Update on Transaction Regulatory Approvals

Core Viewpoint - Sayona Mining Limited is progressing with a proposed transaction to merge with Piedmont Lithium Inc., aiming to create a leading lithium business, subject to shareholder approval [1][2]. Group 1: Transaction Details - 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]. - Significant regulatory approvals have been obtained, including Investment Canada Act approval, Hart-Scott-Rodino Act approval, and a review by the Committee on Foreign Investment in the United States, which has concluded without further action [3]. - The transaction is targeted to close in mid-CY2025, pending shareholder approval and customary conditions [4]. Group 2: Share Consolidation and Financial Implications - 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, contingent on shareholder approval [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 indicative ADS pricing around US$16.32 [5]. Group 3: Management Perspective - The Managing Director and CEO of Sayona expressed confidence that the merger will position Elevra Lithium as a leader in the lithium sector, contributing to the global energy transition [7][9].