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2026-11-06
◂ Monitor ELV ASX (primary), Nasdaq ADS (ELVR, 10 shares per ADS)

Elevra Lithium Limited

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

Narrative and provenance

Research & Sources

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The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.

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Chronological 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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
Evidence facts55
ar26_revenueRevenue FY26

201675000 USD

2026-06-30
ar26_npatProfit after income tax FY26

44390000 USD

2026-06-30
ar26_cashCash and cash equivalents

255279000 USD

2026-06-30
ar26_equityTotal equity

727166000 USD

2026-06-30
ar26_ocfNet cash flows used in operating activities

-43605000 USD

2026-06-30
ar26_capexPurchases of property, plant and equipment

24027000 USD

2026-06-30
ar26_sharesOrdinary shares on issue 30 June 2026

194016029 shares

2026-06-30
ar26_shares_pyOrdinary shares on issue 30 June 2025 (pre 150:1 consolidation)

11543296014 shares

2025-06-30
ar26_leasesLease liabilities

9738000 USD

2026-06-30
ar26_rehabMine closure and rehabilitation provision

22710000 USD

2026-06-30
ar26_nal_reserveNAL ore reserve 47.2Mt at 1.12% Li2O (100%)

47.2 Mt

2026-06-30
fy26_prodConcentrate produced FY26

197967 dmt

2026-06-30
fy26_soldConcentrate sold FY26

181494 dmt

2026-06-30
fy26_ebitdaUnderlying EBITDA FY26 (group)

14000000 USD

2026-06-30
fy27_guide_prod_loFY27 production guidance low

198000 dmt

2027-06-30
fy27_guide_prod_hiFY27 production guidance high

210000 dmt

2027-06-30
fy27_guide_cost_loFY27 unit operating cost sold low

880 USD/dmt

2027-06-30
fy27_guide_cost_hiFY27 unit operating cost sold high

950 USD/dmt

2027-06-30
fy27_guide_capex_loFY27 capex guidance low

120000000 USD

2027-06-30
fy27_guide_capex_hiFY27 capex guidance high

140000000 USD

2027-06-30
pres26_q_jun26Concentrate produced June 2026 quarter

54479 dmt

2026-06-30
pres26_corp_costGroup and corporate expenditure FY26 (10 months post merger incl US$7M hedge settlement)

30000000 USD

2026-06-30
pres26_synergyMerger synergies annualising to about US$19M

19000000 USD

2026-06-30
pfs_npvPost-tax NPV8% total NAL expansion case

3218000000 CAD

2026-08-14
pfs_capexTotal initial CAPEX

366000000 CAD

2026-08-14
pfs_c1LOM C1 cost of concentrate

876 CAD/t

2026-08-14
pfs_susexTotal sustaining capital

527100000 CAD

2026-08-14
pfs_price_ltLong-term SC6 price used (2036 onward, real 2025)

2430 USD/t

2026-08-14
pfs_fy27_prodConcentrate tonnes FY27 plan

190876 t

2026-08-14
scope_npvUpdated scoping post-tax NPV8%

3112000000 CAD

2026-05-12
fin_placementPlacement price

12.2 AUD/share

2026-05-12
fin_placement_sizePlacement size

275000000 AUD

2026-05-12
fin_cgf_totalCGF convertible notes total

145000000 CAD

2026-05-12
q1fy27_prodConcentrate produced

54907 dmt

2026-09-30
q1fy27_soldConcentrate sold

58134 dmt

2026-09-30
q1fy27_priceAverage realised price FOB

1276 USD/dmt

2026-09-30
q1fy27_costUnit operating cost per tonne sold FOB

780 USD/dmt

2026-09-30
q1fy27_cashCash balance

319000000 USD

2026-09-30
q1fy27_sharesOrdinary shares on issue

194016029 shares

2026-09-30
corp_moblan_npvMoblan 2024 DFS post-tax NPV8% (100%)

1640000000 USD

2024-02-20
corp_carolina_npvCarolina 2021 DFS post-tax NPV8%

2000000000 USD

2021-12-15
dfs_npvMoblan DFS post-tax NPV8% (100%)

2187000000 CAD

2024-02-20
dfs_capexMoblan DFS capex

962000000 CAD

2024-02-20
dfs_priceMoblan DFS average LOM SC6 price

1990 USD/t

2024-02-20
ins_lefcourt_nov25Shares bought by L Lefcourt

4487 shares

2025-11-27
sub_bnyBNY Mellon voting power

21.11 pct

2026-10-19
sub_citiCitigroup voting power

8.227 pct

2026-10-26
sub_vanguardVanguard voting power

5.576 pct

2026-09-18
ref_closeELV close 30 Oct 2026

3.19 AUD/share

2026-10-30
snap_mcapMarket cap at A$3.19

618911133 AUD

2026-10-30
snap_fxAUD per USD

1.4407 AUD/USD

2026-10-30
li2co3_spotGFEX lithium carbonate settlement

91140 CNY/t

2026-10-29
sc6_spot_derivedSC6 spodumene equivalent spot (derived)

1100 USD/t

2026-10-29
fx_audusdAUD per USD

1.4407 AUD/USD

2026-10-30
fx_cadusdCAD per USD used for NAL costs (September quarter)

1.4 CAD/USD

2026-09-30