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Highlights
- Sayona’s shares were trading 6.86% higher today at 11.43 AM AEST.
- This outperforms ASX 200 Materials Index which was trading 0.24% higher at 15,445.40 points.
- The company’s North American Lithium restart is in target for initial production.
Sayona Mining Ltd (ASX:SYA) is an emerging lithium producer with assets in Quebec, Canada, and Western Australia.
The lithium company's shares were trading 6.86% higher on Tuesday at 11.43 AM AEST. This outperforms ASX 200 Materials Index which was 0.24% higher at 15,445.40 points.
Although there is no new announcement shared by the company which impacted company's shares price, the uptick may be because of gains in overall materials sector today.
Another factor could be the price of the lithium which was 0.41% up today at 4,94,500 CYT/T at 11.45 AM AEST.
Let's take a look at Sayona's most recent development.
On 4 August, Sayona said that its North American Lithium restart is on target for initial production. The business has made significant progress toward restarting spodumene (lithium) production at its North American Lithium (NAL) operation in Québec, with about 30% of plant and equipment modifications now completed.
After investing over AU$100 million on the restart, Sayona is on target to resume production in Q1 2023, becoming the only domestic supplier in North America. Sayona had commitments of CA$33.7 million as of the end of June, compared to the planned budget of CA$37.2 million, as elements including classification screen installation, apron feeder, grizzly, and chutes installation were finished in July.
NAL now has about 50 construction workers on site, and that number is likely to double by September. According to the company's announcement on 27 May 2022, senior management nominations have also been made.
Sayona prioritises local employment, with over 65% of employees being from the nearby NAL region and more than 98% residing in AbitibiTémiscamingue.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 04 August 2022
June 2022 quarterly report
On 29 July, Sayona shared an update on its quarterly activities and cashflow for the June quarter 2022.
Highlights
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 29 July 2022
Sayona’s stock performance
In the last five trading sessions, Sayona's shares have grown around 0.74% and more than 8% in last one month. However, they have recorded a growth of more than 100% in last six months and over 94% on a year-to-date (YTD) basis.
