ELEVRA LITHIUM LIMITED (ELV)
Share Price Analysis and Chart

27/04/2026

1

Outperform

$11.60

-14.58%

Elevra Lithium's 3QFY26 operational result exceeded Macquarie's expectations, with production, sales and costs all outperforming consensus.

The broker highlights limited diesel exposure and access to renewable hydropower as key cost advantages relative to peers.

While realised prices disappointed due to legacy contracts and the broker's near-term earnings forecast was downgraded, a stronger performance is expected beyond FY26 as legacy contracts roll off.

Macquarie raises its target by 13% to $11.60 and maintains an Outperform rating, citing operating leverage to a recovering lithium market.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.30 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 45.70 cents.

24/04/2026

1

Buy

$16.50

21.50%

Canaccord Genuity maintains a Buy rating and a $16.50 price target for Elevra Lithium following a stronger-than-expected March quarter production report.

The broker observes spodumene output from the core NAL asset comfortably beat estimates, driven by improving recoveries and record plant utilisation as historical grade constraints continue to abate.

Operations also benefited from favourable shipment timing, driving higher sales volumes and bolstering the closing cash balance.

The analysts highlight structural market deficits and robust long-term incentive pricing provide a compelling rationale to accelerate the NAL plant expansion, potentially lifting production by 50% while permanently lowering unit costs.

Minor adjustments were made to near-term earnings forecasts to reflect actual quarterly performance, leaving the overarching valuation and constructive investment thesis unchanged.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents.