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Highlights
- Sayona’s shares closed at AU$0.27 apiece today, down 7.02% on ASX.
- Although there is no specific announcement by Sayona Mining today, the share price recorded a fall may be because of sectoral decline.
- From the last three weeks, Sayona Mining's shares are continuously declining.
The shares of Sayona Mining Limited (ASX:SYA), a lithium producer, ended in red today (9 May 2022), down 7.02% at AU$0.27 apiece on ASX. Sayona has operations in Western Australia and Québec, Canada.
Why did Sayona shares close in red today?
Although there is no specific announcement by Sayona Mining today, the share price fall might be because of sectoral decline.
The S&P/ASX200 closed lower Monday (9 May 2022), dropping 85.00 points or 1.18% to 7,120.60 and setting a new 20-day low. S&P/ASX 200 Materials also ended 2.13% or 370 points lower today at 16,982.70. Materials was the third worst performing sector today after A-REIT and IT sectors respectively.
Sayona's stock performance
From the last three weeks, Sayona Mining's shares are continuously declining. They have recorded a negative growth of around 30% since then. However, the mining company's shares have been doubled YTD.
Source: © Gwhitton | Megapixl.com
About Sayona Mining
Australian mining firm Sayona focuses on developing the raw materials for lithium-ion batteries.
Sayona’s interest in Quebec includes North American Lithium, the Authier Lithium Project, and the Tansim Lithium Project among others. These all are supported by a strategic partnership with American lithium producer Piedmont Lithium Inc. (ASX:PLL). Furthermore, Sayona holds a 60% stake in the Moblan Lithium Project.
The company holds a large tenement portfolio in the Pilbara region of Western Australia, which is rich in gold and lithium. Sayona is searching for Hemi-style gold possibilities, and its lithium projects are covered by an earn-in agreement with Morella Corporation (ASX:1MC) (previously Altura Corporation).
Image Source: © 2022 Kalkine Media ®
How did Sayona perform in March quarter of 2022?
During the quarter, Sayona revealed that the resource base at both of its major projects, NAL and Authier, had been doubled.
In the township of La Corne, Québec's Abitibi Témiscamingue province, NAL comprises of 19 contiguous claims totaling 582.31 hectares. The project is 60 kilometres north of Val d'Or, a major mining service centre, and near to Sayona's Authier Project.
Authier is a lithium spodumene hard rock deposit. The two projects complement one other and form an important part of the company's multi-project Abitibi lithium hub.
Sayona Mining reported a total JORC combined measured, indicated, and inferred mineral resource of 119.1 million tonnes (Mt) @ 1.05% Li2O in March 2022.
From the first quarter of 2023, the business plans to recommence spodumene concentrate production at NAL. Sayona aims to generate 220kt of spodumene 6 percent, or 30kt lithium carbonate equivalent, from its Abitibi lithium hub (LCE).
