Elevra Lithium Limited

FY26 revenue was $202 million, up 39% year over year. Average realized price increased 57% to $1,092 per tonne sold, while unit operating cost was $853 per dry metric ton sold, up 2%. Underlying EBITDA improved to a $14 million profit versus a $43 million loss in the prior period, and profit after income tax was $44 million versus a prior-year loss, aided by a $156 million reversal of NAL impairment and $104 million of non-cash merger-related items. NAL produced approximately 188,000 dry metric tons, down 3%, and sales were approximately 181,000 dry metric tons, down 13%, with about 41,000 dry metric tons of inventory at year-end. Cash was $255 million at June 30, with an additional $46 million received after year-end. For FY27, guidance is production of 198,000 to 210,000 tonnes, sales of 200,000 to 230,000 tonnes, unit operating costs of $880 to $950 per tonne sold, and capital expenditure of $120 million to $140 million; total project capital remains $270 million.

Lucas Dow framed FY26 as a year in which Elevra reset the company structurally and strategically through the Sayona-Piedmont merger, improved safety, and moved NAL expansion from study into construction. He emphasized that realized pricing is now above unit operating cost and that the business is shifting away from legacy offtake arrangements toward more market-linked pricing. His tone was constructive and confident, while still noting temporary mining constraints, tariff uncertainty, and the need to execute expansion and portfolio work carefully.

Christian Cortes highlighted the translation of stronger pricing into financial improvement, including revenue of $202 million, underlying EBITDA of $14 million, and year-end cash of $255 million. He noted NAL’s $46 million underlying EBITDA profit, group synergies of $15 million, and annualized savings expected to be about $19 million. He also explained that FY26 operating cash usage was $44 million, capital expenditure was $24 million, and total liabilities rose to $178 million while the $55 million prepayment facility was reduced by about $38 million in July and August.

Analysts focused on how FY27 pricing will work, whether realized prices will track spodumene or lithium carbonate, and how much of the business will remain under contract versus sold into spot. Management said current quarter sales are linked to spodumene indexes, not chemical pricing references, and that with legacy agreements behind them, they are effectively exposed to spot pricing. Questions also covered tariffs, strip ratio and higher unit costs, Moblan timing, and the Mangrove agreement; management said tariffs should have limited project impact, FY27 strip ratio is at the peak before easing, Moblan’s updated scoping study will come in the December quarter, and Mangrove was chosen for its strategic partnership value even though supply is years away.