NEW YORK — Elevra Lithium Limited (NASDAQ: ELVR, ASX: ELV) shares rose 8.95% to $12.18 in midday trading Thursday, May 21, 2026, extending recent gains as the company advances its North American lithium strategy following asset sales and new funding initiatives.

The dual-listed lithium producer and developer, formerly known as Sayona Mining, has refocused operations on North America. It operates North American Lithium (NAL), Canada’s largest producing lithium mine, in joint venture with Piedmont Lithium.

Elevra announced on May 12, 2026, the purchase of Moblan offtake rights and released an updated scoping study for NAL expansion that projects faster growth and lower costs. The company also agreed to sell its interest in the Ewoyaa Lithium Project in Ghana to China’s Zhejiang Huayou Cobalt Co.

On May 13, Elevra raised A$275 million through a placement and convertible notes to fund North American expansion and Moblan work. The company launched a share purchase plan open as of May 18.

The March 2026 quarterly report, released in April, highlighted improved operational performance at NAL and positive cash flow generation. Record revenue figures were reported in prior quarters, with the company delivering strong spodumene production increases.

Elevra’s FY26 half-year results released in February showed revenue of $86 million, up 8% from the prior period. The company generated positive underlying EBITDA of $1 million compared with a prior loss, and operating cash flow of $5 million. Cash balance stood at $81 million at the end of December 2025.

Unit operating costs declined 6% to $814 per dry metric ton. Net profit after tax reached $74 million. Production guidance for FY26 was revised to 180,000-190,000 tons of spodumene concentrate amid operational challenges.

The company’s strategic shift includes divesting non-core African assets to concentrate resources on North American operations. The NAL expansion scoping study outlines accelerated development timelines and cost efficiencies.

Elevra signed a potential spodumene offtake MOU with a North American lithium producer. It continues to pursue partnerships and offtake agreements to secure revenue streams.

Market capitalization stands near $1.39 billion based on recent trading. The stock has shown volatility typical of the lithium sector, influenced by global EV demand, commodity prices and project developments.

Analysts have issued varied ratings. Macquarie downgraded the stock to Hold in mid-May. Other coverage highlights valuation metrics following recent share price movements.

The lithium market faces headwinds from price fluctuations but benefits from long-term demand tied to electric vehicles and energy storage. Elevra positions itself as a key North American supplier amid efforts to reduce reliance on overseas sources.

Headquartered in Brisbane, Australia, Elevra maintains dual listings to access international capital. The name change from Sayona Mining to Elevra Lithium became effective in September 2025.

Recent announcements include changes in substantial holdings and notifications regarding unquoted securities filed on May 18 and 20. The company hosts investor webcasts following quarterly reports.

Production at NAL achieved record quarterly spodumene output in prior periods, with improvements in recovery rates. The operation continues ramp-up efforts under joint-venture management.

Elevra’s capital management includes the recent A$275 million raise, comprising placements, convertible notes and a securities purchase plan. Proceeds target NAL expansion and Moblan project advancement.

The Moblan project in Quebec represents another key asset in the company’s Canadian portfolio. Acquisition of offtake rights strengthens commercial positioning.

Investors monitor lithium price trends, EV adoption rates and government policies supporting critical minerals. Canada Growth Fund has invested in related North American lithium projects.

Elevra reports quarterly activities under ASX and NASDAQ requirements. The March 2026 report advisory preceded detailed operational updates.

Trading volume on May 21 exceeded recent averages amid the price surge. The stock trades within its 52-week range, reflecting sector dynamics and company-specific news flow.

The company emphasizes sustainable practices and community engagement at its operating sites. Expansion plans incorporate environmental considerations aligned with North American regulatory standards.

Broader industry context includes consolidation and strategic realignments among lithium developers. Elevra’s North American focus aligns with supply chain security priorities in the United States and Canada.

No dividends have been declared in recent periods as the company prioritizes growth and debt management. Future capital returns will depend on operational cash flows and market conditions.

Analyst models project revenue growth tied to production ramps and offtake agreements. Valuation discussions center on enterprise value relative to projected output and lithium pricing scenarios.

Elevra continues stakeholder communications through ASX releases, investor presentations and webcasts. The share purchase plan provides existing shareholders participation opportunities in the recent capital raise.

The stock’s performance on May 21 reflects positive sentiment around funding secured for core projects and strategic divestments. Market participants await further updates on expansion timelines and production achievements.

Rachel Reeves has rolled out a package of consumer-facing tax cuts in a bid to put more cash in family pockets and breathe life back into Britain’s battered high streets, with the centrepiece a temporary VAT reduction on summer attractions designed to keep tills ringing through the holidays.

In a statement that drew rare applause from the hospitality lobby, the Chancellor confirmed that VAT on a swathe of family activities will fall from 20 per cent to 5 per cent under a new “Great British Summer Saving Scheme”. The reduced rate will apply to fairs, zoos, museums, cinemas and children’s meals in restaurants, running from the start of the Scottish school holidays on 25 July through to early September.

Reeves also ruled out the long-trailed rise in fuel duty, suspended tariffs on more than 100 supermarket food lines and lifted the tax-free mileage allowance by 10p per mile, backdated to April 2026. Free local bus travel for children aged five to 15 will operate throughout August in England, in what the Treasury framed as a co-ordinated push to ease pressure on households during the school break. Full eligibility criteria for the scheme have been published by the Treasury.

The measures land at a critical moment for the country’s small-business community, particularly the hospitality and leisure operators who have spent the past three years absorbing rising wage bills, energy costs and business rates. As Business Matters has reported, trade bodies have warned of a “tidal wave” of closures unless ministers act, with three pubs and restaurants shutting their doors every day so far this year.

A lifeline for the high street

Michelle Ovens CBE, chief executive and founder of Small Business Britain, welcomed the move as a timely intervention before the all-important summer trading quarter. “It’s encouraging to see the Chancellor’s commitment to a summer of savings with the VAT cut on children’s meals,” she said. “Providing an important boost for small businesses during the summer period, helping to drive footfall and ease pressure on margins at a crucial time of year. As many businesses prepare to enter the most important trading quarter of the year, measures that support both families and local high streets are incredibly welcome.”

Ovens added that the package was “essential in combating the ongoing cost-of-living crisis, particularly during the summer holidays when financial pressures and childcare commitments can intensify without the support schools often provide”.

The Federation of Small Businesses (FSB) echoed the sentiment but with sharper edges. Tina McKenzie, the FSB’s policy chair, said the timing could not be more urgent for an industry running on fumes. “Anything that helps get families out spending this summer is good news for the restaurants, pubs, soft plays and attractions that have spent years fighting rising costs and shrinking margins,” she said. “With 44 per cent of small hospitality firms based on or near the high street, a VAT cut should help put bums on seats and bring life into our town centres this summer.”

McKenzie pointed to a domestic tourism uplift as cash-strapped families switch out of foreign holidays. “Families will make extra purchases, such as drinks and merchandise, which is likely to be the biggest help to small businesses’ bottom lines,” she added.

Confidence in critical condition

The numbers behind the announcement make uncomfortable reading. According to the FSB, 94 per cent of small hospitality firms saw their costs rise in the last three months, with tax cited as one of the biggest drivers by 61 per cent of operators. A further 35 per cent expect to contract over the coming year, a figure that helps explain why this temporary VAT cut, while welcome, is unlikely to satisfy a sector that has long campaigned for a permanent reduction.

Kate Nicholls, chair of UKHospitality, which has lobbied for years for a lower headline rate, said it was “good to see the Government recognise the importance of a lower VAT rate for hospitality as the quickest and simplest way to lower prices and boost consumer confidence”. The trade body has consistently argued that aligning the UK’s rate with European competitors would stimulate jobs and investment well beyond the summer window.

For now, however, ministers have stopped short of that wider reset. The Treasury has costed the scheme at roughly £300 million, a modest sum against the backdrop of the wider Budget arithmetic, but enough, the Chancellor hopes, to keep the lights on in pubs, cafés and family attractions through what one operator described to Business Matters as “make-or-break months”.

The fuel duty freeze and 10p mileage uplift, meanwhile, address a separate but related pressure point. Rising pump prices have been squeezing tradespeople, hauliers and rural firms with no realistic alternative to the van or the car, an issue previously highlighted as a slow-burning crisis for the SME economy.

A summer test

Whether the package delivers will depend on whether smaller operators can pass the VAT saving through to customers quickly and visibly, and whether families respond. “A strong summer could be the difference between staying afloat and shutting up shop for some businesses,” McKenzie warned.

For the Chancellor, the political calculation is straightforward: a summer of cheaper days out, full coach parks and busy seaside arcades is a far easier sell on the doorstep than another quarter of grim closure headlines. For Britain’s small businesses, it is a chance, perhaps the last one this year, to turn footfall into cash flow.

As McKenzie put it, in a line that doubles as a plea: “As people plan summer days out, we’d urge them to back the small local pubs, cafés, attractions and hospitality venues that make our communities special.”

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

Seattle Mayor Katie Wilson is walking back earlier comments urging consumers to boycott Starbucks, as tensions grow over Seattle’s relationship with major employers and the coffee giant expands its footprint outside Washington state.

Wilson, a democratic socialist elected last year on a progressive, labor-backed platform, told The New York Times this week that comments she made during a Starbucks worker strike last fall were not productive.

“Those comments were not productive in the sense that they caused more harm than good,” Wilson told the outlet.

The remarks marked a notable shift in tone from comments Wilson made shortly after winning Seattle’s mayoral race in November, when she joined Starbucks workers on a picket line outside the company’s former Reserve Roastery on Capitol Hill and urged residents to boycott the hometown coffee chain.

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Seattle Mayor Katie B. Wilson speaks during the Seattle International Film Festival at SIFF Cinema Downtown on May 17, 2026.  (Mat Hayward/Getty Images / Getty Images)

“I am not buying Starbucks and you should not either,” Wilson said at the rally, according to KUOW. She later led protesters in chants supporting striking workers.

At the time, several unionized Starbucks workers in Seattle and other cities were striking amid stalled contract negotiations with the company.

Wilson’s comments have resurfaced in recent weeks as concerns mount among some business leaders and local officials about Seattle’s economic climate and whether increasingly progressive politics could drive employers and wealthy residents elsewhere.

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Those concerns intensified after Starbucks announced plans to establish a 2,000-employee corporate hub in Nashville, Tennessee, fueling debate over whether the company could gradually shift more operations away from Seattle, where Starbucks was founded in 1971 and still maintains its global headquarters. Tennessee has increasingly attracted corporate expansions from companies seeking lower taxes, lower operating costs and a more business-friendly regulatory environment than many West Coast cities.

 A sign embellished with the Starbucks logo hangs near the entrance to the Starbucks coffee shop.  (Robert Alexander/Getty Images / Getty Images)

Seattle City Council member Rob Saka told The New York Times he was “gravely concerned” about the potential implications for the city.

“This is real,” Saka told the outlet.

Saka’s concerns mark a notable shift from his tone following Wilson’s election victory, when he praised the mayor’s “energy” and said voters were calling for “change and a renewed focus on affordability.”

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Former Starbucks CEO Howard Schultz also weighed in earlier this month in a Wall Street Journal op-ed criticizing Seattle’s political leadership and warning the city risks alienating businesses that helped fuel its economic rise.

“Seattle’s mayor, Katie Wilson, has chosen to cast business as a foil rather than a partner,” Schultz wrote. “Her socialist rhetoric vilifies employers, even while she continues to rely on them for revenue.”

Schultz argued Washington state’s economic success was built on entrepreneurship, innovation and business growth, adding that the ecosystem is now “fractured.”

The Seattle skyline.  (Juan Mabromata/AFP via Getty Images / Getty Images)

The debate comes as Seattle and Washington state grapple with rising housing costs, affordability concerns and tax policy disputes. Earlier this spring, Washington lawmakers approved a new 9.9% tax on certain personal income above $1 million, a measure critics have described as the state’s first income tax, while Wilson recently drew criticism for remarks dismissing concerns that wealthy residents could leave the state.

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“I think the claims that millionaires are going to leave our state are super overblown,” Wilson said during a Seattle University forum last month. “And the ones that leave? Like, bye.”

Wilson has since indicated she is trying to strike a more balanced tone toward Seattle’s corporate community.

The mayor told The New York Times she now understands her comments will be closely scrutinized for signs of hostility toward businesses and said she hopes to maintain “a multidimensional relationship” with companies like Starbucks.

“I want them here,” Wilson said of Starbucks, “and I believe they want to be here.”

Starbucks has framed its Nashville expansion as part of a broader growth strategy rather than a departure from Seattle. In a letter to employees cited by The New York Times, Starbucks chief partner officer Sara Kelly described the Tennessee expansion as “a complement to our global and North America presence in Seattle.” Starbucks has also continued restructuring portions of its Seattle-based workforce, including reported layoffs tied to its technology division earlier this month.

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Fox Business reached out to Starbucks and the Seattle mayor’s office for comment.

Fox News Digital’s Peter Pinedo contributed to this report.

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