Piedmont Lithium has entered into an agreement to divest its stake in Sayona Mining, opting to sell 1.15 billion shares for A$59.9 million, equivalent to $39.4 million in United States currency. This significant transaction was executed through a secondary block sale managed by Canaccord Genuity, wherein the shares were priced at A$0.052 each. Notably, this pricing represents a premium when compared to the 20-day volume weighted average price of Sayona's shares.

Following the completion of this sale, along with a series of smaller recent transactions conducted in the public market, Piedmont Lithium will effectively no longer hold any ownership interest in Sayona Mining. Despite this divestiture, Piedmont Lithium has underscored that its joint venture (JV) agreements and offtake arrangements with Sayona Quebec will remain unaffected, emphasizing its commitment to existing partnerships and operational continuity.

Piedmont Lithium, headquartered in the United States, operates as a leading mining company currently engaged in demonstrating the economic viability of lithium mineral extraction across various sites located in the United States, Canada, and Ghana. Positioned as a crucial player in the global transition towards electric vehicles and the broader decarbonization agenda, Piedmont Lithium is dedicated to supplying battery-grade resources to fortify the North American electric vehicle supply chain. Additionally, the company's endeavors play a pivotal role in reducing America's dependence on foreign sources while concurrently enhancing U.S. energy security.

Contrastingly, Sayona Mining Limited, headquartered in Australia, functions as a prominent lithium producer with active projects spanning across Quebec, Canada, and Western Australia. Through its strategic initiatives, Sayona Mining remains steadfast in advancing the development and production of critical minerals essential for various industrial applications, particularly in the realms of battery technologies and renewable energy systems.

The decision by Piedmont Lithium to divest its interest in Sayona Mining signifies a strategic realignment of its investment portfolio, aligning with its broader objectives and operational priorities. By relinquishing its stake in Sayona Mining, Piedmont Lithium aims to streamline its focus and allocate resources towards its core business activities, notably the development and commercialization of lithium resources to support the burgeoning electric vehicle market and broader decarbonization efforts.

Moreover, the sale of its shares in Sayona Mining is indicative of Piedmont Lithium's proactive approach to optimizing its capital structure and maximizing shareholder value. By capitalizing on the favorable pricing environment and executing this divestiture, Piedmont Lithium seeks to enhance its financial flexibility and bolster its ability to pursue strategic growth initiatives and value-enhancing opportunities in the evolving lithium market landscape.

Importantly, Piedmont Lithium's decision to maintain its joint venture and offtake agreements with Sayona Quebec underscores its commitment to fostering collaborative partnerships and sustaining mutually beneficial relationships within the industry. Despite parting ways with Sayona Mining in terms of ownership, Piedmont Lithium remains dedicated to leveraging its existing partnerships to drive innovation, enhance operational efficiencies, and capitalize on emerging market opportunities.