Piedmont Lithium just took a big step closer to $623M merger with Australian firm
The $623 million merger of Piedmont Lithium in Belmont and Australia-based Sayona Mining received preliminary approval from shareholders Friday following two delays.
Piedmont Lithium has plans to open a $1 billion mine in Gaston County, west of Charlotte. Both companies jointly own a North America Lithium project in Quebec, Canada.
The new company will be headquartered in Australia, with its U.S. headquarters in Belmont. Following the nearly 50-50 equity holding split, the new company will be called Elevra Lithium.
The merger is not expected to upend the plans in Gaston County.
Lithium is used in batteries to power electric vehicles, bikes and personal electronic devices. But the price of lithium has continued to fall with slowing EV sales, causing companies to consolidate and delay projects.
About 30 seconds after opening the vote, at 11:11 a.m. on Friday, Piedmont Lithium’s Bruce Czachor, executive vice president and chief legal officer, read the results during a virtual shareholders meeting. Shareholders also could vote before Friday’s meeting.
“The preliminary results show that we have received votes and proxies sufficient to approve all proposals voted on today,” Czachor said.
The three proxies voted on were:
- The proposal to adopt the agreement and plan of the merger announced Nov. 18, 2024.
- An advisory vote on compensation that may be paid to Piedmont’s executive officers related to the merger.
- A possible postponement of the special meeting to a later date to gather additional proxies if merger agreement votes are insufficient.
The official minutes of the meeting with the final vote tabulations will be filed with the SEC.
Shareholders were able to vote up until the polls were closed during the meeting, so there are additional votes that need to be confirmed and added to the results in order for them to be official, Malissa Gordon, vice president of government affairs for Piedmont Lithium told The Charlotte Observer on Friday.
“The remaining steps are largely customary in closing any merger,” Gordon said.
The vote had been adjourned twice due to lack of quorums, on July 31 and Aug. 11.
“This is a significant moment in the history of Piedmont Lithium,” Piedmont Lithium CEO Keith Phillips said Friday following the vote.
Piedmont Lithium was formed eight years ago, and now includes lithium mines in Canada and Ghana.
Four years ago, Piedmont announced it was planning a $1.2 billion lithium mine on over 1,500 acres east of Cherryville, about 25 miles west of Charlotte. Only 2% of the world’s lithium is available in the U.S., and North Carolina is among only a few places in the world where lithium mining is possible.
Piedmont’s joint acquisition with Sayona of its Quebec, Canada, lithium mine began operating in 2023. It is the largest lithium operation in North America, Phillips said Friday.
“It became increasingly clear to both Piedmont and Sayona that our future would be brighter as one larger, simpler, stronger company,” Phillips said. “Together, we will have a broader portfolio, increased scale and a lower cost structure.”
On Thursday, the updated closing timetable for the merger by Piedmont Lithium, following approval, shows the effective time of the merger is 4 p.m. Aug. 29, which is also the last day Piedmont shares will be traded. Sayona shareholders approved the merger in July.
About the new lithium mining company
The combined lithium business from the merger of Piedmont Lithium and Sayona Mining also is subject to regulatory approvals.
Sayona’s Lucas Dow will become CEO of the merged company, with Phillips acting as a strategic advisor during the transition.
The board for Elevra will be made up of four nominees from each company. The chair designated for Elevra Lithium is Dawne Hickton of Piedmont.
The estimated market capitalization of the new company is $623 million. Piedmont had 23 workers as of Dec. 31, according to the company’s 10-K filing. Reports show that Sayona has about 230 employees.
More about Piedmont Lithium
Piedmont Lithium reported $11.9 million in revenue at its second quarter earnings ending June 30.
Last year, Piedmont Lithium cut nearly half of its workforce in two layoffs amid the lithium market slump. In November, the company began looking for a funding partner for its Gaston County mining project.
The company also abandoned its Tennessee Lithium conversion plans in favor of its Carolina project.
The North Carolina project will add a second lithium hydroxide production train as part of a phased development, depending on market conditions, Piedmont Lithium said in Thursday’s merger timeline release.
“We are progressing our development of Carolina Lithium on a conservative timeline, monitoring dynamic market conditions and focusing on strategic partnerships and our funding strategy,” Phillips said during the earnings call.
Phillips said that although lithium prices remain depressed, the world continues to move toward electrification.
Piedmont Lithium is in the process of regulatory approvals for its North Carolina mine, about 25 miles west of Charlotte. Its air permit application is under review by North Carolina’s Division of Air Quality, the company reported during the earnings call Aug. 7.
Lithium mining in NC
The project is one of two lithium mines planned in North Carolina along the Carolina Tin-Spodumene Belt.
Large green areas in white pegmatite rock called spodumene are extracted to make lithium. North Carolina is among a few places in the world where lithium mining is possible. Piedmont has a contract with Tesla for its lithium.
The other project is from Charlotte-based Albemarle Corp., which is reopening a dormant lithium mine in Kings Mountain. Albemarle’s project is on nearly 1,200-acres in Cleveland County, about 30 miles west of Charlotte off Interstate 85.
Albemarle is the world’s largest lithium miner.
This story was originally published August 22, 2025 at 4:25 PM.
