Sayona and Piedmont merge to form a US$623 Million North American lithium leader

Sayona Mining and Piedmont Lithium have announced a US$623 million all-stock merger to create North America’s largest hard-rock lithium producer.

The merger brings together the companies’ joint venture at the North American Lithium (NAL) project in Quebec. The project reached steady-state production in mid-2024 with a capacity to produce 226,000 tonnes of spodumene concentrate annually. NAL recently has undergone financial losses, which led to streamlined operations and cut costs.

Sayona will become the parent company, with shareholders from both firms owning equal stakes in the merged entity. The business will have a primary listing on the Australian Securities Exchange and a secondary listing on the Nasdaq. The merge is expected to be completed in early 2025.