Elevra Lithium (SYA) Q3 2025 earnings summary

Executive summary

• Maintained operational momentum and advanced key initiatives despite challenging weather and market conditions in the March 2025 quarter.

• Reinforced long-term growth platform and progressed the proposed merger with Piedmont Lithium, with regulatory approvals secured and completion targeted for mid-2025.

• Focused on health and safety, with improved injury frequency rates and enhanced safety culture initiatives.

• Ore mined and spodumene production declined due to weather and maintenance, but lithium recovery improved to 69%–72% quarter-on-quarter.

• Sales volumes were deliberately weighted to the June quarter to benefit from higher forward prices.

Financial highlights

• Revenue for the quarter was AUD 31 million, reflecting lower sales volumes but an 8% increase in average realized selling price to AUD 1,142 per tonne FOB.

• Unit operating cost per tonne sold rose 7% quarter-on-quarter to AUD 1,374 per tonne (FOB), but fell 1% in USD terms to $830/tonne.

• Cash and cash equivalents at quarter-end were AUD 88.9 million, down from the prior quarter due to lower sales, operating loss, capex, exploration, and merger costs.

• Capital expenditure included AUD 3 million for sustaining projects and AUD 7 million for exploration.

• Concentrate produced: 43,261 dmt (down 15% QoQ); concentrate sold: 27,030 dmt (down 59% QoQ).

Outlook and guidance

• FY2025 production guidance reaffirmed at 190,000–210,000 tonnes, with unit cost guidance of AUD 1,150–1,300/tonne.

• No exploration activity planned for FY2026; focus on consolidating mineral resource estimate updates and feasibility studies for NAL and Moblan.

• Conditional AUD 69 million placement, subject to shareholder approval, will strengthen the post-merger balance sheet.

• Updated MREs for NAL and Moblan targeted for H2 2025.

• Sales volumes for H2FY25 expected to be 30% in March quarter and 70% in June quarter to optimize pricing.