Slide 1: FY26 Half Year Results
Elevra Lithium FY26 Half Year Results 25 FEBRUARY 2026 ASX:ELV • NASDAQ:ELVR
Slide 2: Agenda
Agenda 01 FY26 Half Year Highlights 02 Operational Performance 03 Merger Update 04 Financial Performance 05 Lithium Market and Guidance ELEVRA LITHIUM 2
Slide 3: FY26 Half Year Highlights
01 FY26 Half Year Highlights
Slide 4: FY26 Half Year Highlights
FY26 Half Year Highlights Maintaining operational discipline at North American Lithium while advancing growth opportunities Financial Production Corporate $86M REVENUE 96,156 DRY METRIC TONNES Merger of Sayona and Piedmont Lithium and conditional capital raise completed UP 8% DOWN 7% Sales Mineral R
Slide 5: Operational Performance
02 Operational Performance
Slide 6: NAL Operational Performance
NAL Operational Performance Production negatively impacted by mine performance; operational changes implemented to dilute impact Maintaining a high level of NAL Global Recovery & Mill Utilisation Concentrate Produced & Unit Cost Sold operational discipline 100% 90,000 1100 1,008 996 93% • H1 FY26 co
Slide 7: Significant Increase in Resource and Reserve Base
Significant Increase in Resource and Reserve Base Large resource base to support significant brownfield and greenfield developments NAL Increases Resource to 95Mt NAL Mineral Resources NAL Mineral Reserves and Reserves to 49Mt1 2025 JORC Estimate 2025 JORC Estimate Classification Tonnes (Mt) Li2O Gr
Slide 8: Accelerated NAL Brownfield Expansion
Accelerated NAL Brownfield Expansion Staged pathway to drive unit costs down and strengthen NAL’s commercial competitiveness Project Evaluation Scoping Study for NAL brownfield expansion completed NAL Gross Production1 NAL Unit Costs2 in September 20251 315 US$860 – 880 Refined expansion sequencing
Slide 9: Merger Update
03 Merger Update
Slide 10: Merger of Sayona Mining and Piedmont Lithium
Merger of Sayona Mining and Piedmont Lithium Strengthening our market position and unlocking synergies to deliver long term value Transaction Approvals Obtained shareholder approval from Sayona Mining and Piedmont Lithium shareholders & Merger Completion Completed Merger via Scheme of Arrangement Re
Slide 11: Financial Performance
04 Financial ® O Cc © = — O (rma — ® OW
Slide 12: Operational and Financial Overview
Operational and Financial Overview Merger completion and improved pricing delivered positive financial performance, offsetting temporary operational challenges Consolidated Group Physicals UOM1 H1 FY26 H1 FY25 Variance • Spodumene production was 7% lower, reflecting reduced recoveries linked to high
Slide 13: Financial Performance
Financial Performance NAL delivered record profit, while corporate costs were contained through early synergies Consolidated Group Underlying EBITDA US$M1 H1 FY26 H1 FY25 Variance • Underlying Group EBITDA profit of $1 million. Revenue 86 80 6 • NAL reported a positive Underlying EBITDA of $11 milli
Slide 14: Underlying EBITDA Bridge
Underlying EBITDA Bridge1 Improved pricing and initial merger synergies delivered positive EBITDA $5M 22 1 Merger Synergies (4 months) Freight 0.4 G&A NAL 0.9 G&A 3.8 Corporate 6 (3) 4 (25) 5 (8) (33) H1FY25 PLL Standalone H1FY25 Merger Volume Controllable Costs Inflation & Lithium H1FY26 Underlying
Slide 15: Cash Flow Movements
Cash Flow Movements1 Cash strengthens on positive NAL operating inflows and merger proceeds; offsetting settlement of one-off merger costs $5M 44 NAL Operating Cash Inflow 81 (2) 11 2 34 (6) 47 (9) (16) (10) (14) June-25 Cash Profit Net Working Net Cash Flows Merger Merger Cash Aquired Sale of Capit
Slide 16: Financial Position
Financial Position Stronger balance sheet post merger with wider portfolio and reversal of impairment at NAL Consolidated Group Assets H1 FY26 H2 FY25 Variance US$M1 Cash and cash equivalents increased by 72% compared to June 2025, reaching Dec-25 Jun-25 % • $81 million. Assets Cash and Cash Equival
Slide 17: Lithium Market and Guidance
05 Lithium Market and Guidance
Slide 18: Uplift in Pricing with Strong Demand Outlook into 2030
Uplift in Pricing with Strong Demand Outlook into 2030 Elevra is positioned to capitalise on recent price appreciation; demand growth presents opportunity for development projects Spodumene Concentrate 6% Price Global Lithium Demand US$/t, CIF China Mt LCE 3,000 3.0 2.61 CAGR 18% 2,500 2.5 2.37 2.11
Slide 19: FY26 Guidance
FY26 Guidance FY26 guidance unchanged from prior guidance issued in January 20261 FY26 Guidance H1 FY26 Additional Information Spodumene • SC 5.0% product grade Concentrate 180,000 – 190,000 dmt 96,156 dmt • 100% NAL production Production Spodumene • SC 5.0% grade Concentrate 170,000 – 190,000 dmt 9
Slide 20: Appendix
Appendix
Slide 21: NAL Quarterly Physicals and Operational Metrics
NAL Quarterly Physicals and Operational Metrics FY25 FY26 H1 UOM1 Q1 Q2 Q3 Q4 FY25 Q1 Q2 H1 FY26 H1 FY25 H1 FY26 Variance Physicals Ore Mined kwmt 240 370 322 362 1,295 338 390 728 611 728 117 Ore Crushed kwmt 362 343 293 379 1,377 350 361 711 705 711 7 Spodumene Concentrate Produced kdmt 52 51 43 5
Slide 22: NAL Operating Costs
NAL Operating Costs NAL operating costs temporarily impacted by reduced lower production and the phase 3 ore profile NAL UOM1 H1 FY26 H1 FY25 Variance % NAL Operating Costs • Unit operating cost produced increased 14% compared to the prior Physicals corresponding period, driven by 7% lower concentra
Slide 23: Underlying EBITDA Reconciliation
Underlying EBITDA Reconciliation Reconciliation of Underlying EBITDA to Profit / (Loss) after Income Tax Consolidated Group US$M 1 H1 FY26 H1 FY25 Variance Underlying EBITDA 1 (25) 26 Underlying Depreciation and Amortisation Expense 2 (7) (15) 8 Underlying Earnings Adjustments (Extraordinary Items)
Slide 24: Capital Investment
Capital Investment Capital focused on NAL sustaining and progressing NAL Expansion Consolidated Group US$M 1 H1 FY26 H1 FY25 Variance Capital Expenditure • Capital expenditure increased by $7 million to $16 million, inline with full Capital Expenditure year guidance. Growth 1 0 1 • Sustaining capita
Slide 25: Elevra
ELEVRA