Elevra Lithium — A new chapter

Created through a merger of equals between Sayona Mining and Piedmont Lithium, Elevra Lithium (ELV) provides unparalleled exposure to the North American hard rock lithium market. The largest regional pure play spodumene producer, Elevra has a strong pipeline of advanced development projects, offering flexible growth, and is well positioned to benefit from the growing localisation of the lithium supply chain in the US. Trading at a large discount to peers on sales multiples, we see the potential for a meaningful value uplift once the company achieves profitability.