Elevra Lithium Posts 31% Production Surge and 124% Reserve Growth in FY25

A New Chapter for Elevra Lithium

Elevra Lithium Limited marked a significant milestone with its inaugural Annual General Meeting following the merger of Piedmont Lithium and Sayona Mining. The newly combined entity has swiftly demonstrated its enhanced scale and operational strength, positioning itself as North America's largest hard-rock lithium producer. Chair Dawne Hickton highlighted the company’s ambition to become a global lithium leader, underpinned by a refreshed board and management team blending expertise from both legacy companies.

Operational Excellence and Record Production

Fiscal year 2025 was a standout period for Elevra, with spodumene concentrate production climbing 31% year-on-year to 205,000 dry metric tonnes, meeting guidance targets. This surge was driven by improved mill utilization and lithium recovery rates, which reached new highs in the final quarter. Concurrently, unit operating costs fell by 9%, reflecting operational efficiencies and disciplined cost management. Sales volumes also hit a record 209,000 tonnes, although realised prices softened slightly amid market fluctuations.

Resource Base Expansion Bolsters Growth Prospects

Elevra’s resource and reserve base saw substantial growth, particularly at the North American Lithium (NAL) and Moblan projects. NAL’s Mineral Reserves more than doubled, increasing by 124% to 48.6 million tonnes, while its Mineral Resource Estimate rose by 8% to 95 million tonnes. Moblan’s resource expanded by 30% to 121 million tonnes, with reserves reaching 48 million tonnes. These expansions underpin a brownfield expansion plan at NAL targeting a 50% production increase to 315,000 tonnes per annum by 2029, alongside a projected 20% reduction in unit operating costs post-expansion.

Governance and Sustainability, Foundations for Long-Term Value

The merger prompted a comprehensive governance refresh, with Elevra increasing the proportion of independent directors and enhancing gender diversity through the appointment of a female Chair. The board now comprises eight members, with plans to streamline to six while maintaining independence. Remuneration frameworks have been overhauled to align closely with operational and financial performance, ensuring shareholder interests are front and centre. Sustainability remains a core focus, with the company achieving a 14% reduction in CO2 emissions despite higher production and embedding ESG metrics into executive incentives. An ESG Committee is slated for establishment in 2026, alongside enhanced sustainability reporting aligned with international standards.

Market Outlook and FY26 Guidance

Elevra’s outlook is buoyed by a tightening global lithium market, with supply deficits anticipated in 2026 amid robust demand growth driven by electric vehicle sales and energy storage expansion. Spodumene concentrate prices have surged, with spot prices exceeding US$1,200 per tonne. Against this backdrop, Elevra reaffirmed its FY26 guidance, targeting spodumene concentrate production of 195,000 to 210,000 tonnes and unit operating costs between A$1,175 and A$1,275 per tonne sold. Capital expenditure is forecast at A$40 million, focused on sustaining and growth projects, reflecting disciplined financial management amid expansion plans.

Overall, Elevra Lithium’s first year post-merger has laid a solid foundation for growth, operational efficiency, and sustainability leadership in the lithium sector.