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Piedmont Lithium Inc. participated in a strategic merger with Sayona Mining, resulting in the creation of the largest hard-rock lithium producer in North America, with a valuation of $623 million.

Piedmont Lithium Inc. merged with Sayona Mining, creating MergeCo. The new entity is set to raise about AU$69 million through a conditional placement, pending approval from shareholders.

Piedmont Lithium Inc. has been upgraded to Neutral by Macquarie, setting a price target of $13.50 per share. Analysts rate the stock as overweight, with an average target of $21.66.

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About Piedmont Lithium Inc.

Piedmont Lithium, Inc. is an exploration stage company, which engages in the exploration and development of mineral properties. The firm focuses on developing and manufacturing battery quality lithium hydroxide for the electric vehicle industry. Its projects include Carolina Lithium, Quebec, and Ghana. The company was founded in 2016 and is headquartered in Belmont, NC.