The elevation of the Eucharist immediately follows the actual consecration. It is raised only after it has been changed from bread into the Eucharist specifically for adoration. The elevation is separate from the actual moment of consecration. The exact moment of consecration for the host is actually when the Priests says the words, “…this is my body …”. There is a little known action which happens simultaneously to these words. While saying them, the priest is supposed to direct the breath generated by these words upon the host to represent the Holy Spirit enacting the change from bread and wine into the Body, Blood, Soul, and Divinity of our Lord
The consecration for the large and small hosts happen simultaneously. What is consecrated and what is not depends upon the intent of the priest at the moment of consecration. If he intends that all the hosts, both large and small, on the altar are to be consecrated, then they are. There are special instances when certain hosts which rest on the altar are not consecrated. For example, at St. Peter’s Basilica in Rome, the daily masses are held on a side altar in the left transept of the Basilica. An urn of unconsecrated hosts rests on a corner of the altar so that the mass may quickly be reset before a new one is started. In that case, the priest only intends that the hosts which are separated from the urn for consecration for that specific mass would be consecrated. As such, the hosts in the urn are not consecrated, even though they do technically rest on the altar.