Elevra Lithium Quarterly Activities Report

Core Insights - Elevra Lithium Limited reported record quarterly revenue and gross profit at North American Lithium (NAL), while adjusting production outlook due to short-term operational conditions [1][11][21] Financial Performance - NAL generated revenue of US$66 million for the December 2025 quarter, a 223% increase from the previous quarter, driven by a 154% increase in spodumene concentrate sold [35][66] - Average realized selling price (FOB) rose by 27% to US$998/dmt, reflecting improved market conditions [36][66] - Unit operating costs decreased slightly to US$812/dmt sold, compared to US$818 in the prior quarter [38][66] Production and Operations - Ore mined increased by 15% quarter on quarter to 389,801 wet metric tonnes (wmt), but lithium recovery declined to 62%, down 7% from the previous quarter [7][22] - Spodumene concentrate production fell by 15% to 44,154 dry metric tonnes (dmt) due to lower feed grades and higher iron content in the ore [7][31] - Mill utilization improved to 89%, a 2% increase quarter on quarter, despite a planned shutdown for maintenance [32] Growth Projects - Elevra is advancing the NAL Expansion with an accelerated timeline to increase annual production and reduce unit operating costs [3][46] - The Ewoyaa Mining Lease ratification process is ongoing, with project advancement contingent on this and suitable financing [5][18] - Carolina Lithium received General Stormwater Permits, marking progress in environmental permitting [51][53] Corporate Developments - Christian Cortes was appointed as Chief Financial Officer, bringing over 20 years of experience in the finance and resources sector [62][63] - The company revised its FY26 production and sales guidance to a more conservative outlook, reflecting operational challenges [60][61] Health and Safety - The Total Recordable Injury Frequency Rate (TRIFR) increased during the quarter, but it was noted as the second-best safety performance since operations resumed in 2023 [23][24]