By - Khushboo Joshi
- Sayona has gained more than 53% in last one month.
- The metal and mining firm currently holds a number of lithium projects in Australia and Canada seeing some major activities.
- Sayona’s shares were trading in red as of 10:57 AM AEST today (2 September).
The share price of metal and mining firm Sayona Mining Limited (ASX:SYA), was quoted 1.785% lower at AU$0.275 apiece at 10:57 AM AEST on Friday (2 September 2022). The broader benchmark index S&P/ASX 200 Materials sector (INDEXASX:XMJ) around the same time, was 1.557% lower at 15,170.1 points.
However,in last one month, the company’s stock has gained 53.89% on ASX. In last six months, SYA has zoomed up 113.08% and in last one year, it has gained 98%. In last five years, the company’s stock price value has appreciated by a whopping 2,670% (as of 10:31 AM AEST, 2 September).
Why is Sayona in news?
Sayona Mining is a lithium producer and has some important projects in Western Australia.
Along with its strategic partner, piedmont Lithium Inc. (ASX:PLL), Sayona has bought North American Lithium. This is a lithium mine and concentrator which Sayona plans to merge with Authier Lithium Project and Tansim Lithium Project. Sayona and PLL have plans to make a magnanimous Abitibi lithium hub in near future.
Also, the company has announced that it has bought 60% interest in the Moblan Lithium Project located in Quebec, Canada. This project is located in Eeyou-Istchee James Bay.
In Western Australia, Sayona possesses a huge tenement in the Pilbara region which has great potential for both gold and lithium exploration.
Meanwhile, on 4 August 2022, the company announced that the restart of North American Lithium operations has picked up speed and that the exploration equipment like separator and crusher have arrived. Also, the senior management team has been appointed and with 50 construction workers on site, the work is on schedule. It should be noted that the project is expected to deliver first spodumene lithium concentrate production in the first quarter of 2023.
Image Source: © Erchog | Megapixl.com
Recent activities update by Sayona:
In its June 2022 quarterly activities report, shared on 29 July 2022, Sayona highlighted significant progress in restart of lithium production at North American Lithium operations in Canada.
As per Sayona, the restart will witness vital operational upgradations to refine lithium’s quality and plant’s utility. The cost might come around CAD$98 million (AU$110 million).
Now, as the restart has successfully happened, as per Sayona, the offtake agreement with Piedmont comes into effect. Under this deal, Piedmont will buy more than 113,000 metric tons per year of spodumene concentrate from Sayona. This is almost 50% of the production from NAL.
In May 2022, the company announced a positive PFS (pre-feasibility study) that confirmed NAL’s technical and financial viability.
In April 2022, Sayona shared that NOVONIX (ASX:NVX) conducted a testing at its Battery Technology Solutions lab in Canada, results of which approved the quality of the Authier spodumene product. NOVONIX is a known lithium-ion battery innovator.