The balance needs a bit of work. The player character's movement is sluggish and the rate which the elf attacks is sometimes too fast for the player's dodge to keep up. The slow swing rate leaves too big of an opening for the player, leaning the advantage for punishment too far in favor of the npc, due to the lack of animation cancelling and high stamina costs.
Once you're in an attack animation you're forced to complete it. Visually, it looks absolutely stunning, but the automatically tracking attacks which also propel the npc into striking range meant that I would dodge an attack only for the following attack to connect before the dodge animation completes.
After punishing the only single attack that can be consistently punished a single extra click would lock me into a slow swinging animation that cannot be canceled, and dodging after the animation completed wouldn't help since the NPC would just move forward in her animation.
With such punishing attacks, reducing stamina usage for dodging and allowing animation cancelling would smooth out combat significantly and the combat would feel amazing.
I did end up learning her attacks and beat her, which is A+ for a souls-like experience.
All in all, it's a really great little game/tech demo. I love the idea, the animation quality is amazing and the gameplay has promise. I think you have something very worthwhile already.
Also, I actually liked the AI voice, you managed to make it sound surprisingly good. The only part that sounded off was the moans, but I imagine voice models aren't really trained on moaning.
Edit: Also, I really do want to stress that the animation quality is superb. Seriously, you have a great eye for framing and the perspective shifts were fantastic. You had a few shots that I won't spoil which really took me by surprise in a good way.