Highlights

• ASX 200 Materials Index was 0.73% down at 17,481.80 at the time of writing this article.
• Majority of the sectors are in red today and materials is one of the worst performing sectors.
• Mining companies like Sayona and Core Lithium were also trading in red.

The Australian share market opened in the green today; however, at the time of writing this article, ASX 200 Index was 0.06% or 4.60 points lower at 7,311.60.

On the other side, ASX 200 Materials Index also fell 0.73% to 17,481.80 today (4 May 2022). The majority of the sectors are lower today, and materials is one of the worst-performing sectors.

On this note, we will discuss three ASX materials stocks which are trading in the red.

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Sayona Mining Limited (ASX:SYA)

Sayona Mining is a lithium producer with operations in Western Australia and Québec, Canada.

Last Friday (29 April 2022), the company shared its March quarter update. Sayona revealed that the resource base at both of its major projects, NAL and Authier, doubled during the quarter.

Sayona Mining reported a total JORC combined measured, indicated, and inferred mineral resource of 119.1 million tonnes (Mt) @ 1.05% Li2O in March 2022.

Sayona aims to generate 220kt of spodumene 6%, or 30kt lithium carbonate equivalent, from its Abitibi lithium hub (LCE).

Sayona Mining's shares were nose-diving today. At the time of writing this article, the shares were trading at AU$0.28 each, down 8.87% on ASX.

Also Read: Why did Sayona Mining's (ASX:SYA) shares close in red today?

Core Lithium Ltd (ASX:CXO)

Core Lithium Ltd is a mineral exploration firm based in Australia. The Finniss Lithium Project and other potential opportunities are the focus of the company's operations in the Northern Territory (NT) and South Australia.

Core Lithium announced yesterday (3 May 2022) that it has received environmental permission for BP33 Underground Mine.

The Environmental Impact Assessment process for the proposed BP33 Underground Mine is now complete, paving the door for the company to submit a Mining Management Plan (MMP) to the Department of Industry, Tourism and Trade (DITT) for review.

On Monday (2 May 2022), Core Luthium announced the signing of a Crushing Services Contract with CSI Mining Services (CSI) for the Finniss Lithium Project (Project) near Darwin in the Northern Territory.

Shares of Core Lithium were trading at AU$1.21 apiece, down 4.35% on ASX today (4 May 2022) at the time of writing this article.

Also Read: CXO, PLS, LTR: Why did these ASX lithium stocks close in green today?

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AVZ Minerals Ltd (ASX: AVZ)

AVZ Minerals specialises in tantalum, lithium, tin, and caesium exploration. Its primary goal is to develop the Manono Lithium and Tin Project in central Africa's Democratic Republic of Congo (DRC). AVZ owns 75% of the Manono Project.

Today (4 May 2022), AVZ announced that the Minister of Mines has issued the Ministerial Decree to award the Permit d'Exploitation (PE or Mining Licence) for AVZ Minerals Limited's flagship Manono Lithium and Tin Project (Manono Project).

Highlights

The Cadastre Minier (CAMI), working under the supervision of the Minister of Mines, is required under the DRC Mining Code to compute the surface rights charge and legally award the Mining Licence following payment.

The Mining Licence was awarded through a Ministerial Decree that covers the entire Roche Dure JORC Mineral Resource and Reserve and the Carriere de l'Este exploration target.

A region that was excluded under the Ministerial Decree that awarded the Mining Licence will be renewed to Dathcom under a 5-year Exploration Licence, with discussions with the DRC Government about the terms of the ongoing joint venture.

The transaction with CATH is moving smoothly, with closing formalities likely this month, giving CATH an indirect 24% participation in the Manono Project, while AVZ retains a 51% majority holding.

The DRC Council of Ministers expects to meet to provide broad support for the Manono Project's pending permission and licencing procedures.

Also Read: AVZ Minerals (ASX:AVZ) shares skyrocket 10% on Manono project update