Washington, D.C. 20549

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FORM 20-F

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*	Shares are not listed for trading but are only registered in connection with the registration of American Depositary Shares

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐ No ☒

All references to “the date of this annual report” are to October 31, 2025.

Percentages and certain amounts contained herein have been rounded for ease of presentation.  Any discrepancies in any figure between totals and the sums of the amounts presented are due to rounding.

GLOSSARY

“ADR” refers to an American depositary receipt.

“ASIC” refers to the Australian Securities and Investments Commission.

“ASX” refers to the Australian Securities Exchange.

“ASX Listing Rules” refers to the official listing rules of ASX, including any variation, consolidation or replacement of such rules, in each case, subject to any waiver or exemption granted to the compliance of those rules.

“Atlantic Lithium” refers to Atlantic Lithium Ltd (ASX: A11).

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an individual who is a citizen or resident of the United States;

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a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

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an estate whose income is subject to U.S. federal income tax regardless of its source; or

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a trust if (1) a U.S. court can exercise primary supervision over the trust’s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust; or (2) the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

*	The definitions used for resources and reserves are as defined in subpart 1300 of SEC Regulation S-K.

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Elevra’s limited operating history in the lithium industry;

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the inability of Elevra to develop certain properties;

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exploration or development properties not containing reserves or containing less reserves than projected;

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mineral reserve and resource estimates being imprecise;

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risks related to mining, exploration, mine construction and plant construction;

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fluctuations in lithium and lithium byproduct prices;

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fluctuations in currency exchange rates, particularly the U.S., Canadian and Australian dollars, and the possible variations between the currency of Elevra’s revenues and the currency of Elevra’s expenses;

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any inability of Elevra to enter into and deliver product under offtake and other sale agreements;

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any inability of Elevra to access the capital or financial markets;

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any inability of Elevra to successfully manage its growth;

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additional businesses, assets or joint ventures becoming unsuccessful;

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any inability of Elevra to realize some or all of the anticipated benefits of the Merger;

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mining activities becoming subject to royalty claims;

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mineral properties becoming subject to defects in title;

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dependence on a limited number of customers;

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requirements to obtain governmental licenses, permits, authorizations, concessions and other approvals in relevant jurisdictions, including Canada, Australia, Ghana and the United States;

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environmental regulations and related litigation;

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changes to regulations related to health and safety;

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changes in technology or other developments that could adversely affect demand for lithium compounds;

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additional risks related to international activities; and

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natural disasters, public health crises, political crises, and other events outside of Elevra’s control.

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Elevra’s future performance is difficult to evaluate because Elevra has a limited operating history in the lithium industry.

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There is no guarantee that Elevra’s development of certain properties will result in the commercial extraction of mineral deposits.

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Elevra does not control its equity method investments.

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Some of Elevra’s current or future exploration or development properties may not contain any reserves.

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Elevra’s mineral reserve and resource estimates may be imprecise.

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Elevra faces risks related to mining, exploration, mine construction, and plant construction, if any, on its properties.

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Lithium and lithium byproduct prices are subject to unpredictable fluctuations.

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Foreign currency exchange rate fluctuations, particularly in relation to the U.S., Canadian and Australian dollars, could affect Elevra’s profitability, cashflows and the value of its assets and liabilities.

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Elevra’s long-term success will depend ultimately on Elevra’s ability to continue to generate revenues, achieve and maintain profitability, and develop positive cash flows from Elevra’s mining activities.

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Elevra’s long-term success depends on its ability to enter into and deliver product under offtake and other sale agreements.

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Elevra depends, in part, on its ability to successfully access the capital and financial markets. Any inability to access the capital or financial markets may adversely affect Elevra’s business.

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Elevra’s ability to manage growth will have an impact on its business, financial condition, and results of operations.

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Elevra may acquire or make investments in additional businesses or assets, form joint ventures, or make investments in other companies that may be unsuccessful.

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Elevra, as the combined company, may not realize some or all of the anticipated benefits of the Merger.

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Elevra is dependent upon key management employees.

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Elevra may fail to comply with Australian and international anti-corruption, anti-bribery, anti-money laundering and international trade laws.

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Lawsuits may be filed against Elevra and an adverse ruling in any such lawsuit may adversely affect Elevra’s business.

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Elevra’s mining activities may be subject to royalty claims.

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Elevra’s mineral properties may be subject to defects in title.

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Elevra’s directors and officers may have conflicts of interest.

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Changes to Elevra’s financial and operations systems may result in significant expense and disruptions.

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Elevra is dependent on a limited number of customers.

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Natural disasters, public health crises, political crises, and other catastrophic events or other events outside of Elevra’s control may materially and adversely affect Elevra’s business or financial results.

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Unstable market, economic or geopolitical conditions may have serious adverse consequences on Elevra’s business.

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Elevra’s business is subject to cybersecurity risks.

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A change in tax laws in any country in which Elevra operates could result in higher tax expense.

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A loss of a major tax dispute could result in higher taxes on Elevra’s worldwide earnings.

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The proposed Carolina Lithium project will be subject to significant governmental regulations, including the U.S. Federal Mine Safety and Health Act.

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Recent tariff announcements and other developments in international trade policies and regulations could adversely affect Elevra’s operations and outlook.

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Elevra will be required to obtain governmental licenses, permits, authorizations, concessions and other approvals in relevant jurisdictions, including Canada, Australia, Ghana and the United States, in order to conduct development and mining operations.

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Compliance with environmental regulations and related litigation could require significant expenditures.

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Changes in technology or other developments could adversely affect demand for lithium compounds.

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Elevra’s growth depends upon the continued growth in demand for electric vehicles with lithium compounds.

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Climate change and changes in climate change regulations could have a material adverse impact on Elevra’s operations.

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Mining operations face substantial regulation of health and safety.

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Elevra’s international activities are subject to additional inherent risks.

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Elevra’s operations and properties expose it to native title and political risks.

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Certain of Elevra’s mines and exploration properties are located on land that is or may become subject to traditional territory, title claims and/or claims of cultural significance, and such claims may affect Elevra’s current and future operations.

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Elevra’s operations and supply chain are exposed to human rights issues, including modern slavery.

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Elevra’s insurance may not fully cover all of its potential risk exposure.

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There may be less publicly available information concerning Elevra than there is for issuers that are not foreign private issuers and emerging growth companies.

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There may be additional complexities and practical challenges associated with enforcing civil liability provisions of the securities laws of the United States against Elevra’s officers and members of the Elevra Board.

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The market prices and trading volume of Elevra ordinary shares and Elevra ADSs have been and may continue to be volatile.

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The Constitution and other Australian laws and regulations may affect Elevra’s ability to take certain actions.

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The market price of the Elevra ADSs may not be identical, in terms of U.S. dollars, to the market price of Elevra ordinary shares; and exchange rate fluctuations may adversely affect the U.S. dollar value of Elevra ADSs and any dividends paid by Elevra.

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Elevra ADS Holders are not holders of Elevra ordinary shares and do not have shareholder rights.

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Under the terms of the deposit agreement, the depositary bank is entitled to charge Elevra ADS Holders fees for various services, including annual service fees.

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Elevra ADS Holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable outcomes to the plaintiff(s) in any such action.

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Elevra ordinary shares are subject to Australian insolvency laws which are substantially different from U.S. insolvency laws.

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Elevra does not anticipate paying dividends in the foreseeable future.

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If securities or industry analysts do not publish research reports about Elevra’s business, or if they issue an adverse opinion about Elevra’s business, the market price and trading volume of Elevra ordinary shares or Elevra ADSs could decline.

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Sales or resales of Elevra ordinary shares or Elevra ADSs, or the perception that such sales may occur, may cause the market value of Elevra ordinary shares or Elevra ADSs to decline.

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declines in the market price of lithium;

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increased production or capital costs;

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reduction in the grade or tonnage of the deposit;

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decrease in throughput;

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increase in the dilution of the ore;

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future currency rates, inflation rates and applicable tax rates;

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reduced lithium recovery; and

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changes in environmental, permitting or other regulatory requirements.

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delays in new project development;

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net losses;

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reduced cash flow;

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reductions in reserve and resource values;

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write-downs of asset values; and

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mine closure.

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the discovery of unusual or unexpected geological formations;

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accidental fires, floods, earthquakes, severe weather, or other natural disasters;

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unplanned power outages and water shortages;

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construction delays and higher than expected capital costs due to, among other things, supply chain disruptions, higher transportation costs, and inflation;

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controlling water and other similar mining hazards;

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explosions and mechanical failure of equipment;

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operating labor disruptions and labor disputes;

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shortages in materials or equipment and energy and electrical power supply interruptions or rationing;

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seismic activity;

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the ability to obtain suitable or adequate machinery, equipment, or labor;

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Elevra’s liability for pollution or other hazards; and

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other unknown risks involved in the conduct of exploration and operation of mines.

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a significant, prolonged decrease in the market price of lithium;

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difficulty in marketing and/or selling lithium;

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significantly higher than expected capital costs to construct or expand Elevra’s mine or production facilities;

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significantly higher than expected extraction costs;

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significantly lower than expected lithium extraction;

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significant delays, reductions, or stoppages of lithium extraction activities;

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shortages of adequate and skilled labor or a significant increase in labor costs;

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the introduction of significantly more stringent regulatory laws and regulations; and

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delays in the availability of construction equipment.

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adverse economic conditions;

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adverse general capital market conditions;

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poor performance and health of the lithium or mining industries in general;

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bankruptcy or financial distress of unrelated lithium companies or marketers;

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significant decrease in the demand for lithium products;

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significant decrease in the price of lithium products;

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the development of non-lithium battery technologies; or

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adverse regulatory actions that affect Elevra’s exploration and construction plans or the use of lithium generally.

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its ability to purchase, obtain leases on, or obtain options on properties;

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its ability to identify and acquire new exploratory prospects;

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its ability to develop existing prospects;

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its ability to continue to retain and attract skilled personnel;

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its ability to maintain or enter into new relationships with project partners and independent contractors;

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the results of its exploration programs;

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the market price for lithium products;

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its ability to successfully complete construction projects on schedule, and within budget;

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its access to capital; and

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its ability to enter into agreements for the sale of lithium products.

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government regulations and automakers’ responses to these regulations;

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tax and economic incentives;

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rates of consumer adoption, which is driven in part by perceptions about electric vehicle features (including range per charge), quality, safety, performance, cost, and charging infrastructure;

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competition, including from other types of alternative fuel vehicles, plug-in hybrid electric vehicles, and high fuel-economy internal combustion engine vehicles;

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volatility in the cost of battery materials, oil, and gasoline;

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rates of customer adoption of higher performance lithium compounds; and

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rates of development and adoption of next-generation, high-nickel battery technologies.

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a change in federal or provincial governments or change in government policies;

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the effects of local political, labor and economic developments and unrest;

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significant or abrupt changes in the applicable regulatory or legal climate;

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significant changes to regulations or laws or the interpretation or enforcement of them;

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exchange controls and export restrictions;

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expropriation or nationalization of assets with inadequate compensation;

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unfavorable currency fluctuations, particularly in the exchange rate between any of the U.S. dollar, the Australian dollar, the Canadian dollar and the Ghanaian dollar;

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repatriation restrictions;

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invalidation and unavailability of governmental orders, permits or agreements;

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property ownership disputes;

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renegotiation or nullification of existing concessions, licenses, permits and contracts;

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criminal activity, corruption, demands for improper payments, expropriation, and uncertain legal enforcement and physical security;

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failure to maintain compliance with corruption, bribery and transparency statutes;

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disadvantages of competing against companies from countries that are not subject to Australian laws and regulations;

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fuel or other commodity shortages;

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illegal mining;

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laws or policies of Australia, the United States, Canada, Ghana and other countries affecting trade, investment and taxation;

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opposition to Elevra’s presence, operations, properties or plans by governmental or non-governmental organizations or civic groups;

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civil disturbances, war and terrorist actions; and

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seizures of assets.

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Regulation FD;

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certain disclosure and procedural requirements applicable to proxy solicitations under Section 14 of the U.S. Exchange Act;

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certain more stringent executive compensation disclosure rules;

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the reporting and “short-swing” profit recovery provisions of Section 16 of the U.S. Exchange Act applicable to board members, officers and principal shareholders; and

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the rules under the U.S. Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specific information or current reports on Form 8-K upon the occurrence of specified significant events.

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commence proceedings in U.S. courts against Elevra’s current directors who are not residents of the United States or Elevra, including effecting service of process;

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enforce, in Australia, a U.S. court judgment obtained against Elevra’s current directors who are not residents of the United States or Elevra in any action, including actions under the civil liability provisions of U.S. securities laws;

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bring an original action in an Australian or other foreign court to establish any liability of Elevra’s current directors who are not residents of the United States or Elevra based solely upon U.S. securities laws, noting that Australia has developed a different body of securities laws as compared to the United States; or

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enforce, in the United States, judgments obtained against Elevra’s current directors who are not residents of the United States or Elevra in courts of jurisdictions outside the United States in any action, including actions under the civil liability provisions of U.S. securities laws.

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actual or expected fluctuations in Elevra’s prospects or operating results;

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exchange rate fluctuations, in particular between the Australian dollar and the U.S. dollar;

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changes in the demand for, or market price of lithium or lithium-ion batteries;

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additions to or departures of Elevra’s Executive KMP;

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changes or proposed changes in laws and regulations;

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changes in trading volume of Elevra ordinary shares on the ASX or Elevra ADSs on the Nasdaq;

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sales or perceived potential sales of Elevra ordinary shares or Elevra ADSs by Elevra, Elevra’s directors, Elevra’s Executive KMP, or Elevra shareholders in the future;

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announcement or expectation of additional financing efforts;

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conditions in the financial markets or changes in general economic and political conditions and events, including repercussions from the war in Ukraine, the escalating conflict in the Middle East and tensions between China and Taiwan;

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market conditions or investor sentiment in the broader stock market, or in Elevra’s industry in particular;

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action by Elevra’s competitors;

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issuance of new or changed securities analysts’ reports or recommendations;

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litigation and governmental investigations;

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exercise of any options issued under the RCF option deed;

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change in commodity prices (including for spodumene concentrate); and

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changes in investor perception of Elevra’s market position based on third-party information.

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specify that general meetings of Elevra’s shareholders can be called only by the Elevra Board or otherwise by shareholders in accordance with the Australian Corporations Act;

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allow the directors to appoint a person either as an additional director or as a director to fill a casual vacancy (i.e., a vacancy that does not arise due to retirement of a director by rotation) until the next occurring annual general meeting of shareholders; and

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allow the business and affairs of Elevra to be managed by, or under the direction of, the directors.

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require that shareholder approvals be effected at a duly called general meeting (including the annual general meeting) and not by written consent;

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permit shareholders to requisition a general meeting only on request of shareholders with at least 5% of the votes that may be cast at the meeting; and

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require the approval of shareholders with at least 75% of the votes cast by members entitled to vote on the resolution to amend the provisions of the Constitution.

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Acquisition of Authier Lithium Project (2016): In 2016, Elevra acquired the Authier Lithium project in Québec, Canada. This hard rock lithium deposit, located near Val-d’Or, became a cornerstone of Elevra’s expansion into the North American lithium market.

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Joint Venture with Piedmont (2021): In August 2021, Sayona Québec, originally a joint venture between Elevra (75%) and Piedmont (25%), acquired North American Lithium in Québec. This acquisition included a brownfield open-pit mining operation with a concentrator, positioning Elevra as a significant player in North America’s lithium production.

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Acquisition of Moblan Lithium Project (2021): In October 2021, Elevra, in partnership with SOQUEM, Inc. (a subsidiary of Investissement Québec), acquired a 60% stake in the Moblan Lithium project in the Eeyou Istchee James Bay region of northern Québec.

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Restart of North American Lithium Operations (2023): By March 2023, Elevra successfully restarted production at North American Lithium.

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First Shipment of Spodumene Concentrate (2023): In August 2023, Elevra announced its first shipment of spodumene (lithium) concentrate from North American Lithium to the international market, marking the commencement of revenue generation within two years of acquiring North American Lithium.

			2025 AU$’000				2024 AU$ ’000				2023 AU$ ’000
Capital expenditures			19,666				102,448				127,088

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Optimize Existing Operations: Maximize returns and cash flow by optimizing our production sustainably;

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Develop Expanded Resource Base: Deliver potential of resource base through the development of upstream assets;

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Integrate into the Supply Chain via Strategic Partnerships: Develop strategic partnerships to lock-in demand, provide access to end markets, and fund the accelerated development of our portfolio to establish a vertically integrated supply chain.

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North American Lithium: North American Lithium (“NAL”) is a leading North American open pit lithium mining operation located in the Abitibi-Temiscamingue region of Québec, Canada. The project is located approximately 37 miles north of Val-d’Or – a major mining center with a skilled local workforce. NAL has nameplate capacity of 200,000 dmt of spodumene concentrate per year. In the fiscal year ended June 30, 2025, NAL produced 204,858 dmt of spodumene concentrate, up from 155,822 dmt in the prior year. As of the date of this annual report, Elevra is progressing development work for a potential brownfield expansion at NAL. A scoping study has been completed that supports an increase of annual nominal SC5.4 production to 315,000 dmt of spodumene concentrate per annum. Elevra acquired NAL in 2021 in a joint venture with Piedmont and successfully restarted production in March 2023. Following the Merger, NAL is 100% owned by Elevra.

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Authier Lithium: Authier Lithium is a development-stage project located approximately 45 km northwest of the city of Val-d’Or and 29 km west of the NAL. Elevra expects that the NAL processing facilities will also be used to process ore from the Authier Lithium deposit. Following the Merger, Authier Lithium is 100% owned by Elevra.

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Moblan Lithium: Moblan Lithium is a development-stage project located in the Eeyou-Istchee James Bay region of Québec, Canada with a production target of 300,000 dmt of spodumene concentrate per year. Elevra owns 60% of Moblan Lithium, with the remaining 40% owned by Investissement Québec.

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Carolina Lithium: Carolina Lithium is a development-stage, hard rock lithium project located within the renowned Carolina Tin-Spodumene Belt of North Carolina and in close proximity to lithium markets. Carolina Lithium is expected to consist of a mining operation, a concentrator, and a lithium hydroxide conversion plant. The conversion plant is expected to be developed in phases and produce 60,000 dmt of battery-grade lithium hydroxide per year at full capacity. Carolina Lithium is wholly owned by Piedmont, which became a wholly owned subsidiary of Elevra following the Merger.

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Ewoyaa Lithium: Ewoyaa Lithium is a development-stage project for the mining, development and production of spodumene concentrate located on the south coast of Ghana and covers an area of approximately 348 square miles. Elevra participates in the Ewoyaa project as part of a strategic partnership between Piedmont and Atlantic Lithium. Under such partnership, Piedmont entered into a project agreement to acquire a 50% equity interest in Atlantic Lithium Ghana in two phases, with each phase requiring Piedmont to make future staged investments in Ewoyaa over a period of time in order to earn its additional equity interest. Piedmont completed Phase 1 of its investment in mid-2023, which allows it to acquire a 22.5% equity interest in Atlantic Lithium Ghana, by funding Ewoyaa’s exploration activities and DFS costs and notifying Atlantic Lithium of its intention to proceed with additional funding contemplated under Phase 2, subject to regulatory approvals. In October 2025, Piedmont submitted to the LNR Minister its application for approval to obtain its 22.5% equity interest in Atlantic Lithium Ghana, which remains pending. Phase 2 mainly consists of construction and development activities for Ewoyaa and allows Piedmont to acquire an additional 27.5% equity interest in Atlantic Lithium Ghana upon completion of funding $70 million for capital costs associated with the development of Ewoyaa, subject to regulatory approvals. Upon issuance to Piedmont of its equity interest associated with Phase 1 and completion and issuance of Piedmont’s equity interest associated with Phase 2, Elevra would expect to have a total equity interest of 50% in Atlantic Lithium Ghana. Atlantic Lithium Ghana, in turn, will own the Ewoyaa project together with the minority shareholders, including the Mineral Income Investment Fund of Ghana and the Government of Ghana. In October 2023, a subsidiary of Atlantic Lithium Ghana was granted a mining lease for the project, which is currently undergoing renegotiation in light of the lithium price environment and is also subject to ratification by the Parliament of Ghana.

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Category I lands are reserved for the exclusive use of the Cree. They may be used for residential, community, commercial, industrial, residential or other purposes. In addition, the Cree have an exclusive right to hunting, fishing and trapping;

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Category II lands are lands where the Cree have exclusive rights of hunting, fishing and trapping; and

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Category III lands represent all lands in the JBNQA territory not included in Category I and Category II lands. General access to Category III lands is in accordance with provincial legislation and regulations concerning public lands. Exclusive rights or privileges are not granted to the Cree regarding Category III, but the Cree are nevertheless granted non-exclusive rights to pursue certain harvesting activities (hunting, fishing and trapping) year-round.

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require notice to stakeholders of proposed and ongoing exploration, drilling, environmental studies, mining, or production activities;

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require the installation of pollution control equipment;

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restrict the types, quantities and concentrations of various substances that can be released into the environment in connection with exploration, drilling, mining, lithium hydroxide manufacturing, or other production activities;

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limit or prohibit drilling, mining, lithium manufacturing or other production activities on lands located within wetlands, areas inhabited by endangered species and other protected areas, or otherwise restrict or prohibit activities that could impact the environment, including water resources;

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impose substantial liabilities for pollution resulting from current or former operations on or for any preexisting environmental impacts from Elevra’s projects;

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require significant reclamation obligations in the future as a result of Elevra’s mining and chemical operations; and

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require preparation of an environmental assessment or an environmental impact statement.

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The National Environmental Protection Act (“NEPA”), which requires careful evaluation of the environmental impacts of mining and lithium manufacturing operations that require federal approvals;

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The Clean Air Act and its amendments, which govern air emissions;

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The Clean Water Act (“CWA”), which governs discharges to and excavations within the waters of the U.S.;

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The Resource Conservation and Recovery Act (“RCRA”), which governs the management of solid waste;

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The Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), which imposes liability where hazardous substances have been released into the environment (commonly known as Superfund); and

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The Federal Mine Safety and Health Act, which established the primary safety and health standards regarding working conditions of employees engaged in mining, related operations, and preparation and milling of the minerals extracted, as well as the Occupation Safety and Health Act, which regulates the protection of the health and safety of workers in lithium manufacturing operations.

Subsidiaries of the Company	Jurisdiction	Ownership
Sayona East Kimberley Pty Ltd	Queensland, Australia	100%
Sayona International Pty Ltd	Queensland, Australia	100%
Sayona Lithium Pty Ltd	Queensland, Australia	100%
9474-9454 Québec Inc.	Québec, Canada	100%
Sayona Inc.	Québec, Canada	100%
Sayona North Inc.	Québec, Canada	100%
Sayona Québec Inc.	Québec, Canada	100%
North American Lithium Inc.	Québec, Canada	100% of common equity*
Piedmont Lithium Inc.	Delaware	100%
Piedmont Lithium Carolinas, Inc.	North Carolina	100%
Piedmont Lithium Cayman Inc.	Cayman Islands	100%
Piedmont Lithium Finland Holdings, LLC	Delaware	100%
Piedmont Lithium Finland Oy	Finland	100%
Lasec Exploration Canada Inc.	Ontario, Canada	100%
Piedmont Lithium International Canada BC ULC	British Columbia, Canada	100%
Piedmont Lithium Newfoundland Holdings, LLC	Delaware	100%
Piedmont Lithium PTY LTD	Western Australia, Australia	100%
Piedmont Lithium Quebec Holdings, LLC	Delaware	100%
Piedmont Lithium Ghana Holdings, LLC	Delaware	100%
PLNC Holdings, LLC	Delaware	100%
PLNC Land, LLC	Delaware	100%
PLTN Holdings, LLC	Delaware	100%
PLTN Land, LLC	Delaware	100%
PLTN Real Estate, LLC	Delaware	100%
Piedmont Lithium International US, LLC	Delaware	100%

Location

Ownership (%)

Deposit Name

Mineral/ Extraction Type

Operator

Property

Stage

Canada, Québec

75%

North American Lithium(1)

Lithium/Hard rock

Sayona Québec

North American Lithium

Production

Canada, Québec

75%

Authier Lithium(2)

Lithium/Hard rock

Sayona Québec

Authier Lithium

Development

Canada, Québec

60%

Moblan Lithium(3)

Lithium/Hard rock

Elevra

Moblan

Development

Canada, Québec

75%

Tansim Lithium(4)

Lithium/Hard rock

Sayona Québec

Canadian Lithium Deposits

Exploration

Canada, Québec

100%

Lac Albert Lithium(5)

Lithium/Hard rock

Elevra

Canadian Lithium Deposits

Exploration

Canada, Québec

100%

Troilus Claims(6)

Lithium/Hard rock

Elevra

Canadian Lithium Deposits

Exploration

Canada, Québec

100%

Pontiac Claims(7)

Lithium/Hard rock

Sayona Québec

Canadian Lithium Deposits

Exploration

Canada, Québec

18.75%

Vallée Lithium Project(8)

Lithium/Hard rock

Sayona Québec

Canadian Lithium Deposits

Exploration

Australia, Western Australia

49%

Mallina Lithium(9)

Lithium/Hard rock

Morella Lithium Joint Venture

Morella Lithium Joint Venture

Exploration

Australia, Western Australia

49%

Mac Well(9)

Lithium & Gold/ Hard rock

Morella Lithium Joint Venture

Morella Lithium Joint Venture

Exploration

Australia, Western Australia

49%

Strelley(9)

Lithium & Gold/ Hard rock

Morella Lithium Joint Venture

Morella Lithium Joint Venture

Exploration

Australia, Western Australia

49%

Strelley West(9)

Lithium & Gold/ Hard rock

Morella Lithium Joint Venture

Morella Lithium Joint Venture

Exploration

Australia, Western Australia

49%

Tabba Tabba East(9)

Lithium & Gold/ Hard rock

Morella Lithium Joint Venture

Morella Lithium Joint Venture

Exploration

Australia, Western Australia

49%

West Wodgina(9)

Lithium & Gold/ Hard rock

Morella Lithium Joint Venture

Morella Lithium Joint Venture

Exploration

Australia, Western Australia

39%

Mt Edon(9)

Lithium/Hard rock

Morella Lithium Joint Venture

Morella Lithium Joint Venture

Exploration

Australia, Western Australia

49%

Mt Edon West(9)

Lithium/Hard rock

Morella Lithium Joint Venture

Morella Lithium Joint Venture

Exploration

Australia, Western Australia

100%

Mt Dove(10)

Lithium & Gold/ Hard rock

Elevra

Australian Gold and Lithium

Exploration

Australia, Western Australia

100%

Deep Well(10)

Lithium & Gold/ Hard rock

Elevra

Australian Gold and Lithium

Exploration

Australia, Western Australia

100%

Mount Satirist(10)

Lithium & Gold/ Hard rock

Elevra

Australian Gold and Lithium

Exploration

Australia, Western Australia

100%

Station Peak(10)

Lithium & Gold/ Hard rock

Elevra

Australian Gold and Lithium

Exploration

Australia, Western Australia

100%

Tabba Tabba(10)

Lithium/Hard rock

Elevra

Australian Lithium

Exploration

Location

Ownership (%)

Deposit Name

Mineral/ Extraction Type

Operator

Property

Stage

Australia, Western Australia

100%

Red Rock(10)

Lithium & Gold/ Hard rock

Elevra

Australian Gold and Lithium

Exploration

Australia, Western Australia

100%

Friendly Creek(10)

Lithium & Gold/ Hard rock

Elevra

Australian Gold and Lithium

Exploration

(1)	As of June 30, 2025, prior to the completion of the Merger, Elevra held 75% ownership in the North American Lithium operation which is currently in production. For additional details regarding the NAL project, see “Material Individual Properties.”

(2)

As of June 30, 2025, prior to the completion of the Merger, Elevra held 75% ownership in the Authier Lithium deposit, which is located approximately 29 km south-west of the NAL project and is currently in development phase. For additional details regarding the Authier Lithium deposit, see “Material Individual Properties.”

(3)	As of June 30, 2025, prior to the completion of the Merger, Elevra held 60% ownership in the Moblan Lithium project, which is currently in development phase. For additional details regarding the Moblan Lithium project, see “Material Individual Properties.”

(4)

The Tansim Lithium deposit is situated 51 miles (80 km) south-west of the Authier Lithium project. The deposit comprises 186 mineral claims spanning 10,751 hectares and is prospective for lithium, tantalum, and beryllium. As of June 30, 2025, Elevra owned 75% of the Tansim property through its subsidiary Sayona Québec.

(5)	The Lac Albert Lithium comprises 121 claims 3.5 km west of the Moblan Lithium project and covers 6,592 ha (65.92 km2). As of June 30, 2025, these claims are held 100% by Elevra through its subsidiary Sayona North Inc.

(6)	The Troilus Claims are located adjacent to Elevra’s Moblan Lithium project and extend over a large portion of the Frotêt-Evans Greenstone Belt. The Troilus Claim comprises 1,824 claims covering 985 square kilometres. As of June 30, 2025, these claims were held 100% by Elevra.

(7)	The Pontiac Claims are located in the Abitibi-Témiscamingue hub in close proximity to the Tansim Lithium project. The Pontiac Claims consist of 1,284 claims covering 73,535 hectares. As of June 30, 2025, these claims were held 100% by Elevra.

(8)

The Vallée Lithium project comprises 48 claims covering approximately 1,997 hectares, with 20 claims located within 500 m of the NAL mine boundary. In November 2022, the NAL project acquired those 20 claims outright, which span approximately 775 hectares. Such claims allow for potential future infrastructure expansion at the NAL mine and its processing facility. In December 2023, the NAL project earned its initial 25% stake in the remaining 28 claims, and has the right to earn up to a 51% stake in total. As of June 30, 2025, Elevra owned a 18.75% interest in the Vallée Lithium project.

(9)

As of June 30, 2025, Elevra held a 49% equity stake in the Morella Lithium Joint Venture, which comprises lithium rights to six tenements in the Pilbara covering 426 sq km and two tenements in South Murchison covering 48 sq km. Morella Corporation Limited is the manager of the joint venture. The West Wodgina Project is located 100 km south of Port Hedland and 8 km west of the Wodgina Lithium Operation.

(10)

As of June 30, 2025, Elevra held a 100% stake in the five exploration tenements: Deep Well (E47/3829), Tabba Tabba (E45/2364), Red Rock (E45/4716), Mt Dove (E47/3950) and Friendly Creek (E47/3802) which cover a total of 256 sq km. Elevra also owns the Station Peak and Mount Satirist tenement applications which cover a total area of 90 sq km. The Tabba Tabba project is located north of the Pilgangoora lithium mining area, in a region of historic tin and tantalum mining. The Deep Well project spans 71 sq km to the west of Port Hedland. The Mt Dove project is the closest Elevra lease to De Grey’s Hemi project, located 10 km south-west of the Falcon prospect and 12 km south-west of the Brolga prospect. It is within 5 km of the greater Hemi project area, a 15 km trend which includes Hemi and adjacent intrusions.

			Aggregate Annual Production (metric tonnes) Fiscal Year Ended June 30,
			2025			2024			2023
Spodumene Concentrate (Li2O)(1)
North American Lithium(2)			153,644			116,867			24,840

(1)	Lithium production shown as spodumene concentrate at approximately 5.4% Li2O.

(2)	Elevra owned 75% of the NAL project prior to the completion of the Merger. Accordingly, the table shows 75% of the NAL project’s total production and reflects Elevra’s ownership prior to the completion of the Merger.

(1)	As of June 30, 2025, prior to the completion of the Merger, Elevra owned 75% of the NAL project and the Authier Lithium project through the Sayona Québec joint venture. Elevra is therefore reporting 75% of the NAL project’s and the Authier Lithium project’s mineral resources.

(2)	As of June 30, 2025, Elevra owned 60% of the Moblan Lithium project through a joint venture with Investissement Québec. Elevra is therefore reporting 60% of the Moblan Lithium project’s mineral resources.

(3)	Resources indicated for the NAL operations, the Authier Lithium project and the Moblan Lithium project are exclusive of mineral reserves.

(4)	The point of reference for all Mineral Resources (measured and indicated) is in situ.

(5)	Resource estimates are based on the following price values:

			Proven Mineral Reserves					Probable Mineral Reserves							Total Mineral Reserves
			Amount		Grade (Li2O%)			Amount				Grade (Li2O%)			Amount				Grade (Li2O%)
Lithium – Hard Rock
North America
NAL(1)			0.1		0.87	%			14.0			1.07	%			14.1			1.07	%
Authier Lithium(1)			4.7		0.93	%			3.8			1.00	%			8.5			0.96	%
Moblan Lithium(2)			0.0		0.00	%			20.7			1.36	%			20.7			1.36	%
Total(3)(4)			4.8		0.93	%			39.2			1.22	%			44.0			1.19	%

(1)	As of June 30, 2025, Elevra owned 75% of the NAL project and the Authier Lithium project through the Sayona Québec joint venture. Elevra is therefore reporting 75% of the NAL project’s and the Authier Lithium project’s mineral reserves.

(2)	As of June 30, 2025, Elevra owned 60% of the Moblan Lithium project through a joint venture with Investissement Québec. Elevra is therefore reporting 60% of the Moblan Lithium project’s mineral reserves.

(3)	Reserve estimates are based on the following sale price values:

(4)	The reference point for the NAL and Authier Mineral Reserves (proved and probable) is the NAL crusher feed. The reference point for the Moblan Mineral Reserves (proved and probable) is the Moblan crusher feed.

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Run of mine (ROM) and loadout pad;

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administrative building;

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dry room;

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lay down area for mining contractor equipment shop;

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waste rock storage facility;

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mine wastewater treatment plant;

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site access roads;

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mine hauling and service roads;

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mine water management infrastructure;

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electrical distribution facilities;

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fuel and explosive storage; and

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communication systems.

Category		Tonnes (Mt)		Grades (%Li2O)			Cut-off Grade %Li2O			Met Recovery %
Measured		0.17		0.80	%		0.55	%		78	%
Indicated		2.39		0.98	%		0.55	%		78	%
Measured and Indicated		2.55		0.96	%		0.55	%		78	%
Inferred(3)		4.76		0.98	%		0.55	%		78	%

(1)	As of June 30, 2025, Elevra owned 75% of Authier Lithium through the Sayona Québec joint venture. Elevra is therefore reporting 75% of Authier Lithium mineral resources.

(2)	The estimate was calculated using a price of 977 USD/t 6% Li2O concentrate. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

(3)

The Inferred Mineral Resource in this estimate has a lower level of confidence that applied to an Indicated Mineral Resource and is not converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

(4)	Numbers in the table might not add precisely due to rounding.

(5)	Bulk density of 2.71 t/m³ is used.

(6)	Only block centroids had to be inside the pit to be considered.

(7)

The Mineral Resource estimate has been assembled using the regulation S-K §229.1300 of the United States Securities and Exchange Commission (SEC). Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. Inferred Mineral Resources are exclusive of the Measured and Indicated Resources.

Category		Tonnes (Mt)		Grades (%Li2O)		Cut-off Grade %Li2O		Met Recovery %
Proven Ore Reserves		4.7		0.93	%	0.55	%	73.6	%
Probable Ore Reserves		3.8		1.00	%	0.55	%	73.6	%
Total Ore Reserves		8.4		0.96	%	0.55	%	73.6	%

(1)	As of June 30, 2025, Elevra owned 75% of Authier Lithium through the Sayona Québec joint venture. Elevra is therefore reporting 75% of Authier Lithium mineral reserves.

(2)	Mineral Reserves are measured as dry tonnes at the crusher above a diluted cut-off grade of 0.55% Li2O.

(3)	Mineral Reserves result from a positive pre-tax financial analysis based on an ore selling price of 120 CAD/t and an exchange rate of USD0.75:CAD1.00. The selected optimized pit shell is based on a revenue factor of 0.86 applied to a base case selling price of USD850/t of spodumene concentrate.

(4)	The reference point of the Mineral Reserves is the NAL crusher feed.

(5)

In-situ Mineral Resources are converted to Mineral Reserves based on pit optimization, pit design, mine scheduling and the application of modifying factors, all of which supports a positive LOM cash flow model. According to CIM Definition Standards on Mineral Resources and Reserves, Inferred Resources cannot be converted to Mineral Reserves.

(6)

The Mineral Reserves estimate for the Project have been developed under the supervision of Mr. Tony O’Connell, an employee of Optimal Mining Solutions Pty Ltd in the position of Principal Mining Consultant and Director and a Qualified Person as defined by regulation S-K §229.1300 of the United States Securities and Exchange Commission (SEC).

(7)	The Mineral Reserve estimate is valid as of June 30, 2025.

(8)	Totals may not add up due to rounding for significant figures.

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Elevra granted LRC a Gross Overriding Revenue (“GOR”) royalty on the Moblan interest calculated as follows:

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an offtake right to LRC with respect to the Moblan Lithium project for 10% of Elevra’s ownership participation in the Moblan Lithium project of the annual production over the life of mine, priced at a 5% discount to the prevailing market terms.

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Railway station at Chibougamau; and

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161 kV electrical line from the existing Hydro-Quebec distribution network (No. 1625).

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A switching station will need to be installed at the tap connection, and a new 161kV line will need to be built over a distance of approximately 42 km. A distribution substation will need to be installed on the Moblan site with two 161/25 kV, 20/27 MVA transformers. The project’s total power demand will be approximately 26.35 MW. A third-party partner will need to provide the main power line and construct and maintain the Moblan power line.

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All access roads and buildings for the mining operation must be built, including explosives storage, assay laboratory, mine fuel depot and fuel distribution facilities, a processing plant, multi-service office buildings for personnel and operations, pump stations, water collection basins and a water treatment plant to manage the site runoff and process effluent.

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Permanent and temporary accommodation complex to house a site population of 500 people during construction and 300 people during operation.

Category		Amount in Tonnes (Mt)			Grade (%Li2O)			Cut-Off Grade %Li2O			Metallurgical Recovery %
Measured mineral resources		0.0			—			0.25	%		75.0	%
Indicated mineral resources		9.2			0.84	%		0.25	%		75.0	%
Measured and Indicated mineral resources		9.2			0.84	%		0.25	%		75.0	%
Inferred mineral resources		12.6			1.02	%		0.25	%		75.0	%

•

As of June 30, 2025, Elevra owned 60% of the Moblan Lithium project through a joint venture with Investissement Québec. Elevra is therefore reporting 60% of the Moblan Lithium project’s mineral resources. Seventy-five (75) lithium pegmatite dykes were modelled in Leapfrog™ 2022.1.1 using implicit modelling techniques. Dyke wireframes, used as geological resource solids, were modelled with a minimum thickness of 0.30m.

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No assays were capped. Composites 1.0m long were generated using the grade of the adjacent material when assayed or a value of zero when not assayed.

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The mineral resources were estimated using Leapfrog™ 2022.1.1 using hard boundaries on composited assays. The ordinary kriging method was used to interpolate a sub-blocked model (parent block size = 5m x 5m x 5 m).

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The measured category was assigned to blocks estimated with a minimum of three (3) drill holes in areas where the minimum distance from a drill hole is less than 15m. The indicated category was assigned to blocks estimated with a minimum of three (3) drill holes in areas where the minimum distance from a drill hole is less than 30m. The inferred category was assigned to blocks estimated with a minimum of three (3) drill holes in areas where the minimum distance from a drill hole is less than 50m.

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Pegmatite densities (grams per cubic centimetre) were estimated using a regression function for specific gravity (“SG”) based on lithium grades: SG = 0.0623644* Li2O % +2.61928. Other host rocks were given fixed density values of 3.04 g/cm3 for gabbro, 3.00 g/cm3 for volcanics, 2.70 g/cm3 for metasediments, and 2.70 g/cm3 for rhyolite.

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The RPEEE requirement is satisfied by using reasonable cut-off grades for an open pit extraction scenario and constraining pit shells (Whittle optimization). The estimate is reported at a cut-off grade of 0.25% Li2O. The estimate was calculated using a price of 1,273 USD/t 6% Li2O concentrate, a USD/CAD exchange rate of 1.32, recovery of 75%, mining cost of 5.50 $/t mined, transport cost of 157.90 $/t concentrate, G&A cost of 12.35 $/t, tailings management cost of 0.80 $/t processed, and processing cost of 35.00 $/t. The cut-off grade takes into account a royalty of 2%. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rate, mining cost, etc.).

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The number of tonnes has been rounded to the nearest thousand. Any discrepancy in the totals is due to rounding effects.

Category		Tonnage (mt)		Grade (%Li2O)
Proven		0.0		0.00
Probable		20.7		1.36
Total		20.7		1.36

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As of June 30, 2025, Elevra owned 60% of the Moblan Lithium project through a joint venture with Investissement Québec. Elevra is therefore reporting 60% of the Moblan Lithium project’s mineral reserves. Mineral reserves are measured as dry tonnes at the crusher above a diluted cut-off grade of 0.60% Li2O.

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Mineral reserves result from a positive pre-tax financial analysis based on a 6.0% Li2O spodumene concentrate, a selling price varying from 1,700 US$/t to 1,050 US$/t with a LOM average of 1,170 US$/t, and a CAD/USD exchange rate of 0.75.

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The selected pit shell is based on a revenue factor of 0.50 which achieves a sale price of US$925 per tonne of 6.0% spodumene concentrate.

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The reference point of the mineral reserves estimate is the Moblan crusher feed.

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In-situ mineral resources are converted to mineral reserves based on a pit optimization assessment, pit design, mine scheduling and the application of modifying factors, all of which support a positive LOM cash flow model. All inferred and Unclassified mineral resources have been converted to waste.

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The overall ROM strip ratio (total waste to ore) is 2.3:1.

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To ensure a final product that will be marketable, all ore blocks containing more than 2.80% Fe2O3 have been converted to waste and thereby excluded from the mineral reserves estimate. The average Fe2O3 grade for the LOM is 1.03%.

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There are no proven mineral reserves.

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Totals may not sum due to rounding