Company Overview: Sayona Mining Limited (ASX: SYADB) is a North American lithium producer with projects in Quebec, Canada and Western Australia. Its projects include Authier Lithium, Western Australia Gold, Tansim Lithium, Western Australia Lithium, Western Australia Graphite, Moblan Lithium and Lac Albert Lithium. 

1.1 Latest Updates

• Merger Completion – Sayona Mining Limited has successfully completed its merger with Piedmont Lithium Inc. on 29 August 2025 (ET) / 30 August 2025 (AEST). Post-merger, Sayona and Piedmont shareholders each hold approximately 50% of the combined company on an undiluted basis.
• Share & ADS Conversion – Piedmont CDI holders will receive 5.27 SYA shares for each CDI. Piedmont common stockholders will receive 0.35133 Sayona ADSs (equivalent to 527 Sayona shares) per Piedmont share. Sayona ADSs will trade on NASDAQ under the ticker ELVR, with ASX ticker to change to ELV (post-name change to Elevra Lithium) in late September 2025.
• Board Changes – New appointments include Dawne Hickton (Chair designate), Christina Alvord, Jeff Armstrong, and Jorge M. Beristain as Non-Executive Directors. James Brown transitions to Non-Executive Director, while Paul Crawford and Philip Lucas resign. Lucas Dow remains CEO & MD.
• Share Consolidation – Following the merger and conditional placement, Sayona will implement a 1-for-150 share consolidation. Post-consolidation, each ADS will represent 10 Sayona shares, with no change in the total ADSs outstanding.
• Market Update Advisory: Sayona Mining Limited (“Sayona”) (ASX: SYA; NASDAQ: ELVR; OTCQB: SYAXF) recently announced that it will host an investor webcast and conference call to discuss this development on 16 September 2025 at 8:30am AEST, which corresponds to 15 September 2025 at 6:30pm EST.

Key Risks: A key risk for Sayona Mining lies in its heavy reliance on lithium prices, which are highly cyclical and influenced by global EV demand and supply chain dynamics. Integration risks from the Piedmont merger, potential delays in project development, regulatory approvals, and execution of the planned share consolidation could also impact shareholder returns.

1.2 Stock Update

The merger with Piedmont Lithium positions Sayona Mining as a globally significant lithium producer with expanded North American projects, enhanced scale, and operational synergies. Dual listings (NASDAQ: ELVR; ASX: soon ELV) improve market access, while a 50/50 equity structure and share consolidation support long-term shareholder value and strategic growth. The company has undertaken a 1-for-150 share consolidation, under which every 150 existing shares have been consolidated into 1 share. Following this adjustment, the post-consolidation shares price stands at AUD 2.67 as of 12^th September 2025 equivalent to AUD 0.0178 per share. The position has been closed at the stock’s closing price on 12 September 2025.

Markets are trading in a highly volatile zone currently due to certain macro-economic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 12 September 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided have been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.