Elevra Closes US$71M Ewoyaa Sale; Q1 Revenue Jumps 137% to US$74M
ELVR is trading near its 52-week low of $23.11 (0.5% below the low).
Summary
Elevra completed the US$71 million Ewoyaa sale and reported a record-throughput September quarter: revenue of US$74 million (+137% QoQ), unit costs down 14% to US$780/dmt, and US$319 million of cash before the sale proceeds.
Key Events · Earnings and Guidance · ELVR
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Ewoyaa Sale Completed for US$71M Cash
Elevra received US$71 million before fees and taxes after Ghanaian Government approvals, and no longer carries any funding commitment to develop the Ewoyaa project.
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Q1 Revenue Up 137% to US$74M
58,134 dmt sold at an average realised US$1,276/dmt FOB (US$1,524/dmt SC6) versus 33,977 dmt at US$921/dmt in the prior quarter.
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Unit Costs Fall 14% to US$780/dmt
Lower costs plus higher volumes produced an operating cash margin of US$476/dmt sold and US$29 million of NAL profit from operations.
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Cash of US$319M Before Sale Proceeds
Cash rose US$63 million in the quarter to US$319 million (net cash US$240 million); the US$71 million Ewoyaa proceeds are not included in that balance.
Analysis · ELVR · Energy & Transportation
Two things land at once. The Ewoyaa sale is now cash in hand — US$71 million received, with the development funding obligation on that Ghanaian project gone — which is the follow-through on the deal flagged as pending in the 1 October 2026 filing. More importantly, the September quarter shows NAL running at record throughput with revenue of US$74 million, up 137% quarter on quarter, as volumes rose 71% and realised prices rose 39%. Unit costs fell 14% to US$780/dmt, so the operation is throwing off cash rather than consuming it: US$29 million profit from operations and US$34 million net operating cash inflow. Add the US$319 million cash balance at 30 September (before the Ewoyaa proceeds) and the NAL expansion is fully funded without new equity. The offset is safety — six recordable injuries in the quarter — and the fact that the US$1,276/dmt realised price is an estimate referenced to 30 September spot indices, with final settlement in the December quarter, so revenue could move either way.
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At the time of this filing, ELVR was trading at $23.00 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $456.8M. The 52-week trading range was $23.11 to $102.80. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.