Exhibit 99.5

 ASX:ELV • NASDAQ:ELVR  Elevra Lithium  FY26 Half Year Results  25 FEBRUARY 2026 
 
 Agenda  ELEVRA LITHIUM  2  01  FY26 Half Year Highlights  02  Operational Performance  03  Merger Update  04  Financial Performance  05  Lithium Market and Guidance 
 
 01FY26 Half Year Highlights 
 
 FY26 Half Year Highlights  Maintaining operational discipline at North American Lithium while advancing growth opportunities  ELEVRA LITHIUM  4  Production  Sales  DRY METRIC TONNES  DRY METRIC TONNES  96,156  DOWN 7%  91,991  DOWN 20%  Corporate  Merger of Sayona and Piedmont Lithium and conditional capital raise completed  Mineral Resource and Ore Reserve estimates increased at NAL and Moblan  +34%  AVERAGE REALISED PRICE  88%  MILL UTILISATION  NAL  66%  RECOVERY  NAL  $5M  4 MONTH SYNERGIES  GROUP  Financial  REVENUE  CASH AT   31 DEC. 2025  $86M  UP 8%  $81M  UP 18%  NAL Brownfield Expansion Scoping Study completed  
 
 02Operational Performance 
 
 NAL Operational Performance  Production negatively impacted by mine performance; operational changes implemented to dilute impact  ELEVRA LITHIUM  6  NAL Global Recovery & Mill Utilisation  Concentrate Produced & Unit Cost Sold  Maintaining a high level of operational discipline  H1 FY26 concentrate production of 96kt was temporarily affected by lower feed grade and lower recovery in the December quarter.  Process plant utilisation averaged 88% despite grade and ore quality issues, underscoring stability of operation.  NAL generated US$5 million in operating cashflow despite operational challenges.  Best safety performance since the restart of operations in 2023. 
 
 Significant Increase in Resource and Reserve Base  Large resource base to support significant brownfield and greenfield developments  ELEVRA LITHIUM  7  NAL Increases Resource to 95Mt and Reserves to 49Mt1  Total Mineral Resource of 95Mt at 1.15% Li2O; this is an increase of +8% over the previous MRE (August 2024) of 88Mt at 1.13% Li2O.  Increase in Reserves of +124% compared to previous estimate released in March 2023.  NAL Mineral Resources  2025 JORC Estimate  Moblan Mineral Resources  2025 JORC Estimate  Classification  Tonnes (Mt)  Li2O Grade (%)  Measured  –  –  Indicated  76.2  1.17  Inferred  18.9  1.06  Total  95.0  1.15  Category  Tonnes (Mt)  Li2O Grade (%)  Proved  0.3  1.01  Probable  48.2  1.11  Total  48.6  1.11  NAL Mineral Reserves  2025 JORC Estimate  Moblan Mineral Reserves  2025 JORC Estimate  Classification  Tonnes (Mt)  Li2O Grade (%)  Measured  6.3  1.50  Indicated  101.4  1.19  Inferred  13.3  1.03  Total  121.0  1.19  Category  Tonnes (Mt)  Li2O Grade (%)  Proved  5.3  1.57  Probable  42.8  1.27  Total  48.1  1.31  Moblan Increases Resource to 121Mt and Reserves to 48Mt2  Total Mineral Resource of 121Mt at 1.19% Li2O; this is an increase of +30% over the previous MRE (August 2024) of 93Mt at 1.21% Li2O.  Approximately 89% of the total tonnage is in the higher confidence Measured and Indicated categories.  The company has grown the resource base by 6.5x since acquiring Moblan in 2021.  See ASX release 27 August 2025, “NAL Resources and Reserves Increases”  See ASX release 25 August 2025, “Moblan Increases Resource to 121Mt and Reserve to 48Mt” 
 
 Accelerated NAL Brownfield Expansion  Staged pathway to drive unit costs down and strengthen NAL’s commercial competitiveness  ELEVRA LITHIUM  8  See ASX release 15 September 2025, “NAL Expansion Scoping Study”  See ASX release 12 January 2026, “Accelerated NAL Expansion”  Project Evaluation  Debottlenecking  Scoping Study for NAL brownfield expansion completed in September 20251  Refined expansion sequencing to an expedited, phased expansion announced in January 20262  Updated Scoping Study incorporating staged debottlenecking phases expected Q2 CY2026  Mill optimisation targeting an initial 15-20% increase in annual spodumene concentrate production with incremental reduction in unit operating costs commencing in mid-CY2027  Expansion of milling, flotation and filtration capacity and temporary use of mobile crushing to achieve 6,500tpd throughput, corresponding with 315ktpa nominal SC5.4 production capacity in CY2028  Replacement of mobile crushing circuit and existing crushing circuit with a new crushing and ore sorting circuit capable of supplying mill requirements for production of 315ktpa in CY2029  NAL Gross Production1  180 – 190  kdmt  315  kdmt  NAL Unit Costs2  US$860 – 880  /dmt  US$630  /dmt 
 
 03Merger Update 
 
 Merger of Sayona Mining and Piedmont Lithium  Strengthening our market position and unlocking synergies to deliver long term value  ELEVRA LITHIUM  10  Transaction Approvals & Merger Completion  Corporate & Governance Actions  Obtained shareholder approval from Sayona Mining and Piedmont Lithium shareholders  Completed Merger via Scheme of Arrangement  Received Conditional Placement funds and issued shares to Resource Capital Funds  Reconstituted the Board of Directors and management team  Issued American Depositary Shares on the Nasdaq  Completed corporate name and ticker change aligned with new corporate identity  Completed Share Consolidation on the ASX  Held inaugural Elevra Annual General Meeting  Operational Integration  Integrated corporate and operational functions under combined organisational structure  Identified synergies and achieved initial cost savings  Released indicative project prioritization and defined growth pipeline for the larger project portfolio  Completed NAL Brownfield Expansion Scoping Study 
 
 04Financial Performance 
 
 ELEVRA LITHIUM  12  Operational and Financial Overview  Merger completion and improved pricing delivered positive financial performance, offsetting temporary operational challenges  All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the totals provided due to rounding.   Average realised sales price is calculated on an accruals basis and reported in $/dmt sold, FOB Port of Québec.  Unit operating cost produced is calculated on an accruals basis and includes mining, processing, transport, port charges, site-based general and administration costs, and excludes inventory movements, depreciation and amortisation charges, freight and royalties. It is reported in $/dmt produced, FOB Port of Québec.  Unit operating cost sold is calculated on an accruals basis and includes mining, processing, transport, port charges, site-based general and administration costs and cash based inventory movements, and excludes depreciation and amortisation charges, freight and royalties. It is reported in $/dmt sold, FOB Port of Québec.     UOM1  H1 FY26  H1 FY25  Variance  Physicals   Ore Mined  kwmt  728  611  19%  Spodumene Concentrate Produced  kdmt  96  103  (7%)  Spodumene Concentrate Sold  kdmt  92  115  (20%)  Unit Metrics  Average Realised Selling Price (FOB) 2  US$/t  937  697  34%  Unit Operating Cost Produced (FOB) 3  US$/t  831  728  14%  Unit Operating Cost Sold (FOB) 4  US$/t  814  861  (6%)  Financial Performance  Revenue  US$M  86  80  8%  Underlying EBITDA profit / (loss)  US$M  1  (25)  103%  Cash Flows  Operating Cash Flows  US$M  (28)  12  (328%)  Cash Balance  US$M  81  69  18%  Physicals  Spodumene production was 7% lower, reflecting reduced recoveries linked to higher iron and lower Li₂O ore grades from Phase 3 of the mine. To sustain production ore mined increased 19%.  Concentrate sold was in line with production volume.  Unit Metrics  Average realised selling price increased 34%, driven by a stronger lithium market and the strategic timing of shipments into the second half. The removal of the legacy offtake agreement post‑merger has further improved Elevra’s ability to capture market‑aligned pricing and optimise logistic costs via larger vessels.  Unit operating costs produced increased 14% driven by lower production and higher costs relating to the higher strip ratio and ore‑quality impacts of Phase 3. These impacts are short‑term and expected to normalise as activity progresses through this phase of the mine.  Unit operating costs sold decreased 6% with favourable inventory movements.   Financial Performance  Revenue increased by 8% to $86 million, with stronger realised pricing (+34%) offsetting lower volumes.  Underlying Group EBITDA of $1 million; supported by improved lithium pricing and $5 million in merger‑related synergies on a restated basis.  NAL generated $5 million favourable operating cash flow, with Group operating cash outflows reflecting $24 million of one-off merger‑related transactions and settlement of Piedmont’s legacy liabilities.  Consolidated Group 
 
 ELEVRA LITHIUM  13  Financial Performance  NAL delivered record profit, while corporate costs were contained through early synergies  All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the totals provided due to rounding.  Underlying Depreciation and Amortisation includes depreciation and amortisation and non-cash inventory movements.  US$M1  H1 FY26  H1 FY25  Variance  Revenue  86  80  6  NAL Operating Expenses  (75)  (99)  24  Underlying EBITDA | NAL  11  (19)  30   All Other Operational Expenditure  (1)  (1)  -   Corporate expenditure  (9)  (5)  (4)  Underlying EBITDA | GROUP  1  (25)  26  Underlying Depreciation and Amortisation 2  (7)  (15)  8  Extraordinary Items   Merger Transaction Expenses (Cash)  (8)  (3)  (5)   NAL Impairment Reversal (Non-Cash)  156  -  156   Merger Related Items (Non-Cash)  (74)  -  (74)   Other Minor Items (Non-Cash)  9  7  2  Profit from Operations  77  (36)  113  Net Financial Expenses  (2)  (1)  (1)  Profit before Income Tax  75  (37)  112  Income Tax Expense  (1)  (5)  4  Profit after Income Tax  74  (42)  116  Underlying EBITDA  Underlying Group EBITDA profit of $1 million.  NAL reported a positive Underlying EBITDA of $11 million, with improved realised pricing and favourable inventory movements offsetting higher production costs.  Corporate expenditure totalled $9 million, incorporating four months of overheads from the expanded Group post-merger.   On a restated basis, merger synergies delivered $5 million in savings, with corporate costs decreasing by $4 million and $1 million of synergies realised at NAL.  The expanded Group’s other operational expenditure was largely minimised.  Profit from Operations   The Group $77 million profit from operations adjusted EBITDA for:  $7 million impact from depreciation and non‑cash inventory movements.  There was a $91 million net favourable impact from non‑cash extraordinary items, comprising the $156 million reversal of the NAL impairment and a $9 million net inventory write‑up, partially offset by $74 million of merger‑related accounting impacts. Cash extraordinary items totalled $8 million, relating to residual merger transaction costs.  Profit after finance costs and Income Tax  Post‑tax, the Group reported a $74 million profit after tax, reflecting the impacts of financial income/expenses and tax.  Consolidated Group 
 
 ELEVRA LITHIUM  14  Underlying EBITDA Bridge1  Improved pricing and initial merger synergies delivered positive EBITDA  All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the totals provided due to rounding.  PLL standalone costs represent four months of the PLL CY25 standalone approved budget, used as a proxy for a like‑for‑like restated comparison.  H1 FY25 Adjusted EBITDA is derived from the reported FY25 SYA EBITDA, adjusted to include four months of PLL standalone costs; to allow for a like‑for‑like restated comparison.  Inflation based on Annual CPI to December 2025; Australia CPI 3.8% published by ABS, Quebec CPI 3.0% published by Statistique Quebec (Nov-25) and USA CPI 2.7% published by Home Treasury.  Includes price impact of Lithium Index’s, customer mix and other price related impacts.  $5M   Merger Synergies (4 months)  4  5  3  2  Controllable  Uncontrollable 
 
 ELEVRA LITHIUM  15  Cash strengthens on positive NAL operating inflows and merger proceeds; offsetting settlement of one‑off merger costs  All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the totals provided due to rounding.   Other includes lease payments, foreign exchange impacts, advances to associates.  SYA Merger transaction fees include $2 million working capital movement.  Piedmont Merger transaction fees and normalisation of legacy payables settled post completion.  Cash Flow Movements1  3  Operating Cash Flows  Investing Cash Flows  Financing Cash Flows  4  $5M   NAL Operating Cash Inflow  2 
 
 ELEVRA LITHIUM  16  Financial Position  Stronger balance sheet post merger with wider portfolio and reversal of impairment at NAL  All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the totals provided due to rounding.  Interest bearing liabilities include non-convertible redeemable cumulative preference shares, contract liabilities and lease liabilities.  Assets  Cash and cash equivalents increased by 72% compared to June 2025, reaching $81 million.   The uplift was primarily driven by NALs improved price realisation and the $78 million in funds received upon merger completion, comprising equity placement proceeds and cash balance contributed by Piedmont. This was partially offset by the settlement of one‑off merger costs incurred by both entities and ongoing corporate and capital expenditure.  Inventory increased by 43% compared to June 2025, reflecting higher carrying values following the removal of the NRV adjustment, increased costs recognised from Phase 3 stripping and processing activities, and higher volumes held.  Finished goods closed at 30kt at December 2025, up from 25kt, positioning the business to capitalise on stronger pricing in H2.  Property, plant and equipment increased by 64%, primarily driven by the reversal of prior NAL impairment and integration of Piedmont assets.  Liabilities  Trade and other payables decreased by 25%, primarily due to the settlement of merger‑related payables and a reduction in NAL payables.  Interest‑bearing liabilities increased by $29 million, reflecting the integration of Piedmont customer prepayments that have been advanced against committed future concentrate sales.  US$M1  H1 FY26  Dec-25  H2 FY25   Jun-25  Variance   %  Assets  Cash and Cash Equivalents  81  47  72%  Trade and Other Receivables  22  22  2%  Inventories  44  31  43%  Current Tax Assets  3  1  187%  Other Assets  14  13  9%  Other Financial Assets  7  1  932%  Property, Plant and Equipment  513  313  64%  Advances to affiliates  18  -  -   Total Assets  703  427  65%  Liabilities  Trade and Other Payables  24  32  (25%)  Interest Bearing Liabilities 2  80  51  58%  Deferred Tax Liabilities  9  10  (1%)  Provisions  23  23  (0%)  Total Liabilities  137  116  18%  Net Assets  565  311  82%  Share on Issues  174  69  153%  NTA per Security ($)  3.3  4.0  (18%)  Consolidated Group 
 
 05Lithium Market and Guidance 
 
 Uplift in Pricing with Strong Demand Outlook into 2030  Elevra is positioned to capitalise on recent price appreciation; demand growth presents opportunity for development projects  Spodumene Concentrate 6% Price  US$/t, CIF China  Global Lithium Demand  Mt LCE  ELEVRA LITHIUM  18  Source: Benchmark Mineral Intelligence Q4 2025 Lithium Forecast Model   CAGR 18%  Source: Fastmarkets 
 
 FY26 Guidance  FY26 guidance unchanged from prior guidance issued in January 20261  See ASX release 28 January 2026, “December Quarterly Activities Report”  Unit operating cost sold is calculated on an accruals basis and includes mining, processing, transport, port charges, site-based general and administration costs and cash based inventory movements, and excludes depreciation and amortisation charges, freight and royalties. It is reported in US$/dmt sold, weighted average (CIF/FOB) including CIF Port of Québec.  Guidance assumes average annual exchange rates of CAD:USD = 0.72 and AUD:USD = 0.66.  ELEVRA LITHIUM  19  Spodumene Concentrate Production  Spodumene Concentrate  Sales  Unit Operation Costs Sold 2,3  SC 5.0% product grade  100% NAL production  SC 5.0% grade  Remaining shipment volumes split evenly in the March and June quarters  SC 5.0% product grade  Unit operating costs includes costs of cost, insurance and freight costs (CIF) linked to customer offtakes  180,000 – 190,000 dmt  Additional Information  FY26 Guidance  Capital Expenditures 3  US$20m Sustaining Capital projects at NAL with balance of spend on Growth Projects  Capital expenditure guidance excludes movements in capital creditors which amounted to US$3m at December-25  170,000 – 190,000 dmt  US$860 – US$880 / dmt sold  US$26m  96,156 dmt  H1 FY26  91,991 dmt  US$814 / dmt sold  US$12m 
 
 Appendix 
 
 ELEVRA LITHIUM  21  NAL Quarterly Physicals and Operational Metrics  All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the totals provided due to rounding.   Average realised sales price is calculated on an accruals basis and reported in $/dmt sold, FOB Port of Québec.  Unit operating cost produced is calculated on an accruals basis and includes mining, processing, transport, port charges, site-based general and administration costs, and excludes inventory movements, depreciation and amortisation charges, freight and royalties. It is reported in $/dmt Produced, FOB Port of Québec.  Unit operating cost sold is calculated on an accruals basis and includes mining, processing, transport, port charges, site-based general and administration costs and cash based inventory movements, and excludes depreciation and amortisation charges, freight and royalties. It is reported in $/dmt Sold, FOB Port of Québec.  FY25  FY26  H1     UOM1  Q1  Q2  Q3  Q4  FY25  Q1  Q2  H1 FY26  H1 FY25  H1 FY26  Variance  Physicals   Ore Mined  kwmt  240  370  322  362  1,295  338  390  728  611  728  117   Ore Crushed  kwmt  362  343  293  379  1,377  350  361  711  705  711  7   Spodumene Concentrate Produced  kdmt  52  51  43  59  205  52  44  96  103  96  (7)   Spodumene Concentrate Sold  kdmt  49  66  27  67  209  26  66  92  115  92  (23)        Unit Metrics   Average Realised Selling Price (FOB)2  US$/t  711  686  710  682  694  784  998  937  697  937  241   Unit Operating Cost Produced (FOB)3  US$/t  729  728  939  737  775  760  915  831  728  831  103   Unit Operating Cost Sold (FOB)4  US$/t  894  837  830  791  835  818  812  814  861  814  (48)        Production Variables   Mill Utilisation  %  91%  90%  80%  93%  88%  87%  89%  88%  90%  88%  (2%)   Global Process Recovery  %  67%  68%  69%  73%  69%  69%  62%  66%  67%  66%  (1%)   Concentrate Grade Produced  %  5.3%  5.3%  5.2%  5.2%  5.3%  5.2%  4.9%  5.1%  5.3%  5.1%  (0.2%) 
 
 ELEVRA LITHIUM  22  NAL Operating Costs  NAL operating costs temporarily impacted by reduced lower production and the phase 3 ore profile  All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the totals provided due to rounding.   Unit operating cost produced is calculated on an accruals basis and includes mining, processing, transport, port charges, site-based general and administration costs, and excludes inventory movements, depreciation and amortisation charges, freight and royalties. It is reported in $/dmt produced, FOB Port of Québec.  Unit operating cost sold is calculated on an accruals basis and includes mining, processing, transport, port charges, site-based general and administration costs and cash based inventory movements, and excludes depreciation and amortisation charges, freight and royalties. It is reported in $/dmt sold, FOB Port of Québec.  NAL     UOM1  H1 FY26  H1 FY25  Variance  %  Physicals     Spodumene Concentrate Produced  kdmt  96  103  (7)  (7%)  Spodumene Concentrate Sold  kdmt  92  115  (23)  (20%)  NAL Operating Costs (FOB)  Operating Cost Produced (FOB) 2  US$M  80  75  5  6%  Operating Cost Sold (FOB) 3  US$M  75  99  (24)  (24%)  Unit Costs  Unit Operating Cost Produced (FOB) 2  US$/t  831  728  103  14%  Unit Operating Cost Sold (FOB) 3  US$/t  814  861  (48)  (6%)  NAL Operating Costs  Unit operating cost produced increased 14% compared to the prior corresponding period, driven by 7% lower concentrate production and higher expenditure associated with increased stripping and processing activity required to sustain production from Phase 3 ore, which carries higher iron and lower Li₂O content.   Unit operating cost sold decreased 6% compared to the prior period, reflecting favourable inventory movements.  Full year guidance has been updated to US$860 – US$880/ dmt sold reflecting the expected impact of Phase 3 mining costs in H2.  It is expected the impacts of Phase 3 will be short term and will alleviate once NAL progresses through this phase of the mine.  NAL Concentrate Production and Unit Operating Costs 
 
 ELEVRA LITHIUM  23  Underlying EBITDA Reconciliation  All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the totals provided due to rounding.  Underlying Depreciation and Amortisation includes depreciation and amortisation and non-cash inventory movements.  US$M 1  H1 FY26  H1 FY25  Variance  Underlying EBITDA  1  (25)  26  Underlying Depreciation and Amortisation Expense 2  (7)  (15)  8   Underlying Earnings Adjustments (Extraordinary Items)   Gain on bargain purchase  63  -  63   Expense relating to reacquired contractual rights  (137)  -  (137)   Income from sale of tax benefits under flow through share arrangements  -  4  (4)   Impairment reversals (losses and write downs) of non-financial assets  156  -  156   Merger transaction and integration costs  (8)  (3)  (5)   Movement of inventories relating to net realisable value adjustments  9  3  7  Profit / (Loss) from Operations  77  (36)  113  Financial Income  1  2  -  Financial Expenses  (4)  (3)  (1)  Profit / (Loss) before Income Tax  75  (37)  112  Income Tax Expense  (1)  (5)  4  Profit / (Loss) after Income Tax  74  (42)  116  Consolidated Group  Reconciliation of Underlying EBITDA to Profit / (Loss) after Income Tax 
 
 ELEVRA LITHIUM  24  Capital Investment  Capital focused on NAL sustaining and progressing NAL Expansion  Capital Expenditure  Capital expenditure increased by $7 million to $16 million, inline with full year guidance.   Sustaining capital during the period totalled $11 million, focused predominantly on upgrading the Tailings Storage Facility and various other sustaining capital projects at NAL.   Growth capital was primarily directed toward the NAL Expansion, with expenditure relating to Elevra’s wider portfolio largely minimal in the period.  Capitalised Exploration Expenditure  Capitalised exploration expenditure reduced to nil, representing a $15 million decrease compared to the prior corresponding period, which had utilised the remaining Flow Through Share funding4  All figures are reported in 100% terms and USD unless noted otherwise. Numbers presented may not add up precisely to the totals provided due to rounding.   Movement in capital creditors has not been allocated by segment.  FY25 Exploration expenditure funded by Flow Through Share (FTS) funding as allowed under the Income Tax Act (Canada).  US$M 1  H1 FY26  H1 FY25  Variance  Capital Expenditure  Growth  1  0  1  Sustaining  11  8  3  Movements in Capital Creditors 2  3  0  3  Total Capital Expenditure  16  8  7  Capitalised Exploration Expenditure3  NAL  -  6  (6)  Moblan  -  9  (9)  Troilus Claims   -  2  (2)  Movements in Capital Creditors 2  -  (2)  2  Total Capitalised Exploration Expenditure  -  15  (15)  Consolidated Group