Elevra Lithium (SYA) H1 2026 earnings summary

Executive summary

• Completed merger between Sayona Mining and Piedmont Lithium, forming a leading North American lithium producer with a 50:50 equity split, effective 30 August 2025, and rebranded as Elevra Lithium Limited.

• Revenue rose 8% year-over-year to US$86.2 million, driven by a 34% increase in average realised selling price despite a 20% drop in sales volumes.

• Underlying EBITDA turned positive at US$0.8 million, up from a US$24.9 million loss in H1 FY25, supported by improved pricing and merger synergies.

• Net profit after tax was US$73.9 million, reflecting a US$155.6 million impairment reversal and US$62.9 million gain on bargain purchase.

• Board and executive changes included new CFO, expanded board with ex-Piedmont directors, and strengthened ESG initiatives.

Financial highlights

• Cash and cash equivalents increased to US$81.2 million, supported by a US$43.8 million capital raise and merger-related inflows.

• Net assets rose 82% to US$565 million, with property, plant, and equipment up 64% due to impairment reversal and asset integration.

• Operating cash outflow was US$28.4 million, mainly due to non-recurring merger costs.

• No dividends declared or paid.

• Inventory increased 43% to US$44 million, with finished goods at 30kt.

Outlook and guidance

• Full-year production guidance for NAL revised to 180,000–190,000 dmt, with sales guidance at 170,000–190,000 dmt and unit operating costs expected at US$860–US$880/dmt.

• NAL Brownfield Expansion Scoping Study projects average annual production of 315,000 dmt and C1 cash cost of US$630/tonne; accelerated expansion pathway to reduce timeline by two years.

• Capital expenditure guidance at US$26 million, with US$20 million for sustaining capital at NAL.

• Strong lithium demand outlook through 2030, with global demand CAGR of 18%.

• Updated Scoping Study for NAL expansion expected in Q2 2026.