Sayona and Piedmont form Elevra Lithium with a US$623 million merger deal

Australia’s Sayona Mining Ltd. has completed a US$623 million merger with U.S.-based Piedmont Lithium Inc., creating a jointly owned company with assets in Canada, Australia and Ghana. The combined firm, expected to rebrand as Elevra Lithium by the end of September, aims to strengthen its position in the global lithium market.

The deal consolidates Piedmont’s long-standing interest in Ghana’s Ewoyaa project, run by Atlantic Lithium. Piedmont first entered the project in 2021, securing rights to acquire up to 50% of future output in exchange for financing construction. It now holds 22.5% of Ewoyaa and owns 4.7% of Atlantic Lithium’s equity, with the option to double its stake in the mine. Ewoyaa is projected to produce 3.6 million tons of spodumene concentrate over 12 years.

Yet the mine’s development remains stalled. Atlantic, which secured a 15-year operating license in 2023, is negotiating tax relief with Ghana’s government, arguing that high royalties and corporate taxes make the project unviable amid a global lithium glut and weak prices. The company is pushing to halve the current 10% royalty rate and remove import duties on equipment.

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The new Elevra board, chaired by Dawne Hickton and including Christina Alvord, Jeff Armstrong, Jorge M. Beristain and James Brown, will decide on financing for Ewoyaa’s construction. Parliamentary approval of the mining lease also remains pending.

Sayona CEO Lucas Dow said the merger “created a stronger, globally significant lithium company with the scale, resources, and partnerships to lead in the energy transition.”

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