Piedmont Lithium has finalised its previously announced merger with Australia-based Sayona Mining, forming a new entity named Elevra Lithium.
Elevra Lithium combines the diverse project portfolios of both Piedmont and Sayona, positioning itself as one of North America’s largest hard-rock lithium producers. These assets aim to enhance their capacity in the lithium supply chain to meet increasing demand driven by global energy transitions.
The merger agreement, announced in November 2024, was executed through an all-stock deal.
As part of the transaction, Piedmont’s common stock and Chess Depositary Interests will be removed from Nasdaq and the Australian Securities Exchange.
Holders of Piedmont’s common stock will receive American Depositary Shares representing Sayona ordinary shares, while CDI holders will receive Sayona shares. Any fractional shares resulting from this exchange will be rounded up.
Elevra Lithium inherits several strategic projects from its predecessor companies. Piedmont contributes its wholly-owned Carolina Lithium project in the US and partnerships in Quebec with Sayona and in Ghana with Atlantic Lithium.
Meanwhile, Sayona brings its North American Lithium, Authier Lithium Project, Tansim Lithium Project in Quebec, Canada and a 60% stake in Moblan Lithium Project. In Western Australia, Sayona holds a large tenement portfolio for lithium and gold exploration.
Piedmont president and CEO Keith Phillips said: “This is a transformative milestone for our shareholders, employees, and partners.
“The combination with Sayona significantly strengthens our global footprint, enhances scale, and positions us to be a leading supplier of lithium resources to the growing EV and stationary storage supply chains. We are excited to move forward as a combined company with Sayona and to build long-term value for all stakeholders.”
With this consolidation, Elevra Lithium plans to streamline operations and leverage synergies across logistics and procurement to potentially reduce operating costs. The company also intends to widen its customer base and strengthen its financial position to support future growth projects.
Future strategies for Elevra Lithium involve capital-raising activities and forming strategic partnerships at the project level to secure technical expertise and funding. At the time of signing the merger deal, the parties stated that the aim is to progress with non-dilutive funding sources while maintaining a simplified corporate structure.
