# Elevra Lithium Announces NAL Expansion Pre-Feasibility Study Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/elevra-lithium-announces-nal-expansion-pre-feasibility-study--835a5114-2076-49a8-b739-5a85680668c8 Original source: https://www.globenewswire.com/news-release/2026/09/08/3358137/0/en/elevra-lithium-announces-nal-expansion-pre-feasibility-study.html Publisher: globenewswire Original announcement: 2026-09-08T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Elevra Lithium Limited - Ticker: ELV - Exchange: Unavailable - Region: Québec, Canada - Primary commodity: Lithium - Secondary commodities: None reported - Document categories: Resource update, Metallurgy - Extracted: 2026-09-12 00:54:38 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Elevra Lithium announced positive results from a Pre-Feasibility Study for the NAL Expansion Project in Québec, Canada. The study confirms a high-value growth project, projecting a significant increase in annual spodumene concentrate production to 373 ktpa and reduced unit operating costs. The expansion is fully funded and is expected to deliver a post-tax NPV \(8%\) of C$3,218M and an IRR of 50%. Reasoning: The Pre-Feasibility Study confirms a compelling economic case for the NAL Expansion, projecting significantly increased spodumene concentrate production, reduced unit operating costs, and strong financial returns, underpinned by existing ore reserves and improved metallurgical recovery. - Positive factor: Increased production target - Positive factor: Reduced operating costs - Positive factor: Attractive financial returns \(NPV, IRR\) - Positive factor: Fully funded expansion - Positive factor: Improved metallurgical recovery - Positive factor: Underpinned by existing Ore Reserves - Negative factor: Resource and reserve estimates are historical restatements - Negative factor: PFS is at a lower level of confidence than a Feasibility Study Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 10 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource and Ore Reserve estimates were prepared by Competent Persons in accordance with the 2012 JORC Code. Evidence · text > The Mineral Resource and Ore Reserve estimates were prepared by Competent Persons in accordance with the 2012 JORC Code. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: 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. Evidence · text > compliant with both ASX/JORC requirements and those related to NI43-101 reporting **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Resource and Ore Reserve estimates were prepared by Competent Persons in accordance with the 2012 JORC Code. Evidence · text > The Mineral Resource and Ore Reserve estimates were prepared by Competent Persons in accordance with the 2012 JORC Code. **Proved Reserve** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Table 4 reports 0.2 Mt of Proved Ore Reserves. Evidence · table > Proved Ore Reserves Context: 0.2 **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: Table 4 reports 47.0 Mt of Probable Ore Reserves. Evidence · table > Probable Ore Reserves Context: 47.0 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: Table 3 includes 8.6 Mt of Inferred Open Pit and 10.3 Mt of Inferred Underground resources. Evidence · table > Inferred Context: 8.6 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The resource and reserve estimates are used to underpin the Pre-Feasibility Study. Evidence · text > The financial analysis is unlevered and based on the Mineral Reserves estimated as part of the PFS. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The resource and reserve estimates are extracted from the 2026 Annual Report published on August 28, 2026, making them historical restatements in this September 8, 2026 announcement. Evidence · text > 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: The resource and reserve tables report tonnes and grade but do not explicitly state contained metal. Evidence · table > Tonnes \(Mt\) Context: Resource Classification **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: The average metallurgical recovery for the expansion case is 71.2%, an improvement from the 69.2% in the base case, attributed to WHIMS improvements. Evidence · text > 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. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing operation consists of grinding, desliming, magnetic separation, flotation and dewatering circuits. Evidence · text > The spodumene processing plant including grinding, desliming, magnetic separation, flotation and dewatering circuits **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 3 distinct composites were tested ## Extracted facts Stored fact records: 10. Some facts used in scoring do not have a stored record. ## Resource Estimates (7) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/elevra-lithium-announces-nal-expansion-pre-feasibility-study--835a5114-2076-49a8-b739-5a85680668c8#fact-resource-facts-0) North American Lithium · lithium Historical result Needs review: historical\_restatement #### Identity - Project: North American Lithium - Commodity: lithium - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: ELV #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen John Andrew, Tony O’Connell - Resource group id: resource:8c596d2a254e4d6dade8 - Deposit or zone: Open Pit #### Resource Data - Category: indicated - Tonnes: 74400000 - Grade: 1.17 - Grade Unit: % Li2O - Cutoff Grade: 0.6 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-28T00:00:00.000Z #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: This indicated open pit resource provides a solid foundation for the project, though it is a historical restatement. - Positive factor: Indicated resource category - Positive factor: Good grade for lithium open pit - Negative factor: Historical restatement Evidence · table > 1.17 Context: 74.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/elevra-lithium-announces-nal-expansion-pre-feasibility-study--835a5114-2076-49a8-b739-5a85680668c8#fact-resource-facts-1) North American Lithium · lithium Historical result Needs review: historical\_restatement #### Identity - Project: North American Lithium - Commodity: lithium - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: ELV #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen John Andrew, Tony O’Connell - Resource group id: resource:adac90b793e2b97ee64d - Deposit or zone: Open Pit #### Resource Data - Category: inferred - Tonnes: 8600000 - Grade: 1.13 - Grade Unit: % Li2O - Cutoff Grade: 0.6 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-28T00:00:00.000Z #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: This inferred open pit resource adds to the overall potential but has lower geological confidence and is a historical restatement. - Positive factor: Good grade for lithium open pit - Negative factor: Inferred resource category - Negative factor: Historical restatement Evidence · table > 1.13 Context: 8.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/elevra-lithium-announces-nal-expansion-pre-feasibility-study--835a5114-2076-49a8-b739-5a85680668c8#fact-resource-facts-2) North American Lithium · lithium Historical result Needs review: historical\_restatement #### Identity - Project: North American Lithium - Commodity: lithium - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: ELV #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen John Andrew, Tony O’Connell - Resource group id: resource:4df0b3ddd062df5cf173 - Deposit or zone: Underground #### Resource Data - Category: inferred - Tonnes: 10300000 - Grade: 1.01 - Grade Unit: % Li2O - Cutoff Grade: 0.7 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-28T00:00:00.000Z #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: This inferred underground resource indicates potential but carries higher geological uncertainty and is a historical restatement. - Positive factor: Underground resource potential - Negative factor: Inferred resource category - Negative factor: Historical restatement - Negative factor: Lower grade compared to open pit Evidence · table > 1.01 Context: 10.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/elevra-lithium-announces-nal-expansion-pre-feasibility-study--835a5114-2076-49a8-b739-5a85680668c8#fact-resource-facts-3) North American Lithium · lithium Historical result Needs review: historical\_restatement #### Identity - Project: North American Lithium - Commodity: lithium - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: ELV #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen John Andrew, Tony O’Connell - Resource group id: resource:042d5d7fe3debfcb2f49 - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 93300000 - Grade: 1.15 - Grade Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-28T00:00:00.000Z #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The total resource indicates substantial lithium potential, but a significant portion is in the inferred category and it is a historical restatement. - Positive factor: Significant total resource tonnage - Positive factor: Good overall grade - Negative factor: Large inferred component - Negative factor: Historical restatement Evidence · table > 1.15 Context: 93.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/elevra-lithium-announces-nal-expansion-pre-feasibility-study--835a5114-2076-49a8-b739-5a85680668c8#fact-resource-facts-4) North American Lithium · lithium Historical result Needs review: historical\_restatement #### Identity - Project: North American Lithium - Commodity: lithium - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: ELV #### Resource scope - Estimate type: reserve - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen John Andrew, Tony O’Connell - Resource group id: resource:f3eb7bb303a9b72c574b #### Resource Data - Category: proven - Tonnes: 200000 - Grade: 0.93 - Grade Unit: % Li2O - Cutoff Grade: 0.6 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-28T00:00:00.000Z #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The proven ore reserves provide high confidence for a portion of the project's production profile, though the tonnage is small and it is a historical restatement. - Positive factor: Highest confidence reserve category - Positive factor: Underpins project economics - Negative factor: Small tonnage - Negative factor: Historical restatement Evidence · table > 0.93 Context: 0.2 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/elevra-lithium-announces-nal-expansion-pre-feasibility-study--835a5114-2076-49a8-b739-5a85680668c8#fact-resource-facts-5) North American Lithium · lithium Historical result Needs review: historical\_restatement #### Identity - Project: North American Lithium - Commodity: lithium - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: ELV #### Resource scope - Estimate type: reserve - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen John Andrew, Tony O’Connell - Resource group id: resource:77372255df6425925d0e #### Resource Data - Category: probable - Tonnes: 47000000 - Grade: 1.12 - Grade Unit: % Li2O - Cutoff Grade: 0.6 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-28T00:00:00.000Z #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The substantial probable ore reserves provide a strong economic foundation for the NAL Expansion, though it is a historical restatement. - Positive factor: Significant probable reserve tonnage - Positive factor: Good grade for lithium - Positive factor: Underpins project economics - Negative factor: Historical restatement Evidence · table > 1.12 Context: 47.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/elevra-lithium-announces-nal-expansion-pre-feasibility-study--835a5114-2076-49a8-b739-5a85680668c8#fact-resource-facts-6) North American Lithium · lithium Historical result Needs review: historical\_restatement #### Identity - Project: North American Lithium - Commodity: lithium - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: ELV #### Resource scope - Estimate type: reserve - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Stephen John Andrew, Tony O’Connell - Resource group id: resource:ca7c5c137f770d0a47ff - Deposit or zone: Total #### Resource Data - Category: probable - Tonnes: 47200000 - Grade: 1.12 - Grade Unit: % Li2O - Cutoff Grade: 0.6 - Cutoff Unit: % Li2O #### Prior Estimate - Resource Date: 2026-06-30 #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-28T00:00:00.000Z #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The total ore reserves provide a robust economic foundation for the NAL Expansion, though it is a historical restatement. - Positive factor: Significant total ore reserves - Positive factor: Good overall grade - Positive factor: Underpins project economics - Negative factor: Historical restatement Evidence · table > 1.12 Context: 47.2 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (3) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/elevra-lithium-announces-nal-expansion-pre-feasibility-study--835a5114-2076-49a8-b739-5a85680668c8#fact-metallurgical-facts-7) North American Lithium · lithium #### Identity - Project: North American Lithium - Commodity: lithium - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: ELV #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: grinding, desliming, magnetic separation, flotation and dewatering circuits - Sample: expansion case #### Recovery - Recovery: 71.2 % - Recovery Basis: actual\_test #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The 71.2% metallurgical recovery for the expansion case represents a significant improvement, positively impacting project economics. - Positive factor: Improved metallurgical recovery - Positive factor: Supports expansion economics Evidence · text > average metallurgical recovery over the LOM is 71.2% for the expansion #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/elevra-lithium-announces-nal-expansion-pre-feasibility-study--835a5114-2076-49a8-b739-5a85680668c8#fact-metallurgical-facts-8) North American Lithium · lithium Historical result Needs review: historical\_restatement #### Identity - Project: North American Lithium - Commodity: lithium - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: ELV #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: grinding, desliming, magnetic separation, flotation and dewatering circuits - Sample: base case #### Recovery - Recovery: 69.2 % - Recovery Basis: actual\_test #### Location - Loc. Confidence: medium #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-12T00:00:00.000Z #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The base case metallurgical recovery of 69.2% serves as a historical comparison, highlighting the improvement achieved in the expansion scenario. - Negative factor: Lower recovery compared to expansion case - Negative factor: Historical comparison point Evidence · text > 69.2% for the base case #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/elevra-lithium-announces-nal-expansion-pre-feasibility-study--835a5114-2076-49a8-b739-5a85680668c8#fact-metallurgical-facts-9) North American Lithium · lithium #### Identity - Project: North American Lithium - Commodity: lithium - Region: canada\_qc - Reported Region: Québec, Canada - Ticker: ELV #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: grinding, desliming, magnetic separation, flotation and dewatering circuits - Sample: PFS average feed grade #### Recovery - Recovery Basis: unspecified - Head Grade: 1.17 - Head Grade Unit: % Li2O #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: The average feed grade of 1.17% Li2O for the PFS is a strong input for the project's economic viability. - Positive factor: Good average feed grade for lithium Evidence · table > 1.17 Context: Average Feed Grade #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.