Reported · Medium materiality
FY26 production and cost scorecard was below target
Elevra's Board scorecard says NAL production of 197,967 dmt was 2.5% below its business target and average unit operating cost per tonne sold was 3.1% higher than target. The same scorecard reports US$19m annualised merger synergies and completion of the project development strategy. These are company outcomes during Dow's CEO tenure; the Board separately assessed his individual outcome at 100%.
Role overlaps event; causation unproven · Dow was CEO; the Board scorecard reports business performance but does not assign specific operational causes to him.
Elevra Annual Report 2026 · PDF pp.72-73, FY26 business scorecard and STI outcomes
SafetyIssuer Reported · Medium materiality
Recordable injuries rose in the first FY27 quarter
The September 2026 quarterly report records six recordable injuries, including a number of musculoskeletal injuries; the company found no common causal factor and said it was reinforcing coaching, visible field leadership and critical-risk controls. Dow was CEO during the quarter, but no injury or causal failure is linked to him personally.
Role overlaps event; causation unproven · CEO tenure overlaps; operational safety response is described at site/company level, with no person-specific causal finding.
September 2026 Quarterly Activities Report · PDF pp.3-4, management commentary and Health and Safety
Role FitAnalyst Inference · Medium materiality
Mining engineering and operating leadership background
The annual report records a mining engineering honours degree and hands-on mining and renewables experience. A 2019 Engineers Australia program describes earlier BMA CEO/asset-president and South32 operations/director roles. Relevant background is supported, though the career chronology and degree were not independently verified.
Responsibility not applicable · The issuer supplies the current biography; the Engineers Australia event program supplies earlier role descriptions, not independent employment verification.
Elevra Annual Report 2026 · PDF p.48, qualifications and experience
2019 Central Regional Forum program: Lucas Dow biography · 2019 forum program, Lucas Dow biography
Evidence gaps · 3
- No independent verification of university qualification, complete employment dates, references, or full operational outcomes at BHP, BMA, South32 or Adani was located.
- FY26 individual performance score is a Board assessment; it is not an independent measure of personal causality.
- Public searches were indexed-web and selected government records, not an exhaustive criminal, sanctions, litigation, or regulatory-register check.
Christian Cortes
Chief Financial Officer
Role FitAnalyst Inference · Medium materiality
Resources finance, transformation and accounting background
Issuer biographies report more than 20 years in finance, strategy and transformation, prior CFO and sales/marketing leadership at Allkem, merger integration at Arcadium, and PwC audit/transaction work. FY26 disclosures list relevant accounting and management qualifications; independent credential verification was not completed.
Responsibility not applicable · The career and education claims are issuer-reported; the ASX appointment release confirms the role and prior employers.
Elevra Annual Report 2026 · PDF p.48, qualifications and experience
Resignation and Appointment of Chief Financial Officer · p.1, appointment and prior career
Christian Cortes — leadership biography · profile, career and qualifications
Company SuccessIssuer Reported · Medium materiality
Allkem and Livent merger-integration leadership
Elevra's biography and FY26 annual report state Cortes served as Arcadium's Chief Integration and Transformation Officer and led the integration of the Livent and Allkem merger. This is issuer-reported attribution; no independent operating metric for his contribution was identified.
Individual involvement documented · The issuer specifically attributes integration leadership to Cortes, but provides no quantified individual outcome.
Elevra Annual Report 2026 · PDF p.48, experience
Christian Cortes — leadership biography · profile, Arcadium and Allkem roles
Evidence gaps · 3
- No independent verification of the accounting, MBA or university qualifications was located.
- Allkem and Arcadium positions are not fully dated in the reviewed material; no individual quantified integration outcome was found.
- A same-name U.S. plaintiff case was excluded because public records do not establish identity with this executive.
Shawn Collard
Chief Operating Officer and President Canada (official issuer sources identify Sylvain Collard)
EnvironmentIssuer Reported · Medium materiality
Historical Canadian compliance investigation disclosed without case-specific outcome
Official issuer sources identify the roleholder as Sylvain Collard; the selected bundle labels the row Shawn Collard. Sayona's FY23 annual report said directors were aware of environmental non-compliance under investigation in Canada and that the outcome was then unknown. It did not name a site, event or individual. FY24 and FY25 annual reports do not identify a case-specific disposition; FY26 states the directors were not aware of a material compliance breach arising during FY26. Collard's Québec operations overlap the FY23 period, but no personal responsibility is established.
Role overlaps event; causation unproven · His Québec operations role overlapped the period, but the disclosure names no mine, conduct or executive; there is no evidence of personal action or fault.
Annual Report to Shareholders 2023 · PDF p.54, Environmental Regulation and Performance
Annual Report to Shareholders 2024 · PDF p.51, Environmental Regulation and Performance
Annual Report to Shareholders 2025 · PDF p.49, Environmental Regulation and Performance
Elevra Annual Report 2026 · PDF p.54, FY26 environmental-compliance statement
SafetyIssuer Reported · Medium materiality
September-quarter injury increase during Canada operations leadership
Official issuer sources identify the roleholder as Sylvain Collard; the selected bundle labels the row Shawn Collard. Elevra reported six recordable injuries during Q1 FY27, including musculoskeletal injuries. It said there was no common causal factor and described site coaching, field leadership and critical-risk-control responses. The COO's role overlaps the period, but the report does not identify individual responsibility.
Role overlaps event; causation unproven · Site-level operational accountability overlaps; no individual incident or failure is assigned to Collard.
September 2026 Quarterly Activities Report · PDF pp.3-4, management commentary and Health and Safety
Company SuccessIssuer Reported · Medium materiality
NAL operating leadership through ramp-up and expansion
Official issuer sources identify the roleholder as Sylvain Collard; the selected bundle labels the row Shawn Collard. Elevra states Collard has led predecessor Sayona's Québec operations since October 2022. NAL achieved 197,967 dmt FY26 production; Q1 FY27 then set mining/processing records and reduced unit operating costs, while expansion moved into execution. These are issuer-reported site outcomes and cannot be attributed solely to the COO.
Role overlaps event; causation unproven · His operating leadership overlaps; the cited reports identify site/team performance, not his individual causal contribution.
Sylvain Collard — leadership biography · profile, Québec operating responsibility since October 2022
Elevra Annual Report 2026 · PDF p.72, FY26 performance scorecard
September 2026 Quarterly Activities Report · PDF pp.3-5, management commentary and NAL performance
Role FitAnalyst Inference · Medium materiality
Mine operations and project-management experience
Official issuer sources identify the roleholder as Sylvain Collard; the selected bundle labels the row Shawn Collard. Issuer biography describes mechanical-engineering training, PMP certification and operating/project-management experience across open-pit and underground mines, including an IAMGOLD major capital project at Essakane. Role dates and credentials are not independently verified.
Responsibility not applicable · Company profile and annual report describe experience; no independent employment or credential verification was located.
Elevra Annual Report 2026 · PDF p.48, qualifications and experience
Sylvain Collard — leadership biography · profile, career and July 2025 Elevra appointment
Evidence gaps · 4
- The FY23 environmental disclosure does not identify the Canadian site, date, conduct, regulator, status or eventual outcome; later annual reports do not provide a case-specific close-out.
- Mechanical-engineering degree and PMP certification are issuer-reported and were not independently checked.
- The selected bundle's Shawn/Sylvain first-name conflict is documented in roster reconciliation; the bundle itself is not edited.
- The source bundle's 'Shawn Collard' name conflicts with official issuer sources identifying Sylvain Collard in this role; the source file is unchanged, and the displayed roster name remains the bundle's exact value.
Dylan Darbyshire-Roberts
General Counsel and Company Secretary
Role FitAnalyst Inference · Medium materiality
Long-standing legal and governance experience
Elevra reports over 25 years in governance/legal affairs, Fellow status with governance bodies, solicitor admission in Western Australia and New South Wales, and prior senior legal/company-secretarial work across several listed companies. The annual report independently supports only the issuer disclosure, not the credentials themselves.
Responsibility not applicable · Current and prior roles are issuer-reported; no practising-certificate or membership-register checks were completed.
Elevra Annual Report 2026 · PDF p.51, Company Secretary biography
Dylan Roberts — leadership biography · profile, experience and July 2025 appointment
Company SuccessIssuer Reported · Medium materiality
Company-reported key legal role in Allkem/Livent merger
Elevra says Dylan served as Arcadium Group Company Secretary and Senior Legal Counsel and played a key role in the A$15bn Allkem/Livent merger. No separate individual outcome or contribution metric was identified.
Individual involvement documented · The issuer specifically describes his role, but does not quantify or independently corroborate his contribution.
Dylan Roberts — leadership biography · profile, prior role and merger
Evidence gaps · 2
- Full prior-employer list, dates, matters handled and independent legal-admission/credential verification remain unavailable.
- Search coverage was limited to public indexed records and issuer sources; absence of a sourced issue is not a clearance.
Andrew Barber
Chief Development and Investor Relations Officer
Role FitAnalyst Inference · Medium materiality
Resources development, investor relations and equity-market background
Issuer profile reports more than 30 years in investor relations, business development and equity markets; over seven years as Allkem IR Director; investment roles at Perpetual and QIC; and an early geology career. The role history is relevant, but individual dates, geology qualifications and outcomes are not verified.
Responsibility not applicable · The current company profile is the main biography source; detailed chronology is not supplied.
Andrew Barber — leadership biography · profile, career and role chronology
Our People · Senior Management listing
Evidence gaps · 3
- No qualification, complete employer chronology, individual project-deal record or independently measured outcome was identified.
- The Warden's Court matter is a JV/company issue; Barber's personal involvement is unknown.
- No comprehensive criminal, sanctions, court or prior-employer register review was completed.
Sandra Tremblay
Chief People Officer
Role FitAnalyst Inference · Medium materiality
Mining-sector HR leadership
Elevra reports more than 25 years of strategic mining HR experience, including IAMGOLD, Agnico Eagle and Glencore Canada; CSMO Mines' 2024-25 report independently corroborates a senior IAMGOLD operations HR business-partner role and board representation. Specific dates and measurable workforce outcomes are not published.
Responsibility not applicable · The profile is issuer-reported; CSMO Mines independently corroborates an IAMGOLD position but not the complete career history.
Sandra Tremblay — leadership biography · profile, current role and experience
Rapport annuel 2024/2025 · PDF p.35, employer-representative board
Evidence gaps · 2
- The issuer gives no exact employment dates, degree or measurable workforce outcomes; only one prior role is independently corroborated in the reviewed sources.
- No personnel, safety or employment-regulator register review was completed.
Monique Parker
Chief Sustainability Officer
Role FitAnalyst Inference · High materiality
HSEC, safety, community and permitting leadership
The issuer assigns Parker the global HSEC and permitting remit and reports almost 20 years of cross-industry experience. ASSP independently identifies her as CSP and as its 111th president; the issuer reports a Tennessee Tech chemical-engineering degree. This is relevant background, with role chronology and credentials only partly independently corroborated.
Responsibility not applicable · Issuer profile defines her remit; ASSP corroborates professional standing and appointment, not every prior position.
Monique Parker — leadership biography · profile, experience and remit
ASSP Appoints Monique Parker, CSP, as New President · professional-body release, president/CSP
Piedmont Lithium selects Monique Parker to lead Health, Safety, and Environment · p.1, Piedmont HSE appointment
Personal SuccessDocumented · Medium materiality
Selected as American Society of Safety Professionals president
ASSP reports Parker began a one-year term as its 111th president and chair of the ASSP Foundation on 1 July 2026. The professional appointment supports standing in the safety field, but it is not an operating outcome at Elevra.
Individual involvement documented · The professional body identifies her by name and current Elevra role.
ASSP Appoints Monique Parker, CSP, as New President · 1 July 2026 release, appointment and credentials
EnvironmentDisputed · Medium materiality
Carolina Lithium permitting and community concerns
In 2023, WFAE quoted Parker as Piedmont's HSE leader explaining the company's position on naturally occurring arsenic and proposed water treatment while residents raised groundwater, blasting and permit concerns. NCDEQ issued a mining permit with operational and monitoring conditions in May 2024; four petitioners later challenged its issuance and voluntarily dismissed without prejudice in February 2025. Elevra's September 2026 report says a draft air permit was open to comment and an October hearing was held. These records show project-level scrutiny and a company response, not an established violation or false statement by Parker.
Individual involvement documented · Parker was directly quoted in a company response while holding Piedmont's HSE role; the regulator/legal events concern the project/company. No personal legal responsibility is shown.
Piedmont Lithium still facing intense skepticism over new Gaston County mine · 9 August 2023, paragraphs 15-20 and community Q&A
Mining Permit issued for Piedmont Lithium Mining operation · 7 May 2024, permit conditions
Piedmont Lithium 2024 Form 10-K · permit challenge and 3 February 2025 dismissal
September 2026 Quarterly Activities Report · PDF p.9, Carolina Lithium permitting and October hearing
SafetyIssuer Reported · Medium materiality
Current NAL injury trend under enterprise HSEC oversight
The September quarter reports six recordable injuries, mostly musculoskeletal, with no common causal factor identified; management described renewed coaching and critical-risk-control work. Parker's current portfolio includes occupational EHS, but no incident or system failure is attributed to her personally.
Role overlaps event; causation unproven · Enterprise HSEC responsibility overlaps the period; incident details remain at site level and do not identify an individual cause.
ASSP Appoints Monique Parker, CSP, as New President · professional-body release, current Elevra EHS scope
September 2026 Quarterly Activities Report · PDF pp.3-4, safety performance
Evidence gaps · 3
- The North Carolina project controversy concerns permits and stakeholder views; no personal breach, false statement or regulator finding against Parker was identified.
- No exact dates for prior-company roles; no credential registry or full employment verification was completed.
- Two same-name U.S. civil dockets were excluded because the public records do not establish identity with the Elevra executive.
Malissa Gordon
Vice President, Government Affairs – US
Role FitAnalyst Inference · Medium materiality
Government affairs and economic-development experience
Elevra says Gordon leads U.S. government engagement and project-funding work; before Piedmont she spent over a decade at the Gaston County EDC on manufacturer retention/expansion, and holds a corporate-communications degree. These career details are issuer-reported and not fully independently corroborated.
Responsibility not applicable · The current issuer profile describes her role and career; independent records for the prior work and degree were not located.
Malissa Gordon — leadership biography · profile, remit and prior roles
Our People · Senior Management listing
Evidence gaps · 2
- The issuer does not date exact prior titles or quantify Gordon's individual results; degree and employment chronology remain unverified.
- No person-specific adverse issue surfaced in the limited indexed public searches; this is not a clearance.
Stéphanie Lemieux
Vice President, Corporate Affairs Canada
Role FitAnalyst Inference · Medium materiality
Québec public-affairs and stakeholder background
Elevra reports more than 15 years in public affairs and strategic communications, including senior roles in the Québec government and at Glencore, plus a University of Ottawa communications degree. She was appointed in June 2026; the current bio supplies role fit but little post-appointment outcome evidence.
Responsibility not applicable · Background and qualifications are issuer-reported; no independent prior-employer or degree checks were located.
Stéphanie Lemieux — leadership biography · profile, career and June 2026 appointment
Our People · Senior Management listing
Evidence gaps · 3
- The issuer biography supplies no exact dates or named outcomes for prior government/Glencore roles.
- Only a short tenure is observable by the cutoff; no individual performance outcome is yet disclosed.
- No independent degree or employment verification was completed.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-08-05 · 194,016,029 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 39.74% | 77,098,695 | |
| 2 | 17.50% | 33,946,982 | |
| 3 | 9.10% | 17,652,986 | |
| 4 | 2.03% | 3,939,034 | |
| 5 | 1.46% | 2,829,526 | |
| 6 | 0.89% | 1,730,984 | |
| 7 | 0.71% | 1,370,059 | |
| 8 | 0.69% | 1,334,000 | |
| 9 | 0.52% | 999,411 | |
| 10 | 0.51% | 995,180 | |
| 11 | 0.51% | 985,981 | |
| 12 | 0.41% | 800,000 | |
| 13 | 0.41% | 795,366 | |
| 14 | 0.39% | 760,586 | |
| 15 | 0.36% | 703,809 | |
| 16 | 0.31% | 600,000 | |
| 17 | 0.24% | 464,210 | |
| 18 | 0.21% | 408,418 | |
| 19 | 0.21% | 401,384 | |
| 20 | 0.20% | 386,882 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 21.11%Voting power | 2026-10-19 | |
| 8.23%Voting power | 2026-10-22 | |
| 7.08%Voting power | 2026-09-23 | |
| 5.58%Voting power | 2026-09-18 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- Nominee accounts conceal underlying beneficial owners.
- Van Eck September notice distinguishes ADS and ordinary shares, but its ADS units and voting-power figures require reconciliation; no combined quantity is inferred.
- Annual report also names Resource Capital Fund; its later status and original measurement date remain to be verified.
- JPMorgan later ceased substantial status; cessation does not mean zero ownership.
- Vanguard notice reports different share and vote counts.
Sources
- 2026 Annual Report
Elevra Lithium via ASX · Published 2026-08-28 · Accessed 2026-10-31
20 registered accounts as of 5 August 2026.
downloads/ELV/2026/2026-08-28_2026 Annual Report_fb9f8f0373687607.pdf, pages 155–156
- BNY change in substantial holding
bny via ASX · Published 2026-10-21 · Accessed 2026-10-31
40,962,514 shares and 21.11% on 19 October, largely limited ADR depositary interest.
downloads/ELV/2026/2026-10-21_Change in substantial holding_97d3b22aee50f1fe.pdf, pages 1, 6–7
- Citigroup change in substantial holding
citi via ASX · Published 2026-10-26 · Accessed 2026-10-31
15,961,773 votes and 8.227% after 22 October changes.
downloads/ELV/2026/2026-10-26_Change in substantial holding_46684f751e983b03.pdf, page 1
- State Street change in substantial holding
state via ASX · Published 2026-09-25 · Accessed 2026-10-31
13,738,426 shares and 7.08% on 23 September.
downloads/ELV/2026/2026-09-25_Change in substantial holding_a3d70e0f0dfc008d.pdf, page 1, visually reviewed
- Vanguard becoming substantial holder
vanguard via ASX · Published 2026-09-24 · Accessed 2026-10-31
10,772,564 securities and 5.576% on 18 September, with 10,818,374 votes.
downloads/ELV/2026/2026-09-24_Becoming a substantial holder_d1417af868c00c92.pdf, page 1
- Van Eck change in substantial holding
vaneck via ASX · Published 2026-09-23 · Accessed 2026-10-31
Separate ADS and ordinary figures; unit reconciliation remains unclear.
downloads/ELV/2026/2026-09-23_Change in substantial holding_bcc168f5c3967cb8.pdf, page 1, visually reviewed
- JPMorgan ceasing substantial holding
jpm via ASX · Published 2026-10-27 · Accessed 2026-10-31
JPMorgan ceased substantial status; this does not establish zero holding.
downloads/ELV/2026/2026-10-27_Ceasing to be a substantial holder_ade0dc246d83fdd0.pdf, page 1
Disclosed activity
Insider transactions
Trading activity0 buys · 2 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-10-29 | Citibank, N.A. Sydney Branch
Details & evidence for Citibank, N.A. Sydney Branch on 2026-10-29Change in regulatory relevant interest from securities-lending arrangements, not a reported cash purchase or beneficial-ownership transfer. No transaction-level cash consideration is disclosed. As disclosed: holds an increased relevant interest in these shares acting as Agent Lender and as the holder of securities subject to an obligation to return under a securities lending agreement
Change in substantial holding ↗ | ContractOrdinary fully paid shares | 1,718,170 | —Not Disclosed | — | — |
| 2026-10-29 | Citigroup Global Markets Australia Pty LimitedCiticorp Nominees Pty Limited
Details & evidence for Citigroup Global Markets Australia Pty Limited on 2026-10-29Change in relevant interest under both securities-lending contracts and ordinary-course stock-market contracts. The filing does not provide a trade-by-trade allocation or cash consideration; this is not classified as a confirmed sale. As disclosed: holds a decreased relevant interest in these shares pursuant to contracts entered into subject to an obligation to return under a securities lending agreement and pursuant to contracts entered into in the ordinary course of business on a stock market of a stock exchange, containing no terms and conditions other than standard terms and conditions
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ | ContractOrdinary fully paid shares | 1,425,362 | —Not Disclosed | — | — |
| 2026-10-29 | Citigroup Global Markets LimitedCiticorp Nominees Pty Limited
Details & evidence for Citigroup Global Markets Limited on 2026-10-29Change in regulatory relevant interest from securities-lending arrangements, not a reported cash purchase. As disclosed: holds an increased relevant interest in these shares pursuant to contracts entered into subject to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ | ContractOrdinary fully paid shares | 2,554,544 | —Not Disclosed | — | — |
| 2026-10-29 | Citigroup Global Markets IncCiticorp Nominees Pty Limited
Details & evidence for Citigroup Global Markets Inc on 2026-10-29Change in regulatory relevant interest from securities-lending arrangements, not a reported cash sale. As disclosed: holds a decreased relevant interest in these shares pursuant to contracts entered into subject to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ | ContractOrdinary fully paid shares | 47,938 | —Not Disclosed | — | — |
| 2026-10-22 | Citibank, N.A. Sydney Branch
Details & evidence for Citibank, N.A. Sydney Branch on 2026-10-22Change in regulatory relevant interest under agent-lender and securities-return obligations; not a reported cash purchase. As disclosed: holds an increased relevant interest acting as Agent Lender and as the holder of securities subject to an obligation to return under a securities lending agreement
Change in substantial holding ↗ | ContractOrdinary fully paid shares | 2,717,240 | —Not Disclosed | — | 3,202,880 |
| 2026-10-22 | Citigroup Global Markets LimitedCiticorp Nominees Pty Limited
Details & evidence for Citigroup Global Markets Limited on 2026-10-22Change in regulatory relevant interest under securities-lending contracts; not classified as a cash sale. As disclosed: holds a decreased relevant interest pursuant to contracts subject to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ | ContractOrdinary fully paid shares | 3,004,391 | —Not Disclosed | — | 1,724,100 |
| 2026-10-22 | Citigroup Global Markets IncCiticorp Nominees Pty Limited
Details & evidence for Citigroup Global Markets Inc on 2026-10-22Change in regulatory relevant interest under securities-lending contracts; not a reported cash purchase. As disclosed: holds an increased relevant interest pursuant to contracts subject to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ | ContractOrdinary fully paid shares | 1,344,935 | —Not Disclosed | — | 8,557,883 |
| 2026-10-22 | Citigroup Global Markets Australia Pty LimitedCiticorp Nominees Pty Limited
Details & evidence for Citigroup Global Markets Australia Pty Limited on 2026-10-22Change in relevant interest under both securities-lending and ordinary-course market contracts. No individual trades or cash allocation are disclosed; this is not classified as a purchase. As disclosed: holds an increased relevant interest pursuant to securities-lending agreements and contracts entered into in the ordinary course on a stock market
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ Change in substantial holding ↗ | ContractOrdinary fully paid shares | 1,529,772 | —Not Disclosed | — | 2,476,910 |
| 2026-10-20 | Citibank, N.A. Sydney Branch
Details & evidence for Citibank, N.A. Sydney Branch on 2026-10-20Change in regulatory relevant interest under securities-lending arrangements; not a reported cash purchase or beneficial-ownership transfer. As disclosed: holds an increased relevant interest in these shares acting as Agent Lender and as the holder of securities subject to an obligation to return under a securities lending agreement
Change in substantial holding ↗ Change in substantial holding ↗ | ContractOrdinary fully paid shares | 17,462 | —Not Disclosed | — | 485,640 |
| 2026-10-20 | Citigroup Global Markets LimitedCiticorp Nominees Pty Limited
Details & evidence for Citigroup Global Markets Limited on 2026-10-20Change in regulatory relevant interest under securities-lending contracts; not a reported cash purchase. As disclosed: holds an increased relevant interest pursuant to contracts subject to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ | ContractOrdinary fully paid shares | 3,419,269 | —Not Disclosed | — | 4,728,491 |
| 2026-10-20 | Citigroup Global Markets IncCiticorp Nominees Pty Limited
Details & evidence for Citigroup Global Markets Inc on 2026-10-20Change in relevant interest under securities-lending contracts; not classified as a cash sale. As disclosed: holds a decreased relevant interest pursuant to contracts subject to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ | ContractOrdinary fully paid shares | 222,677 | —Not Disclosed | — | 7,212,948 |
| 2026-10-20 | Citigroup Global Markets Australia Pty LimitedCiticorp Nominees Pty Limited
Details & evidence for Citigroup Global Markets Australia Pty Limited on 2026-10-20Change in regulatory relevant interest under both securities-lending and ordinary-course market contracts. The form does not identify individual trades or allocate cash consideration. As disclosed: holds an increased relevant interest pursuant to contracts subject to an obligation to return under a securities lending agreement and contracts entered into in the ordinary course on a stock market
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ Change in substantial holding ↗ | ContractOrdinary fully paid shares | 161,984 | —Not Disclosed | — | 947,138 |
| 2026-06-30 | The Bank of New York Mellon
Details & evidence for The Bank of New York Mellon on 2026-06-30Return of securities lent; no cash consideration. As disclosed: Return of Securities Lent (Agent Lender)
Change in substantial holding ↗ | ContractOrdinary shares | 4,427 | —Not Disclosed | — | — |
| 2026-06-30 | The Bank of New York Mellon
Details & evidence for The Bank of New York Mellon on 2026-06-30Non-cash deposit of securities; not a cash purchase. As disclosed: Deposit of securities
Change in substantial holding ↗ | Transfer InOrdinary shares | 400,000 | —Not Disclosed | — | — |
| 2026-06-29 | Pershing Group LLC
Details & evidence for Pershing Group LLC on 2026-06-29Non-cash transfer-in within the BNY Group disclosure. As disclosed: Transfer In
Change in substantial holding ↗ | Transfer InOrdinary shares | 3 | —Not Disclosed | — | — |
| 2026-06-29 | The Bank of New York Mellon
Details & evidence for The Bank of New York Mellon on 2026-06-29Non-cash transfer; destination is not identified in the filing. As disclosed: Transfer Out of Securities
Change in substantial holding ↗ | Transfer OutOrdinary shares | 23,300 | —Not Disclosed | — | — |
| 2026-06-29 | The Bank of New York Mellon
Details & evidence for The Bank of New York Mellon on 2026-06-29Return of securities lent; the schedule expresses 1,698 ADRs as 16,980 underlying shares. As disclosed: Return of Securities Lent (Agent Lender); 1,698 ADR = 16,980 shares
Change in substantial holding ↗ | ContractOrdinary shares | 16,980 | —Not Disclosed | — | — |
| 2026-06-29 | The Bank of New York Mellon
Details & evidence for The Bank of New York Mellon on 2026-06-29Relevant-interest change through securities lending; not a beneficial cash sale. As disclosed: Securities Lent (Agent Lender)
Change in substantial holding ↗ | ContractOrdinary shares | 420,000 | —Not Disclosed | — | — |
| 2026-06-29 | The Bank of New York Mellon
Details & evidence for The Bank of New York Mellon on 2026-06-29Non-cash deposit of securities; not a cash purchase. As disclosed: Deposit of securities
Change in substantial holding ↗ | Transfer InOrdinary shares | 400,490 | —Not Disclosed | — | — |
| 2026-06-26 | Mellon Investments Corporation
Details & evidence for Mellon Investments Corporation on 2026-06-26The schedule states the consideration price but not a total cash amount. As disclosed: Sale of securities
Change in substantial holding ↗ | SaleOrdinary shares | 78 | —Not Disclosed | AUD 10.11Disclosed price | — |
| 2026-06-26 | The Bank of New York Mellon
Details & evidence for The Bank of New York Mellon on 2026-06-26Return of securities lent; the schedule expresses 502 ADRs as 5,020 underlying shares. As disclosed: Return of Securities Lent (Agent Lender); 502 ADR = 5,020 shares
Change in substantial holding ↗ | ContractOrdinary shares | 5,020 | —Not Disclosed | — | — |
| 2026-06-26 | The Bank of New York Mellon
Details & evidence for The Bank of New York Mellon on 2026-06-26Relevant-interest change through securities lending; not a beneficial cash sale. As disclosed: Securities Lent (Agent Lender)
Change in substantial holding ↗ | ContractOrdinary shares | 130,000 | —Not Disclosed | — | — |
| 2026-06-26 | The Bank of New York Mellon
Details & evidence for The Bank of New York Mellon on 2026-06-26Non-cash deposit of securities; not a cash purchase. As disclosed: Deposit of securities
Change in substantial holding ↗ | Transfer InOrdinary shares | 456,990 | —Not Disclosed | — | — |
| 2026-06-25 | Mellon Investments Corporation
Details & evidence for Mellon Investments Corporation on 2026-06-25The schedule states the consideration price but not a total cash amount. As disclosed: Sale of securities
Change in substantial holding ↗ | SaleOrdinary shares | 234 | —Not Disclosed | AUD 10.8Disclosed price | — |
| 2026-06-25 | The Bank of New York Mellon
Details & evidence for The Bank of New York Mellon on 2026-06-25Non-cash deposit of securities; not a cash purchase. As disclosed: Deposit of securities
Change in substantial holding ↗ | Transfer InOrdinary shares | 454,500 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related increase in relevant interest; not a cash purchase. As disclosed: Collateral received; signed movement +245 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 245 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related increase in relevant interest; not a cash purchase. As disclosed: Collateral received; signed movement +418 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 418 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related increase in relevant interest; not a cash purchase. As disclosed: Collateral received; signed movement +8,265 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 8,265 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related increase in relevant interest; not a cash purchase. As disclosed: Collateral received; signed movement +41,048 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 41,048 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -8,405 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 8,405 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -13,929 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 13,929 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related increase in relevant interest; not a cash purchase. As disclosed: Collateral received; signed movement +11,841 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 11,841 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related increase in relevant interest; not a cash purchase. As disclosed: Collateral received; signed movement +12,484 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 12,484 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related increase in relevant interest; not a cash purchase. As disclosed: Collateral received; signed movement +832 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 832 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related increase in relevant interest; not a cash purchase. As disclosed: Collateral received; signed movement +26,607 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 26,607 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -407 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 407 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related increase in relevant interest; not a cash purchase. As disclosed: Collateral received; signed movement +37 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 37 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related increase in relevant interest; not a cash purchase. As disclosed: Collateral received; signed movement +1,605 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 1,605 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related increase in relevant interest; not a cash purchase. As disclosed: Collateral received; signed movement +4,145 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 4,145 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related increase in relevant interest; not a cash purchase. As disclosed: Collateral received; signed movement +36,267 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 36,267 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -246,000 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 246,000 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related increase in relevant interest; not a cash purchase. As disclosed: Collateral received; signed movement +221,181 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 221,181 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -1,525 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 1,525 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -60,437 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 60,437 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -7,892 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 7,892 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -1,593 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 1,593 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -33 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 33 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -4,873 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 4,873 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -18,518 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 18,518 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -16,408 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 16,408 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -140,315 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 140,315 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -10,133 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 10,133 | —Not Disclosed | — | — |
| 2026-05-25 | State Street Bank and Trust Company
Details & evidence for State Street Bank and Trust Company on 2026-05-25Collateral-related change in relevant interest; not a cash trade. As disclosed: Collateral received; signed movement -4,313 ordinary shares.
Ceasing to be a substantial holder ↗ | ContractOrdinary shares | 4,313 | —Not Disclosed | — | — |
| 2026-05-15 | Citigroup Global Markets Limited
Details & evidence for Citigroup Global Markets Limited on 2026-05-15Decrease in regulatory relevant interest under securities-lending contracts; not a reported cash sale. As disclosed: holds a decreased relevant interest pursuant to contracts subject to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | ContractOrdinary fully paid shares | 1,783,564 | —Not Disclosed | — | — |
| 2026-05-15 | Citigroup Global Markets Australia Pty Limited
Details & evidence for Citigroup Global Markets Australia Pty Limited on 2026-05-15Increase in regulatory relevant interest from lending and ordinary-course market contracts; no individual trades or cash consideration are disclosed. As disclosed: holds an increased relevant interest pursuant to contracts subject to an obligation to return under a securities lending agreement and contracts entered into in the ordinary course of business on a stock market
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Ceasing to be a substantial holder ↗ Ceasing to be a substantial holder ↗ | ContractOrdinary fully paid shares | 71,460 | —Not Disclosed | — | — |
| 2026-05-14 | Citigroup Global Markets LimitedCiticorp Nominees Pty Limited
Details & evidence for Citigroup Global Markets Limited on 2026-05-14Decrease in regulatory relevant interest under securities-lending contracts; not a reported cash sale. As disclosed: holds a decreased relevant interest pursuant to contracts subject to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ | ContractOrdinary fully paid shares | 1,303,510 | —Not Disclosed | — | 7,773,971 |
| 2026-05-14 | Citigroup Global Markets IncCiticorp Nominees Pty Limited
Details & evidence for Citigroup Global Markets Inc on 2026-05-14Decrease in regulatory relevant interest under securities-lending contracts; not classified as a cash sale. As disclosed: holds a decreased relevant interest pursuant to contracts subject to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ | ContractOrdinary fully paid shares | 1,154,923 | —Not Disclosed | — | 521,233 |
| 2026-05-14 | Citigroup Global Markets Australia Pty LimitedCiticorp Nominees Pty Limited
Details & evidence for Citigroup Global Markets Australia Pty Limited on 2026-05-14Regulatory relevant-interest increase under securities-lending and ordinary-course market contracts; not a specific cash purchase. As disclosed: holds an increased relevant interest pursuant to securities-lending and ordinary-course stock-market contracts
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ Change in substantial holding ↗ | ContractOrdinary fully paid shares | 109,594 | —Not Disclosed | — | 1,600,513 |
| 2026-04-28 | Citibank, N.A. Sydney Branch
Details & evidence for Citibank, N.A. Sydney Branch on 2026-04-28Regulatory relevant-interest change under agent-lending and securities-return obligations; not a cash sale. As disclosed: decreased relevant interest under agent-lender and securities-return arrangements
Change in substantial holding ↗ | ContractOrdinary fully paid shares | 61,509 | —Not Disclosed | — | 7,780 |
| 2026-04-28 | Citigroup Global Markets Australia Pty Limited
Details & evidence for Citigroup Global Markets Australia Pty Limited on 2026-04-28Regulatory relevant-interest change under securities-lending and ordinary-course market contracts; not a cash purchase. As disclosed: increased relevant interest under securities-lending and ordinary-course market contracts
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ | ContractOrdinary fully paid shares | 363,664 | —Not Disclosed | — | 1,490,919 |
| 2026-04-28 | Citigroup Global Markets Limited
Details & evidence for Citigroup Global Markets Limited on 2026-04-28Regulatory relevant-interest change under securities-lending arrangements; not a cash purchase. As disclosed: increased relevant interest pursuant to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ | ContractOrdinary fully paid shares | 1,891,908 | —Not Disclosed | — | 9,077,481 |
| 2026-04-28 | Citigroup Global Markets Inc
Details & evidence for Citigroup Global Markets Inc on 2026-04-28Regulatory relevant-interest change under securities-lending arrangements; not a cash purchase. As disclosed: increased relevant interest pursuant to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Change in substantial holding ↗ | ContractOrdinary fully paid shares | 1,199,102 | —Not Disclosed | — | 1,676,156 |
| 2026-04-22 | Citigroup Global Markets Australia Pty Limited
Details & evidence for Citigroup Global Markets Australia Pty Limited on 2026-04-22Regulatory relevant-interest change under securities lending and ordinary-course contracts; not a cash purchase. As disclosed: increased relevant interest pursuant to securities lending and ordinary-course market contracts
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Ceasing to be a substantial holder ↗ | ContractOrdinary fully paid shares | 215,166 | —Not Disclosed | — | — |
| 2026-04-22 | Citigroup Global Markets Limited
Details & evidence for Citigroup Global Markets Limited on 2026-04-22Regulatory relevant-interest change under securities-lending arrangements; not a cash sale. As disclosed: decreased relevant interest pursuant to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Ceasing to be a substantial holder ↗ | ContractOrdinary fully paid shares | 706,046 | —Not Disclosed | — | — |
| 2026-04-22 | Citigroup Global Markets Inc
Details & evidence for Citigroup Global Markets Inc on 2026-04-22Regulatory relevant-interest change under securities-lending arrangements; not a cash purchase. As disclosed: increased relevant interest pursuant to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Ceasing to be a substantial holder ↗ | ContractOrdinary fully paid shares | 8,049 | —Not Disclosed | — | — |
| 2026-04-08 | Citigroup Global Markets Australia Pty Limited
Details & evidence for Citigroup Global Markets Australia Pty Limited on 2026-04-08Change in regulatory relevant interest under securities-lending and ordinary-course contracts; not a reported cash purchase. As disclosed: holds an increased relevant interest in these shares pursuant to securities lending and ordinary-course market contracts
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Ceasing to be a substantial holder ↗ | ContractOrdinary fully paid shares | 17,087 | —Not Disclosed | — | — |
| 2026-04-08 | Citigroup Global Markets Limited
Details & evidence for Citigroup Global Markets Limited on 2026-04-08Change in regulatory relevant interest under securities-lending arrangements; not a reported cash sale. As disclosed: holds a decreased relevant interest in these shares pursuant to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Ceasing to be a substantial holder ↗ | ContractOrdinary fully paid shares | 2,533,389 | —Not Disclosed | — | — |
| 2026-04-08 | Citigroup Global Markets Inc
Details & evidence for Citigroup Global Markets Inc on 2026-04-08Change in regulatory relevant interest under securities-lending arrangements; not a reported cash purchase. As disclosed: holds an increased relevant interest pursuant to an obligation to return under a securities lending agreement
Citicorp Nominees Pty Limited · Citicorp Nominees Pty Limited is the registered holder for interests reported for this entity Ceasing to be a substantial holder ↗ | ContractOrdinary fully paid shares | 688,500 | —Not Disclosed | — | — |
Disclosed holding observations12 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-11-02 | Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate
Details & evidence for Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate on 2026-11-02Aggregate group position reported at 18,761,187 shares and 9.6699% voting power. Section 4 breaks the total into four relevant-interest components: 4,921,050 Citibank N.A. Sydney Branch; 1,051,548 Citigroup Global Markets Australia Pty Limited; 8,509,945 Citigroup Global Markets Inc; and 4,278,644 Citigroup Global Markets Limited. These components sum to the aggregate and are not added again to it.
Substantial-holder reporting group; reporting entity ACN 003 114 832 · Start not disclosed Citibank, N.A. Sydney Branch · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Australia Pty Limited · Reporting entity for the Citi group substantial holding Citigroup Global Markets Inc · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Limited · Included by the reporting entity as a related body corporate in its Citi group substantial holding Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionOrdinary fully paid shares | 18,761,187 | 9.67%Voting Power |
| 2026-10-22 | Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate
Details & evidence for Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate on 2026-10-22Aggregate group voting-interest position; individual affiliate components are not added a second time.
Substantial-holder reporting group; reporting entity ACN 003 114 832 · Start not disclosed Citibank, N.A. Sydney Branch · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Australia Pty Limited · Reporting entity for the Citi group substantial holding Citigroup Global Markets Inc · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Limited · Included by the reporting entity as a related body corporate in its Citi group substantial holding Change in substantial holding ↗ Change in substantial holding ↗ | PositionOrdinary fully paid shares | 15,961,773 | 8.23%Voting Power |
| 2026-10-20 | Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate
Details & evidence for Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate on 2026-10-20Aggregate Citi group voting-interest position; affiliate components are described in the notice and not added to this group total a second time.
Substantial-holder reporting group; reporting entity ACN 003 114 832 · Start not disclosed Citibank, N.A. Sydney Branch · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Australia Pty Limited · Reporting entity for the Citi group substantial holding Citigroup Global Markets Inc · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Limited · Included by the reporting entity as a related body corporate in its Citi group substantial holding Change in substantial holding ↗ Change in substantial holding ↗ | PositionOrdinary fully paid shares | 13,374,217 | 6.89%Voting Power |
| 2026-10-15 | Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate
Details & evidence for Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate on 2026-10-15Citi group aggregate relevant interest at threshold. Affiliate components are detailed in the filing but are not added again to this aggregate observation. The four-month consideration table says 'Various' and does not disclose transaction-level data.
Substantial-holder reporting group; reporting entity ACN 003 114 832 · Start not disclosed Citibank, N.A. Sydney Branch · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Australia Pty Limited · Reporting entity for the Citi group substantial holding Citigroup Global Markets Inc · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Limited · Included by the reporting entity as a related body corporate in its Citi group substantial holding Becoming a substantial holder ↗ Becoming a substantial holder ↗ | ThresholdOrdinary fully paid shares | 9,998,179 | 5.15%Voting Power |
| 2026-09-18 | Van Eck Associates Corporation and its associates (VanEck)
Details & evidence for Van Eck Associates Corporation and its associates (VanEck) on 2026-09-18Position quantity is the reported ordinary-share voting interest, not the number of ADS certificates. Annexure A transaction rows use an unclear quantity/price unit basis and are not recorded as events.
Substantial-holder reporting group · Start not disclosed Change in substantial holding ↗ | PositionOrdinary-share voting interests represented by ELV American Depositary Shares (10 ordinary shares per ADS) | 10,131,310 | 5.25%Voting Power |
| 2026-09-18 | Van Eck Associates Corporation and its associates (VanEck)
Details & evidence for Van Eck Associates Corporation and its associates (VanEck) on 2026-09-18Reported ordinary-share position in addition to the ADS-represented vote position.
Substantial-holder reporting group · Start not disclosed Change in substantial holding ↗ | PositionOrdinary shares | 211,386 | 0.11%Voting Power |
| 2026-06-30 | The Bank of New York Mellon Corporation and related BNY Group entities
Details & evidence for The Bank of New York Mellon Corporation and related BNY Group entities on 2026-06-30Aggregate BNY Group voting-interest position. Annexure C includes depositary, lending, discretionary managed and Pershing interests, with qualified voting/disposal powers; parent and subsidiary figures overlap and are not added again.
Substantial-holder reporting group · Start not disclosed The Bank of New York Mellon · Ultimate parent and depositary/agent-lender entity in the reported group holding Mellon Investments Corporation · BNY Group entity with disclosed managed-interest share trades Pershing Group LLC · BNY Group entity with a transfer-in in the reported annexure Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionOrdinary shares | 38,836,053 | 20.02%Voting Power |
| 2026-05-14 | Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate
Details & evidence for Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate on 2026-05-14Aggregate Citi group voting-interest position; affiliate component amounts are not added a second time.
Substantial-holder reporting group; reporting entity ACN 003 114 832 · Start not disclosed Citibank, N.A. Sydney Branch · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Australia Pty Limited · Reporting entity for the Citi group substantial holding Citigroup Global Markets Inc · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Limited · Included by the reporting entity as a related body corporate in its Citi group substantial holding Change in substantial holding ↗ Change in substantial holding ↗ | PositionOrdinary fully paid shares | 9,903,497 | 5.84%Voting Power |
| 2026-04-28 | Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate
Details & evidence for Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate on 2026-04-28Group-level position; affiliate components are not added again as separate group holdings.
Substantial-holder reporting group; reporting entity ACN 003 114 832 · Start not disclosed Citibank, N.A. Sydney Branch · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Australia Pty Limited · Reporting entity for the Citi group substantial holding Citigroup Global Markets Inc · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Limited · Included by the reporting entity as a related body corporate in its Citi group substantial holding Change in substantial holding ↗ Change in substantial holding ↗ Change in substantial holding ↗ | PositionOrdinary fully paid shares | 12,252,336 | 7.22%Voting Power |
| 2026-04-24 | Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate
Details & evidence for Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate on 2026-04-24Group-level position; affiliate components are not added again as separate group holdings.
Substantial-holder reporting group; reporting entity ACN 003 114 832 · Start not disclosed Citibank, N.A. Sydney Branch · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Australia Pty Limited · Reporting entity for the Citi group substantial holding Citigroup Global Markets Inc · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Limited · Included by the reporting entity as a related body corporate in its Citi group substantial holding Becoming a substantial holder ↗ Becoming a substantial holder ↗ | PositionOrdinary fully paid shares | 8,859,171 | 5.23%Voting Power |
| 2026-04-10 | Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate
Details & evidence for Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate on 2026-04-10Group-level position; affiliate components are not added again as separate group holdings.
Substantial-holder reporting group; reporting entity ACN 003 114 832 · Start not disclosed Citibank, N.A. Sydney Branch · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Australia Pty Limited · Reporting entity for the Citi group substantial holding Citigroup Global Markets Inc · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Limited · Included by the reporting entity as a related body corporate in its Citi group substantial holding Becoming a substantial holder ↗ Becoming a substantial holder ↗ | PositionOrdinary fully paid shares | 8,787,448 | 5.19%Voting Power |
| 2026-03-30 | Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate
Details & evidence for Citigroup Global Markets Australia Pty Limited and related Citigroup group bodies corporate on 2026-03-30Group-level position; affiliate components are not added again as separate group holdings.
Substantial-holder reporting group; reporting entity ACN 003 114 832 · Start not disclosed Citibank, N.A. Sydney Branch · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Australia Pty Limited · Reporting entity for the Citi group substantial holding Citigroup Global Markets Inc · Included by the reporting entity as a related body corporate in its Citi group substantial holding Citigroup Global Markets Limited · Included by the reporting entity as a related body corporate in its Citi group substantial holding Becoming a substantial holder ↗ Becoming a substantial holder ↗ | PositionOrdinary fully paid shares | 9,836,801 | 5.81%Voting Power |
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Sign in or enter a guest codeChronological evidenceSource-document inventory39 documents
Market snapshot for ELV (miners.v8db.market_snapshot, cutoff 2026-10-31)Market Data · MediumExtracted
Locally computed price performance (1m -43.5%, 3m -57.2%, 6m -76.4%, 12m -18.0%, 3y -71.6%), 52-week range A$3.19-13.80, 20-day average traded value A$11.9M, market cap A$618.9M and the AUD per USD rate of 1.4407; the peer table in the snapshot was empty because ELV had no run, so peers come from the stock database separately.
- Document ID
- market_snapshot_20261031
- Published UTC
- 2026-10-31T00:00:00+00:00
- Projects
- —
- Commodities
- lithium
ASX close of ELV on 30 October 2026 (miners.reference_price)Market Data · MediumExtracted
Latest eligible local ASX close for one ELV ordinary share: A$3.19 on 30 October 2026 (volume 3,628,129), one day before the cutoff, market data provider via the repository price collector.
- Document ID
- reference_price_20261030
- Published UTC
- 2026-10-30T16:39:37+00:00
- Projects
- —
- Commodities
- lithium
Foreign exchange rates, AUD crosses (data/metal_prices.db)Commodity Data · MediumExtracted
AUD/USD 0.6941 (US$1 = A$1.4407), AUD/CNY 4.7177 and AUD/CAD 0.9832 on 30 October 2026; used to convert US dollar cash flows and balances to Australian dollars.
- Document ID
- fx_rates_20261030
- Published UTC
- 2026-10-30T17:40:15+00:00
- Projects
- —
- Commodities
- lithium
Peer multiples from the V8 stock database (lithium peers published as of 30 October 2026)Market Data · MediumExtracted
Market capitalisation, enterprise value, P/NAV, EV per attributable tonne Li2O of resource and 12-month return for PLS, Liontown, IGO, Atlantic Lithium and Lake Resources from data/miners_v8.db, each from the stock's own published run and a close on 30 October 2026.
- Document ID
- peer_database_20261030
- Published UTC
- 2026-10-30T00:00:00+00:00
- Projects
- —
- Commodities
- lithium
Argonaut lithium sector update (web search result)Market Data · LowMetadata Only
Search-result summary only, not read in full: Argonaut expects shorter lithium price recovery cycles and a balanced 2027 market before a widening deficit, and noted spot spodumene prices continuing to decline.
- Document ID
- argonaut_lithium_update
- Published UTC
- 2026-10-30T12:00:00+00:00
- Projects
- —
- Commodities
- lithium
Canaccord lithium deficit view (web search result)Other · LowMetadata Only
Search-result summary only, not read in full: Canaccord projects a lithium deficit from 2026 to 2035; UBS expects demand growth of 14% in 2026 and 16% in 2027.
- Document ID
- canaccord_deficit_view
- Published UTC
- 2026-10-30T12:00:00+00:00
- Projects
- —
- Commodities
- lithium
SMM global lithium ore market 2025 review and 2026 outlook (web search result)Market Data · LowMetadata Only
Search-result summary only, not read in full: SMM expects projects added in recent years to ramp and release capacity through 2026-2027, moving the ore market from divergence to rebalancing.
- Document ID
- smm_lithium_outlook
- Published UTC
- 2026-10-30T12:00:00+00:00
- Projects
- —
- Commodities
- lithium
Broker consensus for ELV (stockanalysis.com, search result)Market Data · LowMetadata Only
Search-result summary only, not read in full: four brokers rate ELV Buy with an average target near A$14.82 (range A$11.96-17.80; UBS Buy A$12.00 initiated 14 July 2026, Canaccord A$17.80), set when the shares traded at A$8-13; used only to test the thesis, never as the fair-value anchor.
- Document ID
- broker_consensus_elv
- Published UTC
- 2026-10-30T12:00:00+00:00
- Projects
- —
- Commodities
- lithium
Lithium carbonate futures settlement, Guangzhou Futures Exchange (data/metal_prices.db)Commodity Data · MediumExtracted
Lithium carbonate daily settlement on the Guangzhou Futures Exchange was CNY 91,140/t on 29 October 2026, down 43% from CNY 159,960 on 1 September 2026 and 36% below the one-year average of CNY 142,908; at CNY 6.80 per USD and 13% VAT this is about US$11,900/t, which at the 0.093 ratio of SC6 to carbonate implied by the September quarter realisation is about US$1,100/t SC6.
- Document ID
- lithium_carbonate_gfex_20261029
- Published UTC
- 2026-10-29T00:00:00+00:00
- Projects
- —
- Commodities
- lithium
September 2026 Quarterly Activities ReportResults · HighExtracted
First quarter FY27: record ore mined (466,499 wmt), concentrate 54,907 dmt at 5.1%, sales 58,134 dmt at US$1,276/dmt FOB (US$1,524/dmt SC6), unit operating cost US$780/dmt, revenue US$74M, cash US$319M, net cash US$240M after US$46M convertible notes and US$33M prepayment balance, Mangrove and LG Energy Solution offtakes, Ewoyaa sale completed 26 October 2026, capital structure at 30 September 2026.
- Document ID
- quarterly_sep26
- Published UTC
- 2026-10-26T21:13:20Z
- Projects
- nal
- Commodities
- lithium
Ceasing to be a substantial holder - JPMorgan (27 Oct 2026)Governance · LowExtracted
JPMorgan Chase and affiliates ceased to be a substantial holder after becoming one on 16 October 2026 at 5.05%; positions were largely securities on loan.
- Document ID
- substantial_jpm_cease_20261027
- Published UTC
- 2026-10-26T21:20:40Z
- Projects
- —
- Commodities
- lithium
Change in substantial holding - Citigroup (26 Oct 2026)Governance · LowExtracted
Citigroup Global Markets and related bodies increased to 15,961,773 shares, 8.227%, largely as securities lending agent and holder under lending obligations.
- Document ID
- substantial_citi_20261026
- Published UTC
- 2026-10-26T03:06:12Z
- Projects
- —
- Commodities
- lithium
Change in substantial holding - Bank of New York Mellon (21 Oct 2026)Governance · LowExtracted
BNY Mellon group (ADS depositary and custodian) holds 40,962,514 ordinary shares, 21.11% voting power, up from 20.02%.
- Document ID
- substantial_bny_20261021
- Published UTC
- 2026-10-20T21:18:20Z
- Projects
- —
- Commodities
- lithium
2026 Notice of Annual General Meeting and Proxy FormGovernance · MediumExtracted
Notice of the 19 November 2026 annual general meeting, including the planned board reduction from eight to six directors.
- Document ID
- agm_notice_2026
- Published UTC
- 2026-10-15T21:19:17Z
- Projects
- —
- Commodities
- lithium
Becoming a substantial holder - Vanguard (24 Sep 2026)Governance · LowExtracted
The Vanguard Group became a substantial holder on 18 September 2026 with 10,772,564 shares, 5.576%.
- Document ID
- substantial_vanguard_20260924
- Published UTC
- 2026-09-23T22:20:52Z
- Projects
- —
- Commodities
- lithium
Morella: Maiden Mt Edon Rubidium Mineral ResourceResource Update · LowExtracted
Morella Corporation (ASX: 1MC) maiden Inferred resource of 5.44Mt at 0.16% Rb2O (8,300t Rb2O) at Mt Edon, held in the Morella Lithium Joint Venture in which Elevra holds 49%.
- Document ID
- mt_edon_resource_20260917
- Published UTC
- 2026-09-16T22:17:48Z
- Projects
- wa_exploration
- Commodities
- lithium
Corporate Presentation - September 2026Presentation · MediumExtracted
Corporate presentation: strategy, NAL expansion stages and capex, Moblan 2024 DFS outcomes (300ktpa, US$1.6B post-tax NPV8%, US$561/t AISC) and resource growth, Carolina 2021 DFS outcomes, North American hard-rock resource peer chart, market cap at 31 August 2026.
- Document ID
- corporate_presentation_202609
- Published UTC
- 2026-09-07T22:15:34Z
- Projects
- nal · moblan · carolina
- Commodities
- lithium
NAL Expansion Pre-Feasibility Study (ASX release with NI 43-101 report)Study · HighExtracted
Pre-feasibility study of the three-stage NAL brownfield expansion: post-tax NPV8% C$3,218M (expansion-only C$943M), IRR 49.9% on C$366M initial capex, 20-year life on 47.2Mt reserves, average 348ktpa (373ktpa post expansion) SC5.4, LOM C1 C$876/t, SUSEX C$527M, Benchmark price deck US$1,260-2,430/t SC6 (real 2025), production plan by fiscal year, no royalties.
- Document ID
- nal_pfs_20260907
- Published UTC
- 2026-09-06T22:24:15Z
- Projects
- nal
- Commodities
- lithium
2026 Annual Report (FY26, year to 30 June 2026)Results · HighExtracted
Audited FY26 accounts in US dollars (first after the Sayona-Piedmont merger), directors and executive biographies, remuneration report, resources and reserves at 30 June 2026, shareholder information and top-20 register at 5 August 2026, notes on interest-bearing liabilities, leases, provisions, share capital and subsequent events.
- Document ID
- annual_report_fy26
- Published UTC
- 2026-08-27T21:46:29Z
- Projects
- nal · moblan · carolina · authier
- Commodities
- lithium
FY26 Full Year Results AnnouncementResults · HighExtracted
Key operating and financial metrics for FY26 (concentrate produced 197,967 dmt, sold 181,494 dmt, realised US$1,092/dmt FOB, unit operating cost US$853/dmt sold, revenue US$202M, underlying EBITDA US$14M), merger and offtake effects, Ewoyaa sale, and FY27 guidance (production 198-210kdmt, sales 200-230kdmt, unit cost US$880-950/dmt, capex US$120-140M).
- Document ID
- fy26_results_announcement
- Published UTC
- 2026-08-27T21:46:44Z
- Projects
- nal
- Commodities
- lithium
FY26 Full Year Results PresentationPresentation · MediumExtracted
Presentation of FY26 results with the 14-quarter production and unit cost history (p6), realised price and unit margin, underlying EBITDA bridge (merger synergies US$15M, hedge settlement US$7M), cash flow bridge from US$47M to US$255M, balance sheet and NAL expansion highlights.
- Document ID
- fy26_results_presentation
- Published UTC
- 2026-08-27T21:46:54Z
- Projects
- nal
- Commodities
- lithium
June 2026 Quarterly ReportResults · MediumExtracted
Fourth quarter FY26: production 54,479 dmt, recovery 71%, sales 33,977 dmt, realised price US$921/dmt, cash US$255M.
- Document ID
- quarterly_jun26
- Published UTC
- 2026-07-27T22:21:14Z
- Projects
- nal
- Commodities
- lithium
Appendix 3Y - L Dow (June 2026)Governance · LowExtracted
Lucas Dow bought 2,460 shares (A$30,000) in the share purchase plan at A$12.20, taking his shares to 19,127.
- Document ID
- notice_3y_dow_202606
- Published UTC
- 2026-06-05T01:55:44Z
- Projects
- —
- Commodities
- lithium
Appendix 3Y - L Lefcourt (June 2026)Governance · LowExtracted
Laurie Lefcourt bought 1,230 shares (A$15,000) in the share purchase plan at A$12.20, taking her holding to 9,384 shares.
- Document ID
- notice_3y_lefcourt_202606
- Published UTC
- 2026-06-05T01:54:59Z
- Projects
- —
- Commodities
- lithium
Updated NAL Expansion Scoping StudyStudy · MediumExtracted
Updated scoping study for the staged NAL expansion (338ktpa average annual capacity, post-tax NPV8% C$3,112M, incremental C$969M, capex C$366M); superseded by the September 2026 PFS.
- Document ID
- nal_scoping_20260512
- Published UTC
- 2026-05-11T23:36:19Z
- Projects
- nal
- Commodities
- lithium
Transformational Financing Package to Accelerate GrowthFinancing · HighExtracted
A$275M fully underwritten institutional placement at A$12.20, A$146M (C$145M) Canada Growth Fund convertible notes in two tranches (upfront C$65M, conditional C$80M subject to election, shareholder approval and the NAL Phase 5 mining permit; CORRA+225bp, five years), and an SPP up to A$20M; net proceeds fund Stages 1-3 of the NAL expansion and Moblan pre-FID work.
- Document ID
- financing_package_20260512
- Published UTC
- 2026-05-11T23:56:34Z
- Projects
- nal
- Commodities
- lithium
Strategic Funding PresentationPresentation · MediumExtracted
Investor presentation for the May 2026 financing: sources and uses, expansion staging, Moblan pre-development scope, risks.
- Document ID
- funding_presentation_20260512
- Published UTC
- 2026-05-12T00:04:14Z
- Projects
- nal · moblan
- Commodities
- lithium
March 2026 Quarterly Activities ReportResults · MediumExtracted
Third quarter FY26: production 47,332 dmt, sales 55,526 dmt, realised price US$1,453/dmt, unit cost US$884/dmt, cash US$113M; FY26 production guidance 180-190kdmt reaffirmed.
- Document ID
- quarterly_mar26
- Published UTC
- 2026-04-22T22:10:56Z
- Projects
- nal
- Commodities
- lithium
Appendix 4D and Interim Financial Report (half to 31 December 2025)Results · MediumExtracted
Interim accounts for the six months to 31 December 2025 following the merger; used for the half-year cash flow and balance sheet trajectory.
- Document ID
- half_year_fy26
- Published UTC
- 2026-02-24T21:19:34Z
- Projects
- —
- Commodities
- lithium
Appendix 3Y - L Dow (February 2026)Governance · LowExtracted
MD and CEO Lucas Dow received 334,558 performance rights on 17 February 2026 (total 637,892 rights, 16,667 shares).
- Document ID
- notice_3y_dow_202602
- Published UTC
- 2026-02-19T21:19:30Z
- Projects
- —
- Commodities
- lithium
December 2025 Quarterly Activities ReportResults · MediumExtracted
Second quarter FY26: production 44,154 dmt at 62% recovery (iron in feed), sales 66,016 dmt, realised price US$998/dmt, unit cost US$812/dmt, cash US$81M.
- Document ID
- quarterly_dec25
- Published UTC
- 2026-01-27T21:13:47Z
- Projects
- nal
- Commodities
- lithium
Appendix 3Y - L Lefcourt (November 2025)Governance · LowExtracted
Director Laurie Lefcourt bought 4,487 shares on market at an average A$5.42 on 26-27 November 2025, lifting her holding to 8,154 shares.
- Document ID
- notice_3y_lefcourt_202511
- Published UTC
- 2025-11-27T05:18:42Z
- Projects
- —
- Commodities
- lithium
September 2025 Quarterly Activities ReportResults · MediumExtracted
First quarter FY26 (first quarter of the merged group): production 52,003 dmt, sales 25,975 dmt, realised price US$784/dmt, unit cost US$818/dmt, cash US$98M.
- Document ID
- quarterly_sep25
- Published UTC
- 2025-10-28T21:17:58Z
- Projects
- nal
- Commodities
- lithium
Resignation and Appointment of CFOLeadership · MediumExtracted
Dougal Elder resigned as CFO; Christian Cortes appointed CFO effective 20 October 2025.
- Document ID
- cfo_change_20251020
- Published UTC
- 2025-10-19T21:16:35Z
- Projects
- —
- Commodities
- lithium
NAL Expansion Scoping Study (September 2025)Study · LowExtracted
First scoping study of the NAL expansion; superseded by the May 2026 update and the September 2026 PFS.
- Document ID
- nal_scoping_20250915
- Published UTC
- 2025-09-15T09:02:54Z
- Projects
- nal
- Commodities
- lithium
Becoming a substantial holder - Resource Capital Fund VIII (Sep 2025)Governance · LowExtracted
Resource Capital Fund VIII became a substantial holder on 4 September 2025 after subscribing 2,156,250,000 pre-consolidation shares at A$0.032; no later notice is in the downloaded package.
- Document ID
- substantial_rcf_20250904
- Published UTC
- 2025-09-04T07:42:47Z
- Projects
- —
- Commodities
- lithium
Completion of Merger with PiedmontCorporate Action · HighExtracted
Completion of the Sayona Mining and Piedmont Lithium merger on 30 August 2025 (about 50:50 pre-dilution), reconstituted board, and the share consolidation and name change that followed.
- Document ID
- merger_completion_20250901
- Published UTC
- 2025-08-31T22:19:05Z
- Projects
- nal · carolina
- Commodities
- lithium
NAL Resources and Reserves IncreasesResource Update · MediumExtracted
August 2025 NAL resource (95Mt at 1.15% Li2O) and reserve (48.6Mt at 1.11%) update; reserve has since depleted to 47.2Mt at 30 June 2026.
- Document ID
- nal_resource_reserve_20250827
- Published UTC
- 2025-08-26T22:39:34Z
- Projects
- nal · authier
- Commodities
- lithium
Moblan Lithium Project Definitive Feasibility StudyStudy · MediumExtracted
2024 DFS: 300ktpa SC6 for 21 years, post-tax NPV8% C$2.2B (US$1.64B), post-tax IRR 34.4%, capex C$962M (US$722M), opex C$555/t, AISC C$748/t, 1.5-2.0% royalty to Lithium Royalty Corp, average LOM price US$1,990/t (Benchmark Q3 2023), 39 month pre-production period.
- Document ID
- moblan_dfs_20240220
- Published UTC
- 2024-02-19T22:33:01Z
- Projects
- moblan
- Commodities
- lithium
Evidence facts55
201675000 USD
2026-06-3044390000 USD
2026-06-30255279000 USD
2026-06-30727166000 USD
2026-06-30-43605000 USD
2026-06-3024027000 USD
2026-06-30194016029 shares
2026-06-3011543296014 shares
2025-06-309738000 USD
2026-06-3022710000 USD
2026-06-3047.2 Mt
2026-06-30197967 dmt
2026-06-30181494 dmt
2026-06-3014000000 USD
2026-06-30198000 dmt
2027-06-30210000 dmt
2027-06-30880 USD/dmt
2027-06-30950 USD/dmt
2027-06-30120000000 USD
2027-06-30140000000 USD
2027-06-3054479 dmt
2026-06-3030000000 USD
2026-06-3019000000 USD
2026-06-303218000000 CAD
2026-08-14366000000 CAD
2026-08-14876 CAD/t
2026-08-14527100000 CAD
2026-08-142430 USD/t
2026-08-14190876 t
2026-08-143112000000 CAD
2026-05-1212.2 AUD/share
2026-05-12275000000 AUD
2026-05-12145000000 CAD
2026-05-1254907 dmt
2026-09-3058134 dmt
2026-09-301276 USD/dmt
2026-09-30780 USD/dmt
2026-09-30319000000 USD
2026-09-30194016029 shares
2026-09-301640000000 USD
2024-02-202000000000 USD
2021-12-152187000000 CAD
2024-02-20962000000 CAD
2024-02-201990 USD/t
2024-02-204487 shares
2025-11-2721.11 pct
2026-10-198.227 pct
2026-10-265.576 pct
2026-09-183.19 AUD/share
2026-10-30618911133 AUD
2026-10-301.4407 AUD/USD
2026-10-3091140 CNY/t
2026-10-291100 USD/t
2026-10-291.4407 AUD/USD
2026-10-301.4 CAD/USD
2026-09-30