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Investing.com - Canaccord Genuity upgraded Sayona Mining (ASX:SYA) from Speculative Buy to Buy and raised its price target to AUD0.06 from AUD0.04 following the company’s merger with Piedmont Lithium (ASX:PLL).
The upgrade comes after Sayona Mining completed its merger with Piedmont Lithium, with the combined company set to be renamed Elevra Lithium, likely in late September 2025.
The merger, announced in November 2024, was structured as a 50/50 all-scrip transaction accompanied by a concurrent equity financing, according to Canaccord Genuity.
Canaccord noted that the transaction has resulted in a simplified ownership structure and offtake arrangements for North American Lithium (NAL), which is Sayona’s key operating asset.
The deal combines several development projects including Moblan and Carolina, as well as the Ewoyya joint venture, into a single entity, creating what Canaccord views as a more streamlined company worthy of the higher rating.
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