Corporate Update
Brisbane, Feb 22, 2024 AEST (ABN Newswire) - North American lithium producer Sayona Mining Limited (
ASX:SYA) (DML:FRA) (SYAXF:OTCMKTS) has reaffirmed its strategic partnership with Piedmont Lithium (ASX:PLL) (NASDAQ:PLL) to develop the North American Lithium (NAL) operation in Quebec, Canada, following the announced share sale by Piedmont Lithium of its shareholding in Sayona Mining Limited.
Piedmont announced on 21 February 2024 it had agreed to sell 1,152.2 million Sayona shares for A$0.052 per share. The sale price represented a premium to the 20-day volume weighted average price, resulting in gross proceeds of approximately A$59.9 million for Piedmont.
Piedmont confirmed that the decision to divest "aligns with Piedmont's commitment to maintaining a prudent balance sheet while simultaneously minimising dilution of Piedmont's shareholders." Piedmont added it would "remain fully committed to our joint venture with Sayona, with a particular focus on the ongoing ramp up of North American Lithium."
Piedmont Lithium retains a 25% interest in Sayona Quebec, the entity that owns NAL, and has a long-term offtake agreement with NAL for lithium concentrate.
Sayona's Interim CEO, James Brown commented: "As a joint owner of the NAL operation and a significant customer, Piedmont Lithium remains an important strategic partner for Sayona. We look forward to continuing to collaborate with Piedmont as we optimise our operations at NAL and build a sustainable lithium supply chain to serve the rapidly growing EV and battery market in North America."
About Elevra Lithium Limited
Elevra Lithium Limited (ASX:ELV) (NASDAQ:ELVR) is a dual-listed lithium producer and developer, supplying a reliable, secure and sustainable source of this critical mineral at the heart of global electrification.
Headquartered in Brisbane, Australia, Elevra has a globally diversified portfolio of world-class lithium assets across Quebec, North Carolina, Ghana, and Western Australia. Elevra was formed through the merger of Piedmont Lithium and Sayona Mining.
By combining operational excellence with disciplined asset management, we strive to maximise efficiency, drive superior shareholder value, and create lasting benefits for all stakeholders.
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