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Highlights
- The shares of lithium miner Sayona closed trading at AU$0.165 apiece today (5 July 2022), up 10% on ASX.
- This outperformed S&P/ASX 200 Materials (ASX:XMJ) index, which closed 0.23% higher today.
- A lot of lithium stocks gained today as industry mood showed signs of improvement.
Shares of Sayona Mining Limited (ASX:SYA) gained today after facing a tough time last month (June 2022).
The shares of lithium miner Sayona Mining closed trading at AU$0.165 apiece today (5 July 2022), up 10% on ASX. This outperformed S&P/ASX 200 Materials (ASX:XMJ) index which closed 0.23% higher today at 15,478.10 points.
Meanwhile, ASX 200 Index closed at 6,629.30 points today after gaining 0.25%.
Why did Sayona Mining's shares skyrocket today?
Sayona shares skyrocketed today even after its managing director Brett Lynch sold more than four million shares through an on-market trade.
On the sectoral front, seven out of 11 sectors ended in green territory today along with the S&P/ASX 200 Index. Materials was one of the good-performing sectors today but the energy sector emerged as the top performer.
It seems that Sayona shares gained today as the company shared few updates about its projects few days ago.
Piedmont and Sayona formalise restart plans for NAL project
On 28 June 2022, Sayona Quebec Inc. received board clearance for the restart of spodumene concentrate production at NAL plant in Canada's Quebec inc (SYQ). Sayona owns 75% stake in SYQ and the remaining 25% is owned by Piedmont Lithium Inc (ASX:PLL).
The estimated cost of the rehabilitation and restart is CA$98 million (about AU$110 million). Sayona has made major efforts to hasten the production restart, including recruiting essential staff, purchasing basic long-lead equipment, advancing complex engineering design work, and practically obtaining the necessary regulatory clearances. The NAL concentrator is expected to deliver its first production in Q1 2023.
Image Source: © Max5128 | Megapixl.com
Moblan project update
On June 27, 2022, Sayona reported that multiple fresh spodumene pegmatites have been found at the Moblan Lithium Project's Moblan South, Moleon, South East Extension, and extensions to the Main Moblan lithium deposit.
Sayona now has the chance to significantly increase its resource base in North America because of these latest discoveries.
Mt. Edon project's performance
On 23 June 2022, Sayona Mining released an update on its lithium mines in Western Australia. The company claimed that the project's continuous exploration has uncovered promising lithium subsurface prospects.
Sayona Mining shares performance
Sayona's shares have fallen over 46% in the last three months. However, the shares have recorded a positive growth of almost 18% in the previous six months.
A look at other lithium stocks' performance on ASX
Shares of another lithium player Core Lithium Ltd (ASX:CXO) closed 1.60% higher today and it closed trading at AU$0.95 per share. On the other hand the shares of another major lithium player Pilbara Minerals Limited (ASX:PLS) closed flat at AU$2.26 apiece as there was no change from its previous close.
