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Highlights
- ASX 200 Materials Index was 0.65% up at 16,960.00 points at 2.12 PM AEST today.
- Materials was one of the best performing sectors today as of now.
- Sayona is on its way to become North America's first native spodumene producer.
Following a relief rally on Wall Street, the benchmark ASX 200 Index opened in green on Thursday (July 16), snapping a four-day losing streak. The Federal Reserve announced the highest rate raise since 1994 on Wednesday, indicating that it was dedicated to prevent the US economy from going into recession.
ASX 200 Index was 0.15% up at 6,611.00 points at 2.12 PM AEST, while ASX 200 Materials Index was 0.65% up at 16,960.00 points.
On the sectoral front, seven out of 11 sectors were in green territory at 2.12 PM AEST, and materials was one of the best performing sectors today.
Meanwhile, shares of Sayona Mining Limited (ASX:SYA) were trading 3.85% higher at AU$0.135 each on ASX today (16 June 2022) at 2.12 PM AEST. Notably, Sayona shares have fallen over 63% in the last couple of months and 6% on a YTD basis.
Latest developments
On 27 May 2022, Sayona announced that it had received definite commitments to raise AU$190 million in funding to restart spodumene concentrate production at its North American Lithium (NAL) facility in Québec.
Sayona, an up-and-coming lithium company, also said it is beefing up its workforce to begin lithium production in Québec. As part of a restructured corporate structure that matches the company's growth goal, the corporation has chosen a new chief financial officer (CFO). Salvatore Vitare has been appointed as Sayona's new CFO for Québec. He will oversee all financial activities as the firm draws closer to initiating spodumene (lithium) production in the first quarter of 2023.
Source: Scanrail | Megapixl.com
Sayona has issued approximately one billion shares at an average price of AU$0.18 per share. The funds raised will be used to relaunch NAL, which is on pace to produce its first spodumene concentrate in the first quarter of 2023.
A recent pre-feasibility study, which will serve as the framework for the definitive feasibility study (DFS), demonstrated NAL's technical and financial viability. The DFS, which is expected to be released in the second half of the year, will examine a bigger integrated NAL and Authier resource base as well as operation economics.
Road ahead
Sayona is on its way to becoming North America's first native spodumene producer, with plans to go downstream in the future to extract even more value from its growing lithium resource base.
These changes are part of a restructure of Sayona Québec's corporate structure, which reflects the company's development toward production as well as its responsibility as a sustainable and socially responsible organisation.
Also Read: Sayona Mining (ASX:SYA) shares gain on funding commitments
