Elevra Lithium Ltd (ELVR)

Price$56.84Cached quoteAs of 2026-09-06 09:18 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong project value offsets weak recurring cash generation.

At roughly US$990 million of equity value and about US$790 million after subtracting US$200 million of net cash, Elevra trades near the expansion project's estimated US$699 million value. However, that estimate assumes average concentrate pricing of US$2,137 per tonne, almost twice FY2026's US$1,092 realized price. Underlying operating profit before interest, tax, depreciation and amortization was only US$14 million. The valuation therefore requires higher lithium prices and successful expansion delivery, supporting a fair-priced verdict.

Big pictureRevenue recovered, but reported profit overstated the business's current cash-earning power.

The supplied history shows FY2025 revenue of A$223 million, an operating loss of A$384 million and a net loss of A$382 million. In FY2026, the combined group generated US$202 million of revenue and US$14 million of underlying operating profit. Reported profit reached US$44 million, but included a US$156 million impairment reversal and large merger-related accounting adjustments. Operations consumed US$44 million of cash, while US$24 million of investment spending pushed cash left after running and investing in the business further negative.

Business strengthA large cash reserve and improving mine performance provide meaningful protection during lithium swings.

Elevra ended June with US$255 million of cash and US$55 million of customer-prepayment debt, leaving US$200 million of net cash. June-quarter production rose 15% to 54,479 tonnes, while lithium recovery improved to 71%. Still, FY2026's US$1,092 realized selling price was only US$239 above the US$853 operating cost per tonne sold, before corporate and expansion costs. Planned FY2027 investment spending of US$120 million to US$140 million means the cash cushion can shrink quickly if lithium prices weaken.

What could change the storyExpansion success could unlock value, while rising costs or dilution could erase it.

The strongest bull case is delivery of 373,000 tonnes of annual post-expansion output, versus 199,000 tonnes without expansion, while reducing estimated operating cost to US$630 per tonne. The bear case is that the US$271 million initial budget has a plus-or-minus 40% accuracy range and assumes much stronger long-term lithium pricing. Elevra raised US$207 million through shares, contributing to a 123% annual share-count increase, and arranged US$102 million of convertible notes. FY2027 output of 198,000–210,000 tonnes and costs of US$880–950 will provide the next test.

AI: News

Expansion study releasedThe expansion study promised much higher output and lower costs, but relies on strong lithium prices.

On September 8, Elevra estimated that expanding North American Lithium could nearly double annual production to 373,000 tonnes after ramp-up. The study assigned the expansion US$699 million of net present value, meaning estimated future cash translated into today's money, with US$271 million of initial spending. Estimated post-expansion operating cost was US$630 per tonne. Those attractive figures depend heavily on assumed concentrate prices averaging US$2,137 per tonne and timely completion of three construction stages through mid-2029.

Annual recovery confirmedAnnual results showed an operating recovery, alongside continued cash use and a costly growth plan.

On August 28, Elevra reported that FY2026 revenue increased 39% to US$202 million and underlying operating profit reached US$14 million, improving from a US$43 million loss. Operations nevertheless consumed US$44 million of cash, and the US$44 million reported profit included substantial non-cash accounting benefits. Management guided to 198,000–210,000 tonnes of FY2027 production, US$880–950 operating cost per tonne sold and US$120–140 million of investment spending.

Canadian supply dealA conditional Canadian supply deal added future sales protection without limiting lithium-price upside.

On August 21, Elevra signed a seven-year agreement to supply Mangrove Lithium's planned Canadian conversion plant. Contracted volumes are 122,000 tonnes in year one and 144,000 tonnes annually from year two, with market-linked pricing, a floor expected above Elevra's production cost and no price ceiling. Local delivery could avoid ocean freight. The value remains conditional because Mangrove must secure financing, approve construction by December 2028 and reach sustained commercial operation within three years afterward.

Output reached near-recordQuarterly production reached near-record levels, while lagged contract pricing held back revenue.

The July 28 quarterly report showed June-quarter production of 54,479 tonnes, up 15% from the March quarter and the operation's second-best result. Recovery improved five percentage points to 71%. Sales were lower at 33,977 tonnes, producing US$31 million of revenue at US$921 per tonne because an older contract used delayed pricing. Elevra said that contract had ended, so subsequent realized prices should track current lithium markets more closely, increasing both upside and downside exposure.

Loading local price history

Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$223.4M	$200.9M	$0	—
Operating income	−$384.4M	−$119.1M	−$21.5M	—
Operating margin	−172.08%	−59.28%	—	—
EBITDA	−$345.8M	−$85.3M	−$15.4M	—
EBITDA margin	−154.80%	−42.46%	—	—
Net income	−$381.7M	−$119.0M	−$10.3M	—
Net profit margin	−170.90%	−59.25%	—	—
Basic EPSper basic share	-A$4.10	-A$1.52	-A$0.20	A$8.98
Diluted EPSper diluted share	-A$4.10	-A$1.52	-A$0.20	A$8.46

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of ELVR
Holder	Shares held
VAN ECK ASSOCIATES CORP	1.24M
UBS Group AG	148.63K
Legal & General Group Plc	118.14K
READYSTATE ASSET MANAGEMENT LP	92.27K
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	75.67K
BlackRock, Inc.	32.43K
ROYCE & ASSOCIATES LP	26.01K
MORGAN STANLEY	16.85K
MANUFACTURERS LIFE INSURANCE COMPANY, THE	12.48K
HITE Hedge Asset Management LLC	12.17K
AMERICAN CENTURY COMPANIES INC	8.63K
GOLDMAN SACHS GROUP INC	6.51K
Quantinno Capital Management LP	5.49K
LPL Financial LLC	5.08K
Vanguard Personalized Indexing Management, LLC	4.88K
DIMENSIONAL FUND ADVISORS LP	4.79K
Catalyst Funds Management Pty Ltd	4.1K
GEODE CAPITAL MANAGEMENT, LLC	3.43K
XTX Topco Ltd	3.38K
MILLENNIUM MANAGEMENT LLC	3.09K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)1$239.8K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 2, 2026Form 4	Collard SylvainPresident Canada & Group COO	SellOrdinary Shares · indirect	41.6K	$5.77	$239.8K	42.6K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about ELVR yet. Start the conversation.

Write the first post

Elevra Lithium Ltd (ELVR)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.