Elevra is a hard rock lithium mining and processing company whose only producing asset is the North American Lithium (NAL) project, an open-pit spodumene mine in Québec, Canada. Elevra mines spodumene-bearing rock at NAL, processes it into spodumene concentrate on-site, and sells that concentrate to downstream battery material producers, primarily in China. NAL has nameplate capacity of 200,000 dmt of spodumene concentrate per year, which Elevra is studying expanding to 315,000 dmt at an estimated cost of $270M. Beyond NAL, Elevra holds a portfolio of development-stage lithium projects: Authier (Québec, planned to feed ore into NAL), Moblan (Québec, 60% owned, targeting 300,000 dmt per year), Carolina Lithium (North Carolina, fully integrated mine and lithium hydroxide conversion plant targeting 60,000 dmt per year of battery-grade lithium hydroxide), and Ewoyaa (Ghana, via a partnership with Atlantic Lithium). Elevra's revenue is driven entirely by volume sold and spodumene concentrate spot prices, making the business highly sensitive to lithium price cycles. The company funds operations partly through prepayment financing tied to future concentrate deliveries. Elevra's customer base is highly concentrated — in FY2025, two customers accounted for 100% of revenue, and 95% of sales went to China. Post-merger with Piedmont, Elevra also holds an offtake agreement with Tesla. Longer-term, Elevra argues its North American footprint positions it to serve U.S. battery supply chains as policy increasingly favors non-Chinese critical mineral sourcing, with Carolina Lithium's planned hydroxide plant representing its most concrete step toward vertical integration.