Sayona Mining (ASX: SYA) expects NAL operations to reach steady-state production levels by 4QFY24

4 min read | January 02, 2024 06:36 PM AEDT | By Team Kalkine Media

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Sayona Mining (ASX: SYA) expects NAL operations to reach steady-state production levels by 4QFY24 — Image source: Ksenia Ragozina, Shutterstock

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Highlights

Sayona is a North American company with projects in western Australia, Quebec and Canada

The majority of SYA’s project are in the development phase

Piedmont Lithium Inc has the highest stake in the firm, with a shareholding of around 12.14%

Sayona Mining Limited (ASX:SYA) is an ASX-listed lithium producing firm with projects in western Australia, Canada and Quebec. The projects managed by the mineral exploration and development firm includes Authier Lithium, Western Australia Gold, Tansim Lithium, Western Australia Lithium, Western Australia Graphite, Moblan Lithium and Lac Albert Lithium.

For the financial year ended 30 June 2023, the North American firm did not generated any revenue from its operations as majority of its projects are in the development phase. In the financial year 2023 (FY23), the company reported operating loss of AUD 24.1 million.

In the previous year (FY22), the company had registered one-off gains of AUD 108.37 million from bargain purchases, which led to positive net profit.

Recent business update

Through an ASX update dated 6 December 2024, the company informed that it had commenced drilling at its Tabba Tabba lithium project, located in western Australia. The company plans to undertake a 76 aircore drill campaign for two areas along a 7.5km lithium prospective corridor. In early 2024, assay results from the drilling campaign are expected, with additional drilling planned.

On 5 December 2-23, the company shared that it had established a nomination and remuneration committee and an audit and risk committee. Moreover, the company informed that it would appoint an additional independent non-executive director by the end of February 2024 and will appoint an independent chairman.

Top 10 shareholders of SYA

The top 10 shareholders of SYA have around 26.53% shareholding in the company. Piedmont Lithium Inc has the maximum stake in the firm, with a shareholding of around 12.14%.

Outlook

In the first quarter of FY24, the company produced 31,486dmt of spodumene concentrate at an average cost of AUD 1,231/dmt. 48,211dmt of the spodumene concentrate were shipped during the stated period at an average price of AUD 1,985/dmt.

For the full year, the company targets spodumene concentrate production of 140,000-160,000 dmt. Targeted sale from North American Lithium (NAL) operations is 160,000-180,000 dmt.

In FY24, the company is expected to ramp up to steady-state production from NAL. The concentrate production guidance for FY24 assumes that NAL would reach steady-state production levels by 4QFY24.

Share performance of SYA

SYA shares closed 1.41% down at AUD 0.070 apiece on 2 January 2024. With this, SYA’s share price has dropped by almost 63.16% in the last 12 months and has increased by 12.90% in the past one month.

The 52-week high of SYA is AUD 0.30, recorded on 30 January 2023, while the 52-week low is AUD 0.051, recorded on 5 December 2023.

SYA Daily Technical Chart, Source: EODHD/Others

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 02 January 2024. The reference data in this report has been partly sourced from EODHD/Others.

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This article has been prepared by Kalkine Media, echoed on the website kalkinemedia.com/au and associated pages, based on the information obtained and collated from the subscription reports prepared by Kalkine Pty. Ltd. [ABN 34 154 808 312; AFSL no. 425376] on Kalkine.com.au (and associated pages). The principal purpose of the content is to provide factual information only for educational purposes. None of the content in this article, including any news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations, and video is or is intended to be, advisory in nature. The content does not contain or imply any recommendation or opinion intended to influence your financial decisions, including but not limited to, in respect of any particular security, transaction, or investment strategy, and must not be relied upon by you as such. The content is provided without any express or implied warranties of any kind. Kalkine Media, and its related bodies corporate, agents, and employees (Kalkine Group) cannot and do not warrant the accuracy, completeness, timeliness, merchantability, or fitness for a particular purpose of the content or the website, and to the extent permitted by law, Kalkine Group hereby disclaims any and all such express or implied warranties. Kalkine Group shall NOT be held liable for any investment or trading losses you may incur by using the information shared on our website.

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