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Highlights:
- As planned, Sayona will be restarting its North American Lithium operations in Quebec during FY23 first quarter.
- The overall budget of the project has come down to CA$95.5 million from CA$97.75 million.
- Post this update, Sayona’s shares ended last day’s trading session 9.375% lower at AU$0.290 per share.
Emerging lithium miner Sayona Mining Limited (ASX:SYA) announced that it is on track for the planned restart of spodumene production at the North American Lithium (NAL) operation in Quebec. The production was planned to begin in Q1 FY23 with the construction, procurement, recruitment, etc.
Meanwhile, shares of Sayona (ASX:SYA) closed Friday’s trading session 9.375% lower at AU$0.290 per share on ASX.
Over the last one year, Sayona’s share price has appreciated by almost 53% on ASX. Furthermore, on a YTD basis, Sayona’s share price marked a profit of almost 107% (as of 4:10 PM AEST on Friday)
Details of Sayona’s North American Lithium (NAL) project:
Sayona’s North American Lithium project is supposed to restart during the summer months of Quebec in July and August. The company has secured almost 95% of the permitting applications, and 94% of procurement and major procurements have already reached the site.
The construction process also ramped up during that period. As a result, the installation of the HP300 and HP400 Cone Crushers is well underway. Furthermore, the change room is almost fully operational at this moment, and the Wet High-Intensity Magnetic (WHIMS) is being installed, etc.
As per the update, the overall budget of the project has also been reduced to CA$95.5 million, compared to the CA$97.75 million budget set earlier. The reduction happened mainly due to the reduction in the scope of work, with commitments to date of CA$41.6 million, compared to CA$45.5 million planned earlier.
The team of Sayona associated with this project is constantly in communication and close contact with vendors. As a result, the company is able to come up with innovative strategies to maintain the planned schedule, with its contingency plans in place to overcome any potential delays due to equipment deliveries. Sayona mentioned that at present, about 70 staffs are onsite at the NAL project in Quebec.
The relaunch of the NAL operations was formally approved in the month of June by the board of Sayona and partner Piedmont Lithium (ASX:PLL).
Sayona also shared another significant update related to its entry in the S&P/ASX200 index. The company will be joining the benchmark S&P/ASX 200 index prior to the commencement of trading on Monday (19 September 2022).
