Piedmont Lithium and Sayona Mining Complete Landmark Merger, Forming Elevra Lithium to Drive Global Energy Transition
Piedmont Lithium Inc. (“Piedmont,” or the “Company”), a leading North American supplier of lithium products vital to the U.S. electric vehicle (“EV”) supply chain, has announced the successful completion of its long-anticipated merger with Sayona Mining Limited (“Sayona”) (Nasdaq: ELVR; ASX: SYA; OTCQB: SYAXF). The merger, approved by shareholders of both companies and finalized upon satisfaction of all closing conditions, represents one of the most significant consolidations in the lithium sector in recent years.
The newly combined company, which will operate under the name Elevra Lithium, unites two highly complementary businesses, each with extensive lithium portfolios and strategic positions in the global energy transition supply chain. Together, Piedmont and Sayona create one of the largest hard-rock lithium platforms in the world, with assets spread across North America and Australia, both regions recognized as critical to securing reliable, sustainable lithium supply.
Formation of Elevra Lithium – A New Industry Powerhouse
Elevra Lithium inherits a rich and diverse portfolio from both Piedmont and Sayona. Piedmont has long been known for its flagship Carolina Lithium and Tennessee Lithium projects in the United States, as well as its joint ventures in Canada. Sayona, in turn, has been developing its leading Quebec-based assets, most notably the North American Lithium operation, one of the most advanced hard-rock lithium producers in the region.
By combining their strengths, Elevra establishes itself as a vertically integrated lithium company with production, development, and exploration assets that span multiple jurisdictions. This gives the company scale, geographical diversification, and operational flexibility—attributes that are increasingly important as lithium markets evolve amid volatile pricing, supply chain disruptions, and accelerating demand from the EV sector.
A Milestone for the Lithium Industry
The completion of this merger marks a milestone not only for Piedmont and Sayona, but also for the global lithium sector as a whole. Lithium has emerged as a strategic resource, often referred to as “white gold,” because of its central role in enabling electrification, clean energy storage, and the decarbonization of transport.
Keith Phillips, President and Chief Executive Officer of Piedmont Lithium and now an executive leader at Elevra, emphasized the transformational nature of the deal:
“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.”
Phillips’ remarks underscore the broader strategic rationale: Elevra is not simply a larger company—it is now a pivotal supplier with the ability to meet surging demand from automakers and battery manufacturers that are racing to secure reliable lithium supply.
Shareholder Benefits and Transaction Details
As part of the merger completion, important adjustments to securities listings and share conversions will take effect:
- Piedmont’s common stock and Chess Depositary Interests (CDIs) will be delisted from Nasdaq and the Australian Securities Exchange (ASX), respectively.
- Holders of Piedmont Lithium common stock (Nasdaq: PLL) will receive 0.35133 American Depositary Shares of Elevra (Nasdaq: ELVR). Each ADS represents 527 Sayona ordinary shares.
- Holders of Piedmont CDIs (ASX: PLL) will receive 5.27 Sayona ordinary shares (ASX: SYA) for every CDI held.
- Any fractional shares arising from the transaction will be rounded up to the nearest whole share, ensuring equitable treatment of all investors.
These terms provide Piedmont shareholders with direct participation in the growth of Elevra Lithium, allowing them to benefit from a larger, more globally diversified business that has significantly greater scale than either Piedmont or Sayona could achieve independently.
Strategic Advantages of the Merger
The creation of Elevra Lithium offers several immediate and long-term strategic advantages:
1. Scale and Global Reach
The lithium sector has seen increasing consolidation as companies seek scale to remain competitive. Elevra Lithium now ranks among the most significant hard-rock lithium producers globally, with the ability to compete head-to-head with industry leaders in Australia, China, and Latin America.
2. Diversified Asset Portfolio
By combining assets in the U.S., Canada, and Australia, Elevra reduces jurisdictional risk and enhances security of supply for key markets. North America and Australia are considered politically stable regions, making Elevra a highly attractive partner for Western automakers and battery companies eager to avoid overreliance on supply chains centered in China.
3. Stronger Market Position
As EV adoption accelerates, demand for lithium carbonate and lithium hydroxide is expected to outstrip supply over the next decade. Elevra’s integrated platform—from resource extraction to processing—strengthens its ability to meet this demand and command favorable contracts with downstream customers.
4. Enhanced Financial Capacity
With greater scale comes improved access to capital. Elevra is expected to attract significant institutional investment, enabling it to fund future expansions, accelerate project timelines, and weather volatility in lithium pricing cycles.
Implications for the Energy Transition
The establishment of Elevra Lithium could not come at a more critical time. Governments worldwide are implementing policies to accelerate the energy transition, with electrification of transportation and energy storage as central pillars. However, supply chain constraints—especially for lithium—pose a potential bottleneck.
By strengthening North American and Australian supply, Elevra supports national strategies in both the United States and Australia to secure critical minerals. For U.S. automakers, the merger offers reassurance that domestic lithium supply will expand, helping them qualify for incentives under programs like the Inflation Reduction Act (IRA).
For Canada, where Sayona has deep roots, the deal strengthens Quebec’s ambitions to become a leading hub for battery materials production. In Australia, where hard-rock lithium mining is already a dominant sector, Elevra’s scale adds further momentum to the nation’s role as a global supplier.
