How did Sayona Mining (ASX:SYA) shares perform this week?

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How did Sayona Mining (ASX:SYA) shares perform this week?

 How did Sayona Mining (ASX:SYA) shares perform this week?
Image source: © Suryasnair4288 | Megapixl.com

Highlights

  • Sayona is almost 60% down from its highest share price of the year in April.
  • The shares of Sayona, however, gained over 24% in the last week, following a few project updates.
  • Sayona shared updates on NAL and Moblan projects this week.

Shares of Sayona Mining Limited (ASX:SYA) were trading in the green territory today (July 1) and it seems that the company would close the week on a positive note.

At 12.21 PM AEST, Sayona's shares were trading 1.67% higher at AU$0.152 each on ASX. The shares have grown more than 24% in the last week.

This follows a few announcements made by the company in the last few days. Sayona is almost 60% down from its highest share price of the year in April (19 April) of AU$0.38 apiece. However, it is still around 18% up on a YTD basis.

Meanwhile, ASX 200 Index was 0.47% higher at 6,599 points at 12.25 PM AEST, while ASX 200 Materials Index was 0.77% lower at 15,574 points at 12.26 PM AEST.

On the sectoral front, most sectors were trading in the green except materials and energy sectors.

Let's look at the updates shared by Sayona this week:

Sayona board approves restart of NAL project

The restart of the spodumene concentrate production at the NAL operation in Canada's Quebec has been given the board's approval by Sayona Quebec Inc (SYQ). Sayona controls 75% of SYQ, and Piedmont Lithium Inc. (ASX:PLL) owns the remaining 25%.

The renovation and restart are expected to cost CA$98 million (about AU$110 million). Sayona has made significant efforts to speed up the production restart, including hiring critical personnel, acquiring crucial long-lead equipment, advancing complex engineering design work, and acquiring practically all required regulatory clearances. In Q1 2023, the NAL concentrator is anticipated to produce its first output.

Source: © Max5128 | Megapixl.com

Update on Moblan project

On 27 June 2022, Sayona shared that at the Moblan Lithium Project, numerous new spodumene pegmatites have been discovered at Moblan South, Moleon, South East Extension, and expansions to the Main Moblan lithium deposit.

These recent finds offer the opportunity to expand Sayona's resource base in North America dramatically.

Performance of Mt. Edon project

Sayona Mining provided an update on its Western Australian lithium projects on 23 June 2022. The company claimed that the ongoing exploration activities at the project had turned up promising lithium subsurface prospects.

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