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BMO Capital has initiated coverage of Elevra Lithium (NASDAQ:ELVR) with an Outperform rating and a price target of A$12.50, citing the company's strengthened position as a leading North American lithium producer following the merger of Sayona and Piedmont Lithium. The merger has streamlined ownership of the North American Lithium asset, eliminated a restrictive off-take agreement, and improved the company's balance sheet. BMO Capital sees Elevra as well-positioned for growth and benefiting from potential lithium price recovery.