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Highlights
- Sayona’s shares were trading 1.47% lower at AU$0.17 apiece today at 1.24 PM AEST.
- The ASX 200 Index was also 0.85% down at 7,146.00 points at 1.32 PM AEST.
- Sayona did not give any price-sensitive information to investors today.
Emerging lithium producer Sayona Mining Limited (ASX:SYA) shares have been falling for quite some time now.
In its last trading, the company's shares closed flat at AU$0.170 each as there was no change from its previous closing price. Today, the shares opened in the green, but the shares were trading 1.47% lower at AU$0.17 apiece at 1.24 PM AEST.
The ASX 200 Index was also 0.85% down at 7,146.00 points at 1.32 PM AEST.
Why are Sayona's shares falling?
Sayona did not give any price-sensitive information to investors today. On the sectoral front, the materials sector is today's best performing sector as at 1.32 PM AEST today, the ASX 200 Materials Index was also 0.13% up at 18,122.10 points. The stock rise that ended on 27 May 2022 could also be a factor in the price drop, as investors may have booked profits on their portfolios.
On May 27, 2022, Sayona announced that it had received finance pledges totalling AU$190 million to restart spodumene concentrate production at its North American Lithium (NAL) facility in Québec.
The company will use the funding to relaunch NAL, which plans to produce its first spodumene concentrate in the first quarter of 2023.
Along with numerous other appointments, the lithium miner announced the joining of a new chief financial officer (CFO). This is an element of the company's redesigned corporate structure, which represents its expansion strategy.
Also Read: Why are Sayona Mining (ASX:SYA) shares trading in red today?
Source: © Dashark | Megapixl.com
What does Sayona do?
Sayona Mining Limited is a lithium producer with properties in Québec, Canada, and Western Australia.
Sayona's holdings in Québec include North American Lithium, the Authier Lithium Project, and the Tansim Lithium Project, all of which are backed by a strategic collaboration with American lithium producer Piedmont Lithium Inc (ASX:PLL). In addition, Sayona owns a 60% share in the Moblan Lithium Project in northern Québec.
The company owns a substantial tenement portfolio in Western Australia's Pilbara region, which is rich in gold and lithium. In the world-class Pilbara region, Sayona is exploring Hemistyle gold opportunities, while its lithium properties are subject to an earn-in arrangement with Morella Corporation (ASX:1MC).
Source: © Leimaneagita | Megapixl.com
What's next?
Sayona is advancing the lithium value chain, and it announced its five-year strategy in an ASX release last month.
Sayona plans to finish its NA restart plan and Abitibi Hub in 2022. This year, it also intends to extend Moblan and investigate WA gold/lithium. The lithium company intends to develop Abitibi downstream refinery plans between 2023 and 2024.
Stock performance
In the last week, Sayona’s shares have fallen over 23% and more than 40% in the last one month. However, the shares have grown around 30% YTD.
Also Read: SYA, CXO, AKE, PLS: How did these lithium stocks perform today on ASX?
