Revenue and Safety Improvements Lead the Quarter
Elevra Lithium Limited demonstrated notable operational advancements and revenue growth in the first quarter of 2026. This period saw the company achieving US$81 million in revenue, marking a 22% increase from the previous quarter, largely due to enhanced production capabilities and a thriving lithium market.
North American Lithium (NAL), situated in Québec, reached a significant safety milestone with no recordable injuries for two consecutive months. This accomplishment contributed to a decline in the Total Recordable Injury Frequency Rate (TRIFR), which remained under the fiscal year 2026 target for the third consecutive quarter.
A 7% increase in spodumene concentrate production was recorded, reaching 47,332 dry metric tonnes. The average selling price per tonne surged by 46% to US$1,453, indicative of strong market demand.
Operational flexibility improved as mine development sequencing and waste stripping increased ore uncovered by 25% compared to the previous quarter. This allowed ore mining activity to align more closely with production requirements, resulting in 370,508 wet metric tonnes mined.
Expansion Projects and Future Goals
An accelerated expansion plan for NAL was announced by Elevra, aimed at bringing additional spodumene concentrate production online earlier than anticipated. This strategy includes a phased development pathway to optimise capital deployment and project sequencing.
Lucas Dow, Managing Director and CEO, emphasised the quarter's achievements, stating, "Our team remained focused on safety and operational discipline, delivering measurable improvements at NAL." He also noted the company's strategy to integrate into downstream partnerships, supported by a non-binding Memorandum of Understanding with Mangrove Lithium.
By the end of March 2026, Elevra's cash position had strengthened to US$113 million, reflecting profits from operations and favorable net working capital movements. The company maintains its full-year production guidance of 180,000–190,000 dry metric tonnes.
Process plant utilization improved to 94%, the highest in operational history, driven by strong crushing plant performance and no planned shutdowns. Lithium recovery also increased to 66%, up 4% quarter on quarter, due to improved ore sorting efforts.
Spodumene sales amounted to 55,526 dry metric tonnes, with an average realized selling price of US$1,453 per tonne. Although the volume sold declined by 16% quarter on quarter, the company benefited from a 46% increase in the average realized price, reflecting a strengthening lithium market.
Unit operating costs per tonne sold at NAL rose to US$884, a 9% increase from the previous quarter, mainly due to the release of higher cost inventory associated with elevated mining costs. However, Elevra's limited exposure to liquid fuel prices, with diesel accounting for only around 5% of site operating costs, helped mitigate some impacts.
Capital expenditure of US$4 million for the quarter focused on various sustaining capital projects at NAL, supporting continued operational improvements and expansion efforts.
