ELEVRA LITHIUM LIMITED (ELV)
Share Price Analysis and Chart

30/10/2025

1

Outperform

$5.20

2.16%

Macquarie notes Elevra Lithium announced 1Q26 production and realised prices which met expectations, with costs coming in better than expected by 34%. Shipments were below expectations by -25% as the miner delayed sales for higher lithium prices.

Mined ore over the quarter of 338kt was below the analyst's forecast by -10%, with a robust concentrator utilisation rate at 87%.

Outperform rating retained. Target slips by -5% to $5.20 from $5.50. 

As one of only two lithium producers in North America, Macquarie believes Elevra could be ascribed a premium valuation as the US government seeks critical minerals supply security.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -55.40 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -55.40 cents.

20/10/2025

1

Buy

$9.50

86.64%

Canaccord Genuity notes lithium markets had a strong September quarter thanks to y/y EV sales growth, lift in Energy Storage Systems (ESS) demand forecasts, and supply disruptions in China.

The broker's lithium stocks collectively rose, in line with the increase in lithium pricing and general positive macroeconomic factors.

Minor revisions made to lithium product prices

At the September quarterly, the broker expects Elevra Lithium to report -8% decline in q/q production at 54kt SC5.2, with costs to benefit from operational improvements and optimisation.

Buy. Target rises to $9.50 from $9.00 on revised prices and valuation roll-forward.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.39 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.07 cents.