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Sayona Mining Limited (ASX:SYA) sources and develops raw materials for lithium-ion batteries. The company is primarily focused on the development of the advanced stage Authier lithium project in Quebec, Canada.
Today (i.e.,29 January 2019) the company announced the exercise of the final option payment to Great Sandy Pty Ltd. for the acquisition of 80% interest in six tenements. These tenements cover an area of 871 square-km in the world?class Pilgangoora lithium district. The acquisition has been an addition to the companyâs Western Australia lithium portfolio.
The company has also made an agreement to acquire the remaining 20% of the tenure, in order to hold a 100% unencumbered interest in the tenement package.
The purchase terms of the Great Sandy Option consist a final $300,000 option payment to acquire an 80 percent interest in all the tenements. The remaining 20% will be acquired through the issue of fully paid ordinary shares in Sayona with an aggregate value 0f $100,000. These have been calculated using the volume weighted average price.
The Managing Director of the company, Dan OâNeill said that the company is pleased to have consolidated the Great Sandy option tenements into its portfolio. This acquisition is an addition to the companyâs existing fully-owned Pilbara tenement holding. The total area of the tenements is 1,898 square-km, with tenure near other spodumene deposits, which includes the Pilgangoora and Wodgina mines.
The primary focus of exploration within the tenement group has been at the 141 square-km area of Mallina Lithium Project. However, much of the remaining tenement area is still unexplored. Geochemical anomalies are found till date within the tenement in more than 30 lithium soil which necessitates further testing. Another tenure included in the Great Sandy portfolio comprises the Moolyella Project, which is in the east of Marble Bar. Rock and soil lithium anomalies coupled with include and fractionated pegmatites have been found in the targets on Sayonaâs ground, which now require systematic soil sampling and detailed exploration.
Currently, Australia the worldâs biggest lithium exporter is expected to account for around 80% of global supply from hard rock deposits by the fiscal year 2020, primarily from Western Australia. The analysts indicated the continued demand growth for lithium, because of its usage in applications including electric vehicles and bicycles along with battery storage and consumer electronics.
Mr. OâNeill the Managing Director of the company further stated that Western Australia is at the heart of the lithium boom, and it is expected that Australia could soon produce half the worldâs total lithium supply. The companyâs tenements in the state add to its flagship Authier Lithium Project in Canada since it is working to unlock shareholder value from Lithium.
Now let us have a glance at the companyâs stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $0.021 with a significant increase of around 16.667% during the dayâs trade, with a market capitalization of $30.89 million.
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