Elevra Lithium Ltd's stock surged 8.60% during intraday trading on Monday, following positive analyst commentary highlighting the company's structural cost advantages.

According to market analysis from Macquarie, Elevra Lithium has a key competitive edge over rival miners due to its use of renewable energy. The company relies on hydropower at its processing plant, with diesel accounting for only 5% of its operating costs. This gives Elevra "a key structural cost advantage versus other Western Australia-based lithium peers," according to the analyst note.

Macquarie retained its outperform rating on Elevra Lithium and raised its price target by 13% to A$11.60 per share, citing an improved earnings outlook for the company.