BRISBANE, Australia, July 28, 2026 (GLOBE NEWSWIRE) -- Elevra Lithium Limited (“Elevra” or the “Company”) (ASX: ELV; NASDAQ: ELVR) reported another strong operational quarter, including monthly production records at North American Lithium (NAL) and a Strategic Financing Package that it says will support near-term growth.

North American Lithium

Safety performance at North American Lithium remained strong during the June 2026 quarter, with no lost-time injuries recorded and continued improvement in risk management and operational discipline across the site.

Ore mined was stable quarter on quarter (QoQ) at 372,938 wet metric tonnes (wmt), in line with process plant requirements.

Process plant utilisation remained high at 92% following a record March 2026 quarter. Despite a planned shutdown, it was the third best quarter on record. Strong crushing plant performance continued to support milling utilisation.

The combination of high mill utilisation, throughput and improved feed grades resulted in lithium recoveries of 71% for the June 2026 quarter, a 5% QoQ improvement.

Spodumene concentrate production increased 15% QoQ to 54,479 dry metric tonnes (dmt) at an average grade of 5.0%. The quarter marked the second-best performance on record and included a new monthly record of 22,202 dmt produced in May 2026, when utilisation and recoveries peaked at 98% and 73%, respectively.

As previously disclosed, spodumene sales totaled 33,977 dmt at an average realized selling price (FOB) of US$921/dmt, resulting in revenue of US$31 million. That represented a 39% QoQ decline in tonnes sold and a 37% decrease in the average realized price per tonne, as the Company sold the final tonnes under a multi-year contractual agreement that included a lagged pricing mechanism. That legacy contract has now been finalized, and pricing in Q1 FY27 and beyond is expected to be more representative of spodumene spot prices.

Unit operating costs per tonne sold (FOB) at NAL were US$907/dmt, up 3% from US$884 in the prior quarter. The increase primarily reflected the release of higher-cost inventory resulting from the timing of planned major plant shutdown costs in April and sustained mining intensity.

Capital expenditure of US$4 million during the June 2026 quarter related to planned NAL sustaining capital projects and the NAL Expansion Scoping Study.

Growth Projects

NAL Expansion

Elevra released an Updated Scoping Study for the NAL Expansion, evaluating a staged approach that accelerates production growth by two years and more than doubles the project’s incremental post-tax NPV 8% to C$969 million, while maintaining total capital expenditure of C$366 million.

The Company also reached a major milestone with the official groundbreaking of the fully funded NAL Expansion and placed key equipment orders to reduce schedule risk.

Moblan

Elevra purchased the spodumene concentrate offtake rights held by an investment vehicle managed by Waratah Capital Advisors, giving the Company control over 100% of its pro rata offtake entitlement, which is 60% of Moblan’s annual production.

To continue advancing project development, Elevra progressed environmental baseline studies and began preparations for an updated Moblan Scoping Study.

Carolina Lithium

Elevra continued engagement with the North Carolina Division of Air Quality to advance the project’s air permit and also met with local county leadership to provide updates on project activities and reinforce its commitment to responsible project development.

Corporate

In May 2026, Elevra announced a Strategic Financing Package to fully fund the NAL Expansion. The package includes a US$196 million (A$275 million) institutional placement and US$102 million (C$145 million) in convertible notes to be issued to Canada Growth Fund (CGF) across two tranches.

The issuance of the Upfront Tranche of convertible notes was approved by shareholders at an Extraordinary General Meeting on 16 July 2026. Proceeds of approximately US$46 million (C$65 million) from the Upfront Tranche are expected in Q3 CY26. Shareholder approval will be sought at the appropriate time for the issuance of a further C$80 million Conditional Tranche of convertible notes.

A US$11 million (A$16 million) Share Purchase Plan for eligible retail shareholders was also completed.

Elevra also agreed to sell its interest in the Ewoyaa Project in Ghana to Zhejiang Huayou Cobalt Co., Ltd. (Huayou) for approximately US$71 million in cash before fees, with the aim of streamlining its growth portfolio and removing future funding obligations. The transaction is expected to complete in Q3 CY26.

Cash at the end of the June 2026 quarter was US$255 million, excluding proceeds from the sale of the Ewoyaa Project interest and the drawdown of the first tranche of the CGF convertible note. Net cash was US$200 million, compared with US$59 million at the end of March 2026, and the prepayment facility balance was US$55 million, compared with US$54 million in March 2026. The prepayment facility was subsequently reduced by US$9 million in July 2026.

Guidance for FY27 will be provided with FY26 Full Year Results in late August.

Management Commentary

“The June 2026 quarter was a defining period for Elevra as we delivered strong operational performance at North American Lithium, secured a transformational financing package and further strengthened the foundations for our next phase of growth,” said Mr. Lucas Dow, Managing Director and CEO.

“At NAL, the team demonstrated that the operational improvements achieved over recent quarters are sustainable, delivering high mill utilisation and lithium recoveries that translated into a new monthly production record in May 2026. The continued improvement in recoveries is particularly notable and reflects the benefits of targeted optimization initiatives, strong crushing plant performance and enhancements to the processing circuit. These achievements reinforce our confidence in the operation and the opportunity to continue improving performance as we execute the staged expansion plan.”

He said realized pricing in the June 2026 quarter was affected by deliveries into a legacy offtake contract with an embedded pricing mechanism linked to historical lithium prices. Because of the lagged pricing mechanism, the rise in lithium prices seen in recent months was not fully reflected in the pricing Elevra received, but all obligations under the legacy contract have now been satisfied and future pricing is expected to better reflect spodumene spot prices.

Dow said the Strategic Financing Package fully funds the NAL Brownfield Expansion and supports the advancement of Moblan toward a Final Investment Decision. He added that the NAL Expansion is expected to increase production capacity and lower unit operating costs, while enhancing the quality and competitiveness of Elevra’s North American asset base.

He also welcomed Canada Growth Fund as a strategic partner, saying its investment mandate is aligned with Elevra’s objective of developing a local critical minerals supply chain.

Dow said the sale of the Ewoyaa Project interest reflects a disciplined portfolio decision that will allow Elevra to focus on its core North American assets, simplify its corporate structure and redeploy capital into opportunities with greater potential to create value for shareholders.

He added that the outlook for lithium remains positive, and while prices have moderated from recent multi-year highs, market fundamentals remain supported by continued demand growth. He also said industry-wide underinvestment during the recent downturn has constrained the pace of new supply growth, reinforcing the view that high-quality projects in strategic jurisdictions will remain important in meeting future demand.

Health and Safety

Safety remains a core priority across Elevra’s operations. Health and safety performance remained strong during the June 2026 quarter with two recordable injuries and no lost-time injuries. The Company said the improvement in safety performance since the restart of NAL operations in March 2023 reflects the maturity of its risk management culture and the commitment of its teams to safe operations.

ESG and Community Engagement

As Elevra advances the NAL Expansion, it engaged with several local stakeholder groups to present and discuss current operations and the expansion project. The consultations were intended to gather feedback, identify concerns and understand community expectations to guide planning and further engagement efforts.

Environmental studies required for the NAL Expansion progressed alongside engineering work to define expected impacts and support permitting, project design and development. Elevra said permitting is not expected to constrain the initial stage of the expansion, allowing development to progress in parallel with longer-term permitting requirements.

For Moblan, environmental studies and associated permitting activities remain the critical path for project development. Ongoing technical and engineering work will continue to refine the project scope and inform permitting requirements and timelines.

North American Lithium Operations

Ore mined of 372,938 wmt was 1% higher than the previous quarter. Mining activity during the June 2026 quarter focused on executing the planned mine development sequence while optimizing ore availability and feed quality. Ore uncovered decreased 20% as mining progressed through areas associated with historical underground stopes, resulting in a 13% increase in waste mined to maintain access to ore zones.

Ore mined remained consistent QoQ and aligned with processing plant requirements. The feed grade of ore delivered to the run-of-mine (ROM) stockpile averaged 1.06% Li2O, a marginal decline from 1.07% Li2O in the previous quarter, while iron content continued to decline as expected.

Production increased to 54,479 dmt of spodumene concentrate at an average grade of 5.0% for the quarter. The mill processed 358,806 tonnes of ore, up 4% QoQ, with ore sorting at the ROM stockpile and the crushing circuit reducing iron content in mill feed.

Mill utilisation was 92%, down 2% QoQ from the record March 2026 quarter. The decline was due to a major planned shutdown in April 2026, but high mill utilisation in May and June delivered the third best quarterly performance since operations restarted. Record crushing plant performance, with 384,307 wmt crushed during the period, up 10% QoQ, supported operational stability.

An improved average feed grade of 1.07% Li2O in the June 2026 quarter, compared with 1.03% Li2O in the March 2026 quarter, and successful blending of iron content supported Li2O recovery of 71%, up 5% QoQ. The improvement in recoveries was also aided by high mill utilisation, throughput and process modifications made in the March 2026 quarter.

Sales

NAL revenue was US$31 million for the June 2026 quarter, affected by lower tonnes sold and lower realized pricing due to shipping schedules and legacy lagged pricing mechanisms.

Revenue declined 61% QoQ because of a 39% decrease in spodumene concentrate tonnes sold and a 37% decrease in the average realized selling price per tonne (FOB). Total spodumene concentrate tonnes sold during the quarter were 33,977 dmt, across two cargoes.

The average realized selling price (FOB) for the quarter was US$921/dmt. Realized pricing declined because of the contractual pricing mechanism in a customer contract that referenced historical lithium hydroxide prices. All 33,977 dmt sold were subject to this lagged pricing mechanism, and the delivered volumes satisfied all remaining obligations under that multi-year offtake agreement. As a result, there will be no further deliveries subject to the mechanism, and Elevra expects future realized pricing to align more closely with spot spodumene pricing.

As of 30 June 2026, 40,863 dmt of spodumene concentrate finished goods were stockpiled at NAL, in transit or at port. The Company expects a shipment of approximately 32,500 dmt to be completed in July, with a further shipment expected by the end of the quarter.

Costs

Unit operating costs per tonne sold (FOB) increased 3% quarter on quarter to US$907/dmt sold, reflecting the release of higher-cost inventory.

Controllable costs increased 16% QoQ, broadly in line with the overall increase in concentrate production.

Total ore mining and waste stripping costs increased 13% QoQ, consistent with the planned 13% increase in total material moved.

Total ore processing costs increased 27% QoQ, driven by higher concentrate volumes and the timing of the planned major shutdown in April 2026, compared with no major shutdown activity in the previous quarter. The combined impact of planned mining intensity and plant shutdown timing contributed to the release of higher-cost inventory during the quarter.

NAL Brownfield Expansion

Elevra said the Updated Scoping Study for the NAL Brownfield Expansion outlines enhanced project economics and increased strategic value from a staged development strategy that accelerates production growth while maintaining the total capital expenditure estimate.

The updated study shows a significant improvement in project value, with incremental post-tax net present value increasing to C$969 million, more than double the amount outlined in the previous study. The staged approach allows Elevra to progressively increase production capacity, optimize operational performance and lower unit costs through a series of milestones, while reducing execution risk and improving capital efficiency.

Following the completion of a capital raise in May 2026, which fully funded all three stages of the expansion, the Company announced the official groundbreaking and placed orders for key equipment to reduce schedule risk.

Elevra said the NAL Brownfield Expansion reinforces its position as a North American lithium producer at a time when demand for secure and transparent battery material supply chains continues to grow. By delivering additional production earlier, generating cash flow sooner and preserving flexibility to respond to market conditions, the staged development model is intended to provide a disciplined pathway for growth.

Moblan

At the Moblan Project, activity during the June 2026 quarter focused on workstreams required to support a future Final Investment Decision following the May 2026 capital raise. Permitting remains the critical path for development, and near-term priorities remain centered on baseline environmental studies and related permitting work.

Elevra completed the purchase and termination of the existing spodumene concentrate offtake agreement held by an investment vehicle managed by Waratah Capital Advisors Ltd. The transaction strengthens Elevra’s long-term position at Moblan by eliminating a life-of-mine sales commitment priced at a discount to prevailing market conditions, regaining full control of its attributable share of Moblan’s annual production and providing greater flexibility to structure future sales and financing opportunities.

The Company has also begun work to review and update Moblan’s 2024 Definitive Feasibility Study to incorporate the project’s expanded mineral resource base and further refine the development pathway.

Carolina Lithium

During the June 2026 quarter, Elevra continued permitting and stakeholder engagement for the Carolina Lithium Project. The Company maintained engagement with the North Carolina Division of Air Quality to progress the air permitting process toward public comment, while continuing to work with local, state and federal stakeholders. Senior leadership also met with local Gaston County leadership to provide updates on recent project development activities.

Western Australia

Morella Lithium Joint Venture Project

Elevra holds a 49% equity interest in the Morella Lithium Joint Venture, which holds lithium rights in the Pilbara and South Murchison regions and is managed by Morella Corporation Limited.

Following completion of the March 2026 20-hole reverse circulation (RC) drill program at Mt Edon in the South Murchison, assay results from the Sophie pegmatite were returned. The results continued to show broad zones of rubidium mineralisation and identified several higher-grade zones, reinforcing confidence in the continuity and scale potential of the mineralised pegmatite system.

The assay results provided the dataset needed to support preparation of a maiden JORC Mineral Resource Estimate, while ongoing metallurgical test work continues to evaluate development opportunities associated with the project’s rubidium mineralisation and associated lithium potential.

Tabba Tabba

Elevra holds the lithium and pegmatite rights over the Tabba Tabba project (E45/2364), where exploration is targeting gabbro-hosted, flat-lying spodumene pegmatite systems. The lease is located directly south and along strike from known lithium mineralisation.

Planned exploration remains focused on drill testing favorable geology along the western flank of the Corridor Gabbro in the North drill area and the Pascal pegmatite cluster, located approximately 3 km along strike to the south and containing untested pegmatite occurrences. Heritage surveys will precede initial RC drilling later in calendar year 2026.

Corporate Financing Package

During the June 2026 quarter, Elevra announced a Strategic Financing Package comprising an equity raising and convertible notes to Canada Growth Fund (CGF), securing funding for the Company’s near-term growth strategy.

The package includes a fully underwritten US$196 million (A$275 million) institutional placement before fees and a US$102 million (C$145 million) convertible notes investment from CGF. The notes will be issued across two tranches: an Upfront Tranche of US$46 million (C$65 million) and a Conditional Tranche of US$56 million (C$80 million).

Issuance of the Upfront Tranche was approved by shareholders at an Extraordinary General Meeting on 16 July 2026. Issuance of the Conditional Tranche remains subject to certain conditions, including Elevra’s election to draw on the facility and shareholder approval.

In conjunction with the package, Elevra also offered a Share Purchase Plan to eligible existing shareholders and raised an additional US$11 million (A$16 million).

The Company said the proceeds are expected to fully fund the staged NAL Brownfield Expansion, support execution of its multi-year expansion plans and provide funding to advance the Moblan Project through pre-development work toward a Final Investment Decision.

Sale of Ewoyaa Project Interest

Elevra entered into a binding agreement to divest its rights and interests in the Ewoyaa Project, including associated offtake rights, to Huayou, with completion expected in Q1 FY27.

Subject to satisfaction of the conditions precedent and completion in accordance with its terms, the transaction is expected to provide Elevra with approximately US$71 million in cash before fees. The deal is separate from Huayou’s proposed acquisition of Atlantic Lithium.

Elevra said the divestment supports its strategy of simplifying its corporate and operational structure, reducing complexity tied to Ewoyaa’s joint venture and offtake arrangements, eliminating future capital commitments to the project and increasing its focus on its North American lithium portfolio.

Cash

Cash and cash equivalents increased by US$142 million to US$255 million at the end of the June 2026 quarter, with net cash of US$200 million.

NAL generated profit from operations of US$1 million for the quarter, primarily due to lower sales volumes and lower realized prices compared with the March 2026 quarter. NAL reported a net operating cash outflow of US$50 million, mainly due to unfavorable net working capital movements driven by higher trade receivables from timing of receipts of US$30 million and higher finished goods inventories of US$18 million.

Capital expenditure in the quarter was US$4 million, related to planned NAL sustaining capital projects and the NAL Expansion Scoping Study.

The prepayment facility balance, which relates to advance payments based on the value of certain committed future sales of spodumene concentrate, was US$55 million at the end of the quarter, compared with US$54 million at the end of March 2026. The prepayment facility was subsequently reduced by US$9 million in July 2026.

The Group reported a net cash outflow of US$6 million for the June 2026 quarter, predominantly corporate expenditure.

Capital Structure

At 30 June 2026, Elevra’s capital structure was as follows:

• 194,016,029 ordinary fully paid shares
• 8,000,000 unquoted options expiring on 31 December 2028 (exercise price $4.80)
• 56,678 unquoted options expiring on 12 May 2029 (exercise price $18.30)
• 2,457,652 unquoted performance rights expiring on various dates

Announcement authorized for release by the Board of Directors of Elevra Lithium Limited.

All references to dollars and cents are in United States currency unless otherwise stated. Numbers may not add up precisely due to rounding. The report includes forward-looking statements, and Elevra said it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters continue to apply and have not materially changed.