Elevra Lithium is the product of an all-stock merger that joined Sayona Mining and Piedmont Lithium in late August 2025. The deal created what management describes as North America's largest hard-rock lithium producer. The combined company operates the North American Lithium mine in Quebec, holds a 60 percent stake in the Moblan project, owns the Carolina Lithium project in North Carolina, and carries a 49 percent interest in a Western Australian exploration joint venture. The equity story rests on one operating asset, NAL, and a fully funded staged expansion.
The share price sits well below the spring high despite a profitable fiscal year, a secured offtake, and a funded growth plan. That gap says a lot about how the market prices lithium exposure in a soft commodity tape. FY26 revenue reached $202m against an underlying EBITDA of $14m, and the reported net profit leaned heavily on non-cash reversals. The central question for shareholders is whether the expansion converts NAL from a marginal-margin producer into a lower-cost, offtake-backed one.