Sayona (ASX:SYA) shares are trading 6% higher today, here's why

2 min read | April 05, 2022 01:05 PM AEST | By Bhawna Gupta

Sayona (ASX:SYA) shares are trading 6% higher today, here's why — Image source: © Caioacquesta | Megapixl.com

More on spodumene testing results

NOVONIX Battery Technology Solutions received a sample of lithium hydroxide manufactured by ICS Lithium in Perth. These are manufactured utilising spodumene concentrates from Sayona's Authier Lithium Project in Québec.

Source: © Creator76 | Megapixl.com

The sample was put into a common lithium battery cathode chemical precursor (NMC622), which was utilised to manufacture lithium-ion coin half-cells by NOVONIX scientists. The results demonstrated that Sayona's hydroxide-based cathode cells had the same discharge capacity as benchmark cathode cells made with commercially available lithium hydroxide.

The latest test results back up recent research from the CSIRO's Mineral Resources laboratory in Perth, Western Australia, which found that Authier spodumene can be processed into highly pure lithium hydroxide with a purity of 99.99%.

Also Read: Sayona Mining (ASX:SYA) shares up by 687% in past year. Here’s why

What does Sayona do?

Sayona Mining, a lithium producer, has projects 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 developer Piedmont Lithium Inc (ASX:PLL).

The company also owns 60% share in the Moblan Lithium Project in northern Québec, with SOQUEM owning 40%. It possesses a substantial tenement portfolio in Western Australia's Pilbara region, rich in gold and lithium. Sayona is searching for Hemistyle gold opportunities in the world-class Pilbara region, while its lithium properties are subject to an earn-in arrangement with Morella Corporation (ASX:1MC).

Road ahead

Meanwhile, Sayona's Moblan Lithium Project in northern Québec continues to drill, with the drilling programme slated to be completed in mid-April.

Also Read: Piedmont (ASX:PLL) shares gain on positive results from Ewoyaa Project

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