The Merger of Piedmont and Sayona Elevra Lithium SEPTEMBER 2025 ASX:SYA • NASDAQ:ELVR • OTCQB:SYAXF For personal use only Contents 01 Introduction ELEVRA LITHIUM For personal use only 2 02 Corporate Overview 03 Synergies & Progress 04 Resource Base & Operations 05 Growth Projects 06 Strategy & Market Outlook 07 Financials & Guidance 08 Appendix 01 Introduction For personal use only Recapping the Merger Strategic Rationale Unlocking synergies,strengthening our market position and delivering long term value S ...

Core Viewpoint - Lithium Argentina AG has executed a framework agreement with Ganfeng Lithium Group to establish a new joint venture that consolidates their lithium projects, enhancing operational scale and financial flexibility [1][3]. Project Details - The new joint venture combines Ganfeng's Pozuelos-Pastos Grandes project with Lithium Argentina's Pastos Grandes (85% owned) and Sal de la Puna (65% owned) projects, resulting in Ganfeng holding 67% and Lithium Argentina 33% of the joint venture [1]. - Since acquiring the Pastos Grandes project in 2022 and Sal de la Puna in 2023, Lithium Argentina has made significant advancements, including hydrogeological modeling and environmental studies [4]. - Ganfeng acquired the Pozuelos-Pastos Grandes project for $1.0 billion and has invested an additional $200 million for development [4][5]. Production Capacity and Feasibility Study - The development plan targets a phased production capacity of up to 150,000 tonnes per annum (tpa) of lithium carbonate equivalent (LCE) in three phases of 50,000 tpa each [6]. - A feasibility study is underway to evaluate lithium carbonate and lithium chloride production, with results expected by the end of 2025 [6]. Financing and Debt Facility - Both companies are pursuing financing options for further development, including potential offtake agreements and project financing [7]. - Ganfeng will provide Lithium Argentina with a $130 million, six-year debt facility at SOFR plus 2.5%, enhancing financial flexibility [9][10]. Joint Venture Structure and Future Steps - The joint venture will be structured on the existing partnership model used for the Cauchari-Olaroz project, leveraging local expertise [8]. - Immediate steps include settling definitive agreements and completing a development plan, with the joint venture expected to close by Q1 2026 [11]. Company Overview - Lithium Argentina is an emerging producer of lithium carbonate primarily for lithium-ion batteries and electric vehicles, operating in partnership with Ganfeng [12].

Financial Data and Key Metrics Changes - Consolidated operating profit increased over 60% year-over-year, with net income rising by 7% and EBITDA increasing by 14% [5][12] - Operating profit for the first quarter of 2025 was $7.7 million, compared to $4.8 million in the first quarter of 2024, while net income rose to $4.9 million from $4.6 million [12][14] - Adjusted EBITDA increased to $12.8 million from $11.2 million in the previous year [12][13] Business Line Data and Key Metrics Changes - The Coal Mining segment saw operating profit rise to $3.8 million and adjusted EBITDA increase to $5.8 million, a significant improvement from an operating loss of $0.4 million and EBITDA of $1.8 million in the prior year [14] - North American Mining's operating profit decreased to $2 million from $2.4 million, while adjusted EBITDA remained comparable at $4.7 million [15] - Minerals Management's operating profit was stable at $7.9 million, with adjusted EBITDA increasing to $9.8 million from $8.9 million [16][19] Market Data and Key Metrics Changes - The coal mining segment is expected to see a modest increase in deliveries in 2025 due to improved customer demand and the absence of temporary price concessions [17] - North American Mining is projected to deliver improved results in 2025, with anticipated performance gains in the second half of the year [18] Company Strategy and Development Direction - The company is optimistic about the regulatory environment for the fossil fuel industry, with recent executive orders from the administration aimed at supporting coal and fossil fuel resources [7][40] - The company is focused on expanding its portfolio in the Minerals Management segment, with a budget of up to $20 million annually for investments [11] - The company is exploring opportunities in solar energy, particularly on reclaimed mine land, to leverage its existing assets [81][85] Management's Comments on Operating Environment and Future Outlook - Management views 2025 as a pivotal transition year, with expectations for moderate year-over-year increases in consolidated operating profit [12][20] - The company anticipates a significant improvement in the second half of 2025 due to trends in oil and natural gas prices [20] - Management expressed confidence in the profitability of the Mitigation Resources segment, which is expected to continue to grow [72] Other Important Information - The company plans to terminate its defined benefit pension plan, which will result in a significant noncash settlement charge but will eliminate future earnings volatility [20] - As of March 31, 2025, the company had consolidated cash of approximately $62 million and debt of $96 million [21] Q&A Session Summary Question: What leads to recurring inventory charges in Mississippi Lignite? - Management explained that inventory impairment is due to high-cost coal from inefficiencies and a lower adjustment in price based on a formula tied to historical indices [26][30] Question: What are the practical implications of a more favorable regulatory environment? - Management noted that the administration is focused on developing U.S. fossil fuel resources, including coal, and has signed executive orders to support this [40][41] Question: Is there seasonality in North American Mining? - Management indicated that there is little seasonality in North American Mining, with operations primarily in Florida [42] Question: What is the status of the asset held for sale? - The asset consists of draglines and a building in North Dakota, which are actively being marketed for sale [63][64] Question: How does the mitigation resources business operate? - Management described the mitigation resources business as lumpy, with periodic credit releases based on the lifecycle of mitigation banks [66][70]