Elevra Lithium Announces NAL Expansion Pre-Feasibility Study

BRISBANE, Australia, Sept. 08, 2026 (GLOBE NEWSWIRE) -- North American lithium producer Elevra Lithium Limited (“Elevra" or "Company”) (ASX:ELV; NASDAQ:ELVR) is pleased to announce the results of a Pre-Feasibility Study ("PFS") for the staged North American Lithium ("NAL") Brownfield Expansion in Québec. The PFS confirms the NAL Expansion as a high-value growth project that is expected to significantly increase annual spodumene concentrate production while reducing unit operating costs and generating attractive returns on capital invested.

Highlights:

• Consistent with the Updated NAL Expansion Scoping Study, the NAL Expansion will be delivered through a three-stage brownfield development, with Stage 1 increasing process plant throughput to the currently permitted rate of 4,500 tpd from mid-CY27, Stage 2 increasing milling capacity to 6,500 tpd from mid CY28, and Stage 3 delivering a permanent crushing solution aligned with increased milling capacity by mid CY29.
• On a post expansion basis, average annual spodumene concentrate production increases to 373 thousand tonnes per annum (ktpa) (nominal SC5.4, post ramp up), nearly double the no expansion scenario ("Base Case") and 10% above the 338 ktpa estimate from May 2026¹. Production above the 338 ktpa capacity is attributable to improved mill feed grades largely due to benefits of ore sorting equipment.
• Life of mine (LOM) C1 cost of C$876/t (US$649/t)² of spodumene concentrate, reducing to C$851/t (US$630/t)² post-expansion with AISC of C$918/t (US$680/t)².
• The NAL Expansion is fully funded based on the total initial CAPEX remaining unchanged at C$366M (US$271M)² (AACE Class 4 estimate with a target accuracy range of ±40%), including C$73M (US$54M)² of contingency, with Stage 1 CAPEX of C$92M (US$68M)², Stage 2 CAPEX of C$101M (US$75M)² and Stage 3 CAPEX of C$173M (US$128M) ².
• NAL Expansion delivers a post-tax NPV (8%) of C$3,218M (US2,384M)² , or an incremental post-tax NPV (8%) of C$943M (US$699M)² compared to the C$969M (US$718M)² incremental post-tax NPV (8%) declared in May 2026¹ due primarily to a 4% increase in the mining cost compared to the previous announcement following further detailed haulage modelling.
• The Company’s existing NAL Ore Reserves of 47.2Mt at 1.12% Li₂O, comprising 0.2MT Proven and 47.0MT Probable Mineral Reserves, solely underpin the NAL Expansion production profile with a revised life of mine of 20 years.
• The PFS demonstrates that the NAL Expansion can increase production, reduce unit costs and generate significant incremental value from an existing operating asset and established infrastructure.
• The NAL Expansion is fully funded through Elevra's Strategic Financing Package announced in May 2026³.

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¹ ASX release "Updated NAL Expansion Scoping Study" dated 12 May 2026.
² Figures converted from Canadian dollar to United States dollar at CAD/USD 1.35 as per the PFS.
³ ASX release "Transformational Financing Package to Accelerate Growth" dated 12 May 2026.

Elevra’s Chief Executive Officer and Managing Director, Mr Lucas Dow, said: “The NAL Expansion PFS confirms a compelling value proposition for Elevra, with a high-return brownfield expansion that materially increases production while reducing unit operating costs.

The ability to increase average annual production to 373,000 tonnes post-expansion, while reducing LOM average C1 unit costs post expansion to approximately C$851/t (US$630/t)⁴, demonstrates the significant operating leverage available at NAL. The production target and cost profile are underpinned by existing Ore Reserves and historical operating data, providing a strong foundation for the production and financial outcomes outlined in the PFS.

The staged development approach allows us to bring additional production online from mid-2027, by progressively increasing throughput and capturing operating efficiencies while managing project execution and prudent capital deployment."

Study Confirms Compelling Economics for NAL Expansion

The PFS confirms a compelling economic case for the staged expansion of NAL, with the project expected to materially increase spodumene concentrate production while reducing unit operating costs and generating significant incremental value from an existing operating asset.

The PFS estimates an expansion-only post-tax NPV8% of C$943MM (US$699M)⁴, post-tax IRR of 49.9% and post-tax payback period of 34 months.

The expansion requires initial capital expenditure of C$366 M (US$271M)⁴, with total sustaining expenditure of C$527M (US$390M)⁴ over the expansion case. The financial analysis is unlevered and based on the Mineral Reserves estimated as part of the PFS.

The PFS establishes an average annual production rate of 348ktpa (5.4% Li₂O spodumene concentrate) and an average annual post-expansion production rate of 373ktpa (5.4% Li₂O spodumene concentrate).

Importantly, 100% of the Production Target is underpinned by Proven and Probable Ore Reserves. No Inferred Mineral Resources are included in the economic analysis or Production Target. The PFS states that the economic analysis was based on Measured and Indicated Mineral Resources only, with Inferred Mineral Resources excluded as too geologically speculative for mining and economic considerations to be applied.

Study Confirms Strong Operating Metrics for NAL Expansion

The PFS demonstrates significant operating leverage from increasing the scale of NAL's existing operation.

Average annual post-expansion spodumene concentrate production is expected to increase from 199ktpa in the base case to 373ktpa post-expansion, while LOM average production increases from 196ktpa to 348ktpa.

LOM C1 operating costs are estimated at C$876/t (US$649/t)⁴ of concentrate, compared with C$1,048/t (US$776/t)⁴ for the base case, while the post-expansion C1 cost is estimated at C$851/t (US$630/t)⁴.

LOM AISC is estimated at C$954/t (US$707/t)⁴, reducing to C$918/t (US$680/t)⁴ post-expansion.

The PFS estimates total LOM operating expenditure of C$5.95B (US$4.41B)⁴ for the expansion case, with the cost estimates supported by actual NAL operating information including salaries, consumables, maintenance costs and established contracts.

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⁴ Converted at CAD/USD 1.35.

Staged Expansion Delivery

The NAL Expansion Project has been designed as a three-stage brownfield development that progressively increases production and reduces unit costs while leveraging existing infrastructure.

Stage 1

Stage 1 is expected to deliver an initial 15-20% increase in annual spodumene concentrate production within NAL's existing 4,500 tpd milling permit, together with a reduction in unit operating costs.

Stage 2

Stage 2 will expand downstream milling, flotation and filtration capacity to 6,500 tpd, with additional feed initially supported by a temporary mobile crushing circuit. Production from Stage 2 is expected to commence in mid CY28.

Stage 3

Stage 3 will replace the temporary and existing crushing circuits with a new crushing circuit capable of supporting the targeted 373ktpa post-expansion production profile, together with additional ore sorting capacity. Completion is expected in mid CY29.

The staged development approach was adopted to reduce execution risk, bring forward production growth and stage capital deployment.

Pre-Feasibility Study Metrics

Analysis of the financial model on the key economic assumptions indicates that the Project is robust in terms of operational and financial metrics. The Project is most sensitive to changes in commodity prices, exchange rates, head grades and recoveries, with the key Project assumptions and outputs shown in the tables below (please note that any reference to Base Case means NAL on an unexpanded or “as is” basis):

Table 1 – Main Financial Assumptions and Results Summary for the NAL Expansion Project

Parameters	Unit	Base			May-26 Updated Scoping5			PFS
Average Price 6% Li2O6	USD$/t	$	2,260		$	2,154		$	2,137
Life of mine (from FY27)	yrs		35			21			20
Total Waste	Mt		336			335			336
Total Ore Processed	Mt		47			47			44
Strip Ratio	-		7.1			7.2			7.1
Average Annual ROM	Mt/y		1.36			2.22			2.41
Average Feed Grade	% Li2O		1.12	%		1.11	%		1.17	%
LOM 5.4% Li2O Produced	Mt		6.77			6.85			6.79
Average Annual 5.4% Li2O Production (post expansion)	kt/y		199			338			373

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⁵ May-26 Scoping shows the results of the Updated Scoping Study for the NAL Expansion. See ASX release "Updated NAL Expansion Scoping Study" dated 12 May 2026.
⁶ Average Price 6% Li₂O varies between the cases due to longer mine life at the long-term US$2,340 price for the base case.

Table 2 – Project Economics

Project Economics	Unit	Base	May-26 Updated Scoping		PFS
LOM C1 Cost Concentrate	C$/t conc	1,048	868		876
LOM AISC	C$/t conc	1,126	946		954
LOM C1 Cost of Concentrate (post expansion)	C$/t conc	1,045	847		851
LOM AISC (post expansion)	C$/t conc	1,112	922		918
Total Sustaining Capital (SUSEX)	C$M	512	526		527
Total Initial CAPEX	C$M	-	366		366
NPV (8%) (post-tax)	C$M	2,274	3,112		3,218
IRR Expansion (post-tax)	%	-	42	%	50	%
Payback (post-tax)	Months	-	25		34

Notes:

• All costs and sales are presented in constant 2026 CAD, with no inflation or escalation factors considered.
• $M = millions of dollars.
• The financial analysis was performed on existing Mineral Reserves as outlined in this report.
• The valuation calculations are unlevered.
• The average metallurgical recovery over the LOM is 71.2% for the expansion and 69.2% for the base case due to improvement in the flowsheet attributable to wet high-intensity magnetic separator (WHIMS) improvements.
• Plant availability is calculated at 90%.  
• Tonnes of concentrate are presented as dry metric tonnes.
• An exchange rate of 1.35 CAD/USD was fixed over the LOM for the Project.
• The average 6% Li₂O concentrate (SC6) price is based on a market analysis from Benchmark Mineral Intelligence for Q1 2026 as described in the market section and varies over the LOM from US$1,260/t to US$2,430/t.
• Average LOM SC6 pricing may vary between the cases due to longer mine life at the long term US$2,430 price for the base case (2036 and beyond).
• A discount rate of 8% was used for the base case and expansion scenarios.
• Net Cash Flow and valuation calculations include investment tax credit on CAPEX.
• The numbers have been rounded. Any discrepancy in the totals is due to rounding effects.

Purpose of this ASX Release

This ASX release provides readers with a bridge between prior ASX disclosure on 12 May 2026 "Updated NAL Expansion Scoping Study" and a National Instrument 43-101 Pre-Feasibility Study (appended) that has been prepared for compliance with Quebec, Canada regulatory requirements and to enable subsequent permitting activities for the NAL expansion. The NI43-101 report will also be available on SEDAR.

The company can confirm that the Resource and Reserve tables reproduced in this ASX release and the NI43-101 report are compliant with both ASX/JORC requirements and those related to NI43-101 reporting. It should also be noted the ore reserves: (1) are not being reported for the first time; or (2) are the same as those estimates which were previously reported in the FY26 Annual Report released to the ASX on 28 August 2026.

Mineral Resources and Ore Reserves

The project database contains data from 1,575 diamond drillholes surfaces and underground collared, spanning a total of 27,183 records of Li₂O assays with a mean sample length of approximately 0.884 m. Li₂O grade varies from 0.000% to 5.318%. Global average Li₂O grade for raw samples (excluding 0.00% assays) is 0.783%. From this database, a subset of 562 surface collared drillholes totalling 153,047 m was used for the Mineral Resource estimate.

The current Mineral Resource Estimate and Ore Reserve Estimate are presented in Table 4 and Table 5 below. The Mineral Resource and Ore Reserve estimates were prepared by Competent Persons in accordance with the 2012 JORC Code.

Table 3 – North American Lithium – Mineral Resource Estimates (0.60% Li₂O cut-off grade for the RPEEE pit and 0.70% Li₂O cut-off grade for underground domain)

Resource Classification	Method	Tonnes (Mt)	Li2O Grade (%)	Cut-Off Grade (%)
Indicated	Open Pit	74.4	1.17	0.60
Inferred	Open Pit	8.6	1.13	0.60
Indicated	Underground	-	-	-
Inferred	Underground	10.3	1.01	0.70
Total		93.3	1.15

Table 4 – North American Lithium – Ore Reserves Estimate, as at of June 30, 2026

Resource Classification	Tonnes (Mt)	Li2O Grade (%)	Cut-Off Grade (%)	Fe Grade (%)
Proved Ore Reserves	0.2	0.93	0.60	1.48
Probable Ore Reserves	47.0	1.12	0.60	0.81
Total	47.2	1.12	0.60	0.81

The information on Mineral Resources and Ore Reserves is extracted from the announcement entitled “2026 Annual Report” published on the ASX on August 28th, 2026, and is available to view on the Elevra’s website on the ASX. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Background

The North American Lithium operation is a hard-rock lithium mining and concentration facility located in La Corne, within the Abitibi-Témiscamingue region of Quebec, Canada. The NAL facility was successfully restarted in March 2023, and the plant is currently permitted for 4,500 tpd of average annual milling rate.

The processing operation consists of three distinct processing areas:

• The primary, secondary and tertiary crushing, and ore sorting circuits to produce an upgraded plant feed for downstream processing.
• The spodumene processing plant including grinding, desliming, magnetic separation, flotation and dewatering circuits to produce a final spodumene concentrate.
• The process water and utilities circuits including tailings thickeners, reagents preparation, reverse osmosis treatment, and tailings management.

The objective of the NAL expansion project is to increase the plant’s milling throughput to an annual level of 6,500 tpd. Elevra determined that permitting is the critical path constraint and identified a project development sequence that provides a shorter timeframe to achieve increased production from NAL. The additional new permitting information, combined with existing permits, provides a pathway to stage the expansion of production volumes at NAL in a disciplined, agile and more time efficient manner.

The expansion pathway is now proposed to take the form of a series of debottlenecking steps which are expected to:

• Increase production capacity above current levels in a staged and incremental manner;
• Improve plant recovery by the introduction of additional LIMS and WHIMS, and additional flotation conditioning capacity;
• Reduce the timeframe to achieve the expanded average annual production volume of 373ktpa of spodumene concentrate; and
• Enable the capital investment to be staged and, in doing so, reduce the initial upfront capital requirements.

The debottlenecking steps are anticipated to be delivered as below:

1. An initial 15-20% increase in annual spodumene concentrate production above current production levels commencing in mid-CY27 with an incremental reduction in unit operating costs. This increase is within the current limits of the milling permit, which is set at 4,500 tpd;
2. A subsequent expansion of the milling, flotation and filtration capacity to 6,500 tpd. The incremental feed material will be processed using a temporary mobile crushing circuit operating in conjunction with the existing crushing circuit. The further expanded production is expected to commence mid CY28, with an additional incremental reduction in unit operating costs; and
3. The replacement of the temporary mobile crushing circuit and the existing crushing circuit with a new crushing circuit capable of meeting feed requirements for a LOM average production of 373 ktpa post-expansion. This final step will include additional ore sorting capacity and is expected to be completed in mid CY29 delivering crushing cost efficiencies which are required to meet the anticipated LOM cost reduction.

Announcement authorised for release by Elevra’s Managing Director and Chief Executive Officer.

About Elevra Mining

Elevra Lithium Limited is a North American lithium producer (ASX:ELV; NASDAQ:ELVR) with projects in Québec, Canada, United States and a joint venture in Western Australia.

Elevra’s assets comprise North American Lithium (100%), a 60% stake in the Moblan Lithium Project in Central Québec and the Carolina Lithium project (100%) in the United States⁷.

For more information, please visit us at www.elevra.com.

Competent Person’s Statement

The information on Mineral Resources and Ore Reserves are extracted from the announcement entitled “2026 Annual Report” published on the ASX on 28th August 2026 and is available to view on the Elevra’s website or on the ASX. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and all material assumptions and technical parameters continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements

The ASX release dated 28th August 2026 that relates to Mineral Resources for the NAL project – referred to in this announcement – is based on and fairly represents information compiled by Mr Stephen John Andrew, an independent consultant employed by Measured Group and who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Andrews has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code (2012 Edition) of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.” The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements

The information in this announcement and the ASX release dated 28th August 2026 relating to Ore Reserves for the North American Lithium project is based on, and fairly represents, information and supporting documentation prepared by Mr. Tony O’Connell an independent consultant employed by Optimal Mining Solutions Pty Ltd and is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr O’Connell has sufficient experience which is relevant to the type of deposits and mining method under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Forward Looking Statements

This press release contains certain forward-looking statements. Such statements include, but are not limited to, statements relating to "reserves" or "resources". Forward-looking statements are based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond Elevra’s control. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such forward-looking statements.

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⁷ See ASX release dated 11 May 2026, “Elevra enters agreement to sell Ewoyaa Project Interest”.

Cautionary Statements

The Pre-Feasibility Study (“PFS”) discussed in this announcement has been undertaken to assess the technical and economic viability of the brownfield expansion of the existing North American Lithium (“NAL”) operation. The PFS is a comprehensive technical and economic study of the expansion project and includes a financial analysis based on reasonable assumptions regarding the applicable Modifying Factors and other relevant factors. The PFS has been prepared to a level of confidence sufficient to support the assessment of technical and economic viability and the estimation of Ore Reserves, as applicable. A PFS is, however, at a lower level of confidence than a Feasibility Study and the estimates and assumptions contained in the PFS remain subject to further refinement through subsequent engineering, design and project execution activities.

The PFS has provided Pre-Feasibility Study level estimates of production, capital and operating costs and financial returns. The production target and forecast financial information included in the PFS are based solely on the current NAL Ore Reserves reported in Elevra Lithium Limited’s 2026 Annual Report released to ASX on 28 August 2026. No Inferred Mineral Resources or Exploration Targets are included in the production target or the economic analysis underpinning the PFS.

The PFS is based on the material assumptions outlined in [this announcement] / [attached PFS], including assumptions regarding production rates, metallurgical recoveries, capital and operating costs, commodity prices, foreign exchange rates, permitting, project schedule and other applicable Modifying Factors. While Elevra considers that the material assumptions used in the PFS have a reasonable basis, actual results may differ materially from those anticipated in the PFS and there is no certainty that the assumptions will prove to be correct or that the outcomes indicated by the PFS will be achieved.

Based on the Company’s current cost estimates and existing funding arrangements, Elevra considers the NAL Expansion to be fully funded. However, there can be no assurance that actual project costs will not exceed current estimates or that delays, changes in project scope, permitting requirements, market conditions or other circumstances will not result in additional funding requirements.

This announcement contains forward-looking statements, including statements concerning production targets, production rates, mine life, metallurgical recoveries, capital and operating costs, project timing, commodity prices, financial performance and other economic outcomes. These forward-looking statements are based on assumptions and expectations which Elevra considers reasonable as at the date of this announcement. However, forward-looking statements are subject to known and unknown risks, uncertainties and other factors, many of which are outside Elevra’s control, which may cause actual results, performance or achievements to differ materially from those expressed or implied by those statements.

Given the uncertainties associated with forward-looking information and the fact that a PFS is at a lower level of confidence than a Feasibility Study, investors are cautioned not to place undue reliance on the PFS, the production target, forecast financial information or other forward-looking statements contained in this announcement.

For more information, please contact:

Andrew Barber

Investor Relations

Ph: +617 3369 7058