Piedmont and Sayona Finalize Merger to Create Elevra Lithium, a Leading Hard-Rock Lithium Company

Merger Completion

• Piedmont Lithium and Sayona Mining Merger: Piedmont Lithium Inc. has successfully merged with Sayona Mining Limited, forming a new entity called Elevra Lithium. This merger was finalized after receiving shareholder approval and meeting all closing conditions.

• Creation of a Major Lithium Platform: The merger consolidates complementary assets, establishing Elevra Lithium as one of the largest hard-rock lithium platforms globally. The company aims to address the increasing demand for electric vehicles (EVs) and energy transition projects through a robust pipeline of development-stage initiatives.

Shareholder Impact

• Stock Delisting and Share Exchange: Following the merger, Piedmont's common stock and Chess Depositary Interests (CDIs) will be delisted from Nasdaq and the ASX. Shareholders will receive 0.35133 American Depositary Shares (ADS) of Elevra for each share of Piedmont common stock, equating to 527 Sayona ordinary shares. Holders of Piedmont CDIs will receive 5.27 Sayona ordinary shares for each CDI.

• Implied Share Price: The implied ADS price, based on Sayona's closing price on August 29, 2025, is approximately $25.53 USD, which translates to an implied share price of $8.97 USD for Piedmont.

Market Performance

• Current Stock Performance: As of the last trading session, Piedmont Lithium's stock closed at $7.25, reflecting a decline of 8.29%. In after-hours trading, the stock showed a slight recovery, trading at $7.32, up 0.97% on the NasdaqCM.

Leadership Perspective

• CEO's Vision: CEO Keith Phillips characterized the merger as a transformative milestone that enhances Elevra Lithium's global reach and scale. He emphasized the company's positioning as a leading supplier to the electric vehicle and stationary storage markets, aiming to create long-term value for shareholders, employees, and partners.