Sayona to Rebrand as Elevra Lithium After Revising Piedmont Merger

About Sayona Mining Limited

Sayona Mining Limited (ASX: SYA), founded in 2000 and headquartered in Brisbane, Queensland, is an emerging lithium producer with a portfolio of hard rock lithium projects in Québec, Canada and Western Australia. The company holds a 75% stake in the North American Lithium operation and a 60% interest in the Moblan Lithium Project, both located in Québec’s highly prospective Abitibi lithium region. Sayona is committed to establishing a secure, vertically integrated lithium supply chain for North America and beyond. Its shares currently trade at $0.018.

Updated Merger Terms and Share Consolidation Plan

The merger agreement between Sayona and Piedmont Lithium has been amended to facilitate the next steps in the proposed transaction. Most notably, Sayona is seeking shareholder approval to implement a 150-for-1 share consolidation prior to closing. If approved, this would significantly reduce the number of shares on issue and support a more efficient capital structure for the merged entity.

Under the revised terms, Piedmont shareholders will receive 3.5133 Sayona shares for each Piedmont share if the consolidation occurs prior to completion. If the consolidation does not occur, the exchange ratio will default to 527 Sayona shares per Piedmont share. Each American Depositary Share (ADS) issued in the merger will represent either 10 consolidated Sayona shares or 1,500 shares on a pre-consolidation basis.

The consolidation aims to align Sayona’s capital structure with global peers and improve comparability for international investors, particularly in the US where the merged company will also be listed on Nasdaq.

Planned Rebranding to Elevra Lithium

Sayona will also ask shareholders to approve a name change to Elevra Lithium Limited. Pending approval, the company’s ASX ticker will change to ELV, while its Nasdaq-listed ADSs will trade under the symbol ELVR. The rebrand reflects the vision of a unified, globally recognised lithium company and aligns with the integration of Piedmont’s US operations.

If the name change is not approved, Sayona will retain its existing brand and trade under alternate tickers on Nasdaq—either SYAM or SYAL, subject to final agreement.

Additional Shareholder Approvals Ahead

As part of the merger implementation, Sayona will also seek shareholder ratification of the 1.25 billion shares issued in the November 2024 equity financing, which helped fund the transaction. Shareholder approval will also be requested to increase the aggregate fees payable to non-executive directors, reflecting the expanded board composition post-merger.

These approvals will be voted on at Sayona’s upcoming Extraordinary General Meeting (EGM), with detailed explanatory materials to be distributed in advance.

Sayona is preparing to file a registration statement with the U.S. Securities and Exchange Commission (SEC) as part of the merger process and will also submit required documentation to the ASX. Shareholders and investors are encouraged to review the full materials once available.

Strategic Impact of the Merger

The amended agreement and associated approvals mark an important milestone in the creation of a vertically integrated lithium company with dual listings and a combined presence in North America and Australia. The new entity—Elevra Lithium—is expected to benefit from scale, diversified resource exposure, and strategic alignment with battery and EV supply chains across the US and Canada.

Pending final regulatory and shareholder approvals, the transaction is expected to close before the end of Q3 2025. The merged company will operate with an expanded board, consolidated balance sheet, and enhanced platform for future growth in the global lithium market.