Piedmont Lithium has completed its merger with Sayona Mining following approval from shareholders and the satisfaction of all closing conditions.
Following the merger, a newly established US subsidiary of Sayona has merged into Piedmont, leading to an equal equity distribution between Sayona shareholders and Piedmont stockholders.
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The equity holding in Sayona now stands at approximately 50% for each group, before conditional placement.
The new entity will be named Elevra Lithium, combining the strengths of both companies to create one of the largest hard-rock lithium platforms in the industry.
Elevra Lithium is poised to become a key player in the global energy transition, supplying critical lithium resources from its portfolio of development-stage projects.
The name change is pending approval from the Australian Securities and Investments Commission and is expected to be finalised by late September 2025.
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By GlobalDataPiedmont Lithium 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 [electric vehicle] 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.”
As a result of the merger, Piedmont’s common stock and Chess Depositary Interests (CDIs) will be delisted from the Nasdaq and the Australian Securities Exchange.
Piedmont Lithium stockholders will receive 0.35133 American Depositary Shares, equating to 527 Sayona ordinary shares, for each share of Piedmont common stock held.
CDI holders will receive 5.27 Sayona ordinary shares for each CDI. Any fractional shares resulting from the exchange will be rounded up to the nearest whole share.
Sayona Mining CEO and managing director Lucas Dow said: “Today marks a defining milestone in our company’s journey as we complete the merger with Piedmont Lithium. By uniting two complementary businesses, we have created a stronger, globally significant lithium company with the scale, resources and partnerships to lead in the energy transition.
“This merger is not just about combining assets – it is about unlocking synergies, strengthening our market position, and delivering long-term value for our shareholders, stakeholders and communities. I am incredibly proud of what our teams have achieved to reach this point and excited about the opportunities ahead as we move forward together as Elevra Lithium.”
