Elevra Lithium reported US$74 million in revenue from North American Lithium (NAL) for the September 2026 quarter, up 137% from the previous quarter as concentrate sales volumes and estimated selling prices rose.
Key Takeaways
- NAL sold 58,134 dry metric tonnes of spodumene concentrate, 71% more than in the previous quarter.
- The average selling price of US$1,276 per dry metric tonne was an estimate; final shipment pricing will settle in the December quarter.
- The NAL expansion moved into execution, while six recordable injuries prompted additional safety measures.
Elevra Lithium sales and costs
NAL produced 54,907 dry metric tonnes of spodumene concentrate in the September quarter, up 1% from the prior quarter and its second-highest quarterly production on record. It mined a record 466,499 wet metric tonnes of ore and processed a record 364,987 dry metric tonnes.
Sales volumes rose 71% and the average realised selling price, measured free on board, increased 39% from the previous quarter. The estimated price was based on spot price indices at September 30; final prices for the two shipments may be higher or lower when they settle.
Unit operating costs per tonne sold fell 14% to US$780 per dry metric tonne. Elevra attributed the decline to increased shipment volumes and strong operating performance. The company reported an operating cash margin of US$476 per tonne sold.
| Item | Details |
|---|---|
| NAL revenue | US$74 million in the September 2026 quarter, up 137% quarter on quarter |
| Concentrate sold | 58,134 dry metric tonnes, up 71% quarter on quarter |
| Average estimated selling price | US$1,276 per dry metric tonne, free on board |
| Unit operating cost | US$780 per dry metric tonne sold, free on board |
Expansion and safety
The NAL expansion moved from planning into execution during the quarter. Detailed engineering and procurement of long-lead items progressed, while equipment installation and demolition of the legacy carbonate plant began.
A pre-feasibility study outlined a staged expansion targeting approximately 373,000 tonnes of annual concentrate production, compared with approximately 199,000 tonnes without the expansion. That target is a project estimate, not current production.
NAL recorded six injuries during the quarter, including musculoskeletal injuries. Elevra said no common causal factor was identified and that the operation was increasing safety coaching, field leadership and the application of critical risk controls.
Cash and supply agreements
Elevra ended September with US$319 million in cash and US$240 million in net cash. The balances excluded approximately US$71 million in cash received from the sale of its Ewoyaa project interests, completed on October 26.
After the quarter, Elevra signed an agreement with LG Energy Solution to supply 240,000 dry metric tonnes of NAL concentrate over three years, with the first shipment expected in calendar 2026. A separate agreement with Mangrove Lithium is subject to conditions including financing and a final investment decision for its proposed conversion facility.
Next milestone
The final prices for the September-quarter shipments are due to settle in the December quarter.
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