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ASX:ELV • NASDAQ:ELVR Elevra Lithium FY26 Full Year Results 28 AUGUST 2026
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Agenda ELEVRA LITHIUM 2 01 FY26 Full Year Highlights 02 Operational Performance 03 Financial Performance 04 Strategy Update 05 Lithium Market and Guidance
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FY26 Highlights FY26 strengthened NAL’s operating platform, improved safety and operational resilience, and established the foundation for a fully funded expansion ELEVRA LITHIUM 3 Production TRIFR DRY METRIC TONNES PER MILLION HOURS WORKED 197,967 DOWN 3% 6.93 DOWN 67% Corporate Merger of Sayona and Piedmont Lithium completed Mineral Resource and Ore Reserve estimates increased at NAL and Moblan +57% AVERAGE REALISED PRICE (FOB) 91% MILL UTILISATION NAL 67% RECOVERY NAL $15M 10 MONTH SYNERGIES GROUP Financial REVENUE CASH AT 30 JUN. 2026 $202M UP 39% $255M UP 440% NAL Brownfield Expansion Scoping Study completed, and project funding secured
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02 Operational Performance
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Health and Safety Performance Safety performance materially improved, reinforcing a strong operating culture ELEVRA LITHIUM 5 Metric FY241 FY252 FY26 Medical aid 6 5 1 Modified duty 18 13 4 Lost time injury 18 8 3 28.56 20.79 6.93 FY24 FY25 FY26 Key Safety Performance Metrics TRIFR Per Million Work Hours1,2 Safety performance strengthened alongside increased operational activity, providing a stronger foundation for the NAL expansion • Significant improvement was achieved across all reportable safety metrics in FY26. • 67% reduction in TRIFR per million work hours. • Sustained improvement in safety performance reflects stronger frontline discipline and operating practices. -67% 1. See Sayona Mining FY24 Annual Report filed with the ASX on 30 August 2024. 2. See Sayona Mining FY25 Annual Report filed with the ASX on 29 August 2025.
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NAL Operational Performance Resilient operating performance despite temporary mining constraints ELEVRA LITHIUM 6 NAL Global Recovery & Mill Utilisation 43% 57% 58% 62% 67% 68% 67% 68% 69% 73% 69% 62% 66% 71% 51% 71% 72% 75% 73% 83% 91% 90% 80% 93% 87% 89% 94% 92% 30% 40% 50% 60% 70% 80% 90% 100% Global Recovery (%) Mill Utilisation (%) Concentrate Produced & Unit Cost Sold 3,510 29,61031,486 34,237 40,439 49,660 52,14150,922 43,261 58,533 52,003 44,154 47,332 54,479 806 908 1,008996 894 837 830 791 818 812 884 907 0 100 200 300 400 500 600 700 800 900 1000 1100 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Concentrate Production (dmt) Unit Operating Costs Sold (US$/dmt FOB) Maintaining operational consistency • 198kt of spodumene concentrate produced in FY26, within initial guidance range despite temporary adverse mining conditions. • Unit operating cost per tonne sold (weighted basis) remained within revised FY26 guidance despite lower production volumes. • Production performance improved through the second half as targeted actions mitigated challenging ore feed characteristics. • Recovery improved to 71% in Q4, the highest level achieved in FY26, and mill utilisation remained consistently high.
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(95) (141) 239 834 694 1,092 929 835 853 (400) (200) 0 200 400 600 800 1,000 1,200 FY24 FY25 FY26 Unit Operating Profit Average Realised Selling Price (FOB) Unit Operating Cost Sold (FOB) Commercial Performance Higher revenue and realised pricing offset a decline in tonnes sold ELEVRA LITHIUM 7 Unit Economics US$/dmt sold Stronger lithium prices are translating into higher realised prices, higher margins and positive cash flow • Realised pricing increased during FY26, benefitting from stronger lithium prices and Elevra’s exposure to market pricing. • Restructuring of legacy offtake arrangements has increased Elevra’s leverage to lithium prices, allowing improvements in the market to flow more directly through to realised pricing. • Realised pricing has moved above NAL’s unit operating cost (per tonne sold), marking an important inflection point from a margin and cash flow perspective. • Elevra expects realised prices for FY27 sales to be more aligned with market prices after making the final deliveries under an offtake contract with a lagged price mechanism in FY26. 1 2 3 1. Unit Operating Profit represents the profit generated per unit sold at NAL. It is calculated as the average realised selling price (FOB) less the operating cost per unit operating cost sold (FOB). 2. Unit operating cost sold is calculated on an accruals basis and includes mining, processing, transport, port charges, site -based general and administration costs, and cash-based inventory movements, depreciation and amortisation charges, freight and royalties. It is reported in $/ dmt produced, FOB Port of Québec. 3. Average realised sales price is calculated on an accruals basis and reported in $/ dmt sold, FOB Port of Québec; FY26 statutory revenue adjusted with US$3.5m of CIF expenditure recovered from customers.
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NAL Brownfield Expansion Operational consistency and large resource base provide the foundation for near-term growth ELEVRA LITHIUM 8 Mineral Resource Estimate1 Mt 87.9 95.0 August 2024 August 2025 21.7 48.6 March 2023 August 2025 Ore Reserve Estimate 1 Mt Expanded resource base provides the foundation for increased production capacity Evaluated alternative pathways to optimise the scale and timing of the NAL Expansion The Expansion increases scale and lowers costs, improving operational resilience Significant increase provides confidence in the scale and longevity of NAL. Expanded resource base provides optionality to assess increased production capacity. Evaluated both a whole-of-project and staged expansion approach to determine the optimal pathway for increasing production capacity. Higher production capacity increases cash flow generation across lithium price cycles. Lower unit operating costs improved margins and resilience during periods of lower lithium prices. Determined a staged approach is the preferred pathway to increase production incrementally and reduce execution risk. Total Initial Capex2 US$M NPV8% (post-tax)2 US$M 1,587 2,305 Base Case Multi-stage Expansion 270 270 Single Stage Expansion Multi-stage Expansion LOM Average C1 Cost of Concentrate 2 US$/dmt Avg. Annual Production2 SC5.4, kdmt avg. LOM 194 338 Base Case Post Expansion 793 628 Base Case Post Expansion 1. See ASX release “NAL Resource and Reserves Increases” dated 27 August 2025. 2. See ASX release “Updated NAL Expansion Scoping Study” dated 12 May 2026.
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03 Financial Performance
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ELEVRA LITHIUM 10 Operational and Financial Overview Stronger lithium pricing, post-merger transformation and strategic funding position the Group for growth 1. All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the tota ls provided due to rounding. 2. Unit operating cost produced is calculated on an accruals basis and includes mining, processing, transport, port charges, site -based general and administration costs, and excludes inventory movements, depreciation and amortisation charges, freight and royalties. It is reported in $/ dmt produced, FOB Port of Québec. Unit operating cost sold adjusts unit operating cost produced with cash based inventory movemen ts. 3. Average realised sales price is calculated on an accruals basis and reported in $/ dmt sold, FOB Port of Québec; FY26 statutory revenue adjusted with US$3.5m of CIF expenditure recovered from customers. 4. The Underlying EBITDA percentage change represents the move from a loss position in FY25 to a profit position in FY26. UOM1 FY26 FY25 Variance Physicals Ore Mined kwmt 1,472 1,295 14% Spodumene Concentrate Produced kdmt 198 205 (3%) Spodumene Concentrate Sold kdmt 181 209 (13%) Unit Metrics Average Realised Selling Price (FOB) 3 US$/t 1,092 694 57% Unit Operating Cost Sold (FOB)2 US$/t 853 835 2% Financial Performance Revenue US$M 202 145 39% Underlying EBITDA profit / (loss) US$M 14 (43) 133%4 Cash Flows Operating Cash Flows US$M (44) (10) 354% Cash Balance US$M 255 47 440% Physicals • Spodumene production was 3% lower, reflecting temporarily lower recoveries from higher iron content and lower Li₂O ore grades in current phase of the mine. • Ore mined increased 14% to sustain production and build ROM pad inventory for FY27. Continued operational improvements, including increased ore sorting, recovery initiatives and sustained high mill utilisation, stabilised the first -half decline, with H2 FY26 production being broadly flat against H2 FY25. • Concentrate sales were 13% lower than the prior period, with 41kt of inventory held at year end to support the transition of port operations and enable a 33kt shipment in July 2026. Unit Metrics • Average realised selling price increased 57%, driven by stronger market demand. • Unit operating costs sold increased 2%, reflecting inflation and impacts from the current stage of the mine, which resulted in higher mining activity and lower concentrate production volumes. Financial Performance • Revenue increased by 39% to $202 million, with stronger realised pricing (+57%) offsetting lower volumes. • Underlying Group EBITDA of $14 million; supported by improved lithium pricing and $15 million in merger-related synergies on a restated basis. • Cash increased to $255 million, up 440% primarily driven by the initial receipt of Strategic Financing Package funding. Incremental cash of US$46 million (C$65 million) received from Canada Growth Fund (CGF) after balance sheet date. Consolidated Group
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ELEVRA LITHIUM 11 Financial Performance Elevra Achieves First Full-Year Profit Following Merger 1. All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the tota ls provided due to rounding. 2. Underlying Depreciation and Amortisation includes depreciation and amortisation and non -cash inventory movements. US$M1 FY26 FY25 Variance Revenue 202 145 57 NAL Operating Expenses (156) (174) 19 Underlying EBITDA | NAL 46 (29) 75 All Other Operational Expenditure (1) (1) Group and Corporate expenditure (30) (12) (18) Underlying EBITDA | GROUP 14 (43) 57 Underlying Depreciation and Amortisation2 (21) (26) 4 Extraordinary Items NAL Impairment Reversal (Non-Cash) 156 (176) 332 NAL Net Inventory Write-up (Non-Cash) 9 (3) 12 Merger Related Items (Non-Cash) (104) - (104) Other Minor Items (Non-Cash) - 7 (7) Merger Transaction Expenses (Cash) (9) (8) (1) Profit from Operations 46 (248) 294 Net Financial Income/(Expense) 1 (1) 1 Profit before Income Tax 46 (249) 295 Income Tax Expense (2) 2 (4) Profit after Income Tax 44 (247) 292 Underlying EBITDA • Underlying Group EBITDA profit of $14 million. • NAL reported a positive Underlying EBITDA of $46 million, with improved realised pricing offsetting the higher production costs. • Group expenditure totalled $30 million, incorporating ten months of overheads from the expanded Group post-merger, together with $7 million of hedge settlement costs. • On a restated basis, merger synergies delivered $15 million in savings , with corporate costs decreasing by $13 million and $2 million of synergies realised at NAL. These savings are expected to annualise to approximately $19 million. • The expanded Group’s other operational expenditure was largely minimised. Profit from Operations The Group's US$46 million profit from operations reflects the following adjustments to underlying EBITDA: • $21 million impact from depreciation and non-cash inventory movements. • $62 million net favourable impact from non-cash extraordinary items, comprising the US$156 million reversal of the NAL impairment and a US$9 million net inventory write-up, partially offset by $104 million of merger-related accounting items. Cash extraordinary items totalled $9 million, relating to residual merger transaction costs. Profit after finance costs and income tax • The Group reported a $44 million profit after tax, reflecting net financial income of US$1m and income tax expense US$2m. Consolidated Group
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ELEVRA LITHIUM 12 Underlying EBITDA Bridge1 Improved pricing and initial merger synergies delivered positive EBITDA 1. All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the tota ls provided due to rounding. 2. PLL standalone costs represent ten months of the PLL CY25 standalone approved budget, used as a proxy for a like -for-like restated comparison. 3. FY25 Adjusted EBITDA is derived from the reported FY25 SYA EBITDA, adjusted to include ten months of PLL standalone costs; to allow for a like-for-like restated comparison. 4. Inflation based on Annual CPI to June 2026; Australia CPI 3.8% published by Australian Bureau of Statistics, Quebec CPI 3.2% published by Statistique Quebec and USA CPI 3.5% published by U.S. Bureau of Labor Statistics 5. Includes the impact of lithium indices, customer mix, and other pricing -related factors on an FOB basis; excludes the US$1m frei ght optimization synergy benefit. (43) (22) (65) 15 8 (7) (8) 71 14 FY25 Underlying EBITDA (SYA) PLL Standalone Costs (10 Months) FY25 Underlying EBITDA (Adjusted) Merger Synergies Volume & Controllable Costs Hedge Settlement Costs Inflation & FX Impacts on Translation Lithium Market Price FY26 Underlying EBITDA (Elevra) $15M Merger Synergies (10 months) 5 32 Controllable Uncontrollable 13 1 1 G&A Corporate G&A NAL Freight Optimisation 4
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ELEVRA LITHIUM 13 Strategic funding and successful merger execution position the business for growth, with the NAL Expansion fully funded 1. All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the tota ls provided due to rounding. 2. Includes US$14.6 million of Piedmont Merger transaction fees and normalisation of legacy payables settled post completion. 3. Other includes lease payments, foreign exchange impacts, advances to associates, net of proceeds from sale of assets. Cash Flow Movements1 47 3 (22) 34 (24) 245 (3) 255 June-25 Closing Cash Balance (SYA) NAL Net Cash Inflow from Operations Net Cash Flows used in Other Operations (Group) Merger Transaction Costs & Legacy PLL W.C Cash Acquired on Merger with Piedmont Capital Expenditure Net Proceeds from Share Issuances Other Net Cash Flows Jun-26 Closing Cash Balance (Elevra) Operating Cash Flows Investing Cash Flows Financing Cash Flows 2 3 (25)
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ELEVRA LITHIUM 14 Financial Position Stronger post-merger balance sheet supported by strategic funding, portfolio optimisation and the NAL impairment reversal 1. All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the tota ls provided due to rounding. 2. Interest bearing liabilities include non -convertible redeemable cumulative preference shares, contract liabilities and lease lia bilities. Assets • Cash and cash equivalents increased to $255 million, up 440%, primarily reflecting receipt of the initial funding from the institutional placement and share purchase plan. Additional inflows of US$46 million (C$65 million) received from the issuance of the initial convertible notes to Canada Growth Fund (CGF) after balance sheet date. • Trade Receivables increased $32 million, reflecting the timing of receipts for shipments completed near balance sheet date. • Inventory increased by 82% compared to June 2025, reflecting the reversal of write-down adjustment of US$9 million from prior the year, and increased inventory volumes across both the ROM pad and finished products. Volumes at balance sheet date were increased to support FY27 production and the transition to new port operations. • Property, plant and equipment increased by 60%, primarily driven by the reversal of the prior year NAL impairment and the contribution from Piedmont assets following merger completion. • $18 million of Assets Held for Sale relates to the Ewoyaa Project Sale, expected to generate approximately US$71 million cash proceeds (before fees and taxes). Liabilities • Interest-bearing liabilities increased by $27 million, primarily reflecting the addition of Piedmont’s prepayment facility following merger completion. The combined balance of the prepayment facility of $55 million at balance sheet date was reduced to $38 million by August 2026. • Provisions increased $21 million, reflecting the addition of Piedmont business combination accounting. US$M1 FY26 FY25 Variance % Assets Cash and Cash Equivalents 255 47 440% Trade and Other Receivables 54 22 150% Inventories 56 31 82% Current Tax Assets 2 1 102% Other Assets 10 13 (18%) Other Financial Assets 9 1 1,236% Property, Plant and Equipment 500 313 60% Assets Held for Sale 18 - - Total Assets 905 427 112% Liabilities Trade and Other Payables 45 32 39% Interest Bearing Liabilities 2 78 51 54% Current Tax Liabilities 2 - - Deferred Tax Liabilities 9 10 (7%) Provisions 44 23 90% Total Liabilities 178 116 54% Net Assets 727 311 134% Securities on Issue 206 79 162% NTA per Security ($) 3.5 3.5 2% Consolidated Group
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04 Strategy Update
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Strategic Accomplishments Resetting the corporate foundation ELEVRA LITHIUM 16 Merger completed1 Completed the merger between Sayona Mining and Piedmont Lithium, bringing two complementary North American-focused lithium businesses together under a unified strategy. Corporate rebrand and consolidation2 Completed the corporate name change to Elevra Lithium alongside a share consolidation, simplifying the capital structure of the combined entity aligned with the new corporate identity. Synergies captured4 Identified integration synergies across the combined business and achieved initial cost savings to create a leaner and more efficient cost base. Board and leadership reset1,3 Reconstituted the Board of Directors and management team, aligning corporate governance and leadership with the scale and strategy of the newly combined company. 1. See Sayona Mining ASX announcement “Completion of Merger with Piedmont” dated 1 September 2025. 2. See Sayona Mining ASX announcements “Completion of Share Consolidation & Name Change Update” dated 22 September 2025 and “Cha nge of Company Name” dated 26 September 2025. 3. See Sayona Mining ASX announcement “Resignation and Appointment of CFO” dated 20 October 2025. 4. See ASX announcement “FY26 Full Year Results” dated 28 August 2026.
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Strategic Accomplishments Advancing the project pipeline ELEVRA LITHIUM NAL Brownfield Expansion scoping complete1 Evaluated expansion opportunities and completed Scoping Studies for the NAL Brownfield Expansion, defining the technical and economic case for near-term growth. NAL expansion construction underway4 Broke ground on the fully funded NAL Brownfield Expansion, moving the project from planning into Stage 1 execution. Moblan Offtake rights purchased3 Purchased offtake rights for the Moblan Project to secure Elevra’s 60% pro-rata offtake share and eliminate a sale obligation with a discounted price. Funding secured2 Obtained funding for the NAL Brownfield Expansion and to progress the Moblan Project toward a Final Investment Decision (FID). 17 1. See Sayona Mining ASX announcement “NAL Expansion Scoping Study” dated 15 September 2025 and Elevra ASX announcement “Updated NAL Expansion Scoping Study” dated 12 May 2026. 2. See ASX announcement “Successful Completion of A$275 million Institutional Placement” dated 13 May 2026. 3. See ASX announcement “Purchase of Moblan Offtake Rights” dated 12 May 2026. 4. See ASX announcement “NAL Expansion Update” dated 29 June 2026.
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Strategic Accomplishments Post FY26 Refining the portfolio ELEVRA LITHIUM 18 Spodumene supply agreement1 Entered a non-binding Memorandum of Understanding, followed post year-end by a Definitive Agreement with Mangrove Lithium for the supply of spodumene concentrate produced at NAL. Proposal to expand Morella Lithium JV4 Post year-end, signed a term sheet to expand the Morella Lithium Joint Venture to include additional Western Australian tenements. Tabba Tabba rights sold3 Sold pegmatite rights to the Tabba Tabba tenement (E45/2364) in Western Australia to Wildcat Resources, streamlining the exploration footprint while maintaining exposure to future potential resource growth. Ewoyaa divestment agreed2 Signed an agreement to sell Elevra’s interests in the Ewoyaa Project for a cash consideration, monetising a non-core asset. 1. See ASX announcements “Elevra signs Non-Binding Offtake MOU with Mangrove Lithium” dated 10 February 2026 and “Binding Agreement concluded with Mangrove Lith ium” dated 21 August 2026. 2. See ASX announcement “Elevra enters agreement to sell Ewoyaa Project Interest” dated 11 May 2026. 3. See ASX announcement “Elevra Completes Sale of E45/2364 Pegmatite Rights” dated 7 August 2026. 4. See ASX announcement “Proposal to Expand Morella Joint Venture” dated 20 August 2026.
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05 Lithium Market and Guidance
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1.56 1.89 2.20 2.49 2.75 3.05 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 2025 2026 2027 2028 2029 2030 Consensus Max Min Uplift in Pricing with Strong Demand Outlook into 2030 Elevra is positioned to capitalise on recent price appreciation; demand growth presents opportunity for development projects Spodumene Concentrate 6% Price US$/t, CIF China Global Lithium Demand Mt LCE ELEVRA LITHIUM 20 Source: Spot Price sources from Fastmarkets as of 25 August 2026, Consensus shows average forecast price reported by brokers. See Appendix for details. Source: Fastmarkets $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Broker Outlook Spodumene Concentrate 6% Price, US$/t $2,466 $2,408 $1,830 $1,831 $1,729 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2026 2027 2028 2029 2030 Spot Price Consensus Source: Broker forecasts. See Appendix for details.
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Commercial Strategy – Target Portfolio Transitioning from legacy arrangements to a diversified, market-linked and flexible sales portfolio as NAL volumes expand ELEVRA LITHIUM 21 01 Strategic Offtake Partnerships ~3 core offtake customers Diversified customer base across geographies, end markets and trading counterparties Deeper strategic partnerships 02 Market-Based Pricing Framework Spot-linked pricing using recognised Spodumene SC6 indices Current market capture by removing legacy lagging pricing formulas Lower margin leakage through reduced intermediary exposure 03 Commercial Flexibility 3–5 year contract terms Incremental volume offered to core customers as production grows Spot-market balance captures upside exposure 100% ownership of NAL, concluding legacy arrangements and expanding volumes creates a timely opportunity to rebalance the portfolio.
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FY27 Guidance 1. Unit operating cost sold is calculatedon an accruals basis and includes mining, processing,transport,port charges, site-based general and administrationcosts and cash-based inventory movements, and excludes depreciation and amortisationcharges, freight and royalties. It is reported in US$/dmt sold, FOB Port of Québec. 2. Guidance assumes average annual exchange rates of CAD:USD = 0.74 and AUD:USD = 0.71. 3. FY27 Capital expenditure guidance excludes movements in capital creditors which amounted to US$3m at June-26 4. FY26 Capital expenditure of $24m includes $3m movements in capital creditors. ELEVRA LITHIUM 22 Spodumene Concentrate Production Spodumene Concentrate Sales Unit Operating Costs Sold 1 • SC 5.2% product grade • 100% NAL production • SC 5.2% product grade • Volumes modestly front-weighted utilising existing inventory (55% H1, 45% H2) • SC 5.2% product grade • Increase in FY27 due to inflation, FX translation, higher strip ratio (10:1), and pre-strip works in mining Phase 4 in anticipation of the NAL Brownfield Expansion. 198,000 – 210,000 dmt Additional InformationFY27 Guidance 2 Capital Expenditures 3,4 • US$100-120m growth capital allocated to the NAL Expansion and advancement of Moblan studies • US$20m of sustaining capital projects at NAL. 200,000 – 230,000 dmt US$880 – US$950 / dmt sold US$120-140m 197,967 dmt FY26 Actual 181,494 dmt US$853 / dmt sold US$24m
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Appendix
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ELEVRA LITHIUM 24 NAL Quarterly Physicals and Operational Metrics 1. All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the tota ls provided due to rounding. 2. Unit operating cost produced is calculated on an accruals basis and includes mining, processing, transport, port charges, site -based general and administration costs, and excludes inventory movements, depreciation and amortisation charges, freight and royalties. It is reported in $/ dmt produced, FOB Port of Québec. Unit operating cost sold adjusts unit operating cost produced with cash -based inventory movements. 3. Average realised sales price is calculated on an accruals basis and reported in $/ dmt sold, FOB Port of Québec; FY26 statutory revenue adjusted with US$3.5m of CIF expenditure recovered from customers. FY25 FY26 Full Year UOM1 Q1 Q2 Q3 Q4 FY25 Q1 Q2 Q3 Q4 FY26 FY25 FY26 Variance Physicals Ore Mined kwmt 240 370 322 362 1,295 338 390 371 373 1,472 1,295 1,472 177 Ore Crushed kwmt 362 343 293 379 1,377 350 361 350 384 1,446 1,377 1,446 69 Spodumene Concentrate Produced kdmt 52 51 43 59 205 52 44 47 54 198 205 198 (7) Spodumene Concentrate Sold kdmt 49 66 27 67 209 26 66 56 34 181 209 181 (28) Unit Metrics Average Realised Selling Price (FOB)3 US$/t 711 686 710 682 694 784 998 1,453 921 1,092 694 1,092 398 Unit Operating Cost Produced (FOB)2 US$/t 729 728 872 787 775 760 915 886 892 861 775 861 86 Unit Operating Cost Sold (FOB)2 US$/t 894 837 716 837 835 818 812 884 907 853 835 853 18 Production Variables Mill Utilisation % 91% 90% 80% 93% 88% 87% 89% 94% 92% 91% 88% 91% 3% Global Process Recovery % 67% 68% 69% 73% 69% 69% 62% 66% 71% 67% 69% 67% (2%) Concentrate Grade Produced % 5.3% 5.3% 5.2% 5.2% 5.3% 5.2% 4.9% 5.0% 5.0% 5.0% 5.3% 5.0% (0.3%)
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ELEVRA LITHIUM 25 Capital Investment Capital focused on NAL sustaining and progressing NAL Expansion Capital Expenditure • Capital expenditure increased by $11 million to $24 million, within full year guidance. • Sustaining capital during the period totalled $15 million, focused predominantly on upgrading the Tailings Storage Facility and various other sustaining capital projects at NAL. • Growth capital of $6 million was primarily directed toward the NAL Expansion, with expenditure relating to Elevra’s wider portfolio largely minimal in the period. Capitalised Exploration Expenditure • Capitalised exploration expenditure reduced to nil, representing a $19 million decrease compared to the prior corresponding period, which had utilised the remaining Flow Through Share funding 3 1. All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the tota ls provided due to rounding. 2. Movement in capital creditors has not been allocated by segment and capital type. 3. FY25 Exploration expenditure funded by Flow Through Share (FTS) funding as allowed under the Income Tax Act (Canada). US$M 1 FY26 FY25 Variance Capital Expenditure Growth 6 1 5 Sustaining 15 12 3 Movements in Capital Creditors2 3 0 3 Total Capital Expenditure 24 13 11 Capitalised Exploration Expenditure3 NAL - 6 (6) Moblan - 9 (9) Troilus Claims - 2 (2) Movements in Capital Creditors2 - 2 (2) Total Capitalised Exploration Expenditure - 19 (19) Consolidated Group
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Supporting Data Uplift in Pricing with Strong Demand Outlook into 2030 ELEVRA LITHIUM 26 Spodumene Concentrate 6% Price (US$/t) Est. Date 2026 2027 2028 2029 2030 Broker 1 Jul-26 2,351 2,035 1,550 1,460 1,400 Broker 2 Jun-26 2,757 2,250 1,050 1,925 1,675 Broker 3 Apr-26 2,655 2,663 2,400 2,175 2,100 Broker 4 Aug-26 2,250 2,410 - - - Broker 5 Jun-26 2,519 2,750 2,375 2,094 1,843 Broker 6 Jul-26 2,262 2,342 1,777 1,503 1,625 Consensus Average 2,466 2,408 1,830 1,831 1,729 Global Lithium Demand (kt LCE) Est. Date 2026 2027 2028 2029 2030 Broker 1 Jul-26 1,893 2,088 2,305 2,472 2,597 Broker 2 Jun-26 1,983 2,297 2,555 2,812 3,114 Broker 3 Apr-26 1,593 1,890 2,101 2,273 2,546 Broker 4 Aug-26 1,802 2,151 - - - Broker 5 Jun-26 2,144 2,597 2,990 3,337 3,619 Broker 6 Jun-26 1,910 2,205 2,515 2,863 3,361 Consensus Average 1,887 2,205 2,493 2,751 3,047 Consensus Max 2,144 2,597 2,990 3,337 3,619 Consensus Min 1,593 1,890 2,101 2,273 2,546 Consensus includes estimates from Benchmark Mineral Intelligence, Barrenjoey, Canaccord, Fastmarkets, J.P. Morgan, and Macquarie.