Company Overview

Elevra Lithium (ASX: ELV, Nasdaq: ELVR) is a Brisbane-based, dual-listed lithium producer and developer formed through the merger of Sayona Mining and Piedmont Lithium. The company is now the largest hard-rock lithium producer in North America, supported by a globally diversified portfolio of high-quality assets spanning Québec, North Carolina, Ghana, and Western Australia.

Business Segments

Elevra operates in four key jurisdictions, with assets located across Canada, the United States, Ghana, and Western Australia.

Project	Location	Ownership	Status
North American Lithium (NAL)	Québec, Canada	100%	Active Producer
Moblan Lithium Project	Northern Québec, Canada	60% stake	Development
Carolina Lithium Project	North Carolina, USA	100%	Development
Ewoyaa Lithium Project	Ghana	22.5% (JV with Atlantic Lithium)	Exploration/Development
Pilbara Tenements	Western Australia	Undisclosed	Prospective for gold & lithium

ELV's core operating asset is the North American Lithium (NAL) mine in Québec, which produces spodumene concentrate and achieved record quarterly revenue and gross profit in Q2 FY2026. Québec's hydro-powered mining region and North Carolina's emerging battery corridor provide strong infrastructure and logistics advantages.

Strategic Growth Initiatives

Elevra's strategy is centred on becoming the premier integrated North American hard-rock lithium supply chain. Key strategic include:

· NAL Brownfield Expansion: An accelerated expansion plan targeting a mid-2027 Stage 1 production ramp-up, with Stage 3 construction forecast to be completed by mid-2029.

· Downstream Partnerships: The company is actively pursuing strategic downstream partnerships to enable value-added lithium production and secure offtake agreements.

· Moblan Development: Advancing pre-development workstreams at the Moblan Lithium Project in Northern Québec through to a Financial Investment Decision (FID).

· Dual Listing Leverage: Operating on both the ASX and Nasdaq provides access to a broader global investor base to fund its growth pipeline.

Breaking down the principal reasons for the recent price movement of Elevra Lithium (ASX: ELV).

Key contributing factors include:

1-A$275 Million Capital Raise (May 2026):The most immediate catalyst was Elevra's completion of a fully underwritten A$275 million equity placement at A$12.20 per share on May 12, 2026. This represented an 8.7% discount to the 5-day VWAP (A$13.36) and 11.2% discount to the closing price (A$13.74), creating downward pressure on the share price due to the dilutive nature of the placement.

2- Record NAL operating and revenue performance: Elevra reported a record March-quarter at its North American Lithium operation — higher plant utilisation, improved recoveries and stronger spodumene concentrate output — which signalled a swing toward sustainable cash generation and lifted investor confidence.

3- S&P/ASX 300 inclusion (technical demand): Elevra’s addition to the ASX 300 created forced buying from index-tracking funds and ETFs, providing a structural bid that amplified the rally.

4- Lithium price and sector sentiment: A rebound in lithium/carbonate prices and improved EV-demand outlook boosted the whole ASX lithium stocks peer group and lifted Elevra due to its leveraged exposure to commodity prices.

5- Corporate/operational milestones: Progress on expansion studies, NI 43‑101 filings for the NAL expansion, and permitting wins for longer‑term projects (e.g., Carolina Lithium permits) reinforced the growth narrative while also creating episodic news-driven moves.

What to watch next

· NAL quarterly updates and any change in plant utilisation or recoveries (will directly affect near-term earnings).

· Lithium price trends and EV demand signals (macro driver for margin and valuation).

· Index rebalances and ETF flows (can cause outsized moves in either direction).

· Company announcements on expansion timing, capital plans, or dilution (SPP/substantial holder notices have been recent items).

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Technical Analysis of Elevra Lithium (ASX: ELV)

Source: TradingView

Price action

ELV stock has been moving in a clear ascending channel, with highs and lows, since mid-2025. Recent candles show strong consolidation near the upper half of the channel, just below resistance, suggesting a pause after a strong move rather than an immediate bearish reversal signal. As long as the price remains above the blue support zone, the initial structure is higher highs and lower lows, and our TP zone near the upper boundary provides a reasonable target for trend-following.

Key Price Levels

Support zone: The blue band roughly around the recent breakout area serves as the first line of demand; a weekly close below it would signal a loss of short‑term momentum.

Short‑term stop area: our red band just under support is a logical trading stop for active positions; if hit, it implies the current swing has failed, even if the bigger trend has not yet been broken.

Trend‑break stop: In our opinion, the deeper red zone near the lower channel line is an invalidation level for the whole uptrend; a weekly close below it would mark a clear break of the rising structure and likely trend change.

Resistance and TP: The orange resistance line above the current price is capping the recent candles; the TP line, higher, near the upper channel, aligns with the next logical extension if the price can clear resistance on strong momentum.

Volume

Volume has generally expanded during up‑weeks and contracted on most down‑weeks, supporting the uptrend’s validity rather than signalling distribution. A notable spike during a recent up‑week pointed to strong buying interest ahead of the breakout, and the subsequent consolidation on lower volume reflects a healthy pause rather than aggressive selling.

RSI~64

RSI is in the bullish zone, showing strong but not extreme momentum; this supports the idea of an ongoing uptrend rather than an exhausted blow‑off.

FAQs about Elevra Lithium (ASX: ELV)

1-What is the significance of the Sayona and Piedmont merger?

Elevra Lithium was formed through the merger of Sayona Mining and Piedmont Lithium. The merger created a larger, more diversified lithium company with assets across several jurisdictions and a stronger platform for production growth.

2- Is Elevra Lithium a dividend stock?

Elevra Lithium is primarily a growth and development company, so investors usually track it for production growth, asset expansion, and lithium market exposure rather than dividend income. Mineral developers often reinvest cash flow into operations and project development.

3- What is Elevra's stock price performance?

Elevra has gained approximately 49% over 30 days and 74% year-to-date, with a one-year total shareholder return near 87%, showing momentum after challenging years.