Piedmont Lithium Inc. announced the completion of its merger with Sayona Mining Limited after approval from shareholders of both companies and the fulfilment of all regulatory conditions. The newly formed entity, named Elevra Lithium, becomes one of the largest integrated producers of hard-rock lithium serving both North American and global markets.
Piedmont shareholders will receive 0.35133 American Depositary Shares (ADS) of Elevra, equal to 527 ordinary Sayona shares, for each ordinary share held. Holders of Chess Depositary Interests (CDI) listed on the Australian Securities Exchange will receive 5.27 Sayona shares for each CDI. Following the transaction, Piedmont shares will be delisted from the Nasdaq and the Australian Securities Exchange.
A consolidated player in strategic lithium
The creation of Elevra Lithium builds on complementary strategic assets in regions considered critical for the lithium supply chain. Ongoing development projects in Australia and North America will provide increased capacity to supply the growing segments of electric vehicles and stationary storage.
The exchange ratio is based on Sayona’s closing share price on 29 August of A$0.026, valuing one Elevra ADS at A$39.00. Applying an exchange rate of 0.6545, the implied ADS price stands at $25.53, equivalent to an implied valuation of $8.97 per Piedmont share.
Strategic shift towards North American markets
Elevra Lithium intends to leverage its regional presence to supply North American markets with critical materials while reducing dependence on Asian supply chains. The merger between Piedmont and Sayona aims to strengthen the resilience of Western supply chains amid geopolitical pressures and rising traceability requirements.
Keith Phillips, President and Chief Executive Officer of Piedmont Lithium, described the deal as a “transformative milestone for our shareholders, employees and partners,” adding that the combined group would benefit from an “enhanced global footprint” in a rapidly evolving sector.
