Elevra Lithium Limited has released a pre-feasibility study for the staged brownfield expansion of its North American Lithium operation in Québec, revising several key financial and production metrics upward from its previous scoping study.

The pre-feasibility study estimates a post-tax net present value (at an 8% discount rate) of C$3,218 million (US$2,384 million), compared with C$3,112 million in the scoping study published in May 2026. The incremental post-tax NPV is now pegged at C$943 million (US$699 million), down from C$969 million previously following a 4% increase in estimated mining costs driven by detailed haulage modelling.

Post-tax internal rate of return for the expansion rises to 49.9%, up from the 41.8% reported in May. Average annual spodumene concentrate production post-expansion is projected at 373 thousand tonnes per annum, representing a 10% increase over the 338 thousand tonnes per annum estimated in the scoping study. Elevra attributes the higher production volume to improved mill feed grades resulting from planned ore sorting equipment.

Life-of-mine C1 operating costs for the expansion are modelled at C$851 per tonne of concentrate (US$630 per tonne), with all-in sustaining costs at C$918 per tonne (US$680 per tonne). Total initial capital expenditure remains unchanged at C$366 million (US$271 million), which includes C$73 million in contingency. Elevra stated that the expansion is fully funded through its May 2026 strategic financing package.

The expansion relies entirely on existing Ore Reserves of 47.2 million tonnes grading 1.12% lithium oxide, consisting of 0.2 million tonnes of proven reserves and 47.0 million tonnes of probable reserves. These reserves support a revised mine life of 20 years.

“The NAL Expansion PFS confirms a compelling value proposition for Elevra, with a high-return brownfield expansion that materially increases production while reducing unit operating costs.”

“The ability to increase average annual production to 373,000 tonnes post-expansion, while reducing LOM average C1 unit costs post expansion to approximately C$851/t (US$630/t)4, demonstrates the significant operating leverage available at NAL.”

— Mr Lucas Dow, Managing Director and Chief Executive Officer

Construction and output will be delivered across three distinct phases. Stage 1 lifts process plant throughput to the currently permitted 4,500 tonnes per day starting in mid-CY27. Stage 2 expands milling capacity to 6,500 tonnes per day from mid-CY28 using a temporary mobile crushing circuit. Stage 3 introduces a permanent crushing solution and additional ore sorting capacity by mid-CY29.

Read the full announcement: NAL Expansion Pre-Feasibility Study