ASX- and Nasdaq-listed Elevra Lithium mined a record 1.47-million tonnes of ore at the North American Lithium (NAL) mine, in Québec, in the 2026 financial year.

The company produced 197 967 t of spodumene concentrate in the year, including a monthly production record 22 202 t produced in May.

While the company's mined tonnages increased by 14% year-on-year, its spodumene concentrate production was 3% lower compared with the prior year, owing to lower mill feed grades from temporary adverse mining conditions in the first half of the year. Elevra addressed these issues with targeted mine planning and blending initiatives.

The company reports spodumene concentrate sales of 181 494 t in the reporting year, with lithium recoveries having averaged 67% and plant utilisation having averaged 91%.

The June quarter represented Elevra's strongest operational performance of the year, with recoveries improving to 71% and quarterly production exceeding 54 000 t.

Elevra's underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) amounted to $14-million in the year, including $46-million in underlying Ebitda from NAL, which marked a $57-million improvement compared to the prior year.

The company explains 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, which were partly offset by $104-million in non-cash merger-related accounting impacts.

A further $9-million in merger transaction costs were recognised as extraordinary cash expenses.

Elevra's group profit after income tax of $44-million in the reporting year ultimately reflects a $292-million improvement on the prior year owing to improved underlying Ebitda and benefits from extraordinary items.

The company closed the year with a cash balance of $255-million, particularly after a successful equity raise of $202-million to fully fund the NAL brownfield expansion project and to advance the Moblan development project, which is 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. 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," explains Elevra MD and CEO Lucas Dow.