Elevra Lithium

What Elevra Lithium does

Elevra Lithium Limited (ASX: ELV, NASDAQ: ELVR) is a dual-listed hard-rock lithium producer and developer formed in August 2025 through the all-stock merger of Piedmont Lithium and Sayona Mining. The company is headquartered in Brisbane, Australia, and operates North American Lithium (NAL) in Quebec's Abitibi-Temiscamingue region — North America's largest producing lithium mine — alongside the development-stage Moblan (60% interest with Investissement Quebec), Carolina Lithium in North Carolina, and the Ewoyaa project in Ghana (being divested to Zhejiang Huayou Cobalt for ~US$71M). NAL's JORC-compliant Mineral Reserve of 49Mt at 1.11% Li2O underpins a current ~180-190 ktpa spodumene concentrate output with a staged brownfield expansion targeting 338 ktpa by mid-2029 at C1 costs of US$868/t, leveraging Quebec's renewable hydroelectric grid for low-emissions production. Planned downstream integration includes Metso pressure leach lithium hydroxide conversion at Carolina Lithium and a non-binding MoU with Mangrove Lithium for up to 144,000 tpa concentrate supply into a planned 20,000 tpa North American refinery.

The company's revenue model centers on direct sales of high-grade spodumene concentrate to global battery manufacturers and EV supply chain customers under long-term offtake agreements with floor and ceiling pricing mechanisms. Realized prices reached approximately US$1,453/dmt FOB in Q3 FY26 (March 2026 quarter), generating record quarterly revenue of US$81M (+22% QoQ) and an H1 FY26 revenue of US$86M (+8% YoY). Additional revenue streams include 50% life-of-mine offtake rights from Ewoyaa (transitioning to a US$71M cash divestiture), equity-linked offtake arrangements through Atlantic Lithium, and pending downstream conversion economics via the Mangrove partnership. Capital is sourced through dual equity markets and a C$145M convertible note commitment from the Canada Growth Fund, with a recent A$441M transformational financing package fully funding NAL expansion stages 1-3.

Name

Elevra Lithium

Legal name

Elevra Lithium Limited

Website

https://elevra.com

Company type

Public

Founded year

2025

Operating status

Operating

Headcount range

101–250 employees

Short description

Elevra Lithium is a dual-listed (ASX/NASDAQ) hard-rock lithium producer operating North America's largest producing lithium mine in Quebec, with expansion to 338 ktpa spodumene concentrate by 2029 and downstream hydroxide conversion development in North Carolina.

Ownership category

akta.pro rank

Product category

Lithium Raw Materials Production

NAICS

Battery Manufacturing (33591), Carbon and Graphite Product Manufacturing (335991)

SIC

Metal Mining (1000), Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400), Construction, Mining & Materials Handling Machinery & Equip (3530)

akta.pro primary industry

Lithium Mining & Brine Extraction (IMAKAFAA)

akta.pro secondary industries

Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Lithium-ion Battery Recycling (Mechanical, Hydro, Direct Recycling) (EUAIAIAF), Battery Recycling & Materials Recovery (Li-ion, LFP, Flow, Lead-Acid) (EUAMALAE), Collection, Logistics & Reverse Supply Chain (Transport, Sorting, Tracking) (EUAFACAA), Battery Dismantling, Discharge & Pre-processing (Safe Handling, Shredding, Black Mass Production) (EUAFACAB)

Keywords

• Lithium mining
• Spodumene concentrate
• Hard rock lithium
• Battery raw materials
• Lithium hydroxide production

Headquarters

HQ city

Brisbane

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Technology or R&D, Personnel, Supply Chain, Marketing or Sales

Revenue model

1. Spodumene Concentrate Sales: Revenue generated from production and sale of spodumene concentrate produced at North American Lithium mine. Sales volumes and realized prices fluctuate based on lithium market conditions.
2. Ewoyaa Offtake Rights: 50% life-of-mine offtake rights from Ewoyaa project at market prices, providing additional revenue stream through equity interest and offtake arrangements.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Elevra Lithium operates and develops hard rock lithium mining assets, producing spodumene concentrate for sale to global battery manufacturers and electric vehicle (EV) supply chain customers. Its flagship North American Lithium (NAL) operation in Quebec is North America's largest producing lithium mine, with development-stage and JV projects in Canada, the United States, Australia, and Ghana supporting future spodumene concentrate and lithium hydroxide output.

Product overview

Elevra Lithium is a dual-listed lithium producer and developer (ASX: ELV, Nasdaq: ELVR) offering a portfolio of lithium assets across Canada, the United States, Australia, and Ghana. The company's core product offering centers on spodumene concentrate production from its flagship North American Lithium (NAL) operation in Quebec, complemented by development-stage projects including the Moblan Lithium Project (Quebec), Carolina Lithium (North Carolina), and the Ewoyaa Lithium Project (Ghana). Elevra was formed through the August 2025 merger of Piedmont Lithium and Sayona Mining, combining operational excellence with disciplined asset management to serve the global electric vehicle and energy storage markets.

Differentiator

Problem solved

Functional benefit

Products and services

• North American Lithium (NAL) Flagship 100%-owned hard rock lithium mine and spodumene concentrator operation in Quebec's Abitibi-Temiscamingue region, approximately 60 km north of Val-d'Or. Currently North America's largest lithium producer, with a JORC-compliant Mineral Resource of 87.9-95 million tonnes at 1.13-1.15% Li₂O and a Mineral Reserve of 49 million tonnes at 1.11% Li₂O. Produces high-grade spodumene concentrate for global battery markets.
• Moblan Lithium Project High-grade greenfield lithium project located in the Eeyou-Istchee James Bay region of northern Quebec, held 60% by Elevra Lithium and 40% by Investissement Québec. Situated 300m from the Route du Nord highway connecting to railway lines and major ports, positioned to become a major supplier of lithium concentrate to the North American battery market.
• Carolina Lithium Development-stage multi-phase fully integrated lithium operation in Gaston County, North Carolina, situated in the Carolina Tin-Spodumene Belt. Designed to include mining operation, spodumene concentrator, and lithium hydroxide conversion plant using Metso's pressure leach technology. One of only two significant spodumene projects in the United States.
• Ewoyaa Lithium Project Joint venture project between Elevra and Atlantic Lithium in Ghana, West Africa, with potential to become one of Ghana's first lithium-producing mines. Elevra holds an equity interest in Atlantic Lithium and a 50% earn-in for Ghanaian spodumene projects, including a 50% life-of-mine offtake right. Located approximately 112 kilometres from the Port of Takoradi with direct highway access.
• Spodumene Concentrate Primary product produced by Elevra Lithium's North American Lithium operation. High-grade spodumene concentrate sold to global battery manufacturers for use in electric vehicles and energy storage solutions. Average realized selling prices reached approximately US$1,453/dmt in Q3 FY26.
• Western Australia Exploration Assets Lithium and gold exploration projects in Western Australia (Pilbara and South Murchison regions), including lithium rights to Deep Well, Tabba Tabba, Red Rock, Mt Dove, Friendly Creek, Station Peak and Mount Satirist tenements covering 478 square kilometres. Also includes a 49% equity stake in the Morella Lithium Joint Venture managing lithium rights for six tenements in Pilbara and two tenements in South Murchison.

Quantifiable outcome

• Record quarterly revenue of US$81M in Q3 FY26, up 22% quarter-on-quarter
• +4 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Mangrove LithiumcoreStrategic or Co-development Partner · 10 February 2026Non-binding MoU for supply of up to 144,000 tonnes per year of spodumene concentrate from NAL over an initial five-year period starting in 2028. Mangrove plans to process concentrate into battery-grade lithium hydroxide at its planned 20,000 tpa facility in eastern Canada. Contingent on Mangrove's final investment decision by June 2027.
• SOQUEM Inc. (Investissement Quebec)coreStrategic or Co-development PartnerMoblan Lithium Project held 60% by Elevra Lithium and 40% by Investissement Quebec (through its wholly-owned subsidiary SOQUEM Inc.). Joint venture partnership for development of the Moblan project in Quebec's Eeyou-Istchee James Bay region.
• Atlantic LithiumcoreStrategic or Co-development PartnerEwoyaa Lithium Project is a joint venture between Elevra and Atlantic Lithium. Elevra holds an equity interest in Atlantic Lithium and a 50% earn-in for Ghanaian spodumene projects, with 50% life-of-mine offtake rights.
• Waratah Capital Advisors LtdminorOthersElevra purchased and terminated the spodumene concentrate offtake agreement held by Waratah for the Moblan Lithium Project, issuing US$5 million in shares and US$0.5 million in options. This gives Elevra full control of its 100% pro-rata offtake entitlement from Moblan.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Albemarle Corporation: NYSE-listed world's largest lithium producer with diversified brine and hard rock operations globally. Broad incumbent serving the same battery/EV customers from a much larger portfolio including brine assets Elevra does not operate.
• SQM: Santiago-listed global lithium producer primarily from Chilean brine operations. Broad incumbent competitor in battery-grade lithium with materially greater scale, vertical integration into specialty plant nutrition, and broader geographic footprint.
• IGO Limited: ASX-listed diversified mining company operating the Greenbushes hard rock lithium mine in Western Australia (joint venture with Tianqi and Albemarle). Broad incumbent in Australian hard rock lithium with the world's largest hard rock lithium asset.
• Tianqi Lithium: HKEX-listed Chinese integrated lithium producer with hard rock and brine assets plus downstream conversion. Major incumbent serving global battery supply chain from a far larger scale than Elevra.

Direct peers

• Sigma Lithium: NASDAQ-listed hard rock lithium producer operating the Grota do Cirilo mine in Brazil producing battery-grade spodumene concentrate. Directly comparable as a publicly listed, single-asset-focused hard rock lithium producer with similar ESG positioning.
• Pilbara Minerals: ASX-listed hard rock lithium miner operating the Pilgangoora mine in Western Australia. Directly comparable as a publicly listed spodumene concentrate producer targeting global battery markets with similar offtake-driven commercial model.
• Liontown Resources: ASX-listed developer of the Kathleen Valley hard rock lithium project in Western Australia. Comparable as a publicly listed lithium developer transitioning to producer status with multi-asset growth pipeline and battery manufacturer offtake agreements.
• Atlantic Lithium: AIM-listed developer of the Ewoyaa lithium project in Ghana — currently Elevra's joint venture partner (and subject to Elevra's pending divestiture). Closely comparable as a publicly listed emerging hard rock lithium developer in West Africa.
• Mineral Resources: Operates the Mt Marion hard rock lithium mine in Western Australia (joint venture with Ganfeng). Closely comparable model as a mid-cap spodumene concentrate producer with long-term offtake contracts to Chinese converters and active brownfield expansion plans.

Emerging players

• Patriot Battery Metals: ASX-listed Canadian hard rock lithium developer advancing the Shaakichiuwaanaan (formerly Corvette) project in Quebec. Emerging competitor operating in the same Quebec jurisdiction as Elevra's NAL and Moblan assets, with partial overlap in target customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/sayona-mining-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries4 records

Funding overview

Funding rounds6 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elevra Lithium