The accelerated expansion approach is underpinned by a strong business case centred on maximising the value of NAL’s existing processing facilities, mining infrastructure, and workforce while reducing development risk. By sequencing capacity increases through multiple stages rather than a single large-scale expansion, Elevra aims to optimise capital deployment, shorten timelines to incremental production, and maintain operational flexibility as market demand continues to evolve. This staged approach also enables the Company to incorporate operational learnings from current production into future expansion phases, supporting improved recoveries, reliability, and long-term operating performance.