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Highlights
- At 12.46 PM AEDT, Sayona’s shares were spotted trading at AU$0.24 each, up 3.19% on ASX.
- This outperforms ASX 200 Materials index which was 1.63% up at 15,887.80 points at 12.47 PM AEDT.
- Meanwhile, the lithium firm had announced its September quarter's activities report yesterday (November 1).
Shares of Sayona Mining Ltd (ASX:SYA) were trading in the green today (November 2) despite no price-sensitive news shared by the company. At 12.46 PM AEDT, the ASX-listed lithium company's shares were trading at AU$0.24 each, up 3.19% on ASX. This outperforms ASX 200 Materials index which was 1.63% up at 15,887.80 points at 12.47 PM AEDT.
On 1 November 2022, Sayona had announced its September quarter's activities report. The shares last traded at flat AU$0.24 each on ASX on Tuesday (November 1).
A look at the Sayona's September 2022 quarterly activities report
The North American Lithium (NAL) facility of Sayona, located in Québec, Canada, has made further progress toward restarting lithium production, as shown in these quarterly activities and cashflow report for the September quarter 2022.
NAL project update
Sayona Québec Inc (in which Sayona holds 75% stake and 25% are owned by Piedmont Lithium) had announced a formal agreement in June 2022 to recommence the production of spodumene concentrate at NAL.
With the entire project budget already down to CA$95.5 million from the previously anticipated CA$97.75 million due to cutbacks in the scope of work, the restart will include significant operational modifications. The NAL concentrator will be commissioned in late Q4 2022 to early 2023, with the first shipment expected in Q1 2023.
Sayona's CA$200M contract
A four-year, CA$200 million contract for mining operations, including the supervision of all drilling and blasting, loading, and transporting ore and waste rock, maintaining mining roads, and providing all other services related to operations, was awarded to L. Fournier & Fils of Québec by Sayona in September.
Post quarter update
Sayona further informed in the same ASX filing that in October, to transport spodumene concentrate from the NAL operation to port, a CA$43 million contract was given to the Québec company Solurail Logistique Inc, following the quarter's conclusion.
During the same month, Sayona had announced that the beginning of a PFS to examine the viability of producing lithium carbonate at the NAL plant. Together with its partner Piedmont (ASX:PLL), this will be done. The lithium carbonate PFS (pre‐feasibility study) will be carried out by renowned engineering firm Hatch, with completion scheduled for March 2023.
