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

April 04, 2022 06:24 PM AEST | By Sonal Goyal

Sayona Mining (ASX:SYA) shares up by 687% in past year. Here’s why — Image source: © Wickedgood | Megapixl.com

Why are Sayona Mining shares rallying?

Sayona Mining revealed that it has received a confirmation from NOVONIX Ltd (ASX:NVX) regarding the quality of the Authier spodumene.

NOVONIX, a lithium-ion battery innovator, has successfully conducted the testing of Sayona’s product at its Battery Technology Solutions laboratories that are in Canada. In the test, NOVONIX examined the sustainability of the Authier spodumene in the lithium-ion battery chemistries.

Reportedly, the results indicated:

These results are a continuation of the analysis conducted at the CSIRO’s Mineral Resources laboratories situated in Perth. Earlier, the results indicated that Authier spodumene has the potential of being processed into a 99.99% lithium hydroxide.

On the results, the managing director of Sayona commented:

Sayona joins ASX 300 index

Image source: © Prim91 | Megapixl.com

Sayona said in its announcement that on 22 March 2022, Sayona officially joined S&P/ASX 300 index (ASX:XKO). Also, the company said that it has been recently included in All Ords (XAO).

Road ahead!

Drilling activities are in progress at the Moblan Lithium project in norther Quebec, and the company expects to conclude the drilling program in mid-April. As per the company managing director, Lynch, the drilling program is going as per plan. It is expected that the drilling results will add to the expanding lithium resource base.

Sayona aims at delivering an Authier-NAL feasibility study, and updates regarding the same can be expected within weeks. Sayon said the company is progressing towards becoming a leading lithium producer in North America as the electronic vehicle (EV) market is on the rise.

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