Elevra Lithium has reported a group profit after income tax of $44-million for the 2026 financial year, a $292-million improvement on the prior year, driven by record mined tonnage at its North American Lithium mine in Québec and a significant impairment reversal.

The ASX- and Nasdaq-listed company mined 1.47 million tonnes of ore at NAL during the year, a 14% increase year-on-year. Spodumene concentrate production totalled 197,967 tonnes, down 3% from the prior year due to lower mill feed grades from temporary adverse mining conditions in the first half. The company addressed these issues through targeted mine planning and blending initiatives.

The June quarter delivered Elevra's strongest operational performance of the year, with lithium recoveries improving to 71% and quarterly production exceeding 54,000 tonnes. Plant utilisation averaged 91% for the full year.

Underlying earnings before interest, taxes, depreciation and amortisation came in at $14-million for the group, including $46-million in underlying EBITDA from NAL – a $57-million improvement compared with the prior year. Non-cash extraordinary items totalled $62-million, which included a $156-million reversal of an NAL impairment recognised in the prior year and a $9-million net inventory write-up, partly offset by $104-million in non-cash merger-related accounting impacts.

Elevra closed the year with a cash balance of $255-million, following a successful equity raise of $202-million to fully fund the NAL brownfield expansion project and advance the Moblan development project, also in Québec.

"The 2026 financial year was transformational for Elevra, having completed the merger of Soyana Mining and Piedmont Lithium to create a leading North American lithium producer," said managing director and CEO Lucas Dow. "We remain fully funded for the NAL expansion project and to advance our broader development pipeline, while sharpening our portfolio through the agreed divestment of our interests in the Ewoyaa lithium project."