Sayona Mining (ASX:SYA) shares are trading in red today, here’s why

Highlights

• Sayona focuses on locating, purchasing, and analysing mineral exploration assets, primarily lithium.
• Sayona outperformed its competitors such as Core Lithium Limited during Wednesday’s trading session.

After being the hottest property of the market in 2021, the lithium business has gone cold in 2022. As a result, many ASX lithium equities have seen significant price drops in recent weeks and months.

However, at 2.27 PM AEST, the ASX 200 Index has slipped by 0.18% and was just over 6,500 points. On a sectoral front, six out of 11 sectors were under red territory today, including the materials sector.

Lithium explorer Sayona Mining Ltd (ASX:SYA) shares were more than 7% down, trading at AU$0.13 per share on ASX at 2.30 PM AEST.

Sayona's shares have lost almost 45% in the last one month, however, the shares were trading at the same price today (AU$0.13 apiece at 2.30 PM AEST) if compared on a YTD basis. Sayona's shares recorded over 100% growth in the past one year.

How are other ASX lithium stocks doing today?

Sayona outperformed its competitors such as Core Lithium Limited (ASX:CXO) during Wednesday’s trading session as Core Lithium declined 12.94% on ASX at 2.40 PM AEST.

Other lithium stocks like Liontown Resources Limited (ASX: LTR), Pilbara Minerals Ltd (ASX: PLS) and Mineral Resources Limited (ASX:MIN) were also hit badly. Their share prices plunged 4.88%, 2.36%, and 1.85%, respectively, at 2.41 PM AEST.

Allkem Ltd (ASX: AKE) and IGO Ltd (ASX: IGO) were also trading in the red.

Details about Sayona Mining

Sayona Mining is a mineral exploration company that focuses on locating, purchasing, and analysing mineral exploration assets, primarily lithium. Two of the company's geographical segments are Australia and Overseas. The company's main focus has been on the Authier Lithium Project in Quebec, Canada, and the Tansim Lithium Project in Canada.

On June 27, Sayona had said that it had acquired commitments to raise AU$190 million to restart spodumene concentrate production at its North American Lithium (NAL) facility in Québec.

At an average price of AU$0.18 per share, Sayona has issued about one billion shares. The money raised will go toward relaunching NAL, which is on track to generate its first spodumene concentrate in the first quarter of 2023.

Source: © Flashdevelop | Megapixl.com

Sayona, a promising lithium firm, has recently announced that it is expanding its personnel to commence lithium manufacturing in Québec. The organisation has appointed a new chief financial officer as part of a reorganised corporate structure that aligns with the company's growth goals (CFO). Sayona has named Salvatore Vitare as its new CFO for Québec. As the company moves closer to starting spodumene (lithium) production in the first quarter of 2023, he will oversee all financial activities

Also Read: PLS, SYA, CXO: These ASX mining stocks gained over 50% in last one year