Elevra Lithium delivered its strongest operating quarter at North American Lithium in Quebec in the three months to September 30. Ore mined rose 25 percent quarter on quarter to a record 466,499 wet metric tonnes as mining moved into areas with thicker veins, mill throughput set a quarterly record, plant utilisation held at 91 percent through a major planned shutdown, and lithium recoveries averaged 70 percent. Spodumene concentrate production rose 1 percent to 54,907 dry metric tonnes at 5.1 percent grade, the second highest quarterly output on record.
Sales did the financial work. Elevra sold 58,134 dry metric tonnes at an average realised price of 1,276 dollars a tonne free on board, equivalent to 1,524 dollars on a standard 6 percent basis, for revenue of 74 million dollars. Unit operating costs fell 14 percent to 780 dollars a tonne sold, giving an operating cash margin of 476 dollars a tonne. The realised price is an estimate referenced to spot indices at September 30 and settles finally in the December quarter, so it can move either way. Safety was the weak line: a number of musculoskeletal injuries lifted the total recordable injury frequency rate, and the company said it is strengthening safety coaching and critical risk controls.
The portfolio is now North America only. On October 26 Elevra completed the sale of its interests in the Ewoyaa project in Ghana, including associated offtake rights, to Zhejiang Huayou Cobalt for approximately 71 million dollars in cash before fees and taxes, removing future capital commitments there. In October it also signed a binding supply agreement with LG Energy Solution for 240,000 dry metric tonnes, following an August agreement with Mangrove Lithium carrying a floor price of 1,000 dollars a tonne on a 6 percent basis. The North American Lithium expansion moved into execution in the quarter, with detailed engineering, long lead procurement and demolition of the legacy carbonate plant under way.
Cash at September 30 was 319 million dollars, up 63 million dollars from June, and net cash was 240 million dollars, excluding the Ewoyaa proceeds received after quarter end. Project stage: North American Lithium is in production and expanding; Moblan in Quebec is at scoping study stage on a 2024 definitive feasibility study; Carolina Lithium continues permitting, with a draft air permit issued for public comment in North Carolina.