Elevra Lithium posts record profit despite production dips at NAL

Elevra Lithium Limited has reported record revenue and gross profit at its North American Lithium (NAL) operation. This marks only the second time the company has achieved a quarterly profit since restarting production. Meanwhile, progress on the Ewoyaa Mining Lease in Ghana continues, though delays persist due to market conditions.

NAL saw mixed operational results in the latest quarter. Ore mined rose by 15% to 389,801 wet metric tonnes compared to the previous quarter. However, spodumene concentrate production fell by 15% to 44,154 dry metric tonnes, with an average grade of 4.9%. Lithium recovery also dropped to 62%, a 7% decline, mainly due to pit development sequencing.

Sales of spodumene concentrate remained steady at 66,016 dry metric tonnes, matching earlier guidance. The process plant ran at 89% utilisation, up 2% from the previous quarter. Unit operating costs slightly decreased to US$812 per dry metric tonne, down from US$818. Despite lower production, the average selling price (FOB) jumped by 27% to US$998 per dry metric tonne. This price increase contributed to the company's record quarterly revenue and profit. Elevra has adjusted its full-year 2026 guidance for production, sales, and costs, citing short-term operational challenges. Separately, the Ghanaian Parliament's ratification of the Ewoyaa Mining Lease remains pending as of December 2025. The process has faced delays due to a review of fiscal terms and royalties, triggered by an 80% drop in lithium prices. Further project development depends on the lease's approval.

NAL's latest results show higher revenue and profit despite reduced production and recovery rates. The price increase for spodumene concentrate helped offset operational challenges. Meanwhile, the Ewoyaa project in Ghana remains on hold until parliamentary ratification is complete.