Elevra Lithium (SYA) Q2 2025 earnings summary

Executive summary

• December 2024 quarter saw strong operational and financial performance, with NAL nearing operating cash break-even and record sales volumes achieved.

• Merger with Piedmont Lithium announced, creating a leading lithium producer with a robust balance sheet and operational synergies, with a 50/50 equity split.

• Drilling at NAL and Moblan confirmed significant resource expansion potential, supporting future brownfield expansion.

• Spodumene concentrate production was 50,922 dmt at 5.3% grade, down 2% quarter on quarter but in line with forecasts; sales reached a record 66,035 dmt, up 35% quarter on quarter.

• Revenue rose 33% quarter on quarter to AUD 70 million, driven by higher sales volumes, while average realized selling price slipped 1% to AUD 1,054 per ton.

Financial highlights

• Revenue rose 33% quarter on quarter to AUD 70 million, driven by a 35% increase in spodumene sales to 66,000 tons.

• Net cash increased to AUD 110 million, supported by a AUD 38 million capital raise and offset by AUD 15 million exploration and AUD 7 million capex.

• NAL loss from operations was AUD 13 million, as higher sales volumes and lower unit costs offset market price declines.

• Unit operating costs declined 6% quarter on quarter to AUD 1,258 per ton sold, and over 16% year-over-year.

• Capital expenditure for the quarter: AUD 7 million, mainly for tailings and process optimization.

Outlook and guidance

• FY 2025 production guidance reaffirmed at 190,000–210,000 tons of spodumene, with unit operating costs targeted at AUD 1,150–1,300 per ton.

• No major exploration activity planned for NAL or Moblan in the next 18 months; focus shifts to integrating drilling results and updating resource estimates.

• Ongoing focus on operational efficiency, cost competitiveness, and maximizing value from the Piedmont merger.

• Exploration and drilling programs in Canada and Australia are set to continue, with new targets identified for 2025.