Update on Transaction Regulatory Approvals

Core Points - Sayona Mining Limited is progressing with a proposed transaction to merge with Piedmont Lithium Inc to create a leading lithium business [1] - Upon completion of the transaction, the company will be renamed Elevra Lithium Limited, with shareholders of Sayona and Piedmont Lithium holding approximately 50% equity each in the new entity [2] Regulatory Approvals - Significant progress has been made in obtaining necessary regulatory approvals, including Investment Canada Act approval, Hart-Scott-Rodino Act approval, and a review by the Committee on Foreign Investment in the United States, all of which have concluded without objections [3] Shareholder Approval and Meeting - The completion of the transaction is subject to shareholder approval from both companies and is targeted to close in mid-CY2025, with an Extraordinary General Meeting of Sayona shareholders expected in the first half of CY2025 [4] Share Consolidation and Pricing - Sayona plans to consolidate its shares at a ratio of 150:1 and will issue American Depositary Shares at a ratio of 10:1 post-consolidation, which is expected to attract a broader set of investors [4][5] - Based on the current share price of A$0.017 and the AUD:USD exchange rate of 0.64, the post-consolidation share price is projected to be approximately A$2.55, with an indicative ADS price of about US$16.32 [5] Fundraising and Future Outlook - The transaction includes a conditional placement of Sayona shares to raise approximately A$69 million (~US$45 million) at A$0.032 per share, subject to completion of the transaction [7] - The merger is viewed as a significant opportunity for both companies to emerge as leaders in the lithium sector and contribute to the global energy transition [9]