olivLaw · US equity research
Elevra Lithium Ltd ELVR
Mining & Quarrying of Nonmetallic Minerals (No Fuels) · SIC 1400 · Vertical: Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400)
Elevra Lithium is a lithium mining company based in Brisbane that runs the North American Lithium operation in Québec and develops several projects in North America and West Africa. The company completed its merger with Piedmont in August 2025, which expands its portfolio and access to the US market. Revenue in fiscal 2025 was AU$223.4 million, while the loss after tax reached AU$381.7 million, mainly due to asset impairments.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Elevra Lithium Ltd (ELVR) stock was 22.63 USD (+1.71% on the day), with beta 1.94, 52-week range 21.96–102.33 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 26.4
- oversold (≤ 30)
- Bollinger (20, 2)
- 19.53 – 33.75
- in the lower half of the band · %B 0.22 · band width 53.4%
- SMA 50 / 200
- 39.57 / 59.77
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -4.79 / -5.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −40.1% | −1.1% | −39.0 pp | — |
| 3 months | −59.4% | −0.5% | −58.9 pp | — |
| 6 months | −77.1% | +4.4% | −81.5 pp | — |
| Year to date | −57.0% | +12.3% | −69.3 pp | — |
| 1 year | −18.3% | +13.5% | −31.8 pp | −11.5% |
| 3 years | unavailable | +76.4% | unavailable | +19.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 0 | 200.9 m | 223.4 m |
| Revenue YoY | unavailable | unavailable | +11.2% |
| Net income | -11.0 m | -101.4 m | -294.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.20 | -1.52 | -4.10 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | -50.5% | -131.8% |
| Free cash flow | -173.2 m | -164.6 m | -34.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 72.3 m AUD
- Financial debt
- 77.6 m AUD
- Net debt
- 5.3 m AUD
- Equity
- 475.4 m AUD
- Total assets
- 652.7 m AUD
- Debt / equity
- 0.16x
- Current ratio
- 1.38x
- ROE
- -46.3%
- ROA
- -36.8%
- FCF margin
- -15.4%
Financial statements (source on every figure)
Revenue and net income (AUD)
Margins
Income statement · AUD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 200.9 m | 223.4 m | SEC (XBRL)· 31 Oct 2025verified |
| Operating income | -21.5 m | -119.1 m | -384.4 m | SEC (XBRL)· 31 Oct 2025verified |
| Depreciation & amortisation | 6.2 m | 33.8 m | 38.6 m | SEC (XBRL)· 31 Oct 2025verified |
| EBITDA | -15.4 m ≈ | -85.3 m ≈ | -345.8 m ≈ | SEC (XBRL)· 31 Oct 2025derived |
| Interest expense | 1.5 m | 4.0 m | 4.9 m | SEC (XBRL)· 31 Oct 2025verified |
| Pre-tax income | -6.7 m | -115.4 m | -384.7 m | SEC (XBRL)· 31 Oct 2025verified |
| Income tax | 3.6 m | 3.6 m | -3.0 m | SEC (XBRL)· 31 Oct 2025verified |
| Net income | -11.0 m | -101.4 m | -294.3 m | SEC (XBRL)· 31 Oct 2025verified |
| Diluted EPS | -0.20 | -1.52 | -4.10 | SEC (XBRL)· 31 Oct 2025verified |
| Weighted average diluted shares | 56.6 m | 66.9 m | 71.9 m | SEC (XBRL)· 31 Oct 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · AUD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 211.1 m | 90.6 m | 72.3 m | SEC (XBRL)· 31 Oct 2025verified |
| Receivables | — | 27.5 m | 33.2 m | SEC (XBRL)· 31 Oct 2025verified |
| Inventories | — | 73.0 m | 47.3 m | SEC (XBRL)· 31 Oct 2025verified |
| Current assets | — | 217.7 m | 163.1 m | SEC (XBRL)· 31 Oct 2025verified |
| Property, plant & equipment, net | — | 726.6 m | 477.7 m | SEC (XBRL)· 31 Oct 2025verified |
| Total assets | 1.0 bn | 945.0 m | 652.7 m | SEC (XBRL)· 31 Oct 2025verified |
| Accounts payable | — | 60.9 m | 49.6 m | SEC (XBRL)· 31 Oct 2025verified |
| Short-term debt | — | 15.5 m | 62.8 m | SEC (XBRL)· 31 Oct 2025verified |
| Long-term debt | — | 15.2 m | 14.8 m | SEC (XBRL)· 31 Oct 2025verified |
| Current liabilities | — | 88.4 m | 118.5 m | SEC (XBRL)· 31 Oct 2025verified |
| Total liabilities | 136.1 m | 149.4 m | 177.3 m | SEC (XBRL)· 31 Oct 2025verified |
| Equity | 873.4 m | 795.6 m | 475.4 m | SEC (XBRL)· 31 Oct 2025verified |
| Shares outstanding at year end | — | — | 11.5 bn | SEC (XBRL)· 31 Oct 2025verified |
Cash flow · AUD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -46.1 m | -62.2 m | -14.8 m | SEC (XBRL)· 31 Oct 2025verified |
| Capex | 127.1 m | 102.4 m | 19.7 m | SEC (XBRL)· 31 Oct 2025verified |
| Free cash flow | -173.2 m ≈ | -164.6 m ≈ | -34.5 m ≈ | SEC (XBRL)· 31 Oct 2025derived |
| Investing cash flow | -207.7 m | -114.0 m | -49.6 m | SEC (XBRL)· 31 Oct 2025verified |
| Financing cash flow | 279.6 m | 57.9 m | 46.1 m | SEC (XBRL)· 31 Oct 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -53.1% | 0 (vs peers) | 38% |
| Net margin · Quality | -131.8% | 12 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -78.7x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.4x | 48 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet19/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality4/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Elevra Lithium Limited (ELVR). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: revenue 223.4 m AUD in 2025; YoY growth 11.2%; net margin -131.8%; ROE -54.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -53.1%
- Net margin: -131.8%
- Interest coverage: -78.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Mining & Quarrying of Nonmetallic Minerals (No Fuels) (SIC 1400) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MLMMartin Marietta Materials, Inc. | 39.6 bn | 14.7 | 16.8% | 31.9% | +8.6% | −11% / +20% |
| VMCVulcan Materials Company | 38.2 bn | 35.2 | 12.9% | 13.8% | +7.1% | +0% / +39% |
| SQMChemical & Mining Co Of Chile Inc | 15.1 bn | 24.0 | 14.3% | 15.1% | −39.4% | −11% / +15% |
| HLHecla Mining Company | 10.0 bn | 26.7 | 14.5% | 21.0% | +53.0% | −11% / +200% |
| IONRIoneer Ltd | 7.2 bn | — | -4.3% | — | unavailable | −44% / −35% |
| USLMUnited States Lime & Minerals Inc | 3.5 bn | 26.6 | 20.0% | 35.1% | +17.3% | +1% / +191% |
| KNFKnife River Corporation | 3.5 bn | 26.3 | 8.0% | 4.0% | +8.5% | −17% / +4% |
| TTAMTitan America SA | 2.6 bn | 14.2 | 20.8% | 11.1% | +1.8% | −12% / unavailable |
| UUUUEnergy Fuels Inc. | 1.9 bn | — | -14.1% | -100.0% | −15.6% | −50% / −10% |
| LEUCentrus Energy Corp | 1.3 bn | 42.2 | 8.1% | 10.2% | +1.5% | −64% / +85% |
| CMPCompass Minerals International, Inc. | 976.5 m | 54.2 | 7.2% | 1.4% | +11.3% | +22% / −4% |
| GAUGaliano Gold Inc. | 540.4 m | — | -12.7% | -6.5% | +93.6% | −14% / +220% |
| IPIIntrepid Potash, Inc. | 418.0 m | 17.1 | 4.8% | 8.0% | +17.1% | +24% / +52% |
| SNDSmart Sand, Inc. | 185.3 m | 16.9 | 4.4% | 2.7% | +6.0% | +48% / +124% |
| ABATAmerican Battery Technology Company | 183.9 m | — | -74.5% | -337.5% | +406.8% | −66% / −70% |
| ATLXAtlas Lithium Corporation | 52.1 m | — | -103.0% | -33,954.4% | −86.1% | −65% / −93% |
| LGOLargo Inc. | 27.7 m | — | -46.4% | -62.3% | −12.0% | −67% / −84% |
| TECKTeck Resources Limited | — | — | 5.5% | 13.0% | +18.7% | +50% / +71% |
| ELVRElevra Lithium Limited | — | — | -54.2% | -131.8% | +11.2% | −18% / unavailable |
1- and 3-year price returns: for ELVR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Oct 2025; since then the company filed 6-K (04 Nov 2026), 6-K (03 Nov 2026), 20-F (02 Nov 2026), 6-K (30 Oct 2026), 6-K (22 Oct 2026), 6-K (16 Oct 2026).
In brief
Elevra Lithium is a lithium mining company based in Brisbane that runs the North American Lithium operation in Québec and develops several projects in North America and West Africa. The company completed its merger with Piedmont in August 2025, which expands its portfolio and access to the US market. Revenue in fiscal 2025 was AU$223.4 million, while the loss after tax reached AU$381.7 million, mainly due to asset impairments.
SWOT
Strengths
- A functioning production operation in Québec with an established capacity and rising output in fiscal 2025.
- A broader project portfolio after the Piedmont merger, including access to the US market and the North Carolina project.
- Offtake and supply arrangements with large buyers provide a sales base for future production.
Weaknesses
- A significant after-tax loss in fiscal 2025, driven largely by asset impairment.
- Most projects are still in development and generate no revenue, so the company depends on the NAL operation.
- Currency exposure without hedging instruments, which can affect reported results.
Opportunities
- Rising battery and storage demand could support expanding NAL production, if the expansion project proceeds.
- Vertical integration through the Carolina Lithium project could bring hydroxide to the US market.
- A recovery in lithium prices could improve returns on existing operations and projects under development.
Threats
- Lower long-term prices could reduce asset values and the economic viability of projects.
- Delays in approvals, such as those in Ghana, could postpone development steps.
- Competition from other lithium producers could pressure the company's margins.
Risks
- Asset impairmenthigh
Lower lithium price forecasts led to a major impairment of NAL assets, and similar adjustments could recur if prices remain low.
- Operating losseshigh
The fiscal 2025 loss shows the business was not yet profitable at company level, which may affect its ability to finance itself.
- Financing riskmedium
The company relied on share placements and on borrowings linked to delivered volumes, and capital needs may rise after the merger.
- Currency riskmedium
Revenue and assets in foreign currencies are exposed to fluctuations without derivative hedging.
- Regulatory and project riskmedium
Approvals for Ewoyaa and other projects depend on government decisions, which may delay or change plans.
Investment thesis
What would need to be true (bull case)
- If battery demand keeps growing, the NAL operation, with capacity already established, could benefit from higher volumes and a strong position in North America.
- The Piedmont merger could bring a more diversified portfolio and better access to the US market, which could support long-term growth.
- If the NAL expansion project materializes, the company could substantially increase output from the same site.
What would break the thesis
- Lithium prices have fallen enough to trigger major impairment, and a further decline could reduce asset values even more.
- The company posted a significant loss and most projects still generate no revenue, which could require new financing with dilution for shareholders.
- Approval delays and the renegotiation of the Ghana lease could postpone or reduce the value of new projects.
What to watch
- Progress of the NAL expansion project and any investment decisionnext 10-K
- Integration of operations after the Piedmont merger and consolidated results2026
- Final approval of the Ewoyaa participation in Ghana2026
- Evolution of lithium prices and the effect on NAL revenuenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Oct 2025; since then the company filed 6-K (04 Nov 2026), 6-K (03 Nov 2026), 20-F (02 Nov 2026), 6-K (30 Oct 2026), 6-K (22 Oct 2026), 6-K (16 Oct 2026).
The business
Elevra is a lithium-focused company whose main activity is mining and processing spodumene concentrate in Québec, Canada. The North American Lithium operation has nameplate capacity of 200,000 dmt per year and produced 204,858 dmt in fiscal 2025, up from the prior year. The company's strategy rests on optimizing existing operations, developing its resource base and integrating into the supply chain through strategic partnerships, including after the Piedmont merger.
The August 2025 merger with Piedmont, a US-based company in development, added the Carolina Lithium project in North Carolina and interests in the Authier, Ewoyaa (Ghana) and Killick (Newfoundland) projects. Former Elevra and Piedmont shareholders each hold roughly 50% of the combined entity, which significantly changes the capital structure.
The company is still in a transition phase: NAL is producing, while Authier, Moblan, Carolina and Ewoyaa are development projects whose development will be decided on a case-by-case basis. Financing has included share placements and a prepayment arrangement with an international trading company.
Segments
North American Lithium operation (Canada)
The only segment with reported revenue in fiscal 2025 was the Canadian operation, which generated AU$223.4 million from selling spodumene concentrate. Revenue is exposed to currency movements between the Canadian dollar, US dollar and Australian dollar, with no derivative hedging.
Development projects
The Moblan project (60% owned), Carolina Lithium (with a lithium hydroxide plant planned at 60,000 dmt per year) and Ewoyaa do not yet generate revenue and are at various stages of studies and approvals. The corporate segment had no reported revenue in the period analysed.
Market context
The lithium market is dominated by battery demand, which accounts for approximately 86% of total global lithium demand, and electric vehicles accounted for approximately 66% of that demand in 2024. The company expects demand for energy storage to keep growing with decarbonization initiatives, but lithium prices have fallen, which influenced the valuation of assets.
Elevra focuses on spodumene concentrate, a high-grade product used to produce lithium carbonate and hydroxide. It does not participate directly in the market for organic and inorganic lithium derivatives, which limits its exposure to downstream value chain segments.
Trends
- Electrification of transport and energy storagetailwind
Rising demand for batteries, especially for electric vehicles and storage, supports the long-term outlook for lithium and the company's projects, if demand develops as estimated.
- Falling lithium pricesheadwind
The decline in long-term price forecasts led to significant impairment of NAL assets and to renegotiation of the Ghana mining lease, which could affect returns on projects under development.
- Decarbonization and energy security policiesmixed
Decarbonization initiatives and the focus on North American supply chains could favour projects in Canada and the US, if they gain public and regulatory support.
- Currency fluctuationsmixed
Revenue in Canadian and US dollars, reported in Australian dollars, is exposed to exchange rate volatility without hedging, which can amplify the effect on results.
Competitive position
The source provided does not detail the company's direct competitors. Elevra presents itself as one of the largest hard rock lithium producers in North America, which suggests competition with other spodumene producers in the region.
The company's stated advantage is access to end markets in the US following the Piedmont merger, combined with production capacity and commercial presence. The actual degree of competition cannot be fully assessed from the document provided.
- Other North American spodumene producers
The source does not name specific competitors; the comparison remains limited to the category.
- Lithium producers in Ghana and West Africa
The Ewoyaa project partner is Atlantic Lithium, but the source does not assess its market position.
- Offtake arrangements with Tesla and LG Chem
These are customers or partners rather than competitors and show the company's access to large buyers.
- Lithium Royalty Corp.
Counterparty in the Moblan offtake arrangement, not a direct competitor.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)03 Nov 2026
- Annual report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)16 Oct 2026
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)01 Oct 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)31 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-06-30 · SEC / Elevra Lithium Ltd · 31 Oct 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.