AUS
NZ
UK
CA
USA
IND
Highlights
- At 3.25 PM AEDT, Sayona’s shares were trading at AU$0.22 each, down 1.11% on ASX.
- This underperforms ASX 200 Materials index, which was 0.008% down at 17,271.20 points.
Shares of lithium company Sayona Mining Limited (ASX:SYA) are trading in the red today (18 November).
At 3.25 PM AEDT, the company's shares were trading at AU$0.22 each, down 1.11% on ASX. This underperforms ASX 200 Materials index, which was 0.008% down at 17,271.20 points at 3.26 PM AEDT.
On 17 November 2022, Sayona Mining shared an agreement-related news through an ASX filing.Sayona announced that it is extending its northern lithium hub in Québec following an agreement with Troilus Gold Corp (TSX:TLG) about a sizable exploration package close to the Moblan Lithium Project (SYA 60%; SOQUEM 40%).
According to the terms of the agreement, Sayona Mining's Canadian subsidiary Sayona Inc. will buy a 100% interest in 1,824 claims totalling 985 square kilometres that are close to the Moblan project and span a significant portion of the Frotêt-Evans Greenstone Belt. These claims total 4.3 square kilometres in size.
Image source: © 2022 Kalkine Media®
Data source- Company announcement dated 17 November 2022
More details
Sayona is exchanging SYA stock worth CA$40 million for the claims it intends to buy. In addition to acquiring the claims, Sayona has also committed to investing in a non-brokered private offering for approximately CA$4.8 million worth of common shares of Troilus.
A 2% net smelter return royalty (or "NSR") will also be given to Troilus on any mineral products derived from the purchased claims.
Recent developments
Sayona announced the beginning of a pre-feasibility study (PFS) for constructing a lithium mine and concentrator in Moblan in October 2022. The PFS is scheduled to be finished by May 2023, and then a final feasibility study will be conducted, with results anticipated by the end of September 2023.
At Moblan, drilling is now taking place, and preliminary findings include discovering a new southern lithium pegmatite zone (refer ASX release 27 June 2022). Sayona is preparing for a new winter drilling campaign while anticipating the conclusion of the current campaign by year's end.
