Elevra Lithium Limited reported US$202 million in group revenue for the 2026 financial year, marking a 39% increase from US$145 million in FY25 as the company integrated its operations following the merger of Sayona Mining and Piedmont Lithium.

The revenue growth was driven by a 57% increase in average realised selling prices to US$1,092 per dry metric tonne (FOB), which offset a 13% decline in spodumene concentrate sales to 181,494 dry metric tonnes. Lower sales volumes reflected shipment timing and customer schedules.

At the North American Lithium (NAL) operation in Québec, the company mined a record 1,471,588 wet metric tonnes of ore in FY26, representing a 14% increase compared to 1,294,972 wet metric tonnes mined in FY25. Plant utilisation averaged 91% for the period, while lithium recovery averaged 67%. Spodumene concentrate production reached 197,967 dry metric tonnes, down 3% on the prior year due to temporary adverse mining conditions in the first half that were addressed through targeted blending initiatives.

Group underlying EBITDA swung to a positive US$14 million, compared to a loss of US$43 million in FY25. Profit after income tax reached US$44 million, reflecting an improvement from the US$247 million loss recorded in the previous financial year, aided by a US$156 million reversal of the prior year's NAL impairment.

The closing cash balance reached US$255 million as of 30 June 2026, an increase of US$208 million compared to US$47 million at the end of June 2025. The cash position was bolstered by equity raisings, including a US$202 million financing package completed in May 2026 to fully fund the NAL Brownfield Expansion. Groundbreaking for the expansion took place in June 2026.

During the year, the company also agreed to divest its interests in the Ewoyaa Lithium Project to Zhejiang Huayou Cobalt Co., Ltd. for cash consideration of approximately US$71 million.

“FY26 marked a transformational year for Elevra. We completed the merger of Sayona Mining and Piedmont Lithium, creating a leading North American lithium producer, fully funded the staged expansion of NAL, advanced our broader development pipeline, and continued to sharpen our portfolio through the agreed divestment of our interests in the Ewoyaa Lithium Project.”

— Lucas Dow, Managing Director and Chief Executive Officer

Elevra expects Stage 1 of the NAL Brownfield Expansion to deliver a 15% to 20% increase in annual production capacity from mid-CY27.

Read the full announcement: FY26 Full Year Results Announcement