Slide 1: Elevra Lithium: The Merger of Piedmont and Sayona
Elevra Lithium The Merger of Piedmont and Sayona SEPTEMBER 2025 ASX:SYA • NASDAQ:ELVR • OTCQB:SYAXF
Slide 2: Contents
Contents 01 Introduction 02 Corporate Overview 03 Synergies & Progress 04 Resource Base & Operations 05 Growth Projects 06 Strategy & Market Outlook 07 Financials & Guidance 08 Appendix ELEVRA LITHIUM 2
Slide 3: Introduction
01 Introduction
Slide 4: Recapping the Merger Strategic Rationale
Recapping the Merger Strategic Rationale Unlocking synergies, strengthening our market position and delivering long term value Strategic Rationale Scale Optimisation Growth #1 North American hard rock pure-play Consolidated North American Lithium (“NAL”) Aligns economic interests in pursuing NAL lit
Slide 5: Introducing Elevra Lithium
Introducting Elevra Lithium Providing a secure and reliable supply of lithium to power the future The meaning behind the name Elevate Electricity Era Upward momentum, Evoking energy, power Marking a new chapter in leadership and and the shift towards sustainable industry and innovation. electrificat
Slide 6: Our Core Values
Our Core Values Elevra represents a company driving the energy transition forward, rising as a leader in the lithium and critical minerals sector Integrity Respect Resilience Collaboration Execution ELEVRA LITHIUM 6
Slide 7: Corporate Overview
02 Corporate Overview
Slide 8: North America's Leading Hard-Rock Lithium Producer
North America’s Leading Hard-Rock Lithium Producer A larger, stronger operating business with quality development projects Scale Merger Update Elevra is North America’s largest hard-rock lithium producer. • ~168mm shares on issue post consolidation. • Elevra pro-forma cash position of ~A$227mm 1 as
Slide 9: Highly Experienced and Diverse Board
Highly Experienced and Diverse Board Structured to support and enable Elevra’s growth Board of Directors • Board of Directors of Elevra consists of a total of 8 members, including Dawne Hickton as Chair of the Board and Lucas Dow as Managing Director & CEO. • Highly experienced and diverse board rep
Slide 10: Elevra's Management Team
Elevra’s Management Team Experienced team with strong operational and project development experience Management Team • Elevra is proud to introduce the company’s senior leadership team—a committed group of individuals ready to guide Elevra’s evolution and champion the company’s vision: to operate re
Slide 11: Synergies & Progress
03 Synergies & Progress
Slide 12: Already delivered on Multiple Operational Milestones
Already delivered on Multiple Operational Milestones Disciplined and structured approach to operational delivery and project development 01 Corporate Complete merger and realise operating synergies Complete capital raise to execute strategic plans and create cash runway into 2026 Evaluate downstream
Slide 13: Merger Synergies
Merger Synergies Good progress already made and on track to deliver synergies in excess of US$15M on an annual basis SG&A Asset Optimisation Logistics and Procurement Optimisation of corporate and JV functions Enhanced management and technical Removing de-synergies from previous NAL Reduction of cor
Slide 14: Resource Base & Operations
04 Resource Base & Operations
Slide 15: Significant Increase in Resource and Reserve Base (NAL)
Significant Increase in Resource and Reserve Base Large resource base to support significant brownfield and greenfield developments NAL Increases Resource to 95Mt and NAL Mineral Resources Reserves to 49Mt1 2025 JORC Estimate • Total Mineral Resource of 95Mt at 1.15% Li2O; Resource Classification Me
Slide 16: NAL 1.6x Increase in Resource Since Acquisition
NAL 1.6x Increase in Resource Since Acquisition Increased resource base providing the foundation for a significant brownfield expansion • NAL represents one of 1.1x Increase North America’s single largest lithium resources, providing (8.0) 1.7 0.1 a strategically significant asset base with substant
Slide 17: Significant Increase in Resource and Reserve Base (Moblan)
Significant Increase in Resource and Reserve Base Large resource base to support significant brownfield and greenfield developments Moblan Increases Resource to 121Mt Moblan Mineral Resources2 and Reserves to 48Mt1 2025 JORC Estimate • Total Mineral Resource of 121Mt at 1.19% Li2O; Resource Classifi
Slide 18: Moblan 6.5x Increase in Resource Since Acquisition
Moblan 6.5x Increase in Resource Since Acquisition Genuine Tier 1 deposit – long life, low cost with an expandable production profile • Resource base continues to grow over the years from infill drilling with shallow mineralisation • Track record of expansion, with mineral resource increasing 6.5x s
Slide 19: Leading Hard-Rock Resource Base with Competitive Capital Intensity
Leading Hard-Rock Resource Base in North America with Competitive Capital Intensity Select Hard-Rock Resource Benchmarking Capital Intensity Benchmarking Attributable M+I+I Mineral Resource Estimate, Mt 1 US$mm/kdmt p.a.3 229 4 3.7 Established producing asset base. 200 3.0 3.0 3 141 Competitive capi
Slide 20: NAL Operational Performance
NAL Operational Performance Demonstrated operating discipline laying the platform for sustained success and future growth Delivering production in NAL Global Recovery and NAL Concentrate Production and Unit Operating line with FY25 budget Mill Utilisation Costs • FY25 ore mined up 100% 80,000 1,536
Slide 21: Growth Projects
05 Growth Projects
Slide 22: Development Projects
Development Projects Unique set of development options combined with an operating asset North American Lithium Ewoyaa Moblan Carolina 1 (100%) 2 (22.5%)1 3 (60%) 4 (100%) Leading North American open Low-cost lithium project targeting High-grade, long-life project located Fully-integrated, strategica
Slide 23: Indicative Sequencing of the Project Development Pipeline
Indicative Sequencing of the Project Development Pipeline Project pipeline provides for a natural development sequence aligned to forecast supply shortages • Elevra maintains a diverse pipeline of attractive projects, well positioned to supply a growing lithium market • Elevra will remain discipline
Slide 24: Overview of NAL Brownfield Expansion
Overview of NAL Brownfield Expansion1 Risk profile significantly reduced as compared to greenfield projects in Quebec with superior location and existing logistics connectivity • The brownfield expansion at NAL is supported by the significant increase in resource base of the surrounding acreage • Pe
Slide 25: Impact of the NAL Brownfield Expansion Plan
Impact of the NAL Brownfield Expansion Plan Driving unit costs down and strengthening NAL’s commercial competitiveness Elevra has completed a Scoping Study NAL Gross Production NAL Unit Costs Assessing an Expansion of NAL Supported by a 315 US$765 – 830 Larger Resource Base kdmt /dmt • Based off the
Slide 26: Indicative NAL Brownfield Expansion Timetable
Indicative NAL Brownfield Expansion Timetable A simplified project pathway as compared to greenfield project development—further refinement being undertaken Project Scoping Study Evaluation Permitting Construction Commission Ramp-up 1 2 3 4 5 6 Completed In Progress FY26 ~2Q CY28 ~4Q CY29 1Q CY30–
Slide 27: Funding Plan
Funding Plan Flexibility and a range of alternatives exist to fund Elevra’s development projects. • Consolidating ownership of NAL provides optionality for alternative funding pathways including partnering with strategic investors • Capital raisings completed at merger announcement and completion pr
Slide 28: Strategy & Market Outlook
06 Strategy & Market Outlook
Slide 29: Recapping the Elevra Strategy—Next 18 Months
Recapping the Elevra Strategy—Next 18 Months Disciplined delivery remains central to our strategy 01 02 03 Optimise Existing Operations Develop Assets Following Integrate into the Supply Chain Via Expanded Resource Base Strategic Partnerships Focused on optimising production Deliver portfolio potent
Slide 30: Through-The-Cycle Production Ensures Maximised Profitability
Through-The-Cycle Production Ensures Maximised Profitability in Peak Cycle Environments Production incumbency is everything Gross Annual Production Greenbushes Pilgangoora Mt Marion Wodgina • Lithium price upcycles can last 2–3 years (most kt , June year end recently Sep 2021–Jan 2023) but short spi
Slide 31: Uplift in Demand with Strong Outlook into 2030
Uplift in Demand with Strong Outlook into 2030 Elevra is well positioned to take advantage of forecast demand growth through its unique suite of development projects Global Lithium Demand North American Lithium Market Balance Mt LCE Mt LCE 6.0 1.4 1.2 5.0 1.0 0.8 4.0 CAGR 10% 0.6 0.4 3.0 0.2 0.0 2.0
Slide 32: Commercial Strategy
Commercial Strategy Focused on developing strategic partnerships where the commercial terms are superior to what can be achieved in the spot market Offtake Agreements and Sales Strategy Downstream Approach • Offtake agreement between Sayona and Piedmont has been • Elevra will proactively engage with
Slide 33: Financials & Guidance
07 Financials & Guidance
Slide 34: FY26 Guidance
FY26 Guidance Another year focused on delivery, disciplined expenditure and continued improvement Proposed Guidance Additional Information Spodumene • SC 5.3% product grade Concentrate 195,000 – 210,000 dmt • 100% NAL production Production • SC 5.3% grade • 100% NAL sales Spodumene • Shipment volume
Slide 35: Appendix
08 Appendix
Slide 36: Supporting Data
Supporting Data Leading Hard Rock Resource Base in North America Totalling 229Mt1 Initial / Incremental Remaining Annual Target Capex Estimate Production Rate Measured Measured Indicated Indicated Total M+I M+I M+I Inclusive Inferred Inferred Asset Company Location Status (US$MM)2 (kt SC5.5 equiv.)
Slide 37: Supporting Data: Combined Lithium Ore Reserve
Supporting Data Combined Lithium Ore Reserve Totalling 106Mt1 Asset Source Reverse Category Tonnes (Mt) Li2O Grade (%) Cut-off Grade (%) Proved Ore Reserves 0.3 1.01 0.60 North American NAL Resources and Lithium Reserves Increases 27 August 2025 Probable Ore Reserves 48.2 1.11 0.60 Total 48.6 1.11 0
Slide 38: Important Information and Disclaimer
Important Information and Disclaimer Important Information and Disclaimer presentation is not for distribution or dissemination within the events or results may differ materially from the events or results US and Canada. Any failure to comply with such restrictions may expected or implied in any for
Slide 39: Important Information and Disclaimer
Important Information and Disclaimer Cautionary Note to United States Investors presentation for the Carolina Lithium Project was prepared by Piedmont in accordance with S-K 1300 and the Concerning Estimates of Measured, Indicated and JORC Code. Inferred Mineral Resources Mineral Reserves and Resour
Slide 40: Elevra
ELEVRA